, which both Pierre-Jacques and Tingle had experience in, but quickly tuned into the venture side of things and began fundraising during the summer of 2018 while at Harvard Business School., the two 28-year-old men told Business Insider.
The roommates had been toying with the idea of starting an angel syndicate back in 2015 when they gathered in Tingle's New York City living room after work one day. The men had been working in private equity, and were cubemates at a major investment bank at the time, but felt they could do more on their own.
"There's a lot of subjectivity in venture, but we will always do a process when we can," Tingle said. "We went big. Some funds will start with a small startup fund, but we thought it was important to come out and be able to execute on day one. $40 million is a great signal to the market that we can do things structurally that other firms can't do on day one.
Many of those deals aren't coming from the "move fast and break things" epicenter in Silicon Valley and San Francisco, though. Pierre-Jacques said that the firm, which is itself fully remote but centered in New York City, has invested in companies from nine cities. None are from San Francisco.
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