In a crowded VC landscape, Elizabeth Weil’s Scribble Ventures shows that networks still matter

Summary

In an era where hundreds of new venture funds have emerged, only to face a narrowing market as exits prove slippery, Elizabeth Weil’s Scribble Ventures stands out as a case study in the importance of deep networks. Defying a contraction that is sidelining many newcomers, Weil just secured $80 million for Scribble’s third fund, its largest capital raise yet. The milestone underscores market confidence in Weil, a Stanford graduate whose resume includes a partner role at Andreessen Horowitz, corporate development at Twitter (now X), and stints at Silicon Valley stalwarts IVP and Menlo Ventures. “Everybody told me it was going to be the hardest to raise,” Weil said on a call Monday, after completing the 5:30 a.m. run and swim that puts this editor’s coffee routine to shame. Ultimately, she said, the firm exceeded its hard cap of $75 million after extending the fundraising period by three weeks. Scribble’s success comes amid what many consider a reckoning for the venture industry, particularly for newer managers who emerged during the funding boom of 2020-2021 and have yet to establish meaningful distributed proceeds to investors (DPI). “Being a harvester is part of venture capital, too,” Weil observed. “There’s so many emerging managers that never have had to go through that part.” What sets Scribble apart is what Weil calls the “Scribble Network,” a carefully cultivated ecosystem of operators and executives who not only provide deal flow and due diligence help, but invest alongside the firm. This network includes figures like Maggie Hott, who leads go-to-market at OpenAI; Jim Everingham, VP of Engineering at Meta; and Sheila Vashee, CMO of Figma. Weil’s husband, Kevin Weil, adds another powerful dimension to the firm’s network. As Chief Product Officer at OpenAI and a Cisco board member, his technical and product expertise complements Elizabeth’s background in investment and corporate development. “We tell our founders, ‘Who from our extended network would you like to ...