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In an era where hundreds of new venture funds have emerged, only to face a narrowing market as exits prove slippery, Elizabeth Weil\u2019s Scribble Ventures<\/a> stands out as a case study in the importance of deep networks.<\/p>\n Defying a contraction that is sidelining<\/a> many newcomers, Weil just secured $80 million for Scribble\u2019s 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.<\/p>\n \u201cEverybody told me it was going to be the hardest to raise,\u201d Weil said on a call Monday, after completing the 5:30 a.m. run and swim that puts this editor\u2019s coffee routine to shame. Ultimately, she said, the firm exceeded its hard cap of $75 million after extending the fundraising period by three weeks.<\/p>\n Scribble\u2019s 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). <\/p>\n \u201cBeing a harvester is part of venture capital, too,\u201d Weil observed. \u201cThere\u2019s so many emerging managers that never have had to go through that part.\u201d<\/p>\n What sets Scribble apart is what Weil calls the \u201cScribble Network,\u201d 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.<\/p>\n Weil\u2019s husband, Kevin Weil, adds another powerful dimension to the firm\u2019s network. As chief product officer at OpenAI and a Cisco board member, his technical and product expertise complements Elizabeth\u2019s background in investment and corporate development.<\/p>\n \u201cWe tell our founders, \u2018Who from our extended network would you like to meet?\u2019\u201d Weil explained. \u201cWhen they look at that market list and the menu, and they say, \u2018I can just text this person?\u2019 That\u2019s incredible.\u201d<\/p>\n The approach has helped Scribble make successful early bets on companies like Whatnot, a live auction platform that reached a valuation of nearly $5 billion<\/a> in January; Atmo, an outfit that was founded by former Googlers<\/a> and is focused on AI-driven ultra-precise weather forecasting; and Poolside.ai, a Paris-based generative AI company founded by GitHub\u2019s former CTO that was valued by its investors at $3 billion<\/a> back in October.<\/p>\n Other portfolio companies of Scribble, which now has $216 million in assets under management, include SpaceX and Figma.<\/p>\n Scribble typically writes checks of $750,000 to $1.5 million, avoiding rigid ownership targets that might preclude collaboration with other investors. <\/p>\n \u201cI think the approach of saying \u2018we must be at 14% or we walk\u2019 isn\u2019t the way to start off a relationship,\u201d Weil noted.<\/p>\n The firm\u2019s first fund, raised in 2020, is already showing strong performance with a 4x multiple, Weil said, thanks in part to early distributions to investors from crypto positions in Mysten and Aptos.<\/p>\n With the current focus on AI transforming the startup landscape, Weil sees the clearest opportunity yet to apply Scribble\u2019s collaborative approach. <\/p>\n \u201cI think this is the best time to be a startup, but it\u2019s the hardest time because there\u2019s so much noise,\u201d she said. \u201cEveryone knows how to hack the channels, and finding product-market fit and go-to-market is just harder than ever.\u201d<\/p>\n