Keen On

"They are changing venture capital from a 30% tax to 0% tax. If Robinhood succeeds, it makes Sequoia and Andreessen's business model untenable." — Keith TeareThe Silicon Gods must have their blood. And they've finally come for the funders of disruption, the venture capitalists, who are now being disrupted by something called Public Venture Capital (PVC). That, at least, is the view of That Was The Week publisher Keith Teare, who leads his newsletter this week with Robinhood's new venture fund. This new stock-trading app for millennials is going after Sequoia and Andreessen Horowitz—not by competing on deal flow, but by charging 0% carry instead of 20-30%. Robinhood promises it blows the doors off traditional venture capital.But Keith urges caution over PVCs. Robinhood is packaging late-stage private assets—companies like Databricks that would have IPO'd years ago but are staying private longer. By the time retail investors get access, employees are already cashing out through tender offers because they think