Sourcery

Courtney and Carter Reum, Co-Founders of M13, join Sourcery for a deep dive into building one of LA’s most prized early-stage venture firms.
With $1.9B AUM across three funds, 200+ direct investments, 54 exits, and 15 unicorns seeded or backed at Series A, M13 has built a reputation for pairing venture math with hands-on execution. Portfolio investments include companies like Lyft, Pinterest, Ring, Bonobos, Matterport, Shake Shack, Solana, and emerging leaders like Rho, Prepared, OpenFX, Arena Club and Niural AI.  The firm is ranked Top 20 globally in the HEC-Dow Jones Venture Capital Performance Ranking and was named one of TIME’s Top 100 US VCs for 2025.
M13 targets 30–35 core investments per fund, aims for ~20% ownership, and structures its portfolio around power-law outcomes — not incremental 3x bets. Over the last three years, companies behind M13-led rounds have raised ~$800M in follow-on capital, reached Series B ~30% faster, and at ~25% higher valuations than the median.
We cover:
• Why M13 targets 20% ownership
• How they generate alpha in a hype-driven AI market
• The second and third wave of AI opportunities
• Portfolio construction & power law math
• Stablecoins and the future of money
• LA’s evolving tech ecosystem
• Talent wars in the AI era
• Founder execution vs idea quality
• Biohacking, longevity, and performance
• Lessons from pro sports, Goldman Sachs & culture
“M13 is one of the brightest star clusters in the northern sky. It’s full of remarkable individual stars. But when those stars come together, they create something that’s truly greater than the sum of its parts. That’s the M13 advantage.”
Subscribe to Sourcery for more conversations with the world’s top investors and founders.

Courtney Reum: https://www.linkedin.com/in/courtneyreum 
Carter Reum: https://www.linkedin.com/in/carterreum
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy
𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube : https://youtu.be/FDOW60Yp_hw

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
Follow Sourcery for the latest updates!
https://www.sourcery.vc/

Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Welcome to the Pod House: M13’s LA Origins
(01:10) $1.9B AUM & 54 Exits — What M13 Focuses on Now
(02:20) Early Wins: Ring, Lyft, Pinterest & 15 Unicorns
(04:10) Alpha vs Multi-Stage Capital — Two Sports of VC
(06:00) Avoiding AI Hype & Sticking to Venture Math
(08:40) Why M13 Increased Ownership to 20%

Revel just raised $150M at a $1.005B valuation — only 15 months after founding. 
In this episode of Sourcery, I sit down with Scott Morton, Founder & CEO of Revel, to unpack how he went from designing high-consequence launch control systems at SpaceX to building the unified software platform modernizing hardware test and command systems across aerospace, defense, robotics, and advanced energy.
The $150 million in Series B funding is aimed to accelerate its expansion across aerospace, defense, robotics, and industrial markets. The round was led by Index Ventures, with major participation from Redpoint Ventures and returning investors Thrive Capital, Felicis, and Abstract Ventures, as well as prominent angels such as Dylan Field, Figma's co-founder and CEO.
Revel replaces decades-old infrastructure — much of it built in the 1980s and 1990s — with a modern platform that enables engineers to visually configure hardware systems, monitor live telemetry, and issue commands safely in real time.
We cover:
Why Index Ventures led a preemptive $150M Series B

The SpaceX “T-minus 1 minute” moment that shaped Revel’s philosophy

How Revel helped Impulse increase rocket engine testing frequency by 5–10x

The difference between Revel Test and Revel C2 (Command & Control)

Lessons from Elon Musk on pushing engineers beyond perceived limits

Why Dylan Field (Figma) is a key investor and strategic sounding board

Revel is now working with companies like Impulse, Radiant Nuclear, Astro Mechanica, and others building mission-critical infrastructure for the autonomous age.
This is the story of modernizing the software layer behind physical systems — where one character of code can mean total success… or no launch site.
Subscribe to Sourcery for more deep dives into the founders building the next industrial era.

Scott Morton: https://x.com/scottgmorton 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/1MkfF1KrD7M

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
Follow Sourcery for the latest updates!
https://www.sourcery.vc/
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
 
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Scott Morton, Founder & CEO at Revel
(00:40) Raising $150M at a $1.005B valuation in just 15 months
(02:58) What Revel actually builds
(05:23) 10x faster engine testing by replacing legacy systems
(07:26) Designing Falcon 9’s propellant load sequence
(09:12) T-1: When every line of code has to be perfect

On Q4’25 earnings day, I went inside Opendoor’s San Francisco headquarters for an exclusive behind-the-scenes look at how the company operates in real time.
CEO Kaz Nejatian gave us a full office tour — from dashboards and war rooms to earnings prep and the team packing merch ahead of the livestream. We sat in on a product discussion, watched the team prepare their live earnings broadcast, and saw firsthand how the culture operates under pressure.
I also spoke with Michael Judd, Head of Investor Relations, $OPEN investor relations lead, and one of the longest-standing Opendoor employees (joined in 2016). He shares what it’s been like to see Opendoor move through multiple chapters — from early markets, to stock decline, to what the team calls a “second birth.”
In this episode, we cover:
• Why Opendoor livestreams earnings — including streaming on Robinhood
• How the $OPEN Army became part of the company’s public narrative
• Innovating on investor relations in a digital market • Weekly velocity and compressed execution cycles
• What a public company “second act” looks like internally
• The mission behind making homeownership more accessible
This is a rare inside look at earnings day inside a public company — the people, the pace, the pressure, and the product.
If you want more, check out our full interview with Kaz.

Kaz Nejatian: https://x.com/nejatian
Michael Judd: https://x.com/michaeljudd321 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/IMN9tOz4erY

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
Follow Sourcery for the latest updates!
https://www.sourcery.vc/
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Inside Opendoor HQ
(00:57) Earnings day energy with CEO Kaz
(03:42) Why is there a sword in the conference room?
(04:58) Retail investors, capitalism, and leading in wartime
(08:08) Michael Judd on a decade of rise and reset
(10:25) Reinventing earnings with live streams
(13:38) Keeping up with Kaz
(14:16) The $Open Army
(15:07) From $0.50 share price to resurrection
(18:07) Closed doors at Opendoor?
(19:38) Inside a live product meeting with Kaz & team

On the day of earnings, Opendoor CEO Kaz Nejatian joins Molly O’Shea on Sourcery to break down the public turnaround of a company that was trading around $0.50 per share, facing delisting risk, and fighting for survival in full view of the market, with the backing of the $OPEN army behind it.
Kaz stepped in after Opendoor’s market cap had collapsed to the low hundreds of millions and the iBuying model was widely written off. Instead of managing optics, he focused on fundamentals. He reviewed every employee and every invoice, cut millions in consulting spend including a $5M engagement he believed degraded quality, restructured workflows that once required 11 human touchpoints, brought the company back in person within days, and rebuilt incentives around a $1 salary and a performance based equity package worth up to $2.8B if long term targets are met.
This conversation is primarily about what it actually takes to attempt a public company turnaround in real time. We discuss speed as a learning mechanism, the power of a founder mentality, conviction under scrutiny, and the discipline required to build something durable when the stock price is disconnected from the underlying business.
In this episode, we cover:
• The psychology of running a turnaround with quarterly earnings pressure • What it means to optimize for what things are, not what they look like
• Why most public companies misprice long term growth
• The loneliness and pressure of being a founder type CEO
• Lessons from Toby Lütke at Shopify on applying a near zero discount rate to future growth
• Refusing to sacrifice long term compounding for short term stock movements
• How to build conviction while everyone is watching in public markets
If you enjoy these deep dives, subscribe to Sourcery for weekly interviews with the founders, CEOs, and investors shaping technology and markets.

Kaz Nejatian: https://x.com/nejatian 
Molly O’Shea: https://x.com/MollySOShea 
Sourcery: ⁠https://x.com/sourceryy 

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊𝐒
YouTube: https://youtu.be/lifm020YjcU

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒
• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery
• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery
• Deel—Deel is the global people platform that helps startups hire, manage, pay, and equip anyone, anywhere. Trusted by more than 35,000 fast-growing companies, Deel is the people platform that just works, so teams can scale without the chaos. Visit: https://www.deel.com/sourcery
• Public–Investing platform Public just launched Generated Assets, which lets you turn any idea into an investable index with AI. With Generated Assets, you can build, backtest, refine, and invest in any thesis with AI. Gone are the days of one-size-fits-all ETFs. https://public.com/sourcery
Follow Sourcery for the latest updates!
https://www.sourcery.vc/
Disclosure
Paid Endorsement. Brokerage services by Open to the Public Investing Inc, member FINRA & SIPC. Advisory services by Public Advisors LLC, SEC-registered adviser. Crypto trading provided by Zero Hash LLC, licensed by the NYSDFS. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒

(00:00) Kaz Nejatian, CEO Opendoor
(01:11) Near delisting and stepping in at a $0.50 share price
(04:20) Obsessing over Opendoor and planning to take it private
(07:00) Running a Public company without playing the Headline Game
(09:09) The $1 salary and being fully levered to the mission

Thrive Capital Partner Philip Clark joins Sourcery to break down how one of the most concentrated and influential firms in tech evaluates founders, builds conviction, and partners with companies that reshape the world.

“Josh always had a line to me when I joined Thrive, which is that the people who win deals are the ones who want to win them most.”

In this episode, we go deep on Thrive’s investments in OpenAI, Cursor, Wiz, Nudge, Physical Intelligence, and why Philip believes we’re entering a golden era for hardware — powered by cheaper sensors, software intelligence, and a new generation of engineers trained at SpaceX, Anduril, and Neuralink.

Philip tells the inside story of:
Seeing an early demo of OpenAI’s GPT-4 before launch
Why Thrive flew into an active war zone to close the Wiz deal
Cursor’s explosive growth from a small pivot to a multi-hundred-million ARR product
How Nudge is engineering the human brain using ultrasound
Why hardware’s barriers are falling and why the biggest companies of the next decade may be physical

If you want to understand the future of AI, hardware, and the next generation of “counterfactual companies,” this is the episode.

Philip Clark: https://www.linkedin.com/in/philip-clark-883a41126/
Molly O’Shea: ⁠https://x.com/MollySOShea⁠
Sourcery: ⁠https://x.com/sourceryvc

𝐄𝐏𝐈𝐒𝐎𝐃𝐄 𝐋𝐈𝐍𝐊
YouTube: https://youtu.be/niosgDC-QHU

𝐒𝐏𝐎𝐍𝐒𝐎𝐑𝐒

• Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, & travel. https://brex.com/sourcery

• Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. https://turing.com/sourcery

• Carta—Carta connects founders, investors, and limited partners through software purpose-built for private capital. Trusted by 65,000+ companies in 160+ countries, Carta’s platform of software & services lays the groundwork so you can build, invest, and scale with confidence. https://carta.com/sourcery/?utm_medium=newsletter&utm_source=sourcery&utm_campaign=20250923-amer-carta_sourcery_data_insights

Follow Sourcery for the latest updates!
https://www.sourcery.vc/

𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Who is Philip Clark? How he joined Thrive Capital
(02:45) From physics to investing: becoming a technologist–optimist
(04:00) How semiconductors led him to Thrive
(06:00) Deep dive: Mesh Optical & the data center interconnect opportunity
(07:45) Inside Cursor’s explosive growth and why AI is “speed chess”
(09:15) How Philip first met Cursor’s founders during a pivot
(11:30) Path to partner & Thrive’s “full-stack investor” model
(13:45) The Wiz story: flying into an active war zone
(17:15) Why Wiz closed six-figure deals in weeks — the rare “fast + big” enterprise combo
(19:30) Why hardware is back: sensors, software, and SpaceX-trained talent
(21:45) The rise of Nudge and engineering the human brain
(26:30) Neuralink & Nudge: read to stimulate
(31:15) Why Thrive concentrates instead of “spray and pray”
(36:00) Inside OpenAI: seeing GPT-4 before launch
(40:45) What comes after SaaS — and the companies unlocked by AI