m13 ventures

A decade-long run-up in startup valuations that came to a screeching halt after the novel coronavirus froze much of the worldwide economy last month could have a silver lining for company founders.

"They can build great businesses but don't have to be chasing a growth rate," said Carter Reum, co-founder of M13. "It can be liberating. We've lived in a world the past few years where an artificially high valuation was nothing more than a vanity mark."

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M13, named after one of the brightest star clusters in the Northern Sky, has considerable star wattage of its own and is decidedly the most L.A. of all the L.A venture capital firms.

Co-founders Carter and Courtney Reum together boast around 170,000 Instagram followers and in more normal times frequently post pictures with celebrities at parties or from their travels around the world. Carter has been linked to dating Paris Hilton, who was interviewed by Courtney onstage at the Upfront Summit in January. Sir Richard Branson is a limited partner in the firm as is Arianna Huffington.

But, now that glitz appears on hold as the brothers grapple with a pandemic that hit right as the Santa Monica early-stage consumer technology firm was in the midst of deploying the $175 million in its second fund. COVID-19 has hurt consumer companies especially hard, including once high-flying brands in M13's portfolio like Bird, FabFitFun, and ClassPass (M13 is also an investor in dot.LA.)

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When you're working remotely, more is more.

"There's just no downside to over-communication," said Matt Hoffman, a partner and head of talent at the venture capital firm M13. "It's not one size fits all. There are many different organizations. But the one standard is to always communicate more often, more clearly, and more crisply."

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