Antler Harvard Business School Case 122 090 April 2022 Revised August 2022 Dennis Campbell And Iuliana Mogosanu

The case describes the founding, development, and scaling of Antler, an early-stage investment platform that invests in entrepreneurs pre-team and, in many cases, even pre-idea. The case explores the economics of venture capital investing at such an early stage and the various challenges and opportunities to build a platform that not only systematically selects the right founders, but also allows them to build teams and access resources needed to succeed. The case allows for a detailed look at these issues through the lens of two founding teams that were selected for Antler’s early-stage investment programs but have very different assessed quantitative and qualitative factors that may impact their future success. Through analyzing these two opportunities for Antler, important issues are surfaced in how to combine analytics with human judgment as Antler’s senior leadership looks to scale their investment platform both in terms of number of founding teams and across multiple countries.