Matt Mickiewicz@MattMickiewiczFelicis Ventures offered to lead our seed round for t.co which was doing $200k/mo. Weeks went by without a term sheet or wire transfer. Dec 24th I get a voicemail. They are moving forward but changing valuation from $12m pre to $10m pre. I walked away.Opens with an observation
Matt Mickiewicz@MattMickiewiczOpenRouter was always a small margin business: 5% take rate on GMV minus credit card costs. Stripe can squeeze out 20-30% more margin out of the business on day 1 while adding billions in processing volume to its core credit card business.Opens with an observation