The (first) one that got away…

Bessemer Venture Partners one of the premier VC funds in the World has what they call their anti-portfolio: A list of companies that they looked at but passed on that went to achieve huge exits.  That list includes companies like Google and Apple. Ouch! As a newbie VC and part of a new fund, it will be a long time before we have our anti-portfolio, but I took my 1st step towards building it today.

I have known the folks at TribeHR for a long time. I met Joseph through this blog a long time ago. As a SaaS business targeting SMB customers, they’re right down the centre of the plate for me. I met them pretty early in their fundraising process but never dug in enough. Part of it was timing (dealing with the RIM acquisition of Tungle and then dealing with catching up on everything I had let sit during that transaction). Part of it was also not doing the homework to comfirm / refute my thesis for this business.

Anyway, today TribeHR announced their funding from Matrix Partners. Matrix is an amazing fund. And if you’ve checked out David Skok’s blog, then you’ll know that he is the perfect investor for them.

Now it’s true this is only a funding, not an exit. But their odds of success just took a big step up. And I should have done the work on my side to be part of that round.

So, big congrats to Joseph, Jesse and the rest of the TribeHR team. I’ve learned a hard lesson missing this deal. It will happen again I’m sure. That’s the nature of the business. But I’ll  be optimizing things on my side to keep lost opportunities to a minimum.