The archive · Money & Fintech · Product decision · 2013
Kima15's bet: fixed $150K-for-15% terms decided in days beat accelerators for some
Kima Ventures launched Kima15 in December 2013: $150K for 15% on fixed terms with fast decisions, seed funding productized for founders who skip accelerators.
Kima15
What the business is
Kima15 is a standardized seed-investment offer run by Kima Ventures: qualifying startups receive $150,000 for 15% of the company on fixed terms, with a decision in days rather than months of fundraising.
How it started
Kima Ventures, the Paris-and-Israel seed firm that had made some 220 investments and aimed to fund about two startups a week worldwide, launched Kima15 on 2013-12-04. Jeremie Berrebi posted the offer to Hacker News himself: $150,000 for 15% on a fully diluted basis, standard documents, a decision promised fast, and money in the bank quickly — aimed at founders who did not want to relocate for an accelerator or spend months fundraising.
What happened
The thread became a public comparison with Y Combinator. Paul Graham argued that YC's median startup effectively sold about 22% for roughly $813K once the average grant, the $80K note and a median $795K post-Demo-Day round were counted, while Kima offered $150K for 15%; lawyers and founders dissected Kima's preferred stock, its option on a board seat and its veto rights. Portfolio founders testified to speed, one saying six days from first call to agreed terms and another that Kima closed while he was on a two-month runway, while skeptics said 15% plus a board-seat option was expensive for a startup with real traction. Within hours of launch, Berrebi said, every application so far was a real product with customers.
No ending yet — it is still running.
Background
Kima15 is a standardized seed-investment offer from Kima Ventures, the Paris-and-Israel firm behind some 220 investments that aimed to fund about two startups a week worldwide. On 2013-12-04 it launched with a take-it-or-leave-it price: $150,000 for 15% on a fully diluted basis, standard documents, a decision promised fast and money in the bank quickly.
Jeremie Berrebi posted the offer to Hacker News himself, and the thread turned into a live comparison with Y Combinator. Paul Graham put YC's median deal at roughly 22% sold for about $813K once post-Demo-Day fundraising was counted, while Kima offered $150K for 15%; lawyers analyzed the preferred-stock terms, the board-seat option and the veto rights, and portfolio founders testified that Kima had closed for them in days.
The bet was that speed and transparency were worth a fixed premium: founders who did not want to relocate, or who needed cash on a short runway, would trade equity for a fast yes-or-no. The material records no funded cohort or later result, so the case stops at launch day, December 2013.
What has to be true
- Fundraising time was the real cost: founders described months of angel-group diligence, while Kima promised a decision in days — a product difference, not just a pricing one.
- Standard documents removed the negotiation that makes seed rounds slow, so the fund could process many deals at volume while founders skipped the drama of valuation talks.
- The offer was aimed at the world outside Silicon Valley, at founders who could not or would not relocate for an accelerator, which gave Kima deal flow YC was structurally unable to serve.
- Publishing the terms openly invited comparison, and the same-day debate with Paul Graham became the launch event — the transparency itself was the marketing.
What can be applied
Speed and certainty are a product: a fixed, published term sheet wins deal flow a negotiating fund loses, but the price still has to clear the market — founders compared Kima15 with YC the same day.
Aftermath
As of 2013-12-04 Kima15 was live and taking applications: the HN thread recorded the offer, Berrebi's answers, Paul Graham's cost comparison and testimonials from Kima portfolio founders, but no funded cohort or later result. The material stops at launch day.
Sources
spotted an error? The archive wants to know.
Your turn
You just read one. Describe what you are building, and see who is betting on the same thing.
Free account · 3 free questions · no card