Indie.vc prioritized ‘revenues over rounds.’ Investors balked.

ImpactAlpha Editor

Dennis Price

ImpactAlpha, Mar. 3 – Indie.vc launched six years ago with an image of a burning unicorn head and a fresh thesis: Operating businesses that focus on generating revenues will outlast those focused raising their next VC round.

Limited partners, it turns out, weren’t sold. After funding nearly 40 companies, Indie.vc will not accept or make further investments. “As we’ve sought to lean more aggressively into scaling our investments and ideas behind an ‘Indie Economy,’ we’ve not found that same level of enthusiasm from the institutional LP market,” writes founder Bryce Roberts.

New model. “We want to embody values other than the growth-at-any-cost model and show that there’s a different way to build a real business,” founder Bryce Roberts told ImpactAlpha in an earlier interview (see, “VCs that help startups raise revenues, not rounds).

The model, which included revenue-based finance, spurred a movement toward alternative capital structures (see, “Beyond venture capital) that is poised for growth – without Indie.vc.