All the Ways We Were Wrong About Mystery (and the One Key Thing We Got Right)
To celebrate Mystery’s blockbuster Series A fundraise led by Greylock Partners we decided to review and reflect on the April 2019 investment memo that we wrote in support of our first $500k investment into the company. To date, we’ve now invested $2.5m, a full 10% of our fund. Our third “all-in” position, alongside Ally.io and Logixboard.com.
Spoilers are no fun, but also videos aren’t for everyone. In the video we reveal that you can be wrong about literally all the risks of a startup as long as you’re right about its key strengths — specifically the founders’ bedrock capabilities as humans, and the insights and convictions they’ve developed on their journey to starting a new company. Most folks will call what Mystery pulled off a pivot, but we call it a focus. What was true and got us excited about investing three years ago is even more true today than it was back then.