Written from the investor seat

Michael Beer

I'm Michael Beer, a Principal at Alumni Ventures in New York. I spend my weeks evaluating early-stage companies, sitting in syndicate conversations, and working through follow-on decisions.

Why this exists

Most venture writing describes outcomes. Very little shows how the decisions behind them actually get made: how rounds are priced, why follow-ons happen or don't, what a fund's numbers leave out.

This newsletter is an attempt to show the work, for founders raising, investors deciding, and LPs allocating. One essay, one chart, one tactic, and one changed mind, every Tuesday.