This is the email update that was sent to all Logos Fund LPs about our first unicorn, Remote.com. To become an LP & learn more about our fund, click here.
This update is a special report for a special day. We have our first unicorn for Logos Fund. We want to thank all of our LPs for believing in us.
Congratulations to Remote.com for achieving 🦄 status in their $150M Series B led by Accel with participation from Sequoia, General Catalyst, Index Ventures, Two Sigma and more.
We believed there was an opportunity to build meaningful companies that would define the future of how everyone in the world works and lives. Up until today, it’s been pure belief and conviction. Now we have proof that the market is shifting and it’s bigger than we think.
I find it special and meaningful that our first 🦄 company ($1b+ for anyone who doesn’t know what unicorn means) is named Remote.com. What this company proves is that people want to hire great talent all over the world and treat their team members all equitably. This is what Remote enables with the ability to hire full-time workers across borders. This was so difficult in the past.
This deal came to us because my partner Chris Herd has become a true thought leader in this space which led to a strong relationship with Job. (CEO of Remote)
We are so excited to share a few new investments in our next update but we wanted to share this amazing news with everyone in this special report update.
Existing and New LPs: We are going to continue allowing LPs to join our fund so if you want to share this with potential LPs or to increase your commitment, here’s the link to do that: http://angel.co/v/l/Mg6Z9
A personal thought: We have believed in this new remote way to work for years before everyone else and this investment proves that the world is starting to figure it out too. What most don’t understand is that while remote is a different way to work, it’s not that the future doesn’t have offices. It’s that the future is digital-first, not office first. This is how companies attract the best people, anywhere they live, and give people the flexibility that they have been asking for. Leaders who need a presence to feel a false sense of control will struggle greatly in this new work environment. Great leaders will see this moment in history as the greatest talent arbitrage in the history of work if they are building a culture of trust and empowerment.
Leaders who believe that culture & companies must be built around a city or a single office space will continue to see employees leave for more flexible, global, and digital-first opportunities. This poll from Chris Herd pretty much says it all:
Digital-first companies require a new OS for the way we work and live. We will still have offices, we will still work from home, we will still work from the hotel lobby. What’s different is that these are all office spaces and the connecting layer of companies now lives online not at a physical HQ. That’s the opportunity for so many new technology companies to be built to ensure we are serving our teams and people in this new world.
But many people don’t get it and have invested billions into a single physical space...
This is why you see my partner Chris Herd mentioned in an article alongside Jamie Dimon telling his people in NYC to come back to the office. Jamie Dimon insists his workers return to the office — here’s why that’s a bit rich
Important LP info:
- Redacted for privacy
- This is our first 🦄 unicorn. Regardless of when you became an LP, this is a huge day for our fund and our brand. This is literally just the beginning. Here’s to finding many more 🦄.
- Just a heads up that all LP commitments going forward will be the standard fund terms of 2% fees and 20% carry.
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