The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 464: Anti Portfolio Confessions: Missing Twilio, Zoom, DocuSign, MongoDB, and Solana (Austin, Simpson, Chaddha)
Mar 9, 2026
Arianna Simpson, a16z partner known for crypto and infrastructure investing, reflects on passing early on Solana and later reversing course. She talks about architectural concerns, humility in investing, and how a multi-stage firm can re-enter opportunities. Short, candid stories about missed chances and course correction.
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Missed Kin Seed Because Of No Dry Powder
- Ethan Austin missed investing in Kin at seed because he literally had no capital available at the time.
- Kin later raised to a ~$2 billion valuation, making that missed seed check a particularly painful personal anecdote.
Passed On Early Solana Then Corrected Course
- Arianna Simpson admitted Andreessen Horowitz passed on early Solana due to architecture concerns but later corrected the mistake by investing at a later stage.
- She emphasized humility and the value of multi-stage firms that can re-enter after an initial pass.
Multi Stage Firms Can Fix Early Passing Mistakes
- Missing an early round isn't final if your firm invests across stages because you can still back the company later after they prove execution.
- Arianna framed this as a structural advantage of multi-stage firms versus seed-only investors.