What is an Anti-Portfolio?

Read Time:
2 Mins
Author:
Arun Thangavel
06.02.2025

In the world of fundraising, everyone talks about the biggest wins—the unicorns, billion-dollar exits, and game-changing bets. But what about the ones that got away? The Anti-Portfolios—a collection of investment opportunities that a venture capitalist or investor declined to pursue, but later turned out to be highly successful.

What is an Anti Portfolio?

An anti-portfolio is a collection of missed investment opportunities that, in hindsight, turned out to be game-changing successes. It represents the decisions investors regret—the startups they passed on that later became industry giants.

The Error of Omission

Legendary VC Bill Gurley once reflected on his biggest regret: passing on Google because he stuck too rigidly to his investment criteria. He admitted, “You develop a set of pattern recognition… but great investments happen when you decide to relax one or two of those rules.”

He’s not alone.

In 2010, Jeremy Levine met Brian Chesky (Airbnb’s founder), who was raising at a $40M valuation. Thinking it was too risky, Levine passed. Fast forward a decade—Airbnb went public at a $47B valuation. Bessemer lost Airbnb to Sequoia Capital.

Breaking the Pattern in Your Pitch Deck

Investors are trained to recognize patterns—but how do you make them relax their rules for you? The answer lies in a research-backed storytelling approach in your pitch deck design.

A great pitch deck follows a rhythm: Problem → Solution → Team → Key Metrics. But it also breaks the mold in a way that makes investors pause, engage, and remember your story. It’s not just about structure; it’s about making your pitch feel fresh while still giving investors the key insights they need.

Stand Out With a Strong Narrative

A compelling pitch deck design doesn’t just present data—it challenges biases. It transforms investor skepticism into belief by making them see the unseen.

Want to refine your pitch deck? Let’s craft a story that gets investors to say yes. 🚀

Got more questions about fundraising? Reach us here.

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