2019: Year In Review
Retrospective
At the end of the year, we reflect on what was accomplished and what is still left undone. We believe we will achieve our goal of finding 20 superb companies for the fund within the first quarter of 2020. See our update below on Wagmo who joins us as our 16th portfolio company.
We have added Halina Malahov to the team to assist with operations. She brings many years of experience in fund accounting and operations. Welcome, Halina!
Our team has learned so much from our investing activities. Every two months we look back at our existing processes and evaluate what we can improve or adopt from other winning teams. The culture of continual learning is critical for our success and the success of our LPs.
All in all, it has been a remarkable year for the Vestigo team. The connectedness and give and take in evaluating opportunities have grown stronger. The bar we raise to evaluate our own skills and performance is invigorating throughout the year.
Finally, watching our entrepreneurs struggle, succeed, work hard, fight hard and never give up teaches us a valuable lesson every day. It is a privilege to support them in their missions to build great companies. Thank you for a wonderful year.
—Dave & Mark
Envisions Interview
Wagmo In Review
w/ Christie Horvath, CEO and Co-Founder at Wagmo
India Smokes Out A Fan
I recently visited India to explore the ancient cities and history of what is soon to be the world’s largest population. It was enriching, frightening, and encouraging on so many levels. It is full of these types of contrasts, so let me share some.
Compared to major cities here and in China, I found that there is a much more visible middle class in India who are living in modern buildings that are being built all over. I did not see any “see-through” condos in India as you do in China. People are smiling and happy. It’s a vibrant democracy and an independent judiciary.
Yet the pollution was epic and made breathing in the beautiful city of Delhi unbearable. For several days being outside was the equivalent of smoking twenty packs of cigarettes a day. This cannot continue without massive public health repercussions.
Religions play a key role in strife and conflict within the country. I thought I understood it in historical context but to see it play out in daily lives quite vividly and with real meaning was frightening. It occurs to me that the lid may not remain on socially. Yet seeing the depth of meaning that these varied religions play in the lives their practitioners was encouraging to see: modernity living comfortably with ancient beliefs.
This played itself out on the streets of suburban Mumbai with a father and daughter stopping by a Hindu shrine to pray before class. Our traveling companions noted that both were praying and it was the end of term exams. I can play out so many ways each was asking for support, help, and superpowers at that moment. It was very touching.
While there is widespread poverty and plenty of shantytowns, they seem to be giving way to the economic growth the country has enjoyed for so long. There are still one-hundred-ninety-one-million people to bring up to the next level – a remarkable number. On the other hand, this is only 5% of their population.
I experienced a different way of thinking about the availability of labor in a market economy. One day, we were at lunch in the middle of nowhere in a spectacular fort built to protect the local Maharaja. The place had a wine list that was a who’s who of fantastic old school wines. A young man in his late teens who seemed to be studying hospitality took care of us. He could recite each wine grape composition as well as any sommelier I have experienced. As we went to leave and thanked him for such an amazing service, he asked that we mention him by name on TripAdvisor when reviewing the restaurant. This was the fifth or sixth time this had happened to us on our trip. Besides being a great marketing tactic, he made it clear that there were plenty of others who would love the opportunity to be at this man’s place. If he did not get outstanding reviews and got ahead of the competition, there were plenty of others who could do it instead, a remarkably different perspective than in America at the moment.
The lesson I learned from this experience is how hopeful we can all be for future improvements in quality of life across the globe. While the pollution was scary, I recalled that LA in the mid ’80s was a similarly bad spot but is now pristine. We can also be confident that innovation in internet technologies that create things like TripAdvisor will start to impact financial services in ways not imagined just a few years ago.
—Mark Casady
New Portfolio Company
Wagmo is leading the way in pet insurance, and Vestigo is happy to be a part of it! Covering all the bases for your furry family friend, Wagmo provides your pet with everything from fitness exams and checkups to grooming and dental. They’re passionate about pets, thinking about everything they need to stay healthy. We look forward to helping Wagmo grow and offer even more for pets than they do now.
Wagmo, Inc.
Portfolio Updates
LifeYield Scores Again
LifeYield continues to impress customers and add to its growing coterie of partnerships. At Vestigo, we love companies that sell "free money" and it is gratifying to watch the market become familiar with the guaranteed return investors can earn by tax optimizing!
LifeYield
Interesting Reads
Nate DiCamillo
Apply to One of Our Portfolio Companies!
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