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  "documentTitle": "Not Boring Capital Fund II Memo Newsletter",
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      "text": "already resulted in markups, and I would write checks into the later-stage companies we’ve backed like Ramp, Sky Mavis, Modern Treasury, and Scale ten times out of ten.",
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      "text": "I also expect to invest a higher percentage of the fund in web3 projects, protocols, and companies than Fund I (which was roughly 11%). As is evident from Not Boring essays, I am incredibly bullish on web3 and think we have a great opportunity to go deeper there. Many of these projects need help telling a clear story about what they do, why it’s important, and how they make money for owners, and we can help there. To the extent that we run into our 20% non-qualifying investment cap, to which token deals (and secondary purchases) are subject, before the fund is fully deployed, I expect to run SPVs either via AngelList or Syndicate. If the latter, I will send through instructions on how to invest.",
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      "text": "While I’m bullish on web3, we’re simply looking to back the best companies that we can, whether or not they’re decentralized or plan to issue tokens, and expect to invest in a broad basket of the best startups out there across categories.",
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      "text": "Once again, I expect to invest roughly 1/3 of the fund into Pre-Seed and Seed, 1/3 into Series A, and 1/3 into Series B+. While I will make most investments with the expectation that they can return the fund, I am also happy making safer later-stage investments that I think have a high probability of 5-10x returns and smaller investments into earlier stage companies and protocols with big upside and the opportunity for larger follow-on checks.",
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      "text": "One new addition for Fund II will be follow-on checks from Fund I. I don’t have an exact percentage set aside for follow-ons; I will treat them like new investments from an analysis and sizing perspective. I hope that we have the opportunity to do follow-on checks in all of our Fund I investments, and even some early Fund II investments, during the life of the fund, and may do certain ones out of SPVs.",
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      "text": "Not Boring is and does a few things:",
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      "text": "Why invest in Not Boring Capital?",
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