LA Venture Podcast: TenOneTen Ventures Co-Founder David Waxman on 'The Nice And Nerdy' LA Fund

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
LA Venture Podcast: TenOneTen Ventures Co-Founder David Waxman on 'The Nice And Nerdy' LA Fund

On this week's episode of the L.A. Venture podcast, meet the one, the only, David Waxman! He's the co-founder and managing partner at the fund I work for, TenOneTen Ventures. There are few L.A. funds that have as much operational experience building and scaling large-scale companies. David talks about lessons learned building three startups, going through an IPO, a litigious board member and a couple of decades in startups. David also talks about why he thinks TenOneTen lives up to its reputation for being the "nice and nerdy" L.A. fund.

Key Takeaways:

  • TenOneTen rounds are generally in the $2 to $2.5 million range. It has a predilection for early-stage companies.
  • David's first company was Firefly, which recommended music based on the idea of collaborative filtering. This endeavor also intersected with online privacy because so much user data was collected. Microsoft eventually acquired the company.
  • David went on to start two more companies with one of his co-founders, Nick Grouf, who he met on a plane. People PC was founded to get people easy access to the internet when it was tough to do. Then came SpotRunner which was an L.A.-based tech company that worked to change the way advertising was created, planned, bought and sold.
  • David says he and Grouf had a harmonious partnership because they had tremendous respect for one another and had complimentary skill sets.
  • David says SpotRunner met its demise due to a litigious investor, Martin Sorrell of WPP, who sued the company during the economic meltdown of 2008.
  • After such a troubling experience, David started getting into angel investing and advising. He liked it so much, he partnered to turn what was more or less a hobby into a profession.
  • David recognizes the enormous and difficult problem health tech attempts to solve, but sees it as an exciting space because it's so important. One example is the value of telemedicine, which, due to COVID, has changed the way care is given.
"There's this market of founders building great things, and we want to provide what they need right now, like nice techie investors who will lead a round in L.A. That's a hole in the market. And founders really need that, and we can give it to them." — David Waxman

David Waxman has nearly two decades of experience as a technology entrepreneur. After graduating with a masters degree from MIT's Media Lab, he co-founded Firefly, PeoplePC and SpotRunner. Since leaving SpotRunner, David has dedicated his time to helping entrepreneurs realize their goals. He is an active mentor, speaker and investor. David lives in L.A. with his wife, three daughters and a ludicrous number of pets.

dot.LA Sr. Podcast Producer & Editor Laurel Moglen contributed to this post.

Want to hear more of L.A. Venture? Listen on Apple Podcasts, Stitcher, Spotify or wherever you get your podcasts.

Subscribe to our newsletter to catch every headline.


Rivian Stock Roller Coaster Continues as Amazon Van Delivery Faces Delays

David Shultz

David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.

Rivian Stock Roller Coaster Continues as Amazon Van Delivery Faces Delays
Courtesy of Rivian.

Rivian’s stock lost 7% yesterday on the back of news that the company could face delays in fulfilling Amazon’s order for a fleet of electric delivery vans due to legal issues with a supplier. The electric vehicle maker is suing Commercial Vehicle Group (CVG) over a pricing dispute related to the seats that the supplier promised, according to the Wall Street Journal.

Read more Show less
March Capital's Jamie Montgomery on the Intersection of Innovation and Creativity
March Capital's Jamie Montgomery. Illustration by Dilara Mundy.

When we list the attributes most associated with successful founders, investors, billionaires, and industry leaders, we often think of things like determination, grit, fortitude and even obsessiveness. The winners are the most relentless, the ones who work the hardest, know the most, start the earliest in the morning on four hours of sleep and won’t accept no for an answer.

Read more Show less