Max Altman on The New Seed War: Can Anyone Compete with Sequoia and a16z & Leaving $2BN on the Table with Reddit

The Memo

Nov 21, 2025

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Max Altman is Co‑Founder & Managing Partner at Saga Ventures, a US$125 M early‑stage fund. Before Saga Max was an investor with Apollo Projects, Hydrazine Capital and Altman Capital (where he helped deploy over US$500 M) into breakout names such as Rippling and Reddit.

AGENDA:
  • Venture Capital Is FULL of Tourists With Single-Digit IQs

  • Inside the Madness of Parker Conrad: Genius, Chaos, and WTF Emails

  • The Rippling Deal That Changed Everything

  • Living in Sam Altman's Shadow: The Confession

  • $200M Fund Mistakes: Max's Brutal Lessons From Hydrazine

  • The $2B Reddit Return… and the $2B Left on the Table

  • Why Climate Tech Is a Total VC Mirage

  • The New Seed War: Can Anyone Survive Sequoia & Andreessen?

  • Max's Boldest Predictions

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