Happy Holidays

Happy holidays from all of us at True!

We look back on 2007 and marvel at the progress and growth of our portfolio companies: 17 companies with an average age of 14 months, founded by over 35 entrepreneurs, generating well over $5 million in quarterly revenues, serving over 2 billion page views a month, hosting over 100 million monthly uniques, and working with millions of customers.

As proud as we are of the operating metrics of the portfolio, we’re more proud of the people involved in making all of this happen. Over 250 people were brave (and in some cases crazy!) enough to follow the vision of the 35 founders of our portfolio companies. 250 people equates into well over 500 family members that are now connected to True: spouses, children, significant others, parents, loved ones. All of the entrepreneurs in our portfolio took a leap when they decided to strike out on their own. This leap of faith is tough (we know, because we did it ourselves). Deciding to start a company takes vision and hard work, but it also requires high risk: every entrepreneur puts a lot at stake in order to fulfill their dream. What our founders do each day takes guts, but more importantly it requires a supportive base of friends and family. We know there have been tough moments this past year, and we’re certain that there will be doubts and challenges along the entrepreneurial path in 2008. Despite the risks, as founders ourselves, we couldn’t imagine it any other way, and we’re certain that our companies are changing (for the better) the way people interact with media, transact in their daily lives, and discuss important issues of the world.

Thank you to our entrepreneurs for doing what you do, and thank you to the friends and families of these entrepreneurs who support, encourage, console, and listen at the day’s end.

It is a sincere privilege and honor for us to work for all of you. Your talent and passion are a great inspiration to us each day.

Happy holidays and best wishes for a healthy and peaceful 2008.