What VCs Want

Kirsten Green, the founder and managing partner of Forerunner Ventures— whose portfolio includes Glossier, Hims, and Away—details what makes her want to invest in a brand, today’s biggest opportunities, and how the tech world is about so much more than technology.

- Stephanie Schomer

First things first: What’s your definition of a tech startup? I think some people have a hard time understanding why, say, a makeup brand like Glossier identifies as a tech company.

Oh, people are so confused! We get pitched so many businesses based on a beautiful product I’d love to buy, but it doesn’t fit the profile of what we want to invest in because the company’s model is selling in a big retailer. Yes, we invest in brands and product, but we mostly invest in founders that see opportunity for change. Glossier is about the customer. It’s anchored in selling product, but consumers trade in and out of product. So Glossier has used technology to create a deeper connection with its consumer to grow. Purchases are often about more than the product. And that’s why we invest.