What are the early indicators of product-market fit for Vested?

We occupy an interesting and fairly unfilled niche on the capital side of things, which is where we’ve spent a lot of our time recently. We're helping startup employees that have recently left early and mid-stage companies and need something less than a huge amount of money to exercise. These are essentially folks that nobody else has been offering funding to in the past. The anecdotal product-market fit—and this is from hundreds of deal calls across me and the team—is that there is a ton of gratitude when we're able to help somebody exercise their options they thought were going to go up in smoke. We’ve also noticed that roughly 30% to 50% of our deal volume comes from referrals. And that's without us having explicitly pulled any referral-incentivization levers.

On the more concrete side of product-market fit, our current fund had its last close on November 30th of last year. We're on pace to be fully deployed by early second quarter. As a result, we're already behind in raising a new fund that's going to be about four times the size.