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proChain Ventures
Confidential - do not distribute
"2022: A Superior Vintage In The Making For Venture Capital " - Thales, Nov 2022

J.P. Keating
Managing Partner
proChain Ventures
When we created proChain Ventures we wanted something special. Something different. Something where we could leverage all our skills, experiences, and networks to drive real change and impact.
We wanted to use venture capital as a force for good in the world. To change the narrative. To help our fellow supply chain professionals and organizations become the strategic partners they have aspired to be within their enterprises for decades. To support and develop startups in ways no other investors could do. To be the most value added investor/partner on a cap table.
Sustainable economies, inclusive capitalism, and climate/decarbonization were imperatives for our efforts too.
Little did we know that 2022 was going to hit the way it did. WOW! What a not so great time to jump into this kind of work, right?
Not really.
This is supply chain work. There are only bad days and worse days in this business! We work in the world of two options - suck it up and get it done, or fail. And that is NOT what we do.
While everyone was getting nervous with Ukraine and the diving markets we were digging into opportunities and looking for gems. And we haven't stopped. The best time to improve, innovate and invest in supply chain digitization, resiliency, optionality, flexibility, transparency, efficiency, etc. was decades ago. The second best time is RIGHT NOW.
Supply chain work never stops. It enables society. In good times and bad, the work must get done. There are endless opportunities for innovation. The forecasts must be better, the tools must do more, transportation has to be safer and greener, food has to move, bullets need to get to soldiers, paperwork has to clear customs, decarbonization has to happen, production needs to be more efficient, people need to serve people. Everything has to function or society doesn't function.
Our thesis has remained relevant and strong since day #1 and almost 1 full year into this adventure I cannot be more excited about the future!
What's all this about J.P.? What the heck is "Vintage 22"? What do you want from us?
The title of this says it all. 2022 is poised to be one of the best investment "vintage" years on record. Investments are gauged on a number of factors, but the most meaningful is DPI (distribution to paid in capital). The return on the invested capital. How much money do the investors get back. The mission in early stage venture is to find and grow very high potential firms to a point where outsized returns can be realized. Where the founders have an exit at a substantially higher valuation than where the investors bought in. We are in that environment.
In the link above from Thales, you'll read "firms that respond positively to the current downturn will have a disproportionate impact when markets reopen. It’s time to be greedy when others are cutting back, and to be brave when others are fleeing for the hills."
We want you to invest with proChain Ventures and be Member of our Community.
We are benefitting from a point in time where valuations are very reasonable and quality startups are still operating and growing. And WE benefit from our supply chain knowledge and experience where many financial investors can't leverage that depth of understanding and industry knowledge. proChain is a specialist fund with a clear advantage!
Remember that old adage attributed to Baron Rothschild from the 19th century..."Buy when there's blood in the streets, even if the blood is your own." It is still an important truth about betting against market psychology.
So, why is today such an exciting time to invest in venture capital?
1.) Early stage VC is the best performing asset class
2.) The best performing vintages in VC tend to be in down years (e.g. 2022)
3.) Relatively low entry valuations (sanity in the markets)
4.) Strong technological tailwinds (strong foundations to build on)
5.) Laser-focused founders
6.) Experienced Venture Investors & Specialist Investors (expectations are well managed)
7.) New venture funds offer the greatest opportunity in venture capital.
8.) VC investments are 10 year funds and will not be significantly affected by short term events
9.) proChain benefits from a diverse team. The recent article by Grovsner supports proChain's strategy
We created a special investment and community and called it "Vintage 22".
Part 1 - The Investment
We have created a special purpose vehicle (SPV – “fund”) that allows you a simple way to invest into our entire 2022 portfolio of 10 startups with an aggregate valuation of nearly $850M. There are Pre-seed, Seed, and Series A stage companies, five companies have diverse founders, four are already on a unicorn track, the firms have combined addressable markets of trillions of dollars, and a current, combined annual recuring revenue (ARR) of $100M+.
2022 was the first year of proChain's four year investment period. You are getting 1/4 of our planned number of investments (40 over 4 years) in one transaction and one capital call* vs. multiple capital calls throughout the year and a much higher commitment requirement for proChain Fund 2.
We are having some fun with the end of the year, and we want to make this offering unique and meaningful to our community. Here’s what we’re doing….
We offer a range of commitment levels to be as inclusive as we can and offer this to a wide, but exclusive group of individuals.
$22,222 $44,444 $88,888 OTHER
Minimum commitment Twice the fun! The luckiest numbers Let’s get creative!
We are only opening this offering to a maximum of 88 investors. There is a maximum imposed by the SEC, but we also want to keep this community manageable, intimate, and engaging.
The current allocation available is $2,222,222. Once the allocation is full, the round will be closed. All investors will get a proportional amount applied to all 10 companies in the portfolio. If the investor commitment exceed the $2,222,222 value, then there will be an option to apply funds to proChain Fund 2 or a possibility to apply additional funds to the current 10 firms.**
We said we were making this something very special and we mean it!
Included with your investment is a membership into “Vintage 22”.
This is our exclusive investor community related to this offering. We include numerous exciting benefits. They are too long to list in this short email, so please go to this link to explore the opportunities. Vintage 22 will endure as long as the portfolio operates, and as long as proChain Ventures operates. We’d like to say this is a lifetime membership!
I’m sure you have several questions. We’re here to help. We have included an FAQ with some answers to common questions at this LINK
So why are we investment offering structured like this?
*We do allow for an option to split the capital commitment with 50% due on signature and the remaining 50% due 30 days later.
**proChain will attempt to negotiate with the founders if there is any additional allocation available.
How did this all work out?
Simple. It was just a massive amount of work and pretty good timing! Our team is made of corporate supply chain leaders, venture investors, and entrepreneurs. Our skills, decades of experience, and vast networks allowed us to seize this opportunity and connect with unique founders from around the world.
We won deals specifically because of our backgrounds and our specialist focus on supply chain technology. Our
So why are we investment offering structured like this?
You also get the added bonus of investing in a diverse management team! I’m sure you have seen all the reports about venture fund performance when there is a diverse team. If not, please read the recent article by Grovsner.
If you want to be XXXX join us. If you don’t that’s fine too.
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