Doug Camplejohn
0:01
Hello everyone, this is Doug Camplejohn, and this week on Revenue Renegades I’m incredibly excited to welcome my old friend Max Altschuler, the founder and general partner from GTMfund. Welcome, Max.
Max Altschuler
0:15
Thanks for having me.
Doug Camplejohn
0:17
I always start these off with founding stories, since we’re both founders. You founded a company, got acquired by Outreach, did a bunch of angel investments, and now you’re on the other side of the table as a VC. Tell me a little about how GTMfund came about.
Max Altschuler
0:36
It’s an interesting story. I started my career at Udemy, an online education marketplace, where I led sales and the supply side. We did some really creative things to grow the instructor side quickly, and other VCs and founders would ask what we were doing. I started sharing that we were building leads lists using Python and PhantomJS, hiring virtual assistants in the Philippines for SDR work, and using early sales engagement platforms like ToutApp and Yesware. That turned into a media company called Sales Hacker.
I ran Sales Hacker for five years. We did conferences, webinars, online publications, consulting, and training. We also ran the SaaStr Annual for Jason Lemkin. He was a speaker at my first conference and later asked me to help him launch his own. Through that, I built an amazing network of VP, C-level sales, marketing, customer success leaders, CEOs, VCs-you name it. I had a great cash-flowing business, but not a high-upside business. Watching friends build SaaS companies and get 10-20X multiples, I realized media companies just don’t get those same multiples.
Max Altschuler
2:38
We had a great cash-flowing business, but not a high-upside business. My way of diversifying was by investing in early-stage SaaS companies. My first investment was into Outreach. I met Manny around the time SalesLoft was pivoting, ToutApp was running but not getting into sequences, and Yesware was also in the mix. I really liked Manny’s product- and customer-centric approach. He was determined to succeed.
I called my dad, who was my financial advisor, and told him I was going to write my first angel check. He thought it was a terrible idea, but I explained I knew the space better than almost anyone and was a good judge of character. By the end of the call, he agreed to match my investment. That turned out well, as Outreach had a $3 million valuation in 2015. I was also early in Gong, Drift, Bombora, Carbon Health, and a few others. That’s how I started as an angel investor while still running Sales Hacker.
Doug Camplejohn
5:07
Nice.
Max Altschuler
5:31
A lot of the speakers at my events-friends, sponsors, attendees-were CROs and CMOs who also wanted to diversify. If two heads of sales at Salesforce in 2012 went to different companies, one might make $50 million in an IPO, and the other might make nothing if acquired by private equity. Sometimes the one who made nothing was even better at their job-they just picked the wrong opportunity. Much of your compensation in those roles comes from equity. I kept that idea in my back pocket.
Fast forward, I sold Sales Hacker to Outreach, ran marketing there, and started the fund in 2021. Angel List had just launched rolling funds, democratizing venture capital. We called it GTMfund, specializing in all things go-to-market. My hypothesis was: what if I raised $1 million from 20 to 50 GTM leader friends, put that into 10 companies, and could positively affect their outcomes? It went gangbusters. We raised $22 million in 2021-2022 from about 250 go-to-market leaders and launched our first institutional fund in 2023, raising $54 million. We now have over 300 go-to-market leaders in the network, and the fund is doing exceptionally well.
Max Altschuler
7:56
We just finished building our own internal AI tool that contains all our LP information. When a portfolio company needs help with sales compensation planning, our tool highlights all LPs who can help and links to relevant resources across our media entities. It’s our way to scale internal support, win deals, and assist with diligence.
Doug Camplejohn
8:51
That’s awesome.
Max Altschuler
8:52
It’s a versatile machine we’ve built.
Doug Camplejohn
9:03
When do I get access to that, Max?
Max Altschuler
9:05
That’s internal only, but as a founder in the fund, let us know what you need and we’ll help.
Doug Camplejohn
9:18
Sounds good. As both an investor and a recipient of GTMfund investment-full disclosure-one of the most pleasant surprises was how active and valuable the operator community is. The Slack workspace is one of the most amazing value-adds I didn’t expect.
Max Altschuler
9:52
That’s the number one question we get from big institutions: can you scale this community? As former operators, building scalable processes is our unfair advantage. With AI, we did a mini hackathon to detail every process that could be replaced by AI. Some things have out-of-the-box solutions, others we build ourselves. We’re focused on deploying our $54 million fund as effectively as possible.
Doug Camplejohn
11:33
Sometimes people get confused by the name GTMfund, thinking you only invest in go-to-market companies. Can you talk about your investment theses?
Max Altschuler
11:43
GTMfund means we help companies with go-to-market, not just go-to-market companies. We constantly re-underwrite our thesis, looking for inflection points or tailwinds in the market, then find exceptional founders and products in those spaces. For example, if there’s a $500 billion bill for road safety, we look for companies poised to benefit. Inflection points can be cultural, generational, technological, economic, or political. We focus on vertical SaaS, AI infrastructure and dev tooling, and global infrastructure. GTM, HR tech, and CFO tech are less common for us now.
Doug Camplejohn
16:49
What are some common mistakes you see in go-to-market motions?
Max Altschuler
16:58
What are some common mistakes you see in go-to-market motions?
Doug Camplejohn
20:00
Let’s talk about defining the ICP (ideal customer profile), especially for Operator, which was incubated at GTMfund. How do you think about defining ICP, given many tech companies default to B2B SaaS in Silicon Valley?
Max Altschuler
20:44
Traditionally, you’d get your first 10-50 customers, find their common attributes, and call that your ICP. That’s the old way. Now, with AI, you can aggregate all public content from a company and search for keywords, creating a much more dynamic and relevant ICP. Instead of just targeting companies by size or tech stack, you can identify those actively talking about problems your product solves. For the first time, you can index for real intent.
Doug Camplejohn
24:50
So, instead of a static ICP, you have a dynamic search for companies talking about relevant topics, allowing for highly tailored messages.
Max Altschuler
25:19
Exactly. Your ICP becomes companies who have the problem and want to solve it your way. You can now index for that, which wasn’t possible before. Operator is flipping the game by starting with the message and working backwards to the ICP.
Doug Camplejohn
26:17
Let’s shift gears. A lot has changed in the funding environment since 2021. Where do you think we are now, and what advice would you give founders navigating today’s funding environment?
Max Altschuler
26:37
Seed funding is as easy-or easier-than ever, with a lot of money wanting to get in early. The power law means VCs get paid if they have one phenomenal company. For us, as a complementary fund, we want every deal to be exceptional. Series A and beyond are harder, with higher metrics and growth expectations. There’s also a trend of “experimental revenue,” where it’s unclear if AI-driven ARR will stick. Tech cycles are shortening, making traditional VC harder. Deployment cycles may shrink, or it may become tougher to deploy large funds.
Doug Camplejohn
31:17
It’s also easier to do more with smaller teams, and the bar for IPO is higher.
Max Altschuler
31:34
As early investors, we like that. Fewer rounds, smaller teams, and higher efficiency. It changes the dynamic for large funds, which may need to adapt by doing more secondaries or staying private longer, as with Databricks.
Doug Camplejohn
32:46
Companies can give liquidity to employees and investors without going public.
Max Altschuler
32:52
Exactly. It changes the role of growth investors and the dynamics of private equity.
Doug Camplejohn
33:02
Let’s shift to you. You made a significant life change after early career success. Can you talk about that?
Max Altschuler
33:33
After doing well with Outreach, I followed the “shoulds”-buy a house, cars, golf club membership. But our family didn’t enjoy it. After a health scare, I realized I needed to focus on what mattered: being a great father and husband, and staying healthy. We sold everything and now spend time in places where we feel our best, homeschooling our kids and traveling. I can still travel for work as needed, but being present and in nature has been a game-changer.
Doug Camplejohn
36:51
I’m happy for you. COVID changed the world’s view on remote work and flexibility.
Max Altschuler
37:15
Absolutely. I prefer phone calls to Zoom, walking while talking. I feel more engaged that way, and we haven’t seen any negative impact on deals from remote work. For fundraising, in-person meetings still matter, but not for leading deals.
Doug Camplejohn
38:43
A few wrap-up questions. If you could automate one task in your life forever with AI, what would it be?
Max Altschuler
38:52
Doing the dishes.
Doug Camplejohn
38:54
You hate doing dishes.
Max Altschuler
38:55
Absolutely. My wife and I both hate it.
Doug Camplejohn
39:26
What’s something you’re passionate about that might surprise people?
Max Altschuler
39:34
I’m pretty spiritual and a bit of a hippie. We had home births for our kids, try to buy local food, turn off Wi-Fi at night, and use grounding sheets. I’m more on the hippie side than people expect.
Doug Camplejohn
40:34
Max Altschuler, hippie capitalist. What’s one thing you can’t live without in your daily routine?
Max Altschuler
40:46
Nature and being outside. I need sunny days and warmth, which is why we moved to Arizona. I work from the patio or outside as much as possible.
Doug Camplejohn
41:30
How can listeners stay in touch with you and help with GTMfund’s mission?
Max Altschuler
41:35
Connect with me on LinkedIn or X. If you’re a GTM leader, founder, VC, or looking for a job at a portfolio company, reach out.
Doug Camplejohn
42:00
Thanks so much for your time, Max. Loved the conversation.
Max Altschuler
42:05
Thanks for having me, Doug. Always a good time.
