The Plus Ultra Advantage: Tailored Investment, Targeted Growth

At Plus Ultra, we invest in companies with proven traction, aligning strategic capital through bespoke SPVs that simplify your cap table and enhance investor relations.

 

Our model ensures investors are all-in on your company, backed by a seasoned and vetted Go-To-Market operating team ready to accelerate your revenue and profitability growth.

 

With Plus Ultra, you get more than funding—you gain a dedicated partner committed to driving your success. Scroll down to discover how we can empower your vision.

Investment Thesis

 

At Plus Ultra, we target companies with revenue approaching $1M or more, where the signs of product-market fit are evident and the growth potential is substantial.

 

The things we need to see to invest:

Traction:

We invest in Growth, not ideas or prototypes. $1M or greater Revenue/ARR or a clear growth path to this within a quarter. 

Inflection Point:

We bring Capital AND GTM operating help to drive a measurable impact on growth trajectories. Transitioning from founder-led to sales-led growth, adding new GTMs, need to scale current GTMs, or new market entry

Growth Potential:

Companies with big ideas, proven product-market fit, competitive differentiation, large TAMs, and understanding of GTM metrics

SPV Fit:

Business models benefitting from "Smart Capital"; models with complex GTM models or technology stacks that don't fit well into average tech investor cookie-cutter mindsets

Check size:

Late Seed: $2-5M / Series A: $10-25M

SPVs are our chosen investment vehicle because they align investors directly with the businesses they believe in, providing both flexibility and focus.

 

Our operational expertise truly sets us apart—our team collaborates closely with founders to optimize strategies, scale operations, and drive meaningful growth. We provide more than just capital; we deliver the strategic insights and hands-on support that drive long-term success.

Team

Pablo Grodnitzky

Rachel Corn

With a career spanning pre-revenue startups to senior leadership roles at Intel, IBM, and Nuance Communications (Microsoft), Pablo has a wealth of experience in leading sales and operational transformations, driving revenue growth, and executing complex go-to-market strategies.  As a VC, Pablo's deal-making experience gives him a sharp eye for investment opportunities that offer growth potential and operational expertise to support founders in achieving profitable, efficient growth. He earned his MBA from Harvard Business School..

Rachel Corn is a seasoned the executive with significant growth and go to market experience. She has led growing technology companies as CEO and head of sales & marketing. Prior to her operational roles, Rachel led a diligence consulting and advisory firm, Topline Strategy, that worked closely with investors. Rachel is deeply familiar with what it takes to get funded and what is required to take a startup from zero to 100. She earned her MBA from Harvard Business School.

About Us

 

  • Team and Expertise: Seasoned technology operating team with deep expertise, tackling complex GTM challenges

  • Track record: Team has 20 years of fundraising experience 

  • Industry knowledge: software, hardware, consumer goods and services

  • Smart Capital: investors with an understanding and interest in the opportunity

  • Special Purpose Vehicle (SPV): combines venture equity, debt and other vehicles

Our Operating Partners' services cover all Go-To-Market functions and offer executive coaching services for maturing companies. This includes:

  • Leadership: CEO, CMO, CRO, CCO: Coaching

  • Marketing: CMO, ABM, Demand Generation, Product Management, Strategic Marketing

  • Sales: Sales leadership, Revenue Operations Management, Compensation, Training

  • Customer Success: Onboarding, Revenue Renewals & Expansion

  • Finance: Strategic Planning, FP&A, Budgeting

Thought Leadership

The Brutal Mathematics of Venture Capital Returns in 2025: Why Unicorns Still Matter

 

The venture capital model has evolved, but its fundamental equation remains unchanged: funds need unicorns to survive. Recent data from PitchBook, Cambridge Associates, and Silicon Valley Bank reveals how today’s market conditions have reshaped return expectations while maintaining the industry’s reliance on outsized outcomes.

 

Stage Expected Returns Investment Timeframes

 

 

The Fund Mathematics

Let’s break down a typical $200M Series A fund with this formula:



 

For our $200M fund example:

• Fund Size: $200M

• Target Return: 3x ($600M)

• Ownership: 15%

• Portfolio Companies: 25

 

 

Required Exit Value per Company for a $200M Series A Fund

Required Exit Values for a $200M Series A Fund

 

The graph above illustrates the brutal reality of venture math. With just one successful company, that company needs to exit at $4B to deliver fund returns. With two winners, each needs to exit at $2B, and with four winners, each needs to exit at $1B. The blue line at $1B (unicorn threshold) intersects our curve at exactly 4 successful companies, demonstrating that a fund needs at least 4 unicorns to achieve target returns, assuming equal outcomes.

 

The New Market Reality

 

Several factors have moderated return expectations in 2025:

 

Market Maturity

• End of zero-interest-rate era

• More rational valuations

• Increased focus on unit economics

• Longer paths to profitability

 

Investment Stage Dynamics

 

Early Stage

• Angel investors still need 50-75x potential returns

• Early-seed funds target 4-6x (down from 7x in 2021)

• Higher emphasis on capital efficiency

• More rigorous due diligence

 

Growth Stage

• Returns moderated to 1.8-2.2x

• Shorter holding periods

• Greater focus on proven business models

• Improved exit opportunities through M&A and IPOs

 

Why Unicorns Still Matter

 

Despite moderated expectations, the hunt for unicorns continues. The power law of venture returns is unforgiving because:

 

Power Law of VC Returns

• 60% of startups return nothing

• 30% return the original investment or a little more

• Only 10% deliver the massive outcomes VCs need

 

Portfolio Economics

• Loss ratios remain high

• Ownership dilution requires larger exits

• Fund size drives return requirements

 

Power Lasw Distribution of VC Returns

 

Venture Capital Portfolio Return Distribution

 

As the power law distribution graph above demonstrates, just 20% of investments generate 80% of returns in a typical venture portfolio. This stark reality explains why VCs must hunt for potential unicorns in every investment - the vast majority of returns come from a small minority of winners.

 

Time Value of Money

• 7-10 year hold periods

• Illiquidity premium expectations

• IRR pressure from LPs

 

Competitive Dynamics

• Record levels of dry powder

• Increased competition for quality deals

• Pressure to differentiate

 

The LP Perspective

 

Limited Partners have adjusted their expectations but still demand significant outperformance:

 

• Early-stage funds: 25-35% IRR

• Growth funds: 20-25% IRR

• Late-stage funds: 15-20% IRR

 

Annual Returns by Investment Category (2025)

Annual Returns by Investment Category (2025)

 

The performance comparison above illustrates why LPs continue to invest in venture capital despite its risks. Top quartile VC funds significantly outperform public markets, delivering 20% annual returns compared to the S&P 500’s 9.9%. However, the dramatic spread between top and bottom quartile performance highlights the critical importance of manager selection in venture capital investing.

 

Looking Forward

 

The venture capital industry of 2025 reflects a more mature, disciplined approach to investing. However, the fundamental need for massive outcomes remains unchanged. What has evolved is the path to achieving these returns:

 

New Success Metrics

• Sustainable growth over hypergrowth

• Clear paths to profitability

• Strong unit economics

• Efficient capital deployment

 

Exit Considerations

• More diverse exit options

• Realistic timelines

• Strategic value emphasis

• Multiple arbitrage opportunities

 

The Bottom Line

 

While return expectations have moderated from the peaks of 2021, the venture capital model still requires exceptional outcomes to succeed. Understanding this mathematical reality is crucial for:

 

• Founders building companies

• Investors constructing portfolios

• LPs allocating capital

• Employees evaluating opportunities

 

The hunt for unicorns continues in 2025, but with a more sophisticated, measured approach reflecting today’s market realities. The fundamental truth remains: in venture capital, even moderate fund-level returns require extraordinary individual company outcomes.

 

Contacts

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