Investor Stories 470: Passing on Uber, Perplexity, and Fintech's Breakout Winners — The Stories Behind the Misses (Orthlieb, Callaghan, Byunn)

The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified · Apr 9, 2026 · 5m

On this special segment of The Full Ratchet, the following Investors are featured:

Ben Orthlieb of Blue Moon

Jon Callaghan of True Ventures

Eric Byunn of Centana Growth

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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