Metamorphic Ventures Internship

Unfortunately I haven’t written on here in a while, but it’s all good, I plan on writing here everyday now that I have started a new internship. I left my last one at The Trout Group because as much as I love biotech, technology companies are what I find the coolest!

To shed some light on what Metamorphic Ventures does I will provide their description from their website: “Metamorphic Ventures is a New York City based venture capital fund that invests in start-up and early stage technology businesses focused on the digital media and digital commerce sectors.” Generally, Metamorphic makes seed investments as well as Series A and Series B.

So now that I have begun my first week at Metamorphic I will be keep track of everything I do as an intern there. I should start by saying that my ultimate goal is to get a job. I’m 23 and I can’t be bouncing around from internship to internship. Ideally I would like to work with some of Metamorphic’s portfolio companies and try to secure a job that way. I think it would be fun to work at a startup and really see how a business grows. I’d love have my own startup one day.

My first couple days were great. I already met with a couple companies. One of the companies I met with was not a portfolio company, but would like to be.  The company we met with, Wantworthy is the maker of Fresh. Metamorphic’s jr. analyst and myself met with a co-Founder of Fresh who explained to us his business.  It is essentially an app for online shopping.  From their app you can visit multiple clothing brands all in one place. What they call this app is the “mall app” because you can shop for all your favorite clothing brands in one place. The app is very cool looking and easy to use.  They explained how they are raising 500k and have secured most of it, but would like Metamorphic to invest because they believe they can leverage Metamorphic’s expertise as a strategic investor. They are only making 4k a year and have a burn rate of 40k. However, they do already have 80 thousand signups.

After our meeting, Josh, the jr. analyst I was with, told me that he wasn’t the biggest fan of the company. He explained that he just new it wasn’t something that the partners of the firm would be interested in looking at. I guess that’s how the business goes.

Metamorphic has already moved on to their second fund. Their first fund was about $25mm. They are aiming to raise $50mm for their second fund and they are about 80% of the way there. 

Hopefully tomorrow I have a super productive day so I can come here again and write more about what I’ve done and learned! There may be some spelling errors in this post..long day at the office!

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