🎙 Excited to share the latest episode of Venture Unlocked! This week, I had the pleasure of speaking with TX Zhuo , co-founder and general partner of Fika Ventures
I've always enjoyed the humility and hustle that he and the team have brought, and was so pleased that we finally got to record the pod together given his authenticity and openness to discuss hard things, including:
1) How it was so hard to raise their first fund, and what they learned from that experience (he came from Karlin which was backed by a single SFO)
2) Evolving decision making frameworks as a VC, and his thoughts behind consensus and non-consensus driven partnerships.
3) What does founder first mean to Fika, and how they strive to live this, not just say it.
Tune in the comments to check out the latest (and if you like the content I have please subcribe to my newsletter)
It was a very difficult fundraise. Being honest with you again, I can say this today and laugh about it. We pitched probably 700 investors, so we got 105 commitments to close a $41 million fund. First few years I felt pretty embarrassed about giving those stats, but now I feel that was like trial by fire. We really understood the founder journey of raising capital ourselves. The other realization that I've had now being a VC for this long is that VC's are technically salespeople. We're selling capital or we are selling the dream to a lot of LP's and I think back in the day. They used to tell the story. I'd say it's all steak, no sizzle. So I think we were just talking about kind of our prior accomplishments, but not being able to convey that dream to LP's on what we could do with a platform like vegan. How much of that do you think was related to not going after the right investors or not telling the right story? I think it was a bit of both, right? I, I think the LP wall and today I understand how it works is that they're looking for prior track records and credibility. We obviously had managed 2 funds before that were relatively new. When we raise figure one, our first two funds, which was Carlin one and Sousa 1, they're both like 3 year old funds. So there are some signals that some of these companies were doing well, but really no breakouts about to be honest with you point, it was a huge bet that LP's were making. I think what eventually convinced them was again going back to the founder first principle was the glowing references they got from some of our founders in addition to the kind of grit and hustle that we show.
🎙️ Just dropped a new episode on Tank Talks!
👥 Join me as I sit down with Prashant Matta, General Partner at Panache Ventures. We go way back in the VC world, starting our journeys at the same time. It's been a blast reminiscing about our early days and sharing the wisdom we've gained along the way.
Don't miss this insightful conversation. Tune in to the latest episode below ⬇️
#TankTalks#VentureCapital#Podcast#StartupLife#LessonsLearned
New Ep! We have the venerable Prashant Matta from Panache Ventures! He spoke with Matt Cohen about the Canadian early-stage venture market, building his career in Canada as an investor, and the need to get in before a company goes to YC.
It's a fun conversation, listen to the whole thing and subscribe at tanktalks.substack.com
In case you missed it, last week #PanacheVentures partner Prashant Matta was in the tank with Matt Cohen!
Have a watch to learn about
- his journey from tech to VC
- how his approach to investing has changed over time (including the current market downturn)
- what Panache looks for in seed and pre-seed investments
- and the importance of diversity in startup
Enjoy!
New Ep! We have the venerable Prashant Matta from Panache Ventures! He spoke with Matt Cohen about the Canadian early-stage venture market, building his career in Canada as an investor, and the need to get in before a company goes to YC.
It's a fun conversation, listen to the whole thing and subscribe at tanktalks.substack.com
In this just-released clip, I explain why treating pre-seed and seed stage startups like the Series A companies they will become has all sorts of benefits
Ubiquity Ventures
General Partner of VSC Ventures | Investing in startups in dirty, dusty, and dangerous industries | Host of 'CLIMB by VSC'
Should a seed-stage company bother with regular board meetings? Do you as a VC require it from your companies? It's a surprisingly controversial topic...
There are many, many Seed VCs who think "too much governance" is actually distracting or downright harmful for an early-stage founder. "Wire the money, get out of their way, and let them go build," they say. Let the Series A investors worry about the Board (if this company even gets there)
My guest Sunil Nagaraj has been championing a very different course of action for all the deals he leads: Do away with the 3-hour BoD every 3 months and instead opt for 20-minute 'board stand-ups' with founders every month. Personally, I like that approach a lot.
And given Ubiquity Ventures' industry-leading *90%* seed-to-Series A graduation rate... it really feels like Sunil's approach is working. But it's not without its detractors -- dig in with me on VSC Ventures latest episode of CLIMB to learn why:
2024, what's in store?
Appleton: Come on out to Lawlss Coffee on College Ave tomorrow and chat with Brian Davis and I about your startup and/or VC questions!
Curious what starting a company is like?
Want to learn about Venture Capital to see if it's a good fit for your business?
Feeling stuck / want to brainstorm?
Details in a comment below!
Should a seed-stage company bother with regular board meetings? Do you as a VC require it from your companies? It's a surprisingly controversial topic...
There are many, many Seed VCs who think "too much governance" is actually distracting or downright harmful for an early-stage founder. "Wire the money, get out of their way, and let them go build," they say. Let the Series A investors worry about the Board (if this company even gets there)
My guest Sunil Nagaraj has been championing a very different course of action for all the deals he leads: Do away with the 3-hour BoD every 3 months and instead opt for 20-minute 'board stand-ups' with founders every month. Personally, I like that approach a lot.
And given Ubiquity Ventures' industry-leading *90%* seed-to-Series A graduation rate... it really feels like Sunil's approach is working. But it's not without its detractors -- dig in with me on VSC Ventures latest episode of CLIMB to learn why:
As a founder kicking off their fundraise, the last thing they want to do is spend hours filling out cold inbound forms on investor websites.
These forms have random hoops, hurdles and everything in between, set up to limit the inflow of pitches.
The worst part of all of this is that after a founder has filled out the form, there's a low chance of receiving feedback, let alone getting a meeting.
At Rampersand, we endeavour to give feedback to every startup that comes through via our form. That's why we're excited to be a part of OnePitch VC launched by our friends at Cut Through Venture!
As part of OnePitch VC, founders will receive feedback from 25 Australian VCs (who specialise in different stages of funding). If you've read any of my fundraising content, you'll know I am a big proponent of iterating your pitch, and fundraising narrative - this is by far the most efficient way of doing this.
Check it out here ---> https://www.onepitch.vc/
👇🏼 Solid advice for founders; my take revolved around getting those first 10 in the office to get shit done fast, focus on solving fundamental problems vs chasing what VCs think is cool, and raising the right amount of capital
At our Vintage VC Summit in San Francisco, we had the opportunity to engage with leading venture capitalists on crucial industry topics. 🚀
The 2nd episode of our three-part series, "VC Insights," focuses on Advice for Founders. 💡
The episode features insights from-
⭐ Gaurav Jain (Afore Capital)
⭐ Ed Sim (boldstart ventures)
⭐ Raanan Bar-Cohen (Resolute Ventures)
⭐ Shuly Galili (UpWest)
Don’t miss out on these essential tips for founders looking to make their mark. ✨😎
Check it out now!
At our Vintage VC Summit in San Francisco, we had the opportunity to engage with leading venture capitalists on crucial industry topics. 🚀
The 2nd episode of our three-part series, "VC Insights," focuses on Advice for Founders. 💡
The episode features insights from-
⭐ Gaurav Jain (Afore Capital)
⭐ Ed Sim (boldstart ventures)
⭐ Raanan Bar-Cohen (Resolute Ventures)
⭐ Shuly Galili (UpWest)
Don’t miss out on these essential tips for founders looking to make their mark. ✨😎
Check it out now!
1947 VC ✨
My conversation with Nihal Mehta is live!
"LPs appreciate persistence."
We covered:
→ Founding story of Eniac Ventures
→ How they scaled from $1.6M to $125M
→ Importance of managing positions and giving liquidity to LPs
→ How to fundraise from LPs
→ Lessons from winners
→ Lessons from missing Pinterest, Square, and others
→ Advise for emerging fund managers
→ Less-discussed aspects of building a venture fund
→ Who is he outside of work
& much more
Full conversation: https://bit.ly/4adQj9qHadley HarrisVic SinghTimothy Young#venturecapital#emergingmanagers#entrepreneurship
We're excited to share that GAIN Venture Studios has joined our lineup! They're aiming to raise ¢14 million and have a strong portfolio with 6 companies, including two spin-offs.
GAIN isn't limited to just one sector; they believe in the power of diverse teams coming together for shared goals.
Investors, want more details? Check the link in our comments. This is a great opportunity to connect with fresh, dynamic ventures.
#studiofundraisemap#startupstudio#venturebuilding#startupinvesting#studiofund#fundraisemap
CEO @ Allocate | MBA, Venture Capital, Finance
1moEpisode: https://open.spotify.com/episode/3n2fDtAN2t2xcLl4VthpgN