Tank Talks
Tank Talks By Ripple Ventures
Crosslink Capital's Phil Boyer on what does 'Series A' even mean anymore and what metrics matter for VCs?

Crosslink Capital's Phil Boyer on what does 'Series A' even mean anymore and what metrics matter for VCs?

There’s a term one hears to describe the venture capital market in 2021—frothy. What does that actually mean and what does it mean in the larger historical context of Venture Capital? We speak with Phil Boyer, a partner at Crosslink Capital since 2014. Crosslink was founded in Silicon Valley in 1989 and has institutional memories of the beginning and end of Dot-Com bubble 20+ years ago and the global financial crisis in 2008. How does the firm’s deep history inform what is happening today, what is the outlook for the future, and how can founders pitch their companies to funds like Crosslink.

About Phil Boyer:
Phil brings over a decade of experience as a technology investor with deep sector expertise within enterprise and vertical software (AI, cloud, developer tools, SaaS, security). He is passionate about serving as a partner with early-stage founding teams, with an eye towards helping strong technical teams build category-defining companies. At Crosslink, Phil’s investments include Armory, BetterUp, Iron Ox, Molekule, Overjet, Verodin (FEYE), and Weave (IPO NYSE: WEAV), among other companies.

Prior to Crosslink, Phil was an investor with NYC-based venture capital firm Tenfore Holdings, with early investments in Optoro and Trulioo during his tenure. Before beginning his venture capital career, Phil wrote and published research on the technology sector at Credit Suisse and RBC, where he covered companies such as Google, Amazon, LinkedIn, eBay, Priceline, Yelp, and many others.

A word from our sponsor:

Ripple Ventures is always focused on helping our founders and CEOs find the best partners to work with. But before we introduce any provider to our companies, we always make sure we try the product first. And when it comes to managing business expenses at Ripple, we were super excited when the team at Jeeves came knocking on our door.

Jeeves helped get me and my team setup with physical and virtual credit cards in days. I was able to allow my teammates to expense items in multiple currencies allowing them to pay for anything, anywhere at any time. We weren’t asked for any personal guarantees or pay any setup or annual fees either. Not only does Jeeves save us time, but they also give us up to 3% cashback on our purchases including expenses like Google, Facebook or AWS every month. The best part,  Jeeves puts up the cash, and you settle up once every 30 days, unlike some other corporate card companies that make you pre-pay every month. Jeeves offers a truly all-in-one expense management corporate card program for international startups and we at Tank Talks could not be more excited to partner with them. Listeners of Tank Talks can get set up with a demo of Jeeves today and take advantage of a $700 discount and skip the waitlist  by visiting tryjeeves.com/tanktalks to learn more.

In this episode we discuss:

02:49 The evolution of metrics founders need for later round financing

07:34 Why Team is so important to investors at the series A round

12:17 How growth velocity can be just as important as size of ARR

16:27 What is Net Dollar Retention and why is it important to investors

22:49 How to properly calculate CAC/LTV

25:03 Deal velocity and speed to close as a metric

28:17 Is it better to land and expand deals or to hunt for bigger deals from an investor perspective

32:06 Conviction in your model is important and knowing what you want to build

33:49 How the speed of venture rounds is affecting the market and larger considerations for founders

36:46 How Crosslink is dealing with the market

39:55 The Crosslink Alpha network and how it brings value to its founders

Fast Favorites
How I Built This

What’s Hot in Enterprise IT by Ed Sim

Tech Gadget


The Hard Thing About Hard Things by Ben Horowitz

Life Lesson
The only thing that stays constant is change.

Follow Matt Cohen and Tank Talks here!

Podcast production support provided by Agentbee.Agency
Tank Talks
Tank Talks By Ripple Ventures
Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups.