Venture Capital Firm Greylock Taking Big Bet On Startup
Silicon Valley venture capital firm Greylock recently helped email security startup Abnormal raise $24 million in Series A funding, according to Business Insider.
Abnormal started in Greylock's offices as an incubated startup. Greylock has been providing startups office space and unlimited access to its teams for years, commonly referred to in Silicon Valley as an "incubation."
"We never really pitched Greylock, though we did eventually, but early on it was just like, 'Hey, let's go explore together'," Abnormal cofounder and CEO Evan Reiser said. "Great companies take a decade or more to start, so we knew that Greylock would have to spend a lot of time and money to help us build that. We wanted to really make sure this was the right thing to do."
Sanjay Gupta, the other co-founder of Abnormal, and Reiser started working in Greylock's offices in San Francisco in April. They did not even have pitch decks when they first spoke to Greylock employees. Reiser had previously built and sold a similar company in Silicon Valley.
"I think there's a common misconception Silicon Valley that you kind of sit in some place and you come up with an idea, then you hack it together," Reiser said. "And then you try to validate, then you go pitch it to investors."
Abnormal came out of its incubator on Tuesday with $24 million in Series A funding from Greylock.