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Articles by Matt
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Full text of my letter to Blue Apron employees, marking the end of my tenure as CEO
Full text of my letter to Blue Apron employees, marking the end of my tenure as CEO
Blue Apron Team, I have some important news to share with you: I have decided to step down as CEO of Blue Apron. I will…
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Matt Salzberg shared thisCongratulations to the team at Coldcart on the closing of their recent fundraise! Having worked in perishable e-commerce for years, I can tell you the cost and complexity involved is incredible, and what the Coldcart team has productized is a major breakthrough for their customer base. Excited to see your continued growth and expansion.Coldcart Announces $6.5M Seed Round to Eliminate Perishable Parcel Shipping Inefficiency and ComplexityColdcart Announces $6.5M Seed Round to Eliminate Perishable Parcel Shipping Inefficiency and Complexity
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Matt Salzberg shared thisWelcome, John Morris to Unlimited!Matt Salzberg shared thisUnlimited continues to scale by hiring hedge fund veteran John Morris as our Chief Commercial Officer. Really excited to bring his decades of experience onto the team as we expand our product offerings. https://lnkd.in/eMCsmZgaUnlimited Builds Out C-Suite, Appointing Hedge Fund Veteran John K. E. Morris as Chief Commercial OfficerUnlimited Builds Out C-Suite, Appointing Hedge Fund Veteran John K. E. Morris as Chief Commercial Officer
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Matt Salzberg shared thisCongratulations to Bob Elliott and the team at Unlimited on their Series A. The vision and expertise at this company is truly special and I couldn’t be more proud and grateful to be partnered with you (and a happy customer).Matt Salzberg shared thisI'm excited to announce Unlimited's Series A raise, which allows us to bring more 2&20 style replication products to every investor and expand our macro and investing content for advisors & investors. We started this just over a year ago with a vision that every investor should have access to the type of sophisticated investment strategies that are typically only available to institutions and the very wealthy. And we wanted to do it at ~1/8 the cost, net of fees and taxes. We have been blown away by the positive feedback we've gotten and the interest from advisors and investors in what we are building. While many democratizing alts platforms exist, most are high fee or have negative selection bias. We hope to open the door to a better option. I've also been impressed at the sophistication of the advisors and investors I've met along the way. And how underserved they have been with getting access to institutional quality insights on macro and investing. I am humbled by how much interest folks have taken in our macro, markets and investing content over the last year. We are looking forward to expanding what we can offer every investor and our clients to help them navigate what is likely to be a very challenging time in markets over the next few years. Stay tuned for our new efforts ahead! We could have never gotten here without the incredible work of Bruce McNevin and Kaylock Yam, CAIA who have been steadfast partners who were willing to take the risk to start Unlimited, build our tech, run our product, and get the message out there day-in and day-out. Finally incredible appreciation to our other co-founders Matt Salzberg and Andrew Salamon who were so important in bringing Unlimited from a nascent idea to what it is today. Looking forward to working with Adam Nelson and Luis Valdich who bring their incredible wisdom and experience in the Fintech world to help build for the future. In these difficult times in the venture world, we deeply appreciate the support from the FirstMark and Citi Ventures teams! It seems particularly fitting that we announce on a day when we are here at Inside ETFs (Part of Wealth Management EDGE) with so many folks who are part of the wonderful ETF community that has been so welcoming to us as a newcomer.Ex-Bridgewater exec Bob Elliott’s Unlimited raises venture capital to help launch ETFs replicating hedge-fund, private-equity strategiesEx-Bridgewater exec Bob Elliott’s Unlimited raises venture capital to help launch ETFs replicating hedge-fund, private-equity strategies
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Matt Salzberg shared thisMatt Salzberg shared thisReally enjoyed talking with Patrick O'Shaughnessy, CFA about macro and investing on the Invest Like the Best podcast. We cover rates, inflation, all the major asset classes, and lessons from history. We lost track of time with so much to discuss about what's happening today. Check it out below or on your favorite podcast platform: https://lnkd.in/eVANq96k
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Matt Salzberg shared thisMatt Salzberg shared thisL/S Equity HF manager's strategies have substantially outperformed indexes this year and over time. The problem is the fees & taxes. If investors could access these funds in a lower fee / more tax efficient way, they would have been a good addition to pretty much any portfolio. That's what we are working on at Unlimited. https://hubs.la/Q01qCt3x0
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Matt Salzberg shared thisI'm excited to announce the launch of our latest venture, Unlimited, a tech-enabled asset manager. I co-founded Unlimited with Bob Elliott to help make alternative investments strategies accessible to everyone with a low-fee, tax-efficient and liquid structure. Today, Unlimited launches its first ETF, listed on the NYSE under ticker "HFND." Unlimited uses machine learning to replicate hedge funds' gross returns across several alternative strategies in a tax efficient and low-cost vehicle. Please follow our ticker and consider adding it to your portfolio. Unlimited's ambitious vision is to be "Vanguard for Alternatives," and will be working to launch additional products in Private Equity, Venture Capital, Private Credit and more over time. Stay tuned! Congratulations to the team on the launch! Bob Elliott, Bruce McNevin, Kaylock Yam, CAIA, Andrew Salamon, Danielle David Parks, Material www.unlimitedfunds.com
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Matt Salzberg shared thisEmbark has so much potential to improve the lives of dogs (and humans). Stay tuned, as our genetic dataset continues to make more and more important discoveries like this one. Congratulations Ryan Boyko, Adam Boyko, Adam Medros and Embark VeterinaryMatt Salzberg shared thisBarking news! Embark Veterinary has made the first-ever canine health discovery using commercial testing genetic data. Embark scientists determined that a genetic mutation in the EPS8L2 gene is associated with early-onset adult deafness (EOAD) in Rhodesian Ridgebacks. Learn more about the discovery and what it could mean for human medicine: https://lnkd.in/eTerChDd
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Matt Salzberg shared thisCongratulations to the Suma Brands team on announcing its $150m of funding this morning! We (at Material) co-founded Suma with Andrew Savage last year to acquire and scale e-commerce brands from the Amazon marketplace. We could not be more excited about this thesis, the rapid traction of the company, and to be partnered with such a fantastic operator like Andrew. https://lnkd.in/dFnEjc4P
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Matt Salzberg shared thisI am incredibly proud to announce Embark's $75m Series B led by Softbank. I co-founded Embark in 2015 with Ryan Boyko and Adam Boyko as a way to help end preventable disease in dogs. At the time, Ryan was in a phd program and looking for an opportunity to turn his and his brother's research into a thriving business. As a dog lover myself, I was immediately excited by the opportunity to work with them and formulate a business plan. In addition to co-founding the company, I was the first and only investor for a while, and have been on the board since inception. Watching Ryan grow this company has been such a joy and inspiration-- congratulations to the entire Embark Veterinary team! https://lnkd.in/gJ2_cJnSoftBank-backed Embark Veterinary valued at $700M after $75M Series B | TechCrunchSoftBank-backed Embark Veterinary valued at $700M after $75M Series B | TechCrunch
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Matt Salzberg liked thisMatt Salzberg liked thisFormer global #macro #hedgefund manager launches global macro #ETF and crushes #hedgefunds. 🥳 👇 Bob Elliott of Unlimited Funds, formerly of Bridgewater Associates, launched $HFGM a little less than a year ago and was up a whopping 46% through Febuary, about 3x the return of the Bloomberg Global Macro Hedge Fund index. He's up 17% this year with the S&P Global 500, Nasdaq and #bonds all down. Clearly, there will be differences in #vol and other features, but this is another datapoint that shows that, in the right circumstances, an intelligently-designed #ETF can deliver the #diversification benefits of #hedgefunds. Of course, #allocators should not expect an #ETF to deliver the return profile of a multi-strat hedge fund like Millennium, Citadel or Point72 -- the ETF constraints make it impossible -- but products like this are valuable arrows in the #allocator quiver. 👏
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Matt Salzberg liked thisMatt Salzberg liked thisColdcart has spent years building orchestration systems for perishable parcel logistics. 🧊 Not warehouses. 🏭 Not trucks. 🚚 Not Infrastructure. 🔧 That foundation matters because cold chain parcel delivery isn’t just faster ecommerce. It requires: • Controlled workflows • Documented handoffs • Exception traceability • Lane-level decision logic • Process enforcement, not policy PDFs When you’re moving temperature-sensitive products, the risk isn’t abstract. It lives in the gaps between: Order processing → Packout → Label generation → Carrier handoff → Exception resolution If those steps are disconnected, teams end up relying on: • Manual logs • Tribal knowledge • Shift-based memory • After-the-fact reconstruction That may work at low volume. It breaks at scale. Cold chain doesn’t tolerate workflow drift. It requires infrastructure that captures what happened as it happens, and makes retrieval simple when questions arise. That’s the layer we’ve built in perishable logistics. And it’s the layer we believe cold chain parcel delivery increasingly demands.
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Matt Salzberg liked thisIt’s been an epic week — emotions still settling in — but R. Alexander Wesselhoeft and I wanted to pause and say thank you. When we founded Orna Therapeutics, in vivo delivery to immune cells was widely dismissed as science fiction. We didn’t just hear the skepticism—we absorbed it and used it as fuel. The thesis we raced to define in Cambridge back in 2017-2019 is no longer a bold bet; it is now a potential therapy that will be tested in patients. Orna is living proof that a relentless team can move the needle of human health. This $2.4B outcome belongs to the entire team of scientists and operators who believed and delivered — the Ornacorns who turned experiments into a record-breaking exit. Whether it was watching Alex’s ungodly nocturnal lab shifts, inventing with ironclad determination, or witnessing the grit of everyone around us, we’re deeply grateful. To the many who contributed along the way (MPM and beyond), thank you. If we missed a name, apologies in advance — the list is long because the journey was real. We’re proud of what we built together and excited for what’s next. Raffaella & Alex Sarah Silvergleid Piotr Kowalski Dan Anderson Judy Pagliuca Tim Ehrlich Shinichiro Fuse Brian Goodman Tom Barnes Tommy Lee Junghoon Yang Akshi Thakkar Kristen Ott Allen Horhota Trent P. Stevens Emily Fitzgerald Kevin Kauffman Huan (Raya) Shu John McCabe Corey Ciullo Shobu Odate David Soto Rahul V. Ashley Wong Amy Becker Nelson Chau Greg Motz Elena Minissale Kristy M. Cecilia Thai Akinola Emmanuel Magnolia C. Sharmistha K. Tammy Tai Tatiana Fontelonga Yessica Wiryawan Zifiso Nyoni Anna Liang Paisley Haskell Liz Molano Fraser Leslie And the list of Ornacorns is longer — but LinkedIn won’t let me tag everyone lol...
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Matt Salzberg liked this100mln AUM in less than 12 months is a testament to the hard work of the whole Unlimited team. Thank you to everyone who has supported us along the way. Onward!
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Matt Salzberg liked this👀Matt Salzberg liked thisTo view standardized performance visit: https://lnkd.in/e4bFujUj The performance data quoted above represents past performance and reflects market price. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 216-0499.
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Matt Salzberg liked thisMatt Salzberg liked thisHedge fund assets just keep growing... and so do their fees... If only there was a better way to get access to these strategies.
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Matt Salzberg liked thisMatt Salzberg liked thisUnlimited ETF AUM grows to 150mln! No seed, no sponsor, no captive capital. Just winning one allocation after another. And proving our value each day to the investors that support our work. Learn more here: https://unlimitedetfs.com/
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Matt Salzberg liked thisMatt Salzberg liked thisRunning a Hedge Fund strategy at equity index risk instead of bond risk and cutting the fees substantially can transform a strong month of returns to an extraordinary one.
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Sean Smith
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I spoke with Christien Louviere of BDE Capital about his journey from a $330mm exit to becoming an independent sponsor. Christien shared excellent insights for folks looking to partner with business owners, rather than buy sellers out completely. Below are a few of the topics we covered: - Why he moved from “zero-to-one” startups to a buy-then-build strategy - How Christien's background shaped a focus on growth vs. cost-cutting - Why 20–40% rolled equity is central to his deal structures—and how it builds trust with sellers - Using scenario analysis with AI tools to evaluate management teams and uncover hidden key-person risks - How to identify when a $3–5M EBITDA company truly has a middle management layer—or is still founder-reliant For anyone investing in or buying small businesses, Christien’s approach provides a fresh lens on growth, alignment, and deal structuring. 🎥 Watch the full interview here → https://lnkd.in/ekfkaiej 🎧 Listen on Spotify: https://lnkd.in/e86Agx6V
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Maddi Holman
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💡Emerging GP Fundraising Insight #8: Rolling Closes Keep You Moving Small funds can't always afford to sit still until the target is hit. Rolling closes let you start deploying earlier, build a track record, and show momentum to prospective LPs. One GP told me that for Fund I ($5M target), he took capital as it came, signed, wired, and got to work. It wasn't perfect, but it kept the lights on and the deals moving. Sometimes the "sign and wire as it comes" approach is the only way to get moving. Takeaway: Momentum is a fundraising asset and rolling closes can help you keep it. Has anyone here used rolling closes as a strategic advantage?
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JT Benton
9point8 Collective • 8K followers
"So what exactly is a venture studio?" I'm not sure how many times I've had this conversation over the last few years. At least a few times / week. For aspiring venture builder - especially those in institutional settings, 'getting' the model - and understanding how it differs from others - is critical. So, we're starting at the beginning. On March 19, I'm sitting down with Matthew Burris for the first session of the The Venture Studio Forum's University Track Speaker Series. Matt is widely credited for helping to define the venture studio asset class - he co-authored the Venture Studio Index and built the Three-Role Framework that the industry uses to classify studios. He's spent more time researching what makes a studio a studio than anyone I know. If you're at a university, research institution, or economic development org trying to figure out whether a venture studio makes sense for you, this is where to start. Note, this event kicks off a five part-series we're running through the VSF, all focused on helping institutions understand and evaluate the model. Here's the full program: Mar 19: What Is a Venture Studio? Apr 16: University Studio Examples May 21: Funding Mechanisms Jun 18: Finding & Working with Studios Jul 16: Sourcing & Evaluating Founder Talent Registration link in the comments!
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Casey Berman
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Camber Creek led the $3.7 million Seed round for TwinKnowledge, which is tackling an important problem in the built environment. Construction projects get delayed and rework is required because of discrepancies across construction documents, submittals, requests for information, design, and other plans. TwinKnowledge’s AI Agents absorb structured and unstructured project data, surfacing and preventing conflicts before the work begins. We’re excited about our partnership with CEO Ivan Panushev and his team. #construction #AEC #AI #technology https://ow.ly/mBYX50VtaVG
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Matt Rappaport
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Don't Build a Better Wheat Farm" - Why Defensibility Stakes Are Higher in Deep Tech Just published a new piece on my "Ignore the Confusion" blog, building on thoughtful insights from Eric Ver Ploeg at Tunitas Ventures about startup defensibility. Eric's core thesis: Too many startups pitch like wheat farmers - "huge TAM, slow incumbents, growing market, domain expertise" - but fail to think through long-term defensibility until it's too late. From a deep tech perspective, the stakes are even higher: ** Unlike software, deep tech founders must commit to defensibility strategies from day one - their funding depends on it ** Patent vs. trade secret decisions are often difficult to reverse and shape your entire competitive strategy ** Even "picks and shovels" providers (the tools that make industries more efficient) become commodities without proper moats The key insight that resonates: Defensibility can't be retrofitted. Whether you're building software or deep tech, your moat must be architected into the business model from the start. Thanks to Eric Ver Ploeg for sharing these insights on startup strategy and letting me build on his framework from a deep tech lens. Read the full post: https://lnkd.in/dEj_iF-Q #DeepTech #StartupStrategy #Defensibility #VentureCapital #Innovation
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Steve Vassallo
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Boards are supposed to help founders. Over the past 19 years, I've watched many trap them instead. As companies scale, many boards turn from insight to oversight and stop doing what founders actually need: Help making big, hard decisions. Early boards tend to be small, the board members are close to the business and highly invested in it. They argue from first principles. They help founders think. Later-stage boards often look more impressive on paper - they have more independent directors, committees and process. Somewhere along the way, collective problem solving gets replaced with oversight. The board shifts from helping the CEO make better decisions to monitoring decisions that have already been made. Strategy discussions get safer, real debate gets rarer and meetings become more about risk management than judgment. This usually coincides with the introduction of more professional board members. For better or worse, they often optimize for governance, optics, and liability management. That’s their job. But it’s not always what the company needs in moments of real uncertainty. Then, CEOs stop using them as thought partners. That’s a problem. So what should founders do? A few principles that help: • Keep the board as small as you can for as long as you can • Add directors for new insight they bring, not what boxes they check • Treat board seats like senior hires, not trophies • Design meetings for debate rather than reporting • Be explicit about when you want input vs approval Good boards should improve decision-making. If your board isn’t making you think harder, it’s probably not doing its job.
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Arjun Malhotra
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