Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Today I’m excited to speak with the founding team of Chemistry, a new venture firm led by Kristina Shen, Ethan Kurzweil, and Mark Goldberg, who recently spun-out of blue chip firms Andreessen Horowitz, Bessemer, and Index Ventures, respectively. The firm just announced a significantly oversubscribed $350MM debut fund. As a new entrant to the market (in the toughest time to start a new firm in over a decade), I wanted to ask them about their blueprint for building a firm, including how they chose to partner up and the work they did beforehand, LP strategies and selection, and what they felt was their unique reason to exist in a highly competitive market. About Kristina ShenKristina Shen is Co-Founder and Managing Partner at Chemistry Ventures, overseeing a $350M fund focused on early-stage software investments. Formerly a General Partner at Andreessen Horowitz (2019-2024), she led significant investments in Mux, Pave, Wrapbook, and Rutter. Kristina specialized in high-growth startups.She began her venture career as a Partner at Bessemer Venture Partners (2013-2019), working with companies such as Gainsight, Instructure, and ServiceTitan. Previously, she worked in investment banking at Goldman Sachs and Credit Suisse, focusing on technology sectors.About Mark GoldbergMark Goldberg is Co-Founder and Managing Partner at Chemistry Ventures since, investing in seed and Series A software startups. Previously, a Partner at Index Ventures (2015-2023), he worked with companies such as Plaid, Pilot, Intercom, and Motive, establishing a strong fintech and software portfolio.Prior to Index, Mark worked at Dropbox in Business Strategy & Operations and Strategic Finance (2013-2015), where he contributed to growth strategies during Dropbox’s scaling phase.He started his career as an Analyst at Morgan Stanley (2007-2010) before joining Hudson Clean Energy as a Senior Associate. Mark holds an AB in International Relations from Brown University.About Ethan KurzweilEthan Kurzweil is Co-Founder and Managing Partner at Chemistry Ventures, leading investments at the seed stage for tech-driven startups. He also serves as a board member for companies like Intercom and LaunchDarkly.Previously, Ethan was a Partner at Bessemer Venture Partners (2008-2024), where he worked with companies such as HashiCorp, Twilio, and Twitch. His focus on software and digital platforms spanned roles as board member and investor, contributing to significant IPOs and acquisitions.Early in his career, Ethan worked in business development at Linden Lab (creators of Second Life) and served as a Senior Manager in the CEO’s Office at Dow Jones. He holds an MBA from Harvard Business School and an AB in Economics from Stanford University.In this episode, we discuss:* (01:43): Importance of Team Chemistry and Partnership Formation* (03:27): Challenges of Building a Firm in the Current Environment* (08:00): Unique Value Proposition for Early-Stage Founders* (10:18): Early-Stage Focus and Differentiation from Large VC Firms* (16:12): Fundraising Insights and LP Relationship Building* (19:00): Choosing Aligned LPs and Targeting Long-Term Partnerships* (27:23): Single-Trigger Investment Decision-Making Model* (30:12): Balancing Conviction with Collaborative Feedback* (35:23): Independent Decision-Making for Follow-On Investments* (39:19): Personal Contrarian Beliefs about the Venture Industry* (42:18): Closing Remarks on Building a New Venture FranchiseI’d love to know what you took away from this conversation with Kristina, Mark, and Ethan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.In this episode, Sam Heshmati and Vince Timoney from Citizens Private Bank stop by to talk about all things venture banking and how the industry is recovering from the 2023 regional banking crisis.Sam and Vince, both of whom have extensive experience in the banking sector, share their insights on the challenges faced during this period, including the impact on startups and venture funds. They also discuss the significant changes in the banking industry since the crisis, such as the increased cost of capital, the fragmentation of fund banking services, and the shift in how banks serve emerging managers and venture capital firms.The conversation provides a detailed look at the current landscape of banking for the venture ecosystem and how Citizens Private Bank is positioning itself to help clients navigate these challenges.About Sam Heshmati:Sam Heshmati is an Executive Managing Director at Citizens Private Bank, heading the emerging VC and innovation practice. Previously, he co-founded and led programs serving the VC and tech community, cultivating and managing relationships with some of the nation’s top emerging managers, accelerators and entrepreneurs at the former First Republic Bank. He has over 21 years of experience in the technology ecosystem, serving clients not only as a banker, but as trusted partner with the expertise needed to help navigate important decisions within this space. Over his career, he has worked with more than 1000 early-stage VC firms and several thousand venture-backed startups. Prior to joining First Republic Bank in 2012, he spent 10 years as a tech banker at Silicon Valley Bank and Square 1 Bank. He earned a bachelor’s degree from San Jose State University.About Vincent Timoney:Vincent Timoney is a Senior Managing Director at Citizens Private Bank, serving the fund finance and innovation economy nationwide. He has more than 12 years of experience working with VCs in business development, sales, lending and relationship management roles within the venture capital and technology ecosystem.In this episode, we discuss:(01:34) The evolving importance of banking, especially after the events of 2023.(02:16) Banking Crisis of 2023 triggered by the collapse of Silicon Valley Bank and First Republic Bank.(04:00) The impact of Silicon Valley Bank on the venture ecosystem and the rapid sequence of events leading to its downfall.(07:00) How the banking industry has changed post-crisis, focusing on client expectations and digital banking.(08:30) The increase in players in fund banking and the rise in cost of capital.(12:00) Sam and Vince explain their journey of joining Citizens Private Bank, focusing on safety, stability, and continuing their work in the sector.(18:00) Challenges faced by emerging managers, including capital call lines and banking needs.(22:12) The importance of a seamless digital experience.(28:16) Explanation of management company lines and their use by emerging managers.(31:00) Advice for emerging managers on managing financial challenges and understanding the economics of running a fund.(34:00) How technology and APIs are used to enhance banking services and integrate with third-party providers.(38:00) Importance of offering personalized banking experiences tailored to individual client needs.(40:00) Value-added services and why banks offer advisory support and strategic guidance.(45:10) The long-term commitment required to build a successful banking franchise in the venture ecosystem.I’d love to know what you took away from this conversation with Sam and Vince. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we welcome the three co-founders of Saga Ventures: Ben Braverman, Thomson Nguyen, and Max Altman. Saga Ventures is a seed-stage investment firm that recently closed its first fund of $125M.The conversation dives into their experiences in raising their first fund, building a team, and navigating a competitive seed-stage market. The co-founders bring unique skill sets from their previous roles in operating and investing, and this episode sheds light on how they strategically combine those skills to differentiate themselves from other firms.About Ben BravermanBen Braverman is a Co-Founder and Managing Partner at Saga Ventures, a $125M venture capital fund he co-launched in March 2024 alongside Max Altman and Thomson Nguyen. At Saga, Ben focuses on early-stage investments, working with pre-seed and seed-stage companies across various sectors. His background in scaling companies' go-to-market strategies provides valuable insight into helping startups grow efficiently and sustainably.Before founding Saga Ventures, Ben spent nearly nine years at Flexport, a major player in the logistics space. Starting as Chief Revenue Officer in 2014, he was instrumental in building and scaling Flexport’s global sales and go-to-market teams. Later, as Chief Customer Officer, Ben oversaw customer relationships and corporate development, ensuring the company's growth aligned with customer needs. His final role at Flexport saw him leading Flexport Ventures and Corporate Development, where he focused on the company's strategic investments.Earlier in his career, Ben held growth and sales leadership positions at startups like URX, which was acquired by Pinterest, and Heyzap, acquired by RNTS Media. He holds a degree from Vassar College and has spent his career helping innovative companies grow through a hands-on approach to business development and customer engagement.About Thomson NguyenThomson Nguyen is a Co-Founder and Managing Partner at Saga Ventures, where he has been since March 2024. At Saga, he focuses on early-stage investments in technology-driven companies, drawing on his extensive experience in data science, machine learning, and entrepreneurship. Thomson’s deep technical expertise helps him identify promising startups, especially those at the intersection of technology and business.Prior to Saga, Thomson founded Nearside, a financial services platform for small businesses, which he led from 2019 until its acquisition by Plastiq in 2022. Before that, he was an Entrepreneur in Residence at Kleiner Perkins and the Head of Capital Data Science at Square, where he managed the data science team responsible for critical business areas like default risk, marketing optimization, and product innovation. His career in fintech is rooted in his work at Framed Data, a startup he founded and later sold to Square.Thomson started his career as a data scientist at tech companies like Lookout and Causes, where he applied his expertise to user segmentation and predictive analytics. He also has a longstanding academic affiliation with New York University’s Courant Institute, where he continues to contribute to research in machine learning and cybersecurity. Thomson holds degrees in Applied Mathematics from the University of Cambridge and Mathematics from the University of California, Berkeley.About Max AltmanMax Altman is a Co-Founder and Managing Partner at Saga Ventures, a venture capital fund he helped establish in March 2024. Max focuses on investing in pre-seed and seed-stage companies, working closely with his co-founders to identify and support high-potential startups. His experience as both an investor and operator allows him to bridge the gap between capital and company-building.Before co-founding Saga Ventures, Max was a Partner at Alt Capital from 2021 to 2024, where he invested in early-stage companies. Prior to that, he held a similar role at Apollo Projects, another investment firm focused on startups. His career as an investor began at Hydrazine Capital, where he worked from 2016 to 2019. During his time there, Max honed his skills in evaluating high-growth tech companies and building meaningful relationships with founders.Earlier in his career, Max gained operating experience at Zenefits, where he worked in product management, and at Allston Trading as a trader. He also spent time at Microsoft as a program manager. Max holds a degree in Computer Science from Duke University and has built his career by combining his technical background with a passion for early-stage investments.In this episode, we discuss:* (01:42) The origin story of Saga Ventures, and how the co-founders decided to join forces. Max Altman shares how the idea of starting a fund came about and why he didn't want to follow a solo GP model* (03:31) The unique, complementary skill sets the team brings to the table—Ben’s expertise in go-to-market strategy, Thomson’s technical knowledge, and Max’s investor relationships—and how this combination is designed to support early-stage founders* (04:58) Their hands-on, founder-first approach, focusing on critical areas like product development and initial hires, differentiates Saga from other early-stage firms.* (06:11) The "reality meter" and the importance of being able to take hard hits as an entrepreneur or venture firm, emphasizing how all three co-founders share this mentality* (07:50) The team reflects on the challenges of raising their first fund, including dealing with partnership risk, self-awareness, and the difficulties of convincing LPs early on without firm commitments* (10:02) The careful consideration that went into deciding the fund size of $125M, balancing capital deployment with staying competitive in seed-stage deals.* (12:00) Their fundraising process, the strategic decisions involved, and the importance of securing anchor investors before taking meetings with LPs.* (15:19) What LPs are looking for in early-stage venture firms and the role of partnership risk in their decision-making process* (17:33) Why their shared vision and complementary skill sets have aligned them for long-term success as a team, along with their commitment to focusing on specific sectors like fintech and infrastructure* (19:22) The importance of having a clear value-add for founders beyond capital, and the importance of storytelling and salesmanship in early-stage companies* (23:25) The internal decision-making process at Saga, how the partners determine which deals to pursue, and the dynamics of reaching consensus when choosing investments* (26:45) Patience and long-term thinking are critical when evaluating deals, and how they ensure they don’t rush into investments just for fear of missing out* (28:19) The importance of founder resilience and self-awareness, noting that the best founders are those who can attract talent and navigate through difficult times* (30:00) Why salesmanship and charisma are critical qualities in founders, as startup leadership often requires convincing others to join and invest in challenging ventures* (32:00) The team discusses their approach to sourcing and winning deals in a highly competitive market, focusing on the importance of building trust and delivering consistent value to founders.* (34:05) Max talks about the significance of being the first firm to back companies and how they collaborate with other VCs to co-lead investments.* (36:45) Being transparent and responsive to founders creates lasting relationships, even when they pass on deals* (38:04) How they measure success internally at Saga Ventures, focusing on inputs such as responsiveness and the strength of founder relationships, while understanding that long-term results will take years to evaluate* (41:00) Key lessons from the fundraising process, stressing the importance of clarity when positioning their fund to LPs and being patient in closing commitments* (43:25) How the venture landscape has evolved over the past 18 years, highlighting the increasing competition and the need for VCs to be highly self-aware and strategic when entering deals* (45:40) Building a venture firm requires a long-term mindset, much like running a successful companyI’d love to know what you took away from this conversation with Glenn. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Today we're thrilled to be joined by Glenn Solomon, managing partner at Notable Capital. Along with Granite Asia, Notable Capital was one of two groups to emerge from GGV Capital, which recently split into two groups with Notable based in Silicon Valley, New York, and covering companies in the U. S., Israel, Europe, and Latin America.Glenn brings nearly 30 years of venture experience to the table, and it was great to draw from his insights in investing, building firms, and working with high performing teams. About Glenn Solomon:Glenn Solomon is the Managing Partner at Notable Capital. He focuses on investing in early to growth-stage companies across different sectors, including cloud infrastructure and business applications. He also serves on the boards of several companies, such as HashiCorp, Opendoor.com, and Orca Security.Before joining Notable, Glenn was a General Partner at Partech International from 1997 to 2006, where he worked on technology investments. Earlier in his career, he was an associate at SPO Partners from 1993 to 1995 and started as a financial analyst at Goldman Sachs from 1991 to 1993.Glenn Solomon earned his MBA and BA from Stanford University.In this episode, we discuss:(01:42) Glenn’s journey from playing tennis at Stanford to discovering a passion for technology and investing(02:44) A pivotal moment when encountering the internet for the first time, which sparked a deeper interest in technology(04:06) The transition from Partech International to joining Granite Global Ventures in the mid-2000s(05:03) The appeal of GGV's global perspective and innovative approach in venture capital(07:48) The early strategy at GGV, focusing on differentiation in the venture space(09:01) The necessity of adapting to the evolving nature of the industry(10:29) The rebranding to Notable Capital and the strategic decisions following the split from GGV’s Asia team(12:39) The guiding principles at Notable Capital, emphasizing the importance of speed and maintaining a sector-focused strategy(15:19) An example of a recent deal showcasing how the firm’s flat structure empowers all team members to contribute significantly(17:33) Staying focused on specific sectors and building a strong support platform for portfolio companies(23:25) Engaging with CSOs and CDOs to maintain an edge in cybersecurity and data sectors.(27:00) Discusses the importance of resourcefulness in venture capital and how they assess this quality during interviews.(36:31) Advice on being a successful VC, stressing the critical role of building strong, lasting relationships(39:30) Success in venture capital fundamentally relies on working with exceptional peopleI’d love to know what you took away from this conversation with Glenn. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.In this episode, we are thrilled to be joined by Ben Sun, co-founder of Primary, a seed-stage fund based in New York. Ben shares his journey from investment banking to startup founder, and eventually to co-founding Primary, which has backed companies like Coupang and Jet.Ben provides deep insights into venture math and the intricacies of completing a GP-led secondary. He discusses his background and the inspiration behind starting Primary in 2015. Ben talks about the challenges he faced as a founder and the importance of truly understanding the business as a VC. He explains Primary's hands-on approach, emphasizing the need for a high seed-to-A graduation rate and how their impact team supports portfolio companies.The conversation covers the metrics used to measure success and the importance of waiting for the right investment opportunities. Ben explores the changing landscape of venture capital, strategies for finding alpha and generating returns, and the importance of sector specialization and deep sector expertise. He also touches on deal flow challenges at the seed stage and the role of incubations in lowering the cost basis.So many great nuggets in this episode, enjoy!About Ben Sun:Ben is a Co-Founder and General Partner at Primary. Forbes' Midas List ranks him as one of the top 100 tech investors in the world. His founder-first approach originates from having been one: His experiences cofounding Community Connect, one of the first social networking companies, and LaunchTime, an incubator, inform how he supports founders in the portfolio.Ben focuses his investing activities on primarily consumer-facing companies. Ben has been active in the NYC tech community for over 20 years. Prior to becoming an entrepreneur and investor, Ben worked at Merrill Lynch in the Technology Investment Banking Group, but he really began his career at the age of eight when he worked in his parents’ Chinese restaurant.In this episode, we discuss:(01:21) Journey from investment banking to founding Primary Ventures.(03:45) Starting Primary Ventures and focusing on seed-stage investments in New York.(04:12) Emphasis on being hands-on and aligning with founders.(06:34) Roles and functions of the impact team at Primary Ventures.(10:00) Measuring success through surveys and key performance indicators(13:23) The importance of choosing the right investment opportunities and achieving high graduation rates from seed to series A(22:00) How partners wait for the right pitch using an internal rubric(26:57) Benefits of sector specialization, with a focus on fintech expertise(35:00) Strategies for maintaining a low-cost basis and navigating market fluctuations, including secondary sales(41:00) GP-led secondaries and benefits of providing liquidity to limited partners(49:00) Advice for new venture capitalists: support founders and develop a long-term strategyI’d love to know what you took away from this conversation with Lindel. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week I'm excited to sit down with Lindel Eakman from Foundry. Lindel has been an investor in funds and companies since the early 2000s when he started at UTIMCO.In our conversation, Lindel talks about being one of the first investors in Union Square Ventures, his preference for smaller partnerships, and the art of conducting quality reference calls on GPs. Having known each other for a while, our chat felt like a fun and casual water cooler conversation about the venture capital world.About Lindel Eakman:Lindel Eakman is a partner at Foundry, where he focuses on early-stage investing. Since joining in 2015, Lindel has been active across the portfolio, working closely with partner funds and leading new direct investments. He is known for his humble and supportive approach, valuing the hard work of founders.Before Foundry, Lindel managed the private investment program at the University of Texas Investment Management Company (UTIMCO) from 2002 to 2015. At UTIMCO, he built the venture capital program and invested in firms like IA Ventures, True Ventures, Union Square Ventures, and Foundry.Lindel began his career in finance at KPMG in the M&A Tax Practice from 1997 to 2001 and then worked as a Corporate Finance Associate at Stephens, Inc. in 2002. He holds an MBA from the University of Texas at Austin McCombs School of Business and a BBA in Accounting and Finance from Texas Christian University. He is a CPA and a CFA charter holder.In this episode, we discuss:(01:14) Early Career and Union Square Ventures and moving to Foundry(03:00) Investment Philosophy and Strategy(04:28) The value of partnering with emerging managers(05:55) Selecting GPs and Making Investment Decisions(10:30) The Current Venture Market Landscape in 2024.(13:00) Challenges and Opportunities for New Managers(17:00) Future of Venture Capital(21:00) Importance of People in Venture(25:00) Secondaries and Liquidity Opportunities(29:00) The importance of evaluating partnership dynamics in emerging managers(33:00) Best practices for conducting reference checks.(37:00) How virtual interactions affect partnership assessments and fundraising(42:00) Advice for new managers on constructing a venture portfolio, focusing on sectors and small funds(47:00) Role of Large Funds in a Venture PortfolioI’d love to know what you took away from this conversation with Lindel. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Tom Loverro, General Partner at IVP is our guest as part of our Venture Unlocked Shorts series intended to go deep on a single topic.We revisit Tom’s Twitter post from early 2023, which spoke to the market shift that was in motion and the difficulties start-ups would face in a capital-constrained market. Specifically, he spoke about 2024 as being a time of reckoning for many companies that were built with growth at all costs mentality. We went through that original post, and what’s transpired since then, including why it’s time for well-positioned startups to go on offense again. Tom brought a lot of interesting insights for founders and VCs alike, so we hope you enjoy the episode. About Tom Loverro:Tom Loverro is a General Partner at IVP in Menlo Park, California, where he focuses on investing in enterprise software and fintech companies. Since joining IVP in 2015, he has served as a Board Director or Observer for several companies, including Attentive, NerdWallet, Paper, Podium, Skydio, and TaxBit. He has also co-led investments in Amplitude, Datadog, GitHub, IEX, OnDeck, and Tanium.Prior to IVP, Tom was a Principal at RRE Ventures, focusing on early and mid-stage startups, and an Entrepreneur-in-Residence at Lightbank. He also served as Senior Director of Product Marketing at Drobo, Inc., and began his career as an Investment Banking Analyst at Goldman Sachs within the Technology, Media, and Telecommunications Group.Tom holds an MBA from the Kellogg School of Management at Northwestern University, with concentrations in Finance, Marketing, and Entrepreneurship & Innovation. He earned a BA in Political Science and History from Stanford University.In this episode, we discuss:(01:37) - Discussion on Tom's Twitter post from January 2023 and its context(02:09) - Tom's insights on the shift from a zero interest rate environment(02:59) - The concept of a mass extinction event for startups in 2023-2024(03:31) - Comparison with the Great Financial Crisis and its impact on startups(04:01) - The role of venture excess in 2021 and its aftermath(05:00) - Discussion on venture fund deployment and its impact on startups(06:49) - Dry powder theory and its implications on startup funding(07:49) - Insights on current market conditions and startup valuations(09:14) - Strategies startups adopted in response to market conditions(10:27) - The three archetypes of startups in the post-2021 era(13:18) - Observations on fundraising challenges and potential outcomes for startups(14:48) - Impact of LP capital dynamics on venture funding(16:34) - The evolving role of private equity in acquiring tech startups(18:09) - Comparison of venture fund impacts on early and late-stage investors(21:30) - Discussion on the IPO market and its high bar for startups(24:19) - The broader ecosystem of liquidity options for startups today(25:41) - Tom's recent post on shifting from defensive to offensive strategies(28:47) - Characteristics of startups that should consider going on offense(30:00) - Importance of survival, product-market fit, and unit economics for startups(31:50) - Potential exogenous events and their impact on market predictions(34:00) - Tom's advice to founders on acting with convictionI’d love to know what you took away from this conversation with Tom. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We're re-joined by Mike Maples, Jr. of Floodgate, this time to discuss his just released new book "Pattern Breakers."Mike was first on the pod in 2021 and it was great to catch up again, this time to discuss the importance of identifying founders who are true pattern breakers. We spoke about how his observations on the last 14 years at Floodgate inspired him to write the book. We went through concepts such as founder-future fit, the winning formula of inflections and insights, and his experience that 80% of their returns have been from companies with some major insight or pivot.   You can find Mike's book "Pattern Breakers" and additional insights on his substack at patternbreakers.substack.com.About Mike Maples, Jr.:Mike Maples, Jr. is a co-founding Partner at Floodgate. He has been on the Forbes Midas List eight times in the last decade and was also named a “Rising Star” by FORTUNE and profiled by Harvard Business School for his lifetime contributions to entrepreneurship. Before becoming a full-time investor, Mike was involved as a founder and operating executive at back-to-back startup IPOs, including Tivoli Systems (IPO TIVS, acquired by IBM) and Motive (IPO MOTV, acquired by Alcatel-Lucent.)Some of Mike’s investments include Twitter, Twitch.tv, Clover Health, Okta, Outreach, ngmoco, Chegg, Bazaarvoice, and Demandforce.Mike is known for coining the term “Thunder Lizards,” which is a metaphor derived from Godzilla that describes the tiny number of truly exceptional companies that are wildly disruptive capitalist mutations. Mike likes to think of himself as a hunter of the “atomic eggs” that beget these companies.Mike is the host of the Pattern Breakers podcast, which shares startup lessons from the super performers.In this episode, we discuss:(02:00) The story behind writing "Pattern Breakers" and the investment in Twitch and the importance of pivots(04:07) Insights from returns on pivots and major insider pivots(05:02) The concept of founder-future fit and initial skepticism(07:04) The inflection point of Twitch pivoting from Justin.tv(10:28) Authenticity and insights in startup founders(14:32) The role of pattern recognition in startup success(16:24) Creating movements and attracting early believers(21:12) Importance of inflection points in startup success(25:00) Non-obvious inflection points and backcasting(29:52) The formula of inflection plus insight(32:00) Non-consensus and right: key to venture success(34:52) Venture capital and risk-taking(38:00) Inflections and protecting unconventional ideas(41:00) Patience as a form of arbitrage in venture investing(45:00) Insights from Annie Duke on decision-making in venture capitalI’d love to know what you took away from this conversation with Mike. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We're joined by TX Zhuo, Co-Founder and General Partner of Fika Ventures. His tech career began in college when he started an online textbook marketplace.After working at McKinsey and as a CFO at an operating company, TX joined Innovation Endeavors. He then co-founded Karlin Ventures, which was backed by a single family office. In 2016, he co-founded Fika Ventures, which now has a 10-person team and has raised three funds.During the pod, we discussed the culture needed to run a successful VC firm, how they've thought about innovation, LP fundraising as a first-time fund, and how they think about valuation methodology. About TX Zhuo:TX Zhuo is a General Partner at Fika Ventures, a boutique seed fund in Los Angeles investing in data, AI, and automation technologies. He co-founded Fika Ventures in August 2016 and has been dedicated to solving systemic problems through innovative platforms ever since.Prior to this, he was the Managing Partner at Karlin Ventures from 2012 to 2016, focusing on early-stage investments in various sectors including education technology, digital media, and healthcare. Before Karlin Ventures, TX worked at Innovation Endeavors from October 2010 to May 2012, managing deal screening and outreach initiatives. He also served as the CFO of Lit Motors, an electric vehicle startup, after his tenure at McKinsey & Company from August 2008 to August 2010, where he contributed to financial services and consumer goods projects. TX's entrepreneurial journey began in college when he founded and successfully sold an online textbook marketplace, EMT Alliance, which had significant sales and a cost-efficient distribution center in India.He holds an MBA from Stanford Graduate School of Business and a Bachelor's degree in Mathematics and Economics from Wesleyan University.In this episode we discuss:(01:32) TX Zhuo’s Path to Venture Capital(03:04) Inspired by his own experiences and wanted to create a more institutional platform with Fika Ventures, focusing on supporting seed-stage entrepreneurs with a peer-like approach(05:12) The importance of being founder-first and not imposing advice, adopting a humble approach when communicating with founders(07:14) The difficulties raising the first fund, pitching to 700 investors to get 105 commitments, and learned the importance of storytelling and perseverance(12:49) Radical transparency and conservative financial prudence with LPs, focusing on over-communicating and being proactive about potential issues(16:14) The need to focus on high-impact areas like customer introductions, talent, and follow-on investors, emphasizing trust and being an extension of the management team(19:22) Why TX conducts an expectation-setting exercise early in the relationship with founders, focusing on under-promising and over-delivering to maintain trust and satisfaction(22:39) Navigating 2021's Rapid Fundraising Environment(25:09) How to handle tough conversations with Founders(27:56) Fika’s unique advisor model the uses 73 advisors to support functional and domain-specific needs, and created the Fika Fellows program to up-level senior hires within portfolio companies(34:15) How Fika uses a pod system for focused research and decision-making, requiring a high bar of consensus and a structured voting system for investment decisions(31:39) Why TX screens for a service mentality and resourcefulness in new hires, ensuring they align with Fika's values and ethos through practical evaluations and interactions with current founders(37:43) TX’s Advice for Aspiring VCs: the importance of consistency in approach and team cohesion, advocating for treating every entrepreneur consistently and building a strong, unified brand(39:13) The importance of a consistent experience for entrepreneurs interacting with Fika, valuing a strong apprenticeship model and internal trust among team members.I’d love to know what you took away from this conversation with TX. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We are back with another LP-focused episode with Michael Kim, Founder of Cendana Capital. Michael shares how he started Cendana around his thesis (at the time very early) of backing small, emerging managers. This led to early investments in firms such as IA ventures, Forerunner, and Lerer Hippeau. During our discussion, we chatted about what qualities he’s seen in great emerging managers as well as his thoughts on portfolio construction. We also get into the challenges of raising funds today and why the secondary market will a critical component of venture moving forward.A word from our sponsor:As a founder, you understand the power of efficiency and growth. And with accelerator checking, earning up to 2.25 percent APY, your money works as hard as you do. For those aiming higher, you can unlock the full potential of your cash reserves with exclusive access to accelerator money market savings earning 4 percent APY on balances over $50,000.Say goodbye to unnecessary fees and hello to Grasshopper Bank, your next leap forward.Nationally chartered and headquartered in New York City, Grasshopper is a client-first digital bank built to serve the business and innovation economy, combining the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support.It's time to switch, and make Grasshopper your financial foundation and watch your cash reserves grow as much as your business.Grasshopper, the future of startup banking. About Michael Kim:Michael Kim is the Founder of Cendana Capital, a San Francisco-based firm that specializes in investing in very early-stage VC funds globally. Founded in 2010, Cendana Capital has over $2B in AUM.Prior to Cendana, Michael served as a General Partner at Rustic Canyon Partners where he contributed to the firm's growth and investment strategies. He also was a Board Member of the San Francisco Employees' Retirement System (SFERS), and an Investment Banker at Morgan Stanley focusing on Technology M&A.Michael holds an MBA in Finance from The Wharton School, an MSFS in International Economics from Georgetown University's Walsh School of Foreign Service, and an AB in International Relations from Cornell University. Michael is a founding board member of the Wikimedia endowment, which supports Wikipedia.In this episode, we discuss:(02:49) Michael’s time at Morgan Stanley's tech M&A group in the 90s(04:11) Cendana’s launch and how it took two years to raise the first fund(06:16) Seed stage investing has become like early stage venture.(07:07) The importance of fund managers getting large ownership early(09:50) Why grit, determination, and hustle are crucial and domain expertise and contrarian thinking are vital(12:00) Pre-seed is the new seed and rounds have gotten bigger(14:00) High integrity fund managers need 12-15% ownership(16:12) Pre-seed managers work with potential entrepreneurs before they start a company(18:00) Founders now raise more initially for a longer runway(20:00) How fund size affects ownership and return potential(23:00) Why smaller funds often outperform larger ones(25:17) What changes when making the leap from small to large checks(27:00) The importance of network strength for fund managers' success(33:00) Fund managers need to explain their investment decisions well(37:15) Fund managers need to be flexible but transparent(39:00) The importance of trust and transparency for long-term relationships.(42:00) Seed funds are best positioned for secondaries(45:21) The potential rise in secondary market deals(48:00) Tourist fund managers have mostly exited the market(50:00) The next few years should be great for venture investmentsI’d love to know what you took away from this conversation with Michael. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We are back with Amy Saper, partner at Uncork Capital. Amy shares her journey from Silicon Valley operator at Twitter and Stripe to venture capitalist. She talks about Uncork’s strategy, including its recent $200 million seed fund and $200 million opportunity fund, and how the firm balances growth with specialization.Investors will find her perspective on non-consensus investing particularly compelling, as she outlines how she evaluates technical teams and market potential. Successful founders attract and develop talent. Finally, she reflects on her move to Uncork and shares her key learnings as an institutional investor.A word from our sponsorIn the fast-paced world of startups, every decision counts. And for venture-backed startups, choosing the right banking partner can make all the difference. That’s why you need to consider Grasshopper Bank. Nationally chartered and headquartered in New York City, Grasshopper Bank is a client-first digital bank built to serve the business and innovation economy, combining the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Join the ranks of forward-thinking entrepreneurs who love their digital platform by applying online in as little as 5 minutes from any device today at www.grasshopper.bank.Grasshopper - where banking meets innovation.About Amy Saper:Amy Saper is a Partner at Uncork Capital, where she invests in seed-stage B2B SaaS, API-first, and fintech companies. Previously, she spent four years as an early-stage partner at Accel where she led seed and Series A investments in companies such as Gamma, Beam, Complete, and Sprinter Health.Prior to her venture career, she worked at Stripe, Uber, and Twitter launching products, business lines and new markets, in product marketing, product management, business development and international expansion roles.She received her BS and MBA from Stanford University.In this episode, we discuss:(02:27) Amy discusses her background, including her experience at Twitter, Stripe, and her transition to venture capital(08:00) Joining Uncork Capital, the firm's history, and the recent funds they have raised(09:14) Comparing the culture of a firm with that of a startup and discusses the importance of sticking to the core focus(15:17) How Uncork Capital decided on its fund strategy and the balance they struck between fund size and being lead investors(18:28) Product market fit in Venture firm and how she delivers value to founders(24:27) How constraints can foster creativity and the importance of staying focused in a capital-constrained market(28:49) The challenges startups face in raising Series A funding and the importance of balancing focus and growth.(34:37) Non-Consensus investing and what she looks for in founders(37:17) The importance of a founder's ability to attract and develop talent and shares her thoughts on whether this can be learned(42:13) What attracted her to Uncork Capital and how the team dynamics influenced her decision(45:40) The one thing she knows now that she wishes she knew when she started investingI’d love to know what you took away from this conversation with Amy. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Today we have another version of Venture Unlocked shorts, and this time it will be focused on topics within the GP/LP world.Joining me again is Meghan Reynolds, who leads capital formation at Altimeter Capital. This time we discuss the significant liquidity challenges in the venture capital market, focusing on the concerns of LPs about funding future capital calls and the longer wait times for returns. With a decline in public offerings and exits, LPs and GPs are now turning to alternative strategies such as strip sales and GP-led secondaries. We highlight the need for GPs to establish clear liquidity management as the dynamics of the industry continue to change.If you’re a VC investor, then I’m sure you already know about Sydecar, the go-to platform for emerging VCs to manage their SPVs and funds. Sydecar is on a mission to make private markets more accessible, transparent, and liquid by standardizing how investment vehicles are created and executed. Their powerful software allows VCs to launch SPVs and funds instantaneously, track funding in real time, and offer hassle-free opportunities for early liquidity.Whether you’re syndicating your first or fiftieth deal, Sydecar acts as your silent operating partner, handling all back-office functions in a single place. Sydecar always has your back, so that you never have to worry about chasing subscription docs, lost wires, or late K-1s.With all the recent ups and downs in the private markets, the last thing you want to worry about is whether your back office is operating smoothly. Sydecar's responsive and proactive customer support team is there to assist, helping you build trust with your investors and tackle the challenges of building your firm.Visit sydecar.io/ventureunlocked to learn more.About Meghan Reynolds:Meghan Reynolds is Partner and Head of VC Capital Formation and Fundraising for Altimeter, a lifecycle technology investment firm. Prior to joining Altimeter, Meghan was Managing Partner and Co-head of Fundraising at TPG. She began her career and spent nearly a decade in the Investment Management Division of Goldman Sachs.Meghan graduated from the University of Notre Dame.In this episode, we discuss:(02:00) The current state of the venture capital market and LP perspectives on liquidity and the impact of market resets on traditional exit opportunities like IPOs and M&As(04:00) Liquidity and the challenges for LPs in funding upcoming capital calls due to increased venture activity and the need to adjust liquidity timeline expectations(09:00) The complexities of exit strategies and the necessity for alignment between GPs and LPs on exit timing(12:57) Using “Strip sales” as a liquidity management strategy are detailed, where a portion of a fund’s assets are sold to secondary buyers, and practical examples of how this strategy has been effectively implemented(21:56) The need for venture capital to adopt more institutional and LP-friendly practices akin to the private equity evolution post-2008, driven by current fundraising challenges that compel VC funds to innovate in liquidity management and LP relationshipsI’d love to know what you took away from this conversation with Meghan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we're doing another special roundtable discussion with a focus on the seed stage market. Joining us are Jenny Fielding of Everywhere Ventures, Kirby Winfield of Ascend, and Nate Williams of UNION Labs.This whole conversation was focused on seed stage investing. We spent most of our time discussing how the market reset affects seed-stage decision-making, fund sizing, and reserve strategies. We also touched on what they are seeing and hearing from LPs that invest in seed funds. If you’re a VC investor, then I’m sure you already know about Sydecar, the go-to platform for emerging VCs to manage their SPVs and funds. Sydecar is on a mission to make private markets more accessible, transparent, and liquid by standardizing how investment vehicles are created and executed. Their powerful software allows VCs to launch SPVs and funds instantaneously, track funding in real time, and offer hassle-free opportunities for early liquidity.Whether you’re syndicating your first or fiftieth deal, Sydecar acts as your silent operating partner, handling all back-office functions in a single place. Sydecar always has your back, so that you never have to worry about chasing subscription docs, lost wires, or late K-1s.With all the recent ups and downs in the private markets, the last thing you want to worry about is whether your back office is operating smoothly. Sydecar's responsive and proactive customer support team is there to assist, helping you build trust with your investors and tackle the challenges of building your firm.Visit sydecar.io/ventureunlocked to learn more.About Jenny Fielding:Jenny Fielding is the Co-Founder and Managing Partner of Everywhere Ventures. She is one of the most active global pre-seed investors, having invested in 300+ companies as the first money in. Jenny has built a thriving community of 500+ founders and operators who help source, diligence, and invest in the next generation of startups across 3 core verticals: money, health, and work.Prior to Everywhere, Jenny spent 7.5 years as the Managing Director of Techstars where she invested in a portfolio of companies with a current market cap over $10B. Jenny is a 2x founder, a lawyer by training, and an adjunct professor at Columbia University and Cornell Tech.About Kirby Winfield:Kirby Winfield is the Founding General Partner at Ascend.vc, the most prolific pre-seed stage venture fund in the Pacific Northwest.Kirby has been operating and investing in Artificial Intelligence and Machine Learning since the 1990s. His first startup pioneered the use of semantic AI for web search. He advised the Allen Institute of Artificial Intelligence on the launch and growth of its highly regarded Ai2 Incubator program, and has backed 30+ AI startups as a VC.Early in his career, Kirby was a founding team member and operating executive at back-to-back tech IPOs, with Go2Net and Marchex. He is also a two-time venture capital-backed CEO, with AdXpose (DFJ, Ignition) acquired by comScore, and Dwellable (Maveron, VersionOne) acquired by HomeAway.About Nate Williams:Nate Williams is the co-Founder and Managing Partner of DeepTech seed fund UNION Labs Ventures and formerly an Entrepreneur-in-Residence (EIR) at Kleiner Perkins focused on opportunities in Climate, PropTech, and Mobility. Nate's track record includes senior leadership experiences executing through startup, growth and turnaround stage culminating in successful exits for 4Home (to Motorola '10), Motorola Mobility (to Google '12), Motorola Home (to ARRIS '13) and August Home (to Assa Abloy '17).Prior to Kleiner Perkins, Nate was CRO & Head of Platform PM at August Home, Inc. a leader in Smart Home Access where he secured August commercial growth with market leaders and integration partners including Airbnb, Wal-Mart, Amazon, Honeywell, Comcast, and Google/Nest. Nate was also Senior Director of Marketing & Business Development at Google subsidiary Motorola Mobility (following their acquisition of 4Home where he was CMO & Head of Business). Earlier in his career, he was an Analyst in the Digital Home Group of Intel Corp.Nate earned an MBA from The UCLA-Anderson School of Management and a Bachelors in Communication Science from The University of Connecticut. He is named in several Communications Infrastructure patents, entrepreneurial, and comfortable building cross-functional teams introducing products under significant market uncertainty.In this episode, we discuss:(03:09): The challenges first-time founders face, especially in fundraising and navigating the current economic climate(04:17): Trends in pre-seed and seed round sizes including the reasons behind increases and their impact on startups(06:52): The importance of a founder's ability to fundraise in the current economic environment is stressed as critical for startup success(08:21): Venture Capitalists' adjusted expectations for startups progressing from seed to Series A(11:59): The need for founders to adapt their strategies in response to market changes, moving towards building sustainable businesses(16:21): The effects of significant valuation step-ups during seed rounds on the investment ecosystem(20:39): Current trends in seed valuations and round sizes and implications for the startup and investment community(25:52): How seed investors are adapting their reserve strategies to better support startups through to Series A rounds and beyond(27:09): The impact of the funding environment on LPs investment decisions and strategies(34:43): The challenges GPs face in fundraising efforts are explored, including navigating expectations and market conditionsI’d love to know what you took away from this conversation with Jenny, Kirby, and Nate. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We are thrilled to bring you a conversation with David Sacks, Founder and Partner of Craft Ventures. Based in San Francisco, Craft was founded in 2017 and currently has over 3 billion in assets under management.Across the last three decades, David has been incredibly influential as an investor, entrepreneur, and public thought leader. When starting Craft, he was able to draw from his deep operating background, having worked as an early leader at PayPal, and then later founding Yammer, which he sold to Microsoft for $1.2 Billion. He is also one of the hosts of the All In Podcast, one of the most listened podcasts in the world.We had a wide-ranging dialogue that took us through the evolution of Craft Ventures from its initial days to today, the strategic decision-making behind scaling fund sizes and team growth, and his overall views on the current outlook of venture capital.If you’re a VC investor, then I’m sure you already know about Sydecar, the go-to platform for emerging VCs to manage their SPVs and funds. Sydecar is on a mission to make private markets more accessible, transparent, and liquid by standardizing how investment vehicles are created and executed. Their powerful software allows VCs to launch SPVs and funds instantaneously, track funding in real time, and offer hassle-free opportunities for early liquidity.Whether you’re syndicating your first or fiftieth deal, Sydecar acts as your silent operating partner, handling all back-office functions in a single place. Sydecar always has your back, so that you never have to worry about chasing subscription docs, lost wires, or late K-1s.With all the recent ups and downs in the private markets, the last thing you want to worry about is whether your back office is operating smoothly. Sydecar's responsive and proactive customer support team is there to assist, helping you build trust with your investors and tackle the challenges of building your firm.Visit sydecar.io/ventureunlocked to learn more.About David Sacks:David Sacks is Co-Founder and Partner at Craft. He has been a successful founder and investor for over two decades, building and investing in some of the most iconic companies in tech. David has invested in over 20 unicorns, including Affirm, AirBnB, Bird, ClickUp, Eventbrite, Facebook, Houzz, Lyft, OpenDoor, Palantir, Postmates, Reddit, Slack, SpaceX, Twitter, Uber, and Wish.David first got involved in the technology industry in 1999 when he joined early-stage startup Confinity, later renamed PayPal. Serving as the company’s first product leader and then as COO, David built and ran many of the company’s key teams, including product management and design, sales and marketing, business development, international, customer service, fraud operations, and HR. He pivoted the product from beaming money on Palm Pilots to emailing money on the web, and introduced the business model. When the company IPO’d on the Nasdaq in 2002, David was 29 — the median age of the “PayPal Mafia” executives listed on the S-1. PayPal was later acquired by eBay and eventually spun back out into a publicly traded company (under ticker symbol PYPL).David is well-known in Silicon Valley for his product acumen. AngelList’s Naval Ravikant has called David “the world’s best product strategist.” And has received acclaim as one of the Besties on the All In Podcast.In this episode, we discuss:(02:56) David Sacks discusses transitioning from being an entrepreneur with experiences at PayPal and Yammer to founding Craft Ventures, emphasizing the focus on SaaS and leveraging operational expertise to support startups.(04:56) The growth of Craft Ventures from its initial fund to managing $3.5 billion, focusing on SaaS and marketplaces, and how fund size affects strategy(08:15) Portfolio construction and the strategic shift towards reserving more for follow-ons to maintain company ownership and align fund size with venture focus(10:10) The VC market's evolution shifting towards sustainable investment strategies following the 2020-2021 bubble and its correction.(13:39) Advice for entrepreneurs to focus on capital efficiency and realistic growth expectations due to the changing investment landscape(17:33) Predicting a continued reset in valuations and funding availability in 2024, and how startups can adjust their strategies accordingly(34:05) Parallels and distinctions between running a venture firm and a startup, emphasizing the importance of creating a stable, transparent environment at Craft Ventures(36:10) The significance of firm culture and talent acquisition, focusing on collective success and providing transparent, valuable support to portfolio companiesI’d love to know what you took away from this conversation with David. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we are pleased to be joined by Adam Bain of 01 Advisors, a San Francisco-based firm with nearly $1 billion under management.Adam and his partners, including Dick Costolo, have taken a very different approach to the venture model, drawing from their experiences as operators. While Adam was COO and Dick was CEO at Twitter, they helped the company scale from zero to in revenue as fast as any consumer tech company in history. During this time, they spent a significant amount of time with the late Bill Campbell, the legendary CEO coach who helped inspire the foundation for 01 Advisors.Since founding the firm in 2018, they have a uniquely focused approach to venture coaching and unlike other Series B and later VCs, they do not take board seats. We went through the why of this model. Along with topics such as the transition from operating to investing. And the future of potentially using models to determine founder archetypes.If you’re a VC investor, then I’m sure you already know about Sydecar, the go-to platform for emerging VCs to manage their SPVs and funds. Sydecar is on a mission to make private markets more accessible, transparent, and liquid by standardizing how investment vehicles are created and executed. Their powerful software allows VCs to launch SPVs and funds instantaneously, track funding in real time, and offer hassle-free opportunities for early liquidity.Whether you’re syndicating your first or fiftieth deal, Sydecar acts as your silent operating partner, handling all back-office functions in a single place. Sydecar always has your back, so that you never have to worry about chasing subscription docs, lost wires, or late K-1s.With all the recent ups and downs in the private markets, the last thing you want to worry about is whether your back office is operating smoothly. Sydecar's responsive and proactive customer support team is there to assist, helping you build trust with your investors and tackle the challenges of building your firm. Visit sydecar.io/ventureunlocked to learn more.About Adam BainAdam is a Co-Founder and Managing Partner for 01 Advisors, a venture & advisory firm that helps founders go from building a product to building a company with operational expertise.He was previously the COO for Twitter and a Board Director for Opendoor.In this episode, we discuss:(03:01) Adam shares his journey from Twitter to founding 01 Advisors, focusing on the transition from advertising and social media to a venture model that combines investing and advising(05:00) The unique backgrounds of 01 Advisors' partners in scaling companies from zero to significant revenues, showcasing a rare collective experience in tech leadership(08:01) The venture coaching approach at 01 Advisors that was inspired by Bill Campbell(14:35) Why 01 Advisors chooses not to take board seats, aiming to offer more effective and unrestricted guidance to CEOs(18:14) Helping CEOs appoint seasoned operators to board positions, ensuring comprehensive support without direct board involvement(22:08) 01 Advisors' focus on Series B investments, aligning their operational expertise with companies at a pivotal growth stage(24:16) 01's strategy of a concentrated portfolio to deeply engage and support their investments, contrary to the broader trend towards more extensive portfolios.(27:25) Diligence process for revenue streams and operational dynamics, aiming to identify areas where 01 can significantly impact growth.(29:00) The use of cognitive psychology for deeper CEO assessments post-investment, aiming to tailor support strategies to each leader's unique strengths and challenges(31:16) The early successes of this cognitive approach(34:42) The transition from high level operator to investor(39:58) Why he’s excited continuous intellectual growth and the diverse learning experiences venture capital offers(43:14) The market in 2024 is the Super Bowl moment for 01I’d love to know what you took away from this conversation with Adam. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We have a conversation with Mitchell Green, Founder and Managing Partner at Lead Edge Capital. With offices in New York and Santa Barbara, the firm has over $5B in Assets under management and specializes in helping growth-stage companies scale.The firm has an interesting model that combines elements of PE, growth, and an active network of over 700 LPs to build a very powerful moat.I was really interested in several business components, especially the LP base's strategic nature and the programmatic way they evaluate companies. A word from our sponsor:Invest in innovation. Allocate allows investors to access top-tier private funds and co-investment opportunities within the technology sector.Despite the enormous growth of the private markets and the rapid increase of retail demand for private alternatives, investing in the highest quality private assets within the innovation sector still remains limited to institutions and ultra-connected high net worth individuals.With Allocate, wealth advisors, banks, family offices, and other qualified investors can have a streamlined way to responsibly invest with confidence.Go to allocate.co to find out more and please sign up to the waitlist to learn more and get early access to the platform.About Mitchell Green:Mitchell Green is the Founder and Managing Partner at Lead Edge Capital, a $5B growth equity firm investing in software, internet, and tech-enabled services businesses globally. Mitchell oversees the fund’s global activities and has led several of the fund's largest investments, including Alibaba Group, Asana, Bumble, FIGS, Grafana, SignalSciences, Spotify, Toast, Uber, and Wise. His career began with roles on the investment teams at Bessemer Venture Partners and Eastern Advisors. Mitchell is a former nationally ranked alpine ski racer and currently serves on the boards of the U.S. Ski & Snowboard Foundation and the Laguna Blanca School in Santa Barbara, CA.Mitchell holds a B.A. in Economics from Williams College and an M.B.A. in Marketing from the Wharton School at the University of Pennsylvania.In this episode, we discuss:(01:38) Shares the origin story of Lead Edge Capital, reflecting on the early experiences before 2009, and the influence of Bessemer's deal-sourcing approach of cold calling and direct outreach.(09:57) The value of being his own boss and learning from failures(12:35) Building a team for outbound cold calling to find unique investment opportunities.(15:27) Leveraging LPs in the due diligence process for valuable insights and validation of potential investments(17:21) Creating a community among LPs where engagement and assistance are core expectations(20:55) The resilience and opportunistic nature of high-net-worth individuals during market downturns(21:59) The "moneyball" approach to investment criteria, prioritizing revenue, growth, gross margins, and capital efficiency(26:00) A success story of investing in a rapidly growing, COVID-enabled electronic signatures company(30:32) Many companies raising venture capital should not exist(36:09) The need for persistence to get into the best companies(38:57) Trusting your instincts and the strategic advantage of being contrarian in investmentI’d love to know what you took away from this conversation with Mitchell. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Today we have another version of Venture Unlocked shorts, and this time it will be focused on topics within the GP/LP world. Joining me for this around-the-water-cooler recurring series is Meghan Reynolds, who leads capital formation at Altimeter Capital. Meghan recently attended iConnections in Miami, one of the biggest global capital intro summits in the world, which served as inspiration for this episode. We discussed what she observed during the summit, including how LPs are thinking about early-stage and late VC, and the place for venture overall in private portfolios.Hope you enjoy our episode!A word from our sponsor:Invest in innovation. Allocate allows investors to access top-tier private funds and co-investment opportunities within the technology sector.Despite the enormous growth of the private markets and the rapid increase of retail demand for private alternatives, investing in the highest quality private assets within the innovation sector still remains limited to institutions and ultra-connected high net worth individuals.With Allocate, wealth advisors, banks, family offices, and other qualified investors can have a streamlined way to responsibly invest with confidence.Go to allocate.co to find out more and please sign up to the waitlist to learn more and get early access to the platform.About Meghan Reynolds:Meghan Reynolds is Partner and Head of VC Capital Formation and Fundraising for Altimeter, a lifecycle technology investment firm. Prior to joining Altimeter, Meghan was Managing Partner and Co-head of Fundraising at TPG. She began her career and spent nearly a decade in the Investment Management Division of Goldman Sachs.Meghan graduated from the University of Notre Dame.In this episode, we discuss:(02:11) Report from the iConnections summit in Miami and what it means for the VC industry(06:38) The complex dynamics of fundraising in the current venture capital landscape(09:49) The recalibrated expectations among LPs with a strategic emphasis on seed and Series A investments as a method to hedge against portfolio volatility(17:01) Forecast for a tough adjustment period for Unicorns and the venture capital ecosystem, with some hope on the horizon(19:00) Challenges posed by multiple compression rounds and the reality for companies looking for exits(21:11) The long journey for VC-backed companies in navigating valuation adjustments and exit strategies, with an increased reliance on the secondary market for liquidity (23:12) The extended impact of the substantial funding raised in 2021, adding complexity to the venture capital environmentI’d love to know what you took away from this conversation with Meghan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We have a conversation with Samir Kaul from Khosla Ventures. Founded in 2004, Khosla is one of the largest and most well-known venture capital firms in the world and led by legendary investor and entrepreneur Vinod Khosla. The firm is known for investing in companies that are solving very large and complex problems. The firm currently has over $15B in AUM investing in companies such as Square, Doordash, Stripe, OpenAI, and Impossible Foods.During the episode, we covered investing across cycles, the market insanity we saw pre-2022, and how they approach both building a firm and investing. Note: We recorded this prior to the news that Keith Rabois was rejoining the firm, hence no mention of it during the discussion.About Samir Kaul:Samir Kaul is a Founding Partner and Managing Director at Khosla Ventures, and he specializes in investments across health, sustainability, food, and advanced technology sectors. His notable investments leading to successful exits through IPOs or acquisitions include companies like Vicarious Surgical, View, Guardant Health, Nutanix, Oscar, Quantumscape, Granular, SLD, NanoH2O, Iora Health, and Raxium. Additionally, he has played a pivotal role in investments in transformative startups such as Impossible Foods, Mojo Vision, Primer, and many others, demonstrating a keen eye for identifying and nurturing groundbreaking technologies and business models.Before joining Khosla Ventures, Samir's career was marked by significant achievements in biotechnology and venture capital at Flagship Ventures and the Institute for Genomic Research, where he contributed to pioneering efforts in genomics and biotech startups like Helicos BioSciences and Codon Devices. His work in sequencing the Arabidopsis genome set new standards for efficiency and impact in the field of genomics. Beyond his professional endeavors, Samir is deeply committed to philanthropy, serving on the boards of the Tipping Point Community, UCSF Benioff Children’s Hospital, and the US Ski and Snowboard Association, showcasing his dedication to societal betterment and healthcare.In this episode, we discuss:(01:45) Samir’s career path to venture(05:15) Traits of Successful Entrepreneurs(06:04) Building Long-term Companies(08:49) Venture Capital's Role Beyond Funding(12:13) Evolution of Venture Capital(16:15) AI and Tech Super Cycles(22:24) Learning from Past Mistakes(28:03) Investing in High Conviction Trends(32:33) Firm Culture and Decision Making(37:17) Hiring and Building a VC Team(39:12) Advice to Younger SelfI’d love to know what you took away from this conversation with Samir. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This is our second episode of Venture Unlocked Shorts where we highlight a specific point of view of our guest. These points of view may come through a tweet, an article, or an offline conversation, and our goal is to unpack these interesting views in a short conversation. In this week’s Venture Unlocked Shorts, we’re joined by Aileen Lee of Cowboy Ventures. Aileen wrote a now famous article in 2013 where she coined the term Unicorn to describe technology companies that reach a billion-dollar valuation within 10 years of founding.Recently she and her team published a successor article looking at the last 10 years of these Unicorns, and what they believe will happen in the future.It was fun to unpack the articles through this discussion, and I think you’ll enjoy hearing her findings and thoughts on what we may see in the future. About Aileen Lee:Aileen is the Founder and Managing Partner of Cowboy Ventures, a firm that invests in early-stage enterprise and consumer startups. With over two decades of experience in venture capital, she has a history of involvement from seed stage to beyond, including her time at Kleiner Perkins Caufield & Byers.Before her venture capital career, Aileen held roles at Gap Inc. and started at Morgan Stanley. She holds degrees from MIT and HBS. Additionally, she co-founded All Raise and sits on the board of Castilleja School.Aileen is known for introducing the term “unicorn” in the context of business. She has been recognized in Time 100's most influential people and has appeared on the Forbes Midas List.In this episode, we discuss:(02:30) Marking a decade of the term Unicorn and how many Unicorns have been created in the last ten years(05:46) The impact of macroeconomic factors like zero interest rate policies on the venture capital industry(06:37) Aileen describes the situation as a 'perfect storm' of factors leading to a surge of capital in the industry(08:18) The future of unicorns in the venture capital landscape(15:46) What happened in 2021?(17:13) The importance of founders understanding the business model of the funds they are engaging with (19:00): Aileen predicts a mix of outcomes for startups and whats aheadI’d love to know what you took away from this conversation with Aileen. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.As we continue to grow Venture Unlocked, we are now going to release short conversations highlighting a specific point of view of our guest. These points of views may come through a tweet, an article, or conversation, and our goal is to unpack these interesting views in short form. Our first guest in this format is Ed Suh Founder and Managing Partner of Alpine VC.Ed recently penned a tweet that I thought was interesting around the evolution of venture and the parallels to the industry to other asset classes such as private equity and hedge. I wanted to go deeper into his tweet, which we did during our short conversation. Hope you enjoy!About Ed Suh:Ed Suh is the Founder and Managing Partner of Alpine Ventures, a San Francisco based technology venture capital firm. Ed previously led seed, early stage, and growth stage investments in Silicon Valley for nearly a decade across two prominent multi-stage venture firms: Goodwater Capital, a spin-out of Kleiner Perkins and Maverick Capital with over $5B of AUM, and Redpoint Ventures, a leading Silicon Valley venture firm with a 20+ year track record of leading consumer and enterprise software investments. Ed has backed multiple unicorn startups including Monzo, Everlywell, Jasper, Greenlight, and Stash. Previously, Ed was Head of Business Operations at Stitcher, the leading independent podcasting app, acquired by SiriusXM for $325 million and backed by Benchmark, NEA, and New Atlantic Ventures, as well as an investment banker at Merrill Lynch focused on technology M&A. Ed was also a member of the original growth team at Facebook, and a software engineer at Plaxo and Citadel Investment Group.Ed earned MS and BS degrees in Computer Science from Stanford University, with a specialization in Artificial Intelligence.In this episode, we discuss:(01:26) Discussion on venture capital becoming mainstream and its comparison to other asset categories.(03:01) Evolution of venture capital, industry scaling, and differentiation challenges.(04:42) Venture capital's evolution in comparison to private equity and future implications.(06:44) Fragmentation in venture capital and its impact on alpha and risk profiles.(09:37) Dynamics between large venture capital funds and emerging managers.(11:51) Further insights into venture capital evolution, manager selection, and fund roles.(13:57) Venture capital's current stage in its evolutionary cycle and future themes.I’d love to know what you took away from this conversation with Ed. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We are excited to bring on Brendan Wales and Kellan Carter, Co-Founders and GPs of FUSE. Founded in 2020 with a thesis centered around the growth of the Pacific Northwest ecosystem, a geography both of our guests know well. With its just-announced close of a $250MM Fund 2, FUSE has a total AUM of just over $420MM. During our conversation, we covered the strategic nature of LP composition and how venture funds should think about their servicing model to founders. It was a great conversation and I hope you enjoy it. About Brendan Wales:Brendan Wales is a Founding Partner at FUSE. Prior to FUSE, Brendan served as a Partner at e.ventures (now Headline) for nine years, where he collaborated with founders of high-impact startups like Shipt (acquired by Target), Fetch Rewards, and Shopmonkey. His earlier career also includes being an early employee at zozi, showcasing his hands-on experience in startup growth.Brendan studied finance at the University of Georgia.About Kellan Carter:Kellan Carter is a Founding Partner at FUSE. Previously, as a Partner at IGNITION PARTNERS, he focused on enterprise software investments, contributing significantly to the firm's strategy and growth. His earlier career includes roles in technology sector mergers and acquisitions at Mooreland Partners and structured finance at KPMG Advisory.Kellan holds a Bachelor of Science in Business Administration with a Finance focus from The University of Montana.In this episode, we discuss:(01:22) Start of Fuse and Pacific Northwest Ecosystem(03:00) Raising Fund During COVID and LP Composition(06:34) Activating LPs for Strategic Advantage(09:40) Learning from Raising Funds in Challenging Times(17:00) Building a Cohesive Team and Operating Partners(24:33) Defining the Product Offered to Founders(26:10) Importance of Sourcing and Winning in Venture Capital(31:42) Seattle's Unique Position in Technology and Startups(38:25) Personal Advice for Venture Capital CareersI’d love to know what you took away from this conversation with Brendan and Kellan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this special meet the expert episode, we are discussing the venture debt market with Matt Trotter, a Managing director within Stifel Bank’s Venture division.Stifel Bank was established in St. Louis, MO in 1890 and is an independent investment bank with the mission to help individuals pursue financial goals, businesses and organizations raise and protect capital, and communities offer a higher quality of life.Given the dislocation of the regional banking market in early 2023, we discussed how venture investors and companies should think about the supply of venture debt, the proper uses, and what we should expect moving forward.About Matt Trotter:Matt Trotter is a Managing Director and Member of the leadership team at Stifel Bank. He focuses on providing commercial banking and flexible lending solutions to high-growth technology companies in the U.S.Prior to joining Stifel, Matt was a Senior Market Manager and Head of Frontier Technologies and Climate Technology and Sustainability at SVB. In this position, he focused on building products to support the evolving business models and capital-expenditure needs for companies creating disruptive technologies in the transportation, industrials, aerospace, energy, agriculture, food, and hardware infrastructure sectors.In this episode, we discuss:(01:15) Matt shares his background and discusses changes in venture banking and lending markets(01:57) Explanation of venture debt and its history within venture capital(03:11) Discussion on today's applications of venture debt, like runway extension and equipment purchases(03:59) Strategic uses of venture debt for various business needs(04:14) Overview of venture debt terms including non-formula loans, typical costs, and eligibility(05:10) Shift from equipment leasing to a more general-purpose financing model in venture debt(05:32) Challenges in underwriting venture debt for early-stage companies without revenue or product(06:26) Insights into the venture debt underwriting process and considerations(07:18) Role of warrants in balancing the risks and rewards of venture debt(08:15) Discussion on balancing loss rates and successful investments in venture debt(09:19) Ideal circumstances for a company to consider venture debt(10:24) Potential risks and considerations when opting for venture debt(11:43) Impact of market dynamics on companies with significant debt(12:05) How market shifts affect the demand and supply of venture debt(13:00) Importance of collaboration between equity investors and lenders during financial challenges(14:35) High demand for venture debt amid market uncertainties and banking disruptions(15:14) Underwriting challenges with companies having high valuation overhangs(16:53) Adjustments in underwriting approaches by banks and venture debt funds in current market(17:59) Use of debt tranching tied to company performance milestones(19:01) Differences between bank-provided venture debt and venture debt funds(20:21) Strategies, incentives, and focus of venture banks versus venture debt funds(22:57) Factors for companies to consider when choosing between bank loans and venture debt fund loans(24:22) Managing the balance between raising capital and working with banks in financial tight spots(26:07) Emphasis on trust and open communication between lenders and borrowers(27:27) When venture debt from banks or funds might be more suitable for a company(29:24) Assessing various debt products and understanding their true costs and conditions(30:14) Matching the debt product to a company's specific needs and circumstances(32:20) Need for reliable debt facilities for cashflow negative businesses(33:14) Reflections on the impact of changes at Silicon Valley Bank on the venture debt landscape(34:58) Outlook on the venture debt market's evolution post-SVB(36:58) Importance of lenders' long-term commitment in venture debtI’d love to know what you took away from this conversation with Matt. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.About Meet the Experts:Meet the Experts is a sub-brand of Venture Unlocked and talks with vendors and other non-GP or LP members of the Venture Community. There may be business relationships in place and appearance fees paid to participate.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we are thrilled to be joined by Pejman Nozad, Co-Founder and GP of Pear VC. Founded in 2013, Pear has scaled to over $800MM in AUM with a powerful engine to help early-stage companies. As many regular listeners of the show know, we often like to highlight managers who have different backgrounds and stories leading to their careers in VC. I think of all of our guests, Pejman epitomizes how someone can overcome many obstacles to be successful in the industry as he not only immigrated from Iran with little to his name, but the catalyst that got him into VC was working at a rug store. We explore Pejman's incredible journey, Pear VC's emphasis on early-stage investments, and the need for innovation in venture capital.This is an inspiring story for anyone considering venture capital as a career path, and stresses the importance of resilience and overcoming challenges, as well as, the value of continuous learning.About Pejman Nozad:Pejman Nozad is the Co-Founder of Pear VC and he has made a substantial impact in the tech sector with strategic investments in companies like DoorDash, Dropbox, and many others. His success is recognized through his consistent inclusion in the Forbes Midas List since 2021 and leading the Forbes Midas Seed List in 2023.Pejman’s path into venture capital was unconventional, starting from humble beginnings as an Iranian immigrant working in a Palo Alto rug store. He was awarded the Ellis Island Medal of Honor in 2014.In this episode, we discuss:(2:55) Pejman shares his start in the US(15:06) The importance of believing in entrepreneurs with diverse backgrounds(20:37) Why the best seed funds consistently deliver high returns(22:17) How PearVC has evolved and why it has been so long-lasting(30:10) No job is beneath anyone at PearVC with its team-based approach(33:46) Qualities of successful people that go beyond the obvious(37:18) His transition from angel investor to venture capitalist and the challenges of portfolio construction(41:09) PearVC's focus on finding talent and reaching product-market fit regardless of the fund's size or stage-focus(44:59) His advice to new investors at PearVCI’d love to know what you took away from this conversation with Pejman. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We're excited to welcome Paul Kwan, Managing Director at General Catalyst (GC). Established in 2000, the firm currently has just under $25 billion in assets under management. GC has made a significant mark in the venture capital landscape, funding dynamic technology and life science startups including Stripe, Coinbase, Livongo, Samsara, and Gusto.Paul is at the helm of GC's Global Resilience team, concentrating on upgrading key societal infrastructures in the defense, intelligence, and industrial sectors. Before his tenure at GC, Paul had an impressive 22-year career at Morgan Stanley, where his roles included leading the global internet and software business and the West Coast team.Our conversation delves into the importance of mission-driven approaches and robust corporate cultures in building enduring enterprises, GC's internal strategies in these areas, and Paul's insights on the potential exit scenarios for private companies in the coming year. We hope you find this episode insightful. Let's dive in!About Paul Kwan:Paul Kwan is Managing Director at General Catalyst (GC), where he leads the Global Resilience team, focusing on enhancing critical societal systems in areas like defense, intelligence, and energy. His investments include companies such as Anduril and Samsara.Paul started on Wall Street during the early days of the internet, later moving to Morgan Stanley’s Menlo Park office. He spent 22 years there, gaining expertise in various roles including leading the bank’s global internet and software business and the West Coast team. He studied computer science at Stanford University.In this episode, we discuss:(02:05) Paul's tech journey(03:23) The value of working across multiple sectors and global experiences(05:19) Sustained value creation in tech and the evolving inputs to value creation, including technology, business models, and people(08:30) The importance of company culture in investment decisions and how it ties to performance(10:09) Establishing culture early in a company's journey(12:51) GC's mission of investing in powerful, positive change, and the concept of responsible innovation(14:54) How the changing geopolitical landscape affects investment strategies and the necessity for more resilient systems(18:18) The rise of private-to-private M&A and its potential impacts(22:21) Challenges of merging company cultures(26:50) Investment strategies and the IPO market(31:00) The trend of VCs holding public securities post-IPO and how it aligns with long-term value creation(34:41) Evolution of Venture Capital(36:53) The importance of building and maintaining long-term relationships in the tech industryI’d love to know what you took away from this conversation with Paul. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We're thrilled to have Alex Pall, general partner at Mantis VC, a seed and an early stage fund based in LA. Alex is a great example of someone who has made a significant crossover from another industry—he is one half of the award-winning duo of the Chainsmokers, a group that has found mainstream success by breaking boundaries between pop, indie, electronic, alternative, and rock.We discuss how Alex and the team thought through joining the ranks of venture capital, their early learnings, and the importance of self-awareness in terms of ` About Alex Pall:Alex Pall is one half (Drew Taggart is the other half)of the GRAMMY® Award-winning, RIAA Diamond-certified duo The Chainsmokers. In 2020, alongside Drew Taggart, Jeffrey Evans, and Milan Koch, founded Mantis Venture Capital.Other businesses under their purview include a stake in the popular JAJA Tequila and The Chainsmokers’ very own film, television, and podcast production company, Kick The Habit Productions—which boasts a full slate of projects in development.In this episode, we discuss:(01:51) Chainsmokers' Early Days and Entrepreneurial Goals​​(02:48) Transition from Music Artists to Financially Savvy Investors​​(03:37) Emphasis on Passion-Driven Investments​​(04:50) Building a Network and Seeking Investment Opportunities​​(06:43) Critical Decision-Making in Business Ventures​​(07:00) Inspiration from Jimmy Buffett's Business Model​​(08:14) Importance of Work Ethic and Assisting Founders​​(12:31) Addressing skepticism about a celebrity fund(13:50) Mentor's Advice on Investing with Experienced Partners​​(16:51) Setting Realistic Goals in Initial Fundraising​​(17:19) Fundraising Challenges During COVID-19's Onset​​(19:01) Learning from the first fund(20:11) Insights on Unpredictability in Venture Capital Investing​​(22:15) Developing a Disciplined Investment Approach​​(26:01) Adding Value to Portfolio Companies​​(27:46) Storytelling as a Business Differentiator​​(31:01) Trust as a Cornerstone in Investment Community​​(31:32) Learning from past Investment Decision​​s(32:45) Investing in Great Teams and People​​(33:51) Holistic View in Investment Decisions​​(36:04) Providing Honest Feedback to Founders​​(37:52) Navigating a Challenging Investment Landscape​​(39:25) Avoiding Overreliance on Large Capital Raises​​(40:09) Differentiating Business Strategies​​(41:32) Parallels Between Music and Venture Capital​​(44:13) Success Beyond Prestigious Educational Backgrounds​​(45:30) Passion and Commitment in Projects​I’d love to know what you took away from this conversation with Alex. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We're thrilled to bring on Brad Gerstner, Founder and CEO of Altimeter Capital. Altimeter was first founded in 2008 during the GFC with an initial fund of only $3 Million which Brad raised from friends and family. Today the firm employs both private and public strategies.Altimeter takes an incredibly focused and high-conviction approach to investing and has backed companies such as Snowflake, Unity, Gusto, and Modern Treasury. And now manages a variety of venture and public funds, taking a hybrid and pragmatic approach to funding, using a variety of vehicles depending on stage and need to give companies and managers access to capital.About Brad Gerstner:Brad Gerstner is the Founder and CEO of Altimeter Capital. Before Altimeter, Brad worked as a multiple-time entrepreneur, was a founding principal of General Catalyst, and worked at PAR Capital. He is also an active thought leader on all aspects of the innovation economy, including numerous media appearances and a recurring role on the popular All-In Podcast. And Brad is working to improve the future of the country through efforts such as Invest America.He earned a bachelor’s from Wabash College, a JD from Indiana University, and an MBA from Harvard Business School.In this episode, we discuss:* (2:17) Brad discusses his early life in Indiana and the influence of his father's entrepreneurial journey​​.* (3:23) Brad talks about his path to law school and subsequent shift towards technology and entrepreneurship​​.* (4:10) His impulsive trip to Silicon Valley and his first experiences there​​.* (7:18) Brad discusses his insights into public and private markets and the realization of the need to participate in the venture market​​.* (11:24) He explains the motivation and founding principles behind Altimeter, focusing on competitive advantage​​.* (12:28) Brad highlights Altimeter's unique approach, combining venture capital experience with public market sensibility​​.* (14:02) He speaks about the importance of founders choosing partners that provide intellectual resources along with capital​​.* (18:41) Brad reflects on Altimeter's investment strategy and acknowledges that they haven't always done everything perfectly​​.* (20:44) He discusses the cyclical nature of the venture business and the importance of the price of entry in investments​​.* (23:24) Brad talks about technology super cycles and how they improve lives and outcomes​​.* (28:19) He elaborates on the role of cloud computing and AI in reshaping industries and improving consumer experiences​​.* (30:09) Discussing the evolution of search engines, Brad talks about the transition from Google as a card catalog to an answer bot​​.* (32:32) He shares insights on the power of AI in business and its impact on efficiency and profitability​​.* (39:45) Brad explains Altimeter's disciplined approach to valuation and their investment decision-making process​​.* (44:51) He emphasizes the fiduciary duties of board members to all shareholders and the importance of research-based decision-making​​.* (47:11) Brad reflects on his work with Richard Lugar and his influence on Brad's view of the world​​.* (50:59) He discusses the Invest America initiative and its goal to invest in the future of American children and democracy​​.* (54:03) Brad talks about the need for job retraining and economic participation in the face of labor displacement caused by AI​​.I’d love to know what you took away from this conversation with Brad. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We are excited to bring you our latest episode with Mamoon Hamid, Partner at Kleiner Perkins. As many know, Kleiner Perkins, founded over 50 years ago is one of the most storied franchises in the history of venture capital, having backed companies companies such as Genentech, Sun Microsystems, Amazon, Google, and Uber. After stints at USVP and Social Capital (which he co-founded), Mamoon joined Kleiner in 2017 as part of a generational succession process. As part of this, Mamoon has focused heavily on returning Kleiner to the roots of it’s history as a premier boutique venture capital fund focused on early-stage investing. Since then, they’ve backed companies such as Rippling and Figma. Mamoon and I spoke about how he and the team have executed the mission of bringing Kleiner to what they have coined as going back to the future. We covered a number of topics but dug deep into the importance of culture and focus.About Mamoon Hamid:Mamoon Hamid is a Partner at Kleiner Perkins. He has been an early investor in and served on the boards of some of the most innovative software companies of recent times including Slack, Figma, Box and Rippling.Prior to joining Kleiner Perkins, Mamoon was a co-founder of Social Capital. He started his venture career in 2005 at U.S. Venture Partners (USVP) where he eventually became Partner. Mamoon came to Silicon Valley in 1997 to join Xilinx, a Kleiner Perkins company, where he spent six years, initially as an engineer and later in product and marketing roles.He has a B.S. in Electrical and Computer Engineering from Purdue University, an M.S. from Stanford University, and an MBA from Harvard Business School.In this episode, we discuss:(02:14) Mamoon’s journey to Kleiner Perkins(04:18) Jumping over from being an engineer to investor(09:26) What was interesting about joining Kleiner in 2017(14:18) What going back to the future meant to Mamoon(17:06) Balancing between the past and building for the future(21:26) Mapping core values to bringing on new team members to help execute(25:59) Traits he looks for when hiring(28:36) How he has picked so many breakout companies(31:35) OKRs that Kleiner Perkins tracks(37:15) What it means to be an entreprenuer’s first call(40:08) What does venture look like over the next ten years(44:07) Biggest learning in Mamoon’s careerI’d love to know what you took away from this conversation with Mamoon. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We're thrilled to bring back three experienced institutional venture LPs with Chris Douvos of Ahoy Capital, Beezer Clarkson of Sapphire Partners, and Guy Perelmuter of GRIDS Capital. When we last convened, it was almost exactly two years ago in October of 2021. We had an inkling of the changes to the market on the horizon, but what a two years it has been.Given the dramatic shift in the market, we had a lot to cover, and we spoke about the impact of the downturn on emerging managers, what managers can do to navigate this market, and the role of secondaries.A word from our sponsor:Is AI coming for your administrator?With ever-increasing investors, dollars, and data to manage, the fund administration industry has evolved significantly in the last 20 years. Now, forces like AI, automation, and cybersecurity are coming together to drive even more change.Juniper Square’s latest guide looks at the five biggest trends shaping the future of fund administration. Download it now to learn more.About Beezer Clarkson:Beezer Clarkson is Managing Director of Sapphire Partners, the LP arm of Sapphire Ventures. She began her career in financial services over 20 years ago at Morgan Stanley in its global infrastructure group. Since, she has held various direct and indirect venture investment roles, as well as operational roles in software business development at Hewlett Packard. Prior to joining Sapphire in 2012, Beezer managed the day-to-day operations of the Draper Fisher Jurvetson Global Network.Additionally, she is a judge for 100&Change, a MacArthur Foundation competition that provides funding to solve critical challenges of our time. In 2014, she was named to the Forty Over 40 list of women to watch.About Chris Douvos:Chris Douvos is the Founder of Ahoy Capital, a boutique Fund of Funds that focuses primarily on allocating into early-stage venture capital funds, while selectively co-investing directly into companies.Chris started his career at Morgan Stanley while still at Yale earning his MBA. From there he worked at Princeton University’s endowment fund where he got his start in venture before moving on to The Investment Fund for Foundations (TIFF). At TIFF he decided that the right strategy was to make “heroic investments” and invest in very early-stage, and often unproven managers.About Guy Perelmuter:Guy Perelmuter is the Co-Founder and CEO of GRIDS Capital. Guy began his career in Banking as Chief Risk Officer at Banco Pactual (acquired by UBS), one of the largest banks in Latin America. He went to Vinci Partners, an investing platform for alternative investments in 2009 as Chief Risk Officer. He and his partner, Isabelle, Co-Founded GRIDS Capital in 2016.He received a BS in Computer Engineering and an MS in AI from Pontifícia Universidade Católica do Rio de Janeiro.In this episode, we discuss:(02:51) Venture is _______(06:46) Outlook for emerging managers(09:42) Why it’s so difficult to raise a fund two right now(13:01) Is new money and funders in venture a net positive(16:16) Why emerging managers are still important for LPs(21:46) What they look for in a fund one investment(22:48) The decision to stop investing in grownups and look to emerging managers(25:24) How GPs get mentored and how information flows to them(27:23) Peer pressure amongst GPs to grow their fund size(31:53) How managers are recalibrating their funds to the current market(35:12) The role of secondaries(39:49) Why Venture is an unsophisticated asset class(44:29) How do you get institutional investorsI’d love to know what you took away from this conversation with Guy, Chris, and Beezer. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show, we’re excited to have Ben Lerer and Graham Brown, Managing Partners at Lerer Hippeau. The firm was founded in New York in 2010 to back early-stage entrepreneurs. Today the firm manages $1.2B and has invested in over 400 companies including Oscar, Buzzfeed, Mirror, Warby Parker, and Casper. Ben’s background prior to investing was as Founder and CEO Thrillist, while Graham came over in 2015 from Softbank. During our chat, we covered everything from building and productizing a community to the evolution of the firm in maintaining its competitive advantage in the region. Hope you enjoy our conversation. A word from our sponsor:Feature-packed operating account & partnership ecosystemNationally chartered and headquartered in New York City, Grasshopper Bank is a client-first digital bank built to serve the business and innovation economy, combining the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Serving clients globally, the client-first digital bank recently announced the launch of Accelerator Checking, a feature-packed operating account with powerful digital tools designed to serve a wide range of venture-backed startups. With its latest offering, startup clients also receive exclusive access to its newly established partner marketplace, as well as a curated community of investors for fundraising support. For more information about Accelerator Checking or how to leverage Grasshopper’s platform for your firm, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.About Ben Lerer:Ben Lerer is a Managing Partner at Lerer Hippeau. He is the Co-Founder and former CEO of Thrillist, which was acquired by Vox Media in 2022. He chairs the Board of Directors for Urban Upbound and is an Associate Member of the International Academy of Digital Arts & Sciences (IADAS). Lerer holds a BS from the University of Pennsylvania.About Graham Brown:Graham is a Managing Partner at Lerer Hippeau. He joined Lerer Hippeau from SoftBank Capital, where he focused primarily on early stage investments in mobile and Internet, with a particular interest in marketplaces. Prior to SoftBank Capital, Graham was an Associate at Polaris Partners and then helped lead digital strategy at Life Line Screening, a direct-to-consumer preventive health company backed by Polaris Partners.Graham is a graduate of Colby College and Columbia Business School.In this episode, we discuss:(02:48) Why start a company? (05:33) The gap they saw when founding the firm in 2010(09:59) What drew Graham to the firm in 2015(13:34) Why their investing thesis of early-stage NYC companies worked so well in retrospect(19:32) How the the firm invests in its community(26:32) The number of investments typically per fund at Lerer Hippeau(29:11) Maintaining operational discipline(34:24) Deciding when to make an exception on a deal(38:08) Why they launched a select fund to invest at Series A, B, and C(42:41) Learnings from investing in companies later stages after they passed the first time(48:36) The importance of empathy and being humane when passing on a companyI’d love to know what you took away from this conversation with Ben and Graham. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We're excited to be joined by Chris Farmer, Founder and CEO of SignalFire, a firm that was founded nearly a decade ago with the goal of disrupting the way Venture Capital is done.Unlike traditional VC firms, SignalFire has been built more like a company than a traditional asset manager, as it leverages a robust purpose-built data platform to augment its unique service model to entrepreneurs.During our conversation, we spent a lot of the time talking about his views on building a next-generation venture capital fund and the organizational design that goes behind it.About Chris Farmer:Chris Farmer is the Founder and CEO of SignalFire. He was previously a Venture Partner at General Catalyst Partners, supporting notable companies such as Alation, Coinbase, Stripe, and Venmo. Prior to this, Chris served as a Vice President at Bessemer Venture Partners specializing in digital media and mobile investments.In addition to his venture capital experience, Chris has demonstrated his entrepreneurial prowess by spearheading the turnaround of Skybitz, a wireless-enabled SaaS company.His career began on Wall Street in the private equity group of Cowen & Company, and he holds a B.A. from Tufts University.In this episode, we discuss:(02:13) The inspiration to start SignalFire after stints at iconic firms like General Catalyst and Bessemer(04:42) Being a tech company that happens to also invest in other tech companies?(07:21) How Chris uses data to source and evaluate new deals(16:53) Balancing a founder’s past performance and their future potential(22:13) Thinking about OKRs and KPIs when starting a different sort of firm(26:28) Why hasn’t venture itself seen more innovation as an industry(30:00) How he recruited and found the right team for this new model(33:30) Why data was able to help the firm to avoid the pitfalls of the recent bullrun market(38:58) Balancing data and FOMO as a firm(43:30) What the market will look like over the next 12-18 monthsI’d love to know what you took away from this conversation with Chris. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Today we’re excited to bring Mark Suster back on the pod. Mark is the managing partner of Upfront and also a frequent contributor of great content for the venture ecosystem through his blog, Both Sides of the Table, which I’d highly recommend you subscribe to. Mark and Samir were recently talking about venture funds raising in this market, and we thought it would be timely to record a session on what we are seeing, and how venture fund managers should think about navigating in this market. About Mark Suster:Mark Suster is a Partner at Upfront. He previously was the Founder and CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com where Mark became VP, Products. Prior to being a founder, Mark was a software developer at Accenture where he lived and worked in Europe, Japan and the U.S.Mark is a graduate of UCSD and has an MBA from the University of Chicago.In this episode we discuss:(01:51) With fundraising down from its high in 2021, what are GPs and LPs saying about the market(04:33) What institutional investors are saying about the market(09:19) How emerging managers can access larger global pools of capital(13:47) Building a sales pipeline for your fundraising process as an emerging manager(18:03) Moving deals through the mid-funnel death trap(21:55) Non-obvious things managers can do to improve their fundraising(25:29) Strategies to talk to Family Offices versus large institutional investors(30:49) How to stand out as a manager in a crowded field(34:17) Preparing for an LP meeting(38:45) The bull case for venture moving forward(41:44) How are LPs thinking about venture as an asset category and about the liquidity premiums across the entire market(45:49) Putting in the work to find good managers versus investing in a larger brand name fund(47:30) The importance of having a reserve as an emerging managerI’d love to know what you took away from this conversation with Mark. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show, we’re excited to have Hernan Kazah, Co-Founder and Managing Partner of Kaszek, one of the largest Latin American firms with nine funds under management. The firm launched in 2011 and over time they’ve made early-stage investments in companies such as Nubank, QuintoAndar, Kavak, Creditas, and Nuvemshop.Before becoming an investor, Hernan Co-Founded MercadoLibre in 1999, an online auction and e-commerce platform that later went public in 2008. At a market cap today of over $60B, the company represents one of the great entrepreneurial successes in the region. During our conversation, we spoke about the growth of Latin America, making the shift from a company builder to a full-time investor, and how founders and investors should think about the capital-scarce market we are navigating today.A word from our sponsor:Privately owned and headquartered in New York City, Grasshopper Bank is built to serve the business and innovation economy. As a client-first digital bank, Grasshopper combines the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Grasshopper's digital solutions are tailored for venture capital and private equity firms, startups and small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, and more. Serving clients globally, Grasshopper provides flexible, firm-focused lending solutions, as well as a dedicated Relationship Manager committed to meeting the unique needs and strategic focus of your firm across all entities, including funds, general partner and management companies. Grasshopper is a member of the FDIC and an Equal Housing Lender.For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and X.About Hernan Kazah:Hernan Kazah is the Co-Founder and Managing Partner of Kaszek Ventures. Hernan has overseen Kaszek’s growth into the largest venture capital firm in Latin America. It has invested in more than 100 startups and is known for its ability to spot the next tech talent and hands-on approach.Prior to investing, Hernan Co-Founded MercadoLibre, the most successful "from-garage-to-Nasdaq" startup story in Latin America to date, and one of the largest technology companies in the region.He has a BA from the University of Buenos Aires and an MBA from Stanford.In this episode we discuss:(02:57) Hernan’s journey into tech and investing(04:39) Lessons from MercoadoLibre that he wanted to apply in building Kaszek(10:38) Why he decided to move to venture in 2011(14:11) The long process of building an LP base with an unproven theory(20:21) Advice and mentorship Hernan sought out prior to starting Kaszek(24:56) How Hernan manages his time to help his portfolio(28:57) Comparing the market of 1999/2000 with today’s market(36:04) What it means to support founders(42:33) Why Hernan is mostly handsoff in his portfolio companies(46:50) How to have tough conversations with founders(48:10) The best career advice he’s recievedI’d love to know what you took away from this conversation with Hernan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show we’re excited to have Tomasz Tunguz, Founder of newly formed Theory Ventures. Tomasz spent nearly 15 years at Redpoint Ventures, before recently spinning out to start Theory Ventures. Earlier this year, Theory closed a $230MM fund to back early stage entrepreneurs. Those who have followed Tomasz’s writing, know that he is incredibly analytical and thoughtful in his approach to business. This conversation was no different as we went deep into topics such as portfolio construction theory, business models in VC, and how to be strategic in raising a VC fund. About Tomas Tunguz:Tomasz Tunguz is a Founder and Managing Director at Theory Ventures. He is an active blogger at tomtunguz.com and is co-author of Winning with Data which explores the cultural changes big data brings to business and shows you how to adapt your organization to leverage data to maximum effect.Before founding Theory, Tomasz was Managing Director at Redpoint Ventures, where he backed many early-stage SaaS, data, and infrastructure founders in his 14-year tenure. He began his career as the product manager for Google’s AdSense social-media products and AdSense internationalization.Tomasz attended Dartmouth College and graduated with a BA in mechanical engineering, a BE in machine learning, and a master’s degree in engineering management.In this episode we discuss:(01:42) Why Tomasz joined Redpoint(03:01) The decision to start Theory Ventures (06:32) Raising his first fund during one of the most difficult raise environments in recent history(07:45) What his plan was with the raise(10:47) How Tomasz created and sustained momentum during his raise(16:12) Common objections from LPs and how he overcame them(19:49) What it means for a venture firm to have a business model(23:00) How Theory’s thesis addresses the problem of multiples in the venture market(24:59) Winning deals without paying premiums(26:13) Why the 3x net returns on venture needs to increase to be competitive(27:40) Getting comfortable with a smaller portfolio(31:29) Tomasz’s mental model of picking and diligence with a smaller portfolio(34:30) Qualitative signs he looks for in founders and companies(38:19) Why Tomasz embraces the emerging manager label(39:30) What the next decade of venture looks like(42:07) The best career advice he’s receivedI’d love to know what you took away from this conversation with Tomasz. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show, I’m thrilled to be joined by Sunil Nagaraj, Founder of Ubiquity Ventures. Sunil started Ubiquity in 2017 to focus on backing technical founders at the pre-seed and seed stages around a thesis he calls “nerdy and early.” Before starting Ubiquity, Sunil spent just over 6 years at Bessemer Venture Partners, and began his career as a founder of a startup. With so many solo-GP firms emerging, Sunil took us through us his lens of a solo-GP, and how he has built and grown ubiquity over the last 7 years.This was a very insightful conversation and I hope you’ll enjoy it. About Sunil Nagaraj:Sunil Nagaraj is the Founder and Managing Partner of Ubiquity Ventures, a seed-stage institutional venture capital firm with over $150 million under management and a focus on "software beyond the screen"® startups. This includes B2B technology companies that utilize smart hardware or machine learning to solve business problems outside the reach of computers and smartphones.Prior to founding Ubiquity Ventures, Sunil spent the better part of a decade with Bessemer Venture Partners where his work included leading the seed rounds of Auth0 (acquired by Okta for $6.5 billion) and Zapier as well as investments in Rocket Lab (NASDAQ: RKLB), Spire (NASDAQ: SPIR), Velo3D (NYSE: VLD), Tile (acquired by Life360), and Twitch (acquired by Amazon for $1 billion). Before investing, Sunil was Founder and CEO of Triangulate, a VC-backed online dating startup using machine learning and behavioral data to improve matching accuracy. He has also worked at Bain & Company, Cisco, and Microsoft.Sunil holds an MBA from Harvard Business School and a BS in Computer Science from the University of North Carolina at Chapel Hill.In this episode we discuss:(01:45) Sunil’s journey into tech and investing(04:33) The decision to become a solo GP after spending his career in partnerships and team(09:56) How the first raise for Ubiquity went(13:23) LP segments(19:28) The types of founders that Sunil likes to back(22:25) Biggest lessons learned during his time in VC(24:54) Lessons from his anti-portfolio(28:37) Sizing your fund to be both small and nimble and large enough to write meaningful checks(31:33) The potential for AI(36:25) Navigating the hype cycles in VC(38:43) When to make exceptions in terms of ownership or check size(41:20) What the current VC market is like and how it might evolve(44:28) The advice he would give himself at the start of his careerI’d love to know what you took away from this conversation with Sunil. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We’re pleased to welcome Oren Zeev, Founding Partner at Zeev Ventures. Without a doubt, Oren is one of the titans in venture investing with nearly 30 years of experience and one of the most unique. Unlike traditional firms that have achieved scale, Oren remains a solo-GP, and has an authentic and refreshing view on venture investing. Today, he manages over $2B in Assets under management and has backed companies such as   Houzz, Audible, Chegg, TripActions, and Tipalti, among many others.About Oren Zeev: Oren calls himself a “One Man Venture Capitalist,” and TechCrunch says he is a hybrid between an Angel Investor and a traditional VC. Prior to founding Zeev Ventures, Oren was a part of the founding team of Apax Israel in 1995. In 2002 moved to the US and co-headed, and later headed, the Technology Practice of Apax and the Silicon Valley office.He began his career at IBM and got his Bachelors from the Israel Institute of Technology and his MBA from INSEAD.In this episode we discuss:(02:21) The original thesis behind Zeev Ventures(09:44) Why Oren has avoided growing beyond a solo-GP(15:05) How Oren pushes himself to prevent biases and evolve his thinking over time(18:50) Why fund vintage doesn’t matter(21:24) The reason why Oren can be aggressive with follow-ons(23:59) What type of support can founders expect(27:50) Being relevant to founders as a VC(30:26) Working with other VCs on board(32:47) Advice to companies that had 2021 valuations that may need to raise soon(37:03) Thoughts on this downturn(41:47) Why Venture is still a good long-term investmentI’d love to know what you took away from this conversation with Oren. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We’re joined by Stephanie Palmeri and Melody Koh, Partners at NextView Ventures. Nextview was founded in 2010 and recently raised $200MM for their new set of funds. Located in SF, NY, and Boston, the firm invests all across the US and has invested in over 170 companies at the seed-stage since its founding, including Devoted Health, Thread up, and Attentive. We had a great conversation about how NextView thinks about firm partnerships, what seed and pre-seed investing look like today, and what they believe it means to successfully work with founders. About Stephanie Palmeri:Stephanie is a Partner at NextView Ventures and is based in San Francisco. She focuses on the power of technology to positively transform how we live, work, learn, play, and care for our planet and each other. Her investments in the “Everyday Economy” have spanned many industries, including social commerce, circular retail, education, digital health, marketplaces, transportation, and finance. Previously, Stephanie was a partner at Uncork Capital, where she spent a decade investing in dozens of seed stage companies, including Poshmark ($POSH), Clever (aqu. by Kahoot!), Chariot (acq. by Ford), ClassDojo, Carrot Fertility, Hallow, Panorama Education, Phil, Wrapbook, and Wonderschool. Before venture investing, Stephanie worked as a technology consultant and marketer at Accenture, Estee Lauder, and several startups.Stephanie holds an MBA from Columbia Business School and a BS in Marketing and Management Information Systems, magna cum laude, from Villanova University.About Melody Koh:Melody is a Partner at NextView Ventures, based in its New York office. Prior to joining NextView, Melody was Head of Product at Blue Apron (NYSE: APRN). Melody joined Blue Apron as the first product hire when the company was 18 months old with 20 HQ employees. She helped scale the business through hyper-growth (25x in 3.5 years) and to its IPO.Previously, Melody was a Product Manager at Fab.com leading marketing & analytics products and the founder/CEO of a seed-funded wine subscription e-commerce service. Melody was also a venture investor at Time Warner’s strategic VC group and was one of six inaugural members of First Round Capital’s Product Co-op initiative. Melody began her career as a tech/media M&A investment banking analyst at Evercore Partners.Melody holds an MBA from the Harvard Business School and the University of Virginia.In this episode. we discuss:(01:54) Why NextView strives to not be a pack of lone wolves(03:35) How the carry economics of the firm drives a deeper partnership(06:57) Building firm culture with so many locations(11:21) How NextView uses strategic in-person time to remain connected(13:42) The benefits to founders by being more strategic in their investments(16:33) How the NextView model performed in the different market conditions over the last few years(21:04) What the moving goalposts of the market has meant to founders and investors(25:27) The advice they are giving founders to get through this difficult funding cycle(29:18) Why NextView sees themselves as invited guests and why that translates to happy founders(34:31) How they think about the growth and evolution of NextViewI’d love to know what you took away from this conversation with Stephanie and Melody. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we’re joined by Scott Kupor, Managing Partner at Andreessen Horowitz. Scott was the first employee of the firm alongside Marc Andreessen and Ben Horowitz. He has been instrumental in the firm’s growth to now having north of $35B in AUM. Scott also authored a Wall Street Journal bestselling book called Secrets of Sand Hill Road: Venture Capital and How to Get It, and previously also served as chairman of the board of the NVCA. Scott goes through the history of a16z and the learnings along the way in building the multi-product investment company it is today.Frank, Rimerman + Co.’s history is closely intertwined with that of Silicon Valley. With humble beginnings similar to so many start-ups, Frank, Rimerman was formed with a desire to serve the entrepreneurial and venture communities of the Valley and the determination to think outside-the-box.When it comes to venture funds, we work with almost 500 VC groups from over 20 states across the USA. We have worked with over 400 fund groups during their first year of operations, making us one of the leading providers in the country to emerging managers.No one wants to be bored at work. That’s why we chose to work with some of the most innovative and creative people – people who are changing the world around us every day. Their excitement fuels our passion and determination to grow and serve this special community.Frank, Rimerman + Co, Passion Works Here.www.frankrimerman.comAbout Scott Kupor:Scott Kupor is Managing Partner at Andreessen Horowitz, focused on growth-stage companies building in the bio and healthcare industries, manages the firm's investor relations team, and is responsible for the firm's growth initiatives. Scott was the first employee at Andreessen Horowitz and managed the firm's growth from $300 million in AUM to more than $30 billion. Prior to joining the firm, Scott worked Hewlett Packard, Opsware, and represented startups through M&A processes. Scott is the author of the Wall Street Journal bestselling book, Secrets of Sand Hill Road: Venture Capital and How to Get It, and serves on the boards of Cedar, Headway, Foursquare, Labster, Ultima, and SnapLogic. He also served as chairman of the board for the National Venture Capital Association.Scott earned a bachelor’s degree and a JD from Stanford University.In this episode, we discuss:(02:24) Scott’s journey to a16z(04:52) Lessons from the dotcom bubble (08:29) Why the original thesis for a16z was so different(12:33) How Mike Ovitz and CAA inspired them(16:44) Early days building the firm and recruiting the team(20:26) Running the firm like a startup(25:58) Challenges of building and maintaining a culture(30:01) Building cohesion with a global workforce and work from home(33:18) What “founder-friendly” means at a16z(36:34) Advice for new managers(40:49) Where we are in the current market cycle(44:59) The advice Scott would give e himself as a new graduate.I’d love to know what you took away from this conversation with Scott. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week on the show we’re joined by Meghan Reynolds, partner and head of capital formation at Altimeter. Founded by Brad Gerstner in 2008, Altimeter has backed companies such as Snowflake, Unity, Gusto, and Modern Treasury. Prior to joining Altimer, Meghan worked in a variety of investor relations roles including TPG, Goldman Sachs, and JAZZ Ventures partners.She’s also quite prolific on Twitter with her insights on the LP world. This conversation was great as she went through the system she uses to form and maintain relationships with world-class LPs.A word from our sponsor:Venture capital firms and their investors have realized that a fund administrator without best-in-class technology is no longer acceptable. But experienced firms also know that when it’s crunch time and that capital call needs to go out now, no technology can replace the need for an expert, highly responsive fund accountant working with you. It’s time you talk with Juniper Square: the first technology-driven fund admin built for sophisticated venture capital firms. Learn more and request a call todayAbout Meghan Reynolds:Meghan is the Head of VC Capital Formation and Fundraising for Altimeter, a lifecycle technology investment firm. Prior to joining Altimeter, Meghan was Managing Partner and Co-head of Fundraising at TPG. She began her career and spent nearly a decade in the Investment Management Division of Goldman Sachs. ShMeghan is also currently a Venture Partner with JAZZ Venture Partners, an early stage Venture firm focused on the intersection of technology and human performance.Meghan graduated from the University of Notre Dame.In this episode we discuss:(02:42) Meghan’s career path that led her to Altimeter(05:40) How Meghan defines capital formation(10:33) Making decisions that allow the investment team to thrive while balancing LP interests(14:03) Building the right frameworks with LPs who may ultimately become long-term partners(17:03) Ways managers can differentiate outside of returns(19:44) Other factors that go into LP relationship management(23:16) The importance of transparency with your LPs(26:01) How LPs are reacting to current market trends(29:17) Using an LP Advisory Committee strategically(35:00) International sources of institutional capital(40:14) Fundraising advice for solo GPs(43:32) What to look for when hiring for a capital formation role(47:16) Predicting the market over the next 5 to 10 yearsI’d love to know what you took away from this conversation with Meghan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.On this week’s show we’re fortunate to be joined by Hunter Walk and Satya Patel, founders of Homebrew, a seed-stage firm founded over a decade ago that’s backed companies such as Chime, AngelList, and Gusto. Just over a year ago, Homebrew announced that it was moving away from a seed-focused traditional LP-backed fund to an open-ended evergreen structure that is funded from the proceeds of prior investments.Additionally, they are also leading up efforts of Screendoor, a fund of funds focused on supporting underrepresented fund managers by offering capital and counsel. Satya is coming back on the show for the second time, and it was fun to have Hunter on with him this time, as we dove deep into their learnings from building homebrew, what they look for when back fund managers, and their view on what makes a great partner for founders. This was a fun one, and we think you’ll really enjoy hearing their thoughts. Let’s now get right into it!A word from our sponsor:Privately owned and headquartered in New York City, Grasshopper Bank is built to serve the business and innovation economy. As a client-first digital bank, Grasshopper combines the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Grasshopper's digital solutions are tailored for venture capital and private equity firms, startups and small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, and more. Serving clients globally, Grasshopper provides flexible, firm-focused lending solutions, as well as a dedicated Relationship Manager committed to meeting the unique needs and strategic focus of your firm across all entities, including funds, general partner and management companies. Grasshopper is a member of the FDIC and an Equal Housing Lender.For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.About Satya Patel:Satya Patel is a Founding Partner of Homebrew and Co-Founder of Screendoor. Prior to Homebrew, he was VP Product at Twitter, building and leading the Product Management and User Services teams. Before Twitter, he was a Partner at Battery Ventures, where he co-led the seed and early-stage investing practices. He joined Google in 2003 and was responsible for AdSense product management and partnerships.Before heading to Silicon Valley for Google, he worked for DoubleClick, in venture capital, and as a strategy consultant.He has a BS in Finance and a BS in Psychology from The University of Pennsylvania.About Hunter Walk:Hunter Walk is a Founding Partner of Homebrew and Co-Founder of Screendoor. Prior to Homebrew, Hunter led consumer product management at YouTube, starting when it was acquired by Google. He originally joined Google in 2003, managing product and sales efforts for AdSense, Google‘s contextual advertising business.His first job in Silicon Valley was as the founding product and marketing guy at Linden Lab.Before graduate school, he was a management consultant and also spent a year at Late Night with Conan O‘Brien. He has a BA in History from Vassar and MBA from Stanford University.In this episode we discuss:(03:32) The decision to move to an evergreen fund structure with Homebrew(07:32) The biggest constraints when early-stage fund sizes balloon(17:34) How to survive a down market and become a force multiplier on a cap table(24:58) The inspiration to start Screendoor(33:33) The type of managers they are looking to back at Screendoor(37:54) Patterns they’ve seen in great investors(42:13) The most important question they ask GPs(44:42) The biggest lessons from their time as investorsI’d love to know what you took away from this conversation with Satya and Hunter. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. I started Venture Unlocked to bring more transparency to firm building by bringing on guests whose unique insights and experts could help venture fund managers, limited partners, and founders with their journeys. This week, we have a special guest in Anubhav Srivastava, Founder and CEO of Tactyc, who saw the pain point managers were having in portfolio construction. Prior to Tactyc, managers often used excel spreadsheets and other methods for forecasting models. Tactyc is a dynamic software dashboard that makes ongoing portfolio modeling easy. Anyone who has listened to this show knows that portfolio construction is one of my favorite things to talk about, and Anubhav provided his data-driven insights on what he’s seeing on how emerging managers are modeling portfolios around number of companies, reserves, recycling, and follow-ons.Here is a completed dashboard that shows the Tactyc platform in action. You can also schedule a 1-on-1 demo with Anubhav, Tactyc's founder directly here.  We hope you enjoy my conversation with Anubhav.A word from our sponsor:Privately owned and headquartered in New York City, Grasshopper Bank is built to serve the business and innovation economy. As a client-first digital bank, Grasshopper combines the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Grasshopper's digital solutions are tailored for venture capital and private equity firms, startups and small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, and more. Serving clients globally, Grasshopper provides flexible, firm-focused lending solutions, as well as a dedicated Relationship Manager committed to meeting the unique needs and strategic focus of your firm across all entities, including funds, general partner and management companies. Grasshopper is a member of the FDIC and an Equal Housing Lender.For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.About Anubhav Srivastava:Anubhav Srivastava is the Founder and CEO of Tactyc. He is a former bulge-bracket investment banker with extensive experience in M&A and financing transactions. Having spent more time than is healthy with Excel models, the idea for Tactyc was born out of his observations of how he saw people using (and misusing) Excel-based models.Prior to Tactyc, Anubhav was a Vice President at Evolution Media Capital and started his investment banking career at Deutsche Bank.Anubhav has an MBA in Finance from the Wharton School of Business and a B.S. in Electrical Engineering from Georgia Institute of Technology.In this episode we discuss:(02:26) Why Anubhav started Tactyc and what it does(05:10) The reason why using Excel becomes a pain point over time(08:10) How deeper portfolio analysis can give LPs peace of mind(10:55) Who has been more successful in raising over the last year(14:09) Trends of portfolio models in terms of initial valuation at the pre-seed, seed level today versus 2021(16:04) Changes in check sizes and dilution in recent months(18:04) How reserves and follow-ons have changed(19:36) The most important metric for a sub-$50 million fund(21:32) Portfolio strategies for nano-funds(23:32) How successful managers take emotions out of the equation in follow-on investments(26:46) What managers are seeing with follow-on MOIC hurdles(28:59) Why some managers are over-reporting to LPs to navigate this downturn(31:22) The biggest mistakes managers make in portfolio construction reporting(34:57) Understanding the difference between a management fee recycling and exit proceed recycling(36:53) Example of management fee recycling(39:08) What success for Tactyc looks like over the next 5-10 yearsI’d love to know what you took away from this conversation with Anubhav. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week on the show we’re joined by Dana Settle, Co-Founder of Greycroft. Founded in 2006, Greycroft began with a mission to invest in areas outside of Silicon Valley and specifically in NY and LA. The firm currently has over $2B in Assets Under Management, over 60 employees, and has invested in companies such as Bumble, Scopely, Plated, and Maker Studios among many others. This was a special episode where we unpacked all of the components of firm-building including team development, fundraising, investment decision-making, and evolving to market dynamics. We hope you enjoy my conversation with Dana.Program note: This was recorded prior to the issues arising in the banking sector.A word from our sponsor:Privately owned and headquartered in New York City, Grasshopper Bank is built to serve the business and innovation economy. As a client-first digital bank, Grasshopper combines the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Grasshopper's digital solutions are tailored for venture capital and private equity firms, startups and small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, and more. Serving clients globally, Grasshopper provides flexible, firm-focused lending solutions, as well as a dedicated Relationship Manager committed to meeting the unique needs and strategic focus of your firm across all entities, including funds, general partner and management companies. Grasshopper is a member of the FDIC and an Equal Housing Lender.For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.About Dana Settle:Dana Settle is a Co-Founder and Managing Partner at Greycroft. Dana’s active investments include Acorns, Anine Bing, Avaline, Bird, Citizen, Cloud Paper, data.ai, Goop, HamsaPay, Happiest Baby, Merit Beauty, Mountain Digital, Pacaso, Seed Health, Tapcart, Thrive Market and Versed. Her notable exits include Bumble (IPO), Maker Studios (acquired by Disney), Pulse (acquired by LinkedIn), The RealReal (IPO), Trunk Club (acquired by Nordstrom), and WideOrbit (interest sold to company management).Prior to Greycroft, Dana spent several years as a venture capitalist and advisor to startups in the Bay Area, including six years at Mayfield, and investment banking at Lehman Brothers.Dana holds a BA in Finance and International Studies from the University of Washington and an MBA from Harvard Business School.In this episode we discuss:(02:03) What led to the creation of Greycroft(06:46) How they found believers in their hypothesis and got their first fundraise completed(08:19) Advice for managers and entrepreneurs raising in the current market(11:34) Building a distributed and remote-first culture outside of Silicon Valley(15:33) The role of diversity when building strong partnerships(19:00) Traits Dana values when she is hiring for the firm(21:09) Why curiosity is so important and how she uncovers that in candidates(23:55) The importance of creating a safe space for new voices to be heard in a firm(27:59) Why Dana hated the internal politics of old Silicon Valley and wanted to remove that from Greycroft(30:54) The decision to follow-on invest in their portfolio companies(33:11) How Greycroft manages conflicts within the partnership(35:01) The philosophy around team-building within the firm and how that benefits their portfolio companies(37:19) How Greycroft remains nimble with such a large organization(39:26) The bull case for Venture Capital moving forward(42:09) What Greycroft got the most correct and the most wrong in its historyI’d love to know what you took away from this conversation with Dana. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we are joined by Shuly Galili, Founding Partner of UpWest, an early-stage firm founded in 2012 with her partner Gil Ben-Artzy to invest in seed-stage founders from Israel that are seeking to expand into the US market. UpWest has 4 funds under management and has invested in nearly 100 companies at the early stage that today have a collective market cap of over $20B. A word from our sponsor:Privately owned and headquartered in New York City, Grasshopper Bank is built to serve the business and innovation economy. As a client-first digital bank, Grasshopper combines the best of banking technology and years of industry expertise to deliver best-in-class experiences with trusted security and unparalleled support. Grasshopper's digital solutions are tailored for venture capital and private equity firms, startups and small businesses, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, and more. Serving clients globally, Grasshopper provides flexible, firm-focused lending solutions, as well as a dedicated Relationship Manager committed to meeting the unique needs and strategic focus of your firm across all entities, including funds, general partner and management companies. Grasshopper is a member of the FDIC and an Equal Housing Lender.For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.About Shuly Galili:Shuly is a Founding Partner at UpWest, a Silicon Valley seed fund investing in startups at the Israel-US technology junction. UpWest portfolio crossed $2B in VC funding and includes companies such as SentinelOne, HoneyBook, Stampli, CyCognito, Imubit, and more.She helped found the California Israel Chamber of Commerce (CICC), a business platform for ongoing tech exchange serving a network of over 10,000 companies. Under Shuly’s leadership as Executive Director, CICC had a significant impact on its members’ success in securing millions in venture capital, establishing US/Israel offices and R&D Centers and branding Israel’s emerging tech industry in Silicon Valley.In this episode we discuss:(02:23) What gap they saw they wanted to fill in 2012(08:45) How the go to market strategy is different in the US vs. Israel(10:51) What their first fundraise was like with a new strategy(14:03) The strategic support UpWest received from its early LPs(15:39) The realization that they needed to grow to realize their vision(18:10) How Fund II changed their investing strategy and approach(21:50) When do you know it’s time to raise your fund size?(25:42) What early-stage investors should optimize for(30:32) Defining a healthy venture GP partnership(33:57) UpWest’s decision-making process(35:20) How Shuly and Gil maintain their partnership(38:14) Advice to her younger selfI’d love to know what you took away from this conversation with Shuly. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we are re-joined by friend of the pod Ryan Hoover who is the Managing Partner of Weekend Fund and Jordan Gonen, Co-Founder and CEO of Compound, a fintech platform that provides wealth management and advisory services to founders and employees of startups. This was a special episode covering the growing intersection of the private wealth sector and venture capital investing, and what trends we are all seeing. We hope you enjoy my conversation with Ryan and Jordan.Frank, Rimerman + Co.’s history is closely intertwined with that of Silicon Valley. With humble beginnings similar to so many start-ups, Frank, Rimerman was formed with a desire to serve the entrepreneurial and venture communities of the Valley and the determination to think outside-the-box.When it comes to venture funds, we work with almost 500 VC groups from over 20 states across the USA. We have worked with over 400 fund groups during their first year of operations, making us one of the leading providers in the country to emerging managers.No one wants to be bored at work. That’s why we chose to work with some of the most innovative and creative people – people who are changing the world around us every day. Their excitement fuels our passion and determination to grow and serve this special community.Frank, Rimerman + Co, Passion Works Here.www.frankrimerman.comAbout Ryan Hoover:Ryan is the founder of Weekend Fund. He started his professional career as a product manager in the gaming industry. His fascination with technology and behavioral psychology led him to help write Hooked: How to Build Habit-Forming Products.In 2013 he founded Product Hunt, inspired by his curiosity and a desire to support early-stage makers and founders. The company raised capital from Y Combinator, Andreessen Horowitz, and others before joining AngelList. About Jordan Gonen:Jordan Gonen is the Co-Founder and CEO of Compound. Prior to that, he was at Scaphold (YC W17) and Pluot (YC W16). He also had stints at Inside, RealtyShares, Cultivation Capital, and more.Jordan’s writing has been featured in Forbes, Fortune Magazine, Startup Grind, Entrepreneur, Business Insider, Inc., Time, Mashable, Elite Daily, the Huffington Post, and others. Jordan studied at Washington University in St. Louis.In this episode we discuss:(02:20) Why Jordan started Compound(05:06) Why High Net-Worth Individuals seek out Alternative Investments(08:31) Motivations for becoming an LP(12:08) Advice for those new to Venture Investing as an LP(16:46) How you should evaluate a fund manager(23:04) Building deal flow as an emerging manager(27:22) Red flags when evaluating an investment(32:31) What the markets will hold in 2023I’d love to know what you took away from this conversation with Ryan and Jordan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we are joined by Eddy Chan, founding partner of Intudo Ventures, which employs a hyper-local strategy by backing entrepreneurs in Indonesia. With over $230M in AUM, the firm has become one of the largest Indonesia-only based firms.Eddy and I had a fun conversation on the reasons why hyper-local strategies can work, what these regions need to scale, and some of the interesting ways they leverage their LP base to help with portfolio building.  Frank, Rimerman + Co.’s history is closely intertwined with that of Silicon Valley. With humble beginnings similar to so many start-ups, Frank, Rimerman was formed with a desire to serve the entrepreneurial and venture communities of the Valley and the determination to think outside-the-box.When it comes to venture funds, we work with almost 500 VC groups from over 20 states across the USA. We have worked with over 400 fund groups during their first year of operations, making us one of the leading providers in the country to emerging managers.No one wants to be bored at work. That’s why we chose to work with some of the most innovative and creative people – people who are changing the world around us every day. Their excitement fuels our passion and determination to grow and serve this special community.Frank, Rimerman + Co, Passion Works Here.www.frankrimerman.comAbout Eddy Chan:Eddy Chan is a founding partner of “Indonesia-only” Independent venture capital firm Intudo Ventures with over US$230 million in committed capital, that acts as the Indonesia beachhead strategy for dozens of leading institutions, funds, and family offices from around the world. Intudo portfolio companies include Xendit, Pintu, Pinhome, Halodoc, TaniHub, Kargo, PasarPolis, BeliMobilGue (acquired by OLX), Nalagenetics, Populix, and more.Prior to co-founding Intudo Ventures, Eddy worked on venture investments in startups since the late 1990s, including PayPal, Palantir, and Affirm, founded and operated venture-backed technology companies with operations in Silicon Valley and Asia, practiced corporate/M&A law and worked as an investment banker.Eddy holds a J.D. from Georgetown University and a B.S. in Business Administration from UC Berkeley.In this episode we discuss:(01:32) Why Eddy founded Intudo in 2016(05:47) The reasons Eddy thought Indonesia was ready for a hyper-local fund(09:52) Capital availability for companies that are in Indonesia(16:01) Navigating hyper-local challenges of getting companies far enough so that they can attract that Series A and how its different from Silicon Valley(22:55) How the first fundraise went and why LPs are more comfortable now(28:41) Why independence is a core value to Eddy and why no single LP can be more than 10% of the entire fund(31:16) How Intudo’s portfolio becomes a beachhead into Indonesia and the larger Asian market for its LPs(37:01) Intudo’s concentrated portfolio construction(41:09) Balancing due diligence and the speed of the marketI’d love to know what you took away from this conversation with Eddy. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We are officially 100 episodes in! For our 100th episode, we are joined by the founders of Better Tomorrow Ventures, also known as BTV, Jake Gibson and Sheel Mohnot. BTV is based in San Francisco and was founded in 2019. BTV focuses on early investing in FinTech companies, and has $300M+ in AUM. Jake and Sheel initially met at 500 startups, where Sheel worked. They are both seasoned fintech founders and angel investors: Sheel built and sold two fintech companies before starting the 500 Fintech accelerator, and Jake co-founded NerdWallet (now publicly traded).About Jake Gibson:Jake Gibson is a founding partner of Better Tomorrow Ventures. He has been involved in FinTech for over a decade — he started his journey as one of the co-founders of NerdWallet before becoming an angel investor. Today, he is a Founding Partner at Better Tomorrow Ventures (BTV). Prior to NerdWallet, Jake studied math and quantitative finance at MIT and traded interest rate derivatives at JPMorgan.About Sheel Mohnot:Sheel Mohnot is a founding partner of Better Tomorrow Ventures. Before BTV, Sheel was a Partner at 500 Startups, running the 500 FinTech Fund and the FinTech track within the San Francisco Accelerator program. His recent startup experience includes 2 successful FinTech exits – a payments company and a high-stakes auction company. He also created and hosted a podcast called The Pitch.He formerly worked as a financial services consultant at BCG and did Microfinance work at the non-profit Kiva. Sheel holds an MBA from the University of Michigan and a BS from Carnegie Mellon. In this episode we discuss:(02:24)  BTV’s origin story (06:27)  Handling their first raise at the beginning of the pandemic(11:28)  How their fund construction remained the same despite market conditions(17:27)  Surprises during their first fundraise(19:29)  How Sheel and Jake view fund construction and ownership targets(24:18)  The shift in the market from rewarding Beta to rewarding Alpha(27:55)  How founders are reacting to market conditions(29:28)  What they are seeing in the Series A markets today(32:19)  How VC’s dry powder will actually get deployed(34:53)  Making sense of the market segments in 2023(37:53)  Why FinTech is still in the early-stages even though it has been heavily invested in(42:15)  Non-obvious things that it takes to run a successful firm(45:17)  Things they would have done differently at the start of their firmI’d love to know what you took away from this conversation with Jake and Sheel. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.We are joined by Jonathan Abrams, Co-Founder and General Partner at 8-Bit Capital. Jonathan previously was an angel investor and entrepreneur founding both Nuzzel and Friendster, the latter of which he helped grow to over 100MM users and where he met his current partner at 8-Bit, Kent Lindstrom. Jonathan also co-founded Founders Den with Zack Bogue of DCVC in 2011, which quickly became one of San Francisco’s earliest and most popular startup work and event spaces.We think you’ll really enjoy Jonathan’s story, and how he thinks about all aspects of seed-stage investing.A word from our sponsor:Tactyc is the first software solution for venture capital portfolio forecasting and planning. The platform is rapidly increasing efficiency and data-driven decision-making for GP’s and works with over 150 funds globally.Tactyc makes it easy for managers to build (and maintain) their portfolio models without dealing with complicated spreadsheets. It enables portfolio construction in minutes and for managers to share their intended fund strategy with potential investors. Post-launch, Tactyc also offers advanced analytics for GPs to optimize reserves, analyze probabilistic outcomes for their investments and extract insights for future capital deployment.Check them out at tactyc.io.About Jonathan Abrams:Jonathan is a co-founder and General Partner of 8-Bit Capital, an early-stage investing firm. He is also a co-founder and Managing Partner of Founders Den, San Francisco’s favorite workspace and community for startups and investors.Previously Jonathan was the founder of the professional news discovery service Nuzzel and the pioneering social networking service Friendster, and a software engineer at Netscape and Nortel. Jonathan is an investor in over 50 startups, including AngelList, ClearTax, CoinList, Docker, Front, HelloSign, Instacart, Mixmax, Pachyderm, Republic, SafeGraph, Sense, Shortcut, Slideshare, Stream, and Zeplin. Jonathan received an Honors B.Sc. in Computer Science from McMaster University in Canada.In this episode we discuss:01:57 Jonathan’s journey to creating 8-Bit Capital with Kent04:08 The opportunity they saw when founding 8-Bit06:07 How his experiences at Nuzzel and Friendster shaped his view as an investor08:20 What being founder friendly truly means11:37 Shifting from an active angel investor to a fund manager14:41 The hardest lessons leveling up from an angel investor18:14 Dealing with the deal flow noise as a team of two21:20 How to deal with conscious and unconscious bias when advising founders23:28 Jonathan and Kent’s decision-making process25:02 Thoughts on scaling 8-Bit28:11 Competing against larger, later-stage funds getting into seed-stage investing31:23 Deciding on follow-on investing33:35 How they came to decide on 50-50 fund construction for follow-on35:41 Keeping and increasing their pro-rata in competitive later rounds38:19 Biggest lessons from Friendster39:49 The advice he would give himself at the start of 8-BitI’d love to know what you took away from this conversation with Jonathan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we are joined by Gautam Gupta, who is the co-lead of TCV’s new expansion stage strategy called TCV Velocity. TCV was founded over 25 years ago with over $15B invested in over 350 companies. Prior to launching TCV Velocity, Gautam spent time as an investor at General Catalyst and M13, and in between those shops he was Founder and CEO of Naturebox. Gautam brought such an interesting point of view to our conversation, and we covered a lot of ground spanning from early to late-stage investing. Hope you enjoy this episode!Aumni is an investment analytics company dedicated to improving private capital markets. Aumni’s technology digitizes hard to track unstructured data from private transaction agreements and organizes it in a structured database through an intuitive dashboard. For investors across the board, the insights provided by this data improve the managers ability to build strategy and make better decisions. Today, Aumni tracks data from over 250 thousand private market transactions to provide anonymous, aggregated market benchmarks.As someone that works deeply in the private fund space, I’m incredibly excited that Aumni’s solution helps fund managers provide more insightful accurate reporting to their investors.  Check them out at Aumni.fund.Subscribers of Venture Unlocked can sign up for 20% off when you mention Venture UnlockedAbout Gautam Gupta:Gautam is General Partner at TCV where he focuses on investments in the consumer technology space including commerce, consumer-facing healthcare, education, software, and financial services businesses. Before TCV, Gautam was a Partner at M13 Ventures, an early-stage venture capital firm focused on consumer technology, where he led investments in marketplace, consumer subscription, and B2B2C models.Gautam started his career at General Catalyst in 2004. He was initially an intern while in college and later became a member of the investment team. He left to launch NatureBox and, as CEO, helped build the company into a nationally recognized brand with millions of customers. He did his undergrad at Babson College.In this episode we discuss:02:13 Gautam’s career journey as an investor and founder04:52 How being a founder has shaped him as an investor07:50 Identifying whether a company truly is a venture backable company10:27 Why TCV setup the Velocity Fund to do earlier stage and smaller investments11:33 What is an expansion phase investment?14:35 Pros and Cons of traditionally later stage firms investing earlier17:19 Creating a unique brand in a larger firm19:24 How today’s market is compared to past down markets in 2008 and the dotcom bust23:07 Changes in deals and the market in the last year26:11 Competing in today’s market as an investor29:01 How Power Law is skewing the markets31:05 Looking back on deal memos of the past to see how short-sighted they were33:48 Why TCV Velocity is sticking with their investment thesis36:17 Why investors get pro-rata decisions wrong so often38:48 Advice he would give himself in 200741:08 Common traits of successful foundersI’d love to know what you took away from this conversation with Gautam. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we are joined by Patrick Chun, Founder and Managing Partner of Juxtapose. Based out of New York, Juxtapose can best be described as a creation-oriented investment firm that leverages expertise to launch and invest in companies. The firm currently has over $500M in AUM across its funds. I had so much fun recording this episode as Patrick was able to offer great insights from his extensive experience in creation-oriented investment models, including leading builds at Accretive and Thrive, as well as, working at top venture and growth equity firms like Bain Capital Ventures and Francisco Partners.Aumni is an investment analytics company dedicated to improving private capital markets. Aumni’s technology digitizes hard to track unstructured data from private transaction agreements and organizes it in a structured database through an intuitive dashboard. For investors across the board, the insights provided by this data improve the managers ability to build strategy and make better decisions. Today, Aumni tracks data from over 250 thousand private market transactions to provide anonymous, aggregated market benchmarks.As someone that works deeply in the private fund space, I’m incredibly excited that Aumni’s solution helps fund managers provide more insightful accurate reporting to their investors.  Check them out at Aumni.fund.Subscribers of Venture Unlocked can sign up for 20% off when you mention Venture UnlockedAbout Patrick Chun:Patrick is a co-founder and managing partner at Juxtapose where he helps to manage the team across strategies and works closely with the firm’s leaders across the business, including concept development and talent identification. Patrick also participates meaningfully with the portfolio and its CEOs, including involvement at the board level.Prior to founding Juxtapose, Patrick spent a significant portion of his career building and investing businesses at the earliest stages, including senior and partner-level experience at early-stage and at firms oriented towards company creation, such as Thrive Capital, Accretive, and Bain Capital Ventures.He started his career at McKinsey & Company. Patrick has a BA from Harvard College, an MA from the Harvard Graduate School of Arts and Sciences, and an MBA from Harvard Business School.In This Episode We Discuss:02:04 Patrick’s journey and inspiration to co-found Juxtapose 11:21 The art and science of company creations models 16:10 Defining a firm that is part private equity, part venture capital in profile 19:42 The squint and wedge frameworks that Juxtapose uses to evaluate companies and ideas22:49 How they score ideas internally and decision making frameworks25:24 Fund construction methodologies29:09 How Patrick keeps interests aligned with founders in the co-creation model32:01 Finding the right CEO for their businesses37:50 How they raised capital from LPs, and what worked for them with institutions42:45 Communication cadence with their LPs46:16 Patrick’s overall view of the market and what innovations we’ll see in the coming yearsI’d love to know what you took away from this conversation with Andrew. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com