• Postado por Guilherme 15 Jul

outra VC interessante – no nyt

outra VC interessante – no nyt

From the day he founded Etsy in 2005, Rob Kalin refused to raise money from venture capital firms to expand his company, which hoped to bring the sale of handmade crafts from small local fairs to the international marketplace of the Web.

Chester Higgins Jr./The New York Times

Union Square Ventures’ partners are, from left, Brad Burnham and Fred Wilson, the co-founders, and Albert Wenger. The firm has become a magnet for Web entrepreneurs.

He met with several top firms, but they all wanted a 20 percent stake in his start-up company, and he was hesitant to give an investor that much. When one of his board members advised him to visit Fred Wilson at Union Square Ventures in 2006, he went grudgingly, certain the meeting would turn out like the others.

Instead, Mr. Kalin was impressed when Mr. Wilson said he would settle for less than 5 percent of the company in the first round of fund-raising.

Union Square Ventures has built its portfolio making small bets on young companies.

“We say, ‘Let’s go on this ride together,’ and if we do get great traction, we’ll try to invest in a second round as well,” said Brad Burnham, who co-founded the firm with Mr. Wilson.

As Mr. Kalin soon discovered, the small initial stake was not the only thing th

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