Capsul Jewelry
closed deal
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Capsul Jewelry — Deal Memo
Status: CLOSED (Write-off) Outcome: Founder health issues, transitioning away from business Investment Date: March 2020 Investment Amount: SAFE (amount TBD from records)
Summary
Capsul Jewelry is a jewelry e-commerce company founded by Tina W. Cheng. Investment made in March 2020 via SAFE.
Founder: Tina W. Cheng (Founder & CEO) Contact: tina@capsuljewelry.com | (626) 417-7774 Website: www.capsuljewelry.com
Investment Timeline
| Date | Event |
|---|---|
| Feb 13, 2020 | Tina inquired about investment amount |
| Feb 18, 2020 | Ti-Wen Lin (MVP Fastlane) forwarded opportunity: "Are you interested in investing here too?" |
| Mar 16, 2020 | Investment contract and wiring instructions sent |
| Mar 20, 2020 | DocuSign completed for Capsul Inc. SAFE |
| Q1 2020 | COVID-19 investor update sent |
| Nov 27, 2025 | Thanksgiving update: Tina diagnosed with serious health issue, business on hold |
| Nov 2025 | Tina transitioning from full-time founder to investor/mentor role |
What Happened
- COVID Impact: Business survived COVID but struggled
- Health Crisis (2025): Tina diagnosed with serious health issue, put business on hold for treatment in Taiwan
- Current Status: Tina exploring two options:
- Bringing on a partner/co-founder to run Capsul full-time
- Selling Capsul outright through asset purchase agreement
- Tina's Transition: Now leading a PE secondaries fund and teaching entrepreneurship
Why I Invested (The Mistake)
The Decision Process
- Ti-Wen Lin (MVP Fastlane) was investing and forwarded the opportunity
- Invested because a friend was investing, not based on my own analysis
- Did not apply investment thesis: This was not a tech company
Red Flags I Ignored
- Not a tech company — Capsul is a jewelry e-commerce business, not a technology company
- Founder not technical — Tina is not a technical founder
- No 1000x potential — Jewelry e-commerce doesn't have the scaling characteristics needed
- Social proof bias — Invested because my friend Ti-Wen was investing
Lessons Learned
Lesson 1: Don't Invest Because Friends Are Investing
The mistake: I invested in Capsul because Ti-Wen Lin (a friend from MVP Fastlane) was investing and forwarded the opportunity.
Why this is wrong:
- Social proof creates false confidence
- Friends may have different investment theses, risk tolerances, or check sizes
- "Are you interested in investing here too?" is not DD — it's peer pressure
The rule going forward:
- Always apply my own investment thesis independently
- If I can't articulate why this is a 1000x opportunity with kingmaker fit, pass
- A friend's endorsement is a signal to look, not a signal to invest
Lesson 2: Stick to Tech Companies
The mistake: Capsul Jewelry is not a technology company by any measure.
Why this is wrong:
- My thesis focuses on software/AI with 1000x return potential
- Jewelry e-commerce has linear scaling, not exponential
- I have no edge or expertise in retail/e-commerce
The rule going forward:
- If it's not a tech company, don't even look at it
- "I like the founder" is not enough — the business model must fit
- Being polite about declining is better than making misaligned investments
Lesson 3: Technical Founder Matters
The mistake: Tina is a capable founder but not technical.
Why this matters:
- Non-technical founders in non-tech businesses = no path to 1000x
- My value-add (CTO network, technical recruiting) provides no leverage here
- The kingmaker thesis requires technical founders building technical products
Post-Mortem Questions
- Would I have invested if Ti-Wen hadn't forwarded it? No.
- Did this fit my 1000x thesis? No.
- Did this fit my kingmaker thesis? No.
- Was there any reason to invest besides social proof? No.
Contacts
| Name | Role | Notes | |
|---|---|---|---|
| Tina W. Cheng | Founder & CEO | tina@capsuljewelry.com | (626) 417-7774 |
| Ti-Wen Lin | Referral Source | tiwen@mvpfastlane.com | MVP Fastlane CEO |
Files
Capsul_Inc._SAFE_-_Ti-Wen_Lin.docx.pdf— Signed SAFE agreementCapsul Investor Update - Q1 2020_ COVID-19 Edition.pdf— COVID updateSummary.pdf— Company summary
Last updated: January 8, 2026