Investor Stories 485: Inside VC Anti-Portfolios: Missing Whatnot, Facebook & MongoDB (Dillon, Cheng, Black)

The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified · Jul 23, 2026 · 6m

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

Natalie Dillon of Maveron

Larry Cheng of Volition Capital

Ben Black of Akkadian Ventures and Powerlaw Corp

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.

We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.

Want to keep up to date with…