Responding to a popular request, we are now sharing transcripts of our investor podcast interviews in this new series. The following interview with Jeremy Schneider and Jonathan Pines of Webb Investment Network was recorded in March 2018.
Jeremy Schneider and Jonathan Pines, both Directors at the Webb Investment Network, discuss their firm’s investment thesis.
Sramana Mitra: One of you take the lead in introducing the Webb Investment Network. I know you have a very particular model. I’ve known Maynard Webb for a long time actually. Tell us about the program.
Jeremy Schneider: I’ll jump in and give a brief history of who we are and what we are doing. We are honored to be speaking with you, so thanks for having us. Webb Investment Network was created in 2010 by Maynard Webb to formalize the angel investing he’s been doing for much of his career. There’s a very small team that works with Maynard. You’re talking with two-thirds of the investment team.
We only invest Maynard’s capital. He’s our sole LP. What makes us really unique is what we call our affiliate network. We have about 90 of them. These affiliates are all friends of Maynard and people who he has worked with closely over the course of his career. We share our deal flow openly and for free with them, so we invite them to invest by our side.
What we really care about is their help and their expertise. Our belief is that we can bring a community of experts of operators to really make an impact. What makes it really special is all of these people share Maynard’s value system and are just wonderful people that treat entrepreneurs well. We’re very honored and have a lot of fun working with our founders.
Sramana Mitra: Could you talk a little bit about Maynard and his background?
Jeremy Schneider: Maynard was a CIO for a long time and then became COO of eBay and helped scale eBay with Meg and the executive team there. Currently, he splits his time between early-stage investing through our team and public boards. His two active public boards at the moment are Visa and Salesforce.
Sramana Mitra: Also talk a little bit about the network that co-invests with you. Who’s in it? What kind of verticals do you have expertise in? What kind of technology areas?
Jeremy Schneider: I should say that they’re all listed on the website. These are all people that have worked with Maynard. You can imagine that they come from many of the businesses and industries where Maynard spent a lot of time. There’s a big eBay contingent. There’s a strong PayPal contingent. There’s a strong contingent from LiveOps.
There’s just this collection of executives. These folks have all gone on to continue to do amazing things in their careers. Many of our affiliates are former CEOs or current CEOs. We have people like Scott McNeely from Sun Microsystems. Many are also CTOs or VPs of Engineering. That’s how we have assembled the affiliate network. Many of them have expertise in areas that I would broadly call scaling technology companies. In general, that means both from the infrastructure side and also from the people side. That’s where we really like to dive in and help our companies.