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We won the Veeva deal on Friday - then everything changed

The Full Ratchet · Investor Stories 458: Anti Portfolio Lessons: Netflix by...

“We had a thesis around vertical SaaS ten, fifteen years ago, and my partner Chip had the wonderful opportunity to meet a company called Veeva.”

3:39 / 4:04

We had a thesis around vertical SaaS ten, fifteen years ago, and my partner Chip had the wonderful opportunity to meet a company called Veeva. And at the time, they had a different name, but they were a team that was building a vertical SaaS platform for pharmaceuticals. And we pursued the company. We decided we loved it. We issued a term sheet. And on Friday, we were told we had won the deal. Now the company was in the Valley.

About this clip

A VC shares the beginning of a deal story about missing out on Veeva Systems, the vertical SaaS platform for pharmaceuticals. The partner describes how they had a thesis around vertical SaaS early on, pursued the company, issued a term sheet, and were told they won the deal on Friday - setting up what appears to be a cautionary tale about deals that slip away.

Why this clip

This clip sets up a compelling story about a major missed investment opportunity, creating tension with the cliffhanger of winning the deal before something went wrong.

3:39 - 4:0425spersonal lesson
vertical-saasdeal-sourcingmissed-opportunities

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VC writes 15 pages on deals he passes vs 5 on investments

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