Investor Stories 477: Why VCs Passed on Figma, ClickUp, Uber, Pinterest, Okta, DoorDash, and Anthropic: Lessons from Investor Anti Portfolios (Ulevitch, Saper, Patnam)

The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified · May 28, 2026 · 7m

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

David Ulevitch of Andreessen Horowitz

Jake Saper of Emergence Capital

Sandesh Patnam of Premji Invest

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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