Associated
By Associated Podcast
Each week we bring you a conversation with one of our friends in the investment industry: associates, interns and a whole host of others.
Hosted by: Francesca Baillieu, Tunde Adekeye and Danielle Bennett
Contact us at: associatedpodcast@gmail.com
Resources: www.notion.so/Associated-Recommended-Reading-1a29e4a622484181aa13923ee359fe4d
AssociatedOct 13, 2023
Season 9 - Switching it up
We're back! Associated is now Associated, The Collective. A minor detail change, we know, but it means a lot to us. Over the last six months our team has thought deeply about the sustainability of this group and we wanted to ensure that whatever we did next could encapsulate every mode of expression we'd like to showcase. We will now come to you via substack with not just podcasts, but blog posts and much more. All the while, having the same north star: making Venture Capital more accessible.
So without further ado welcome to The Collective !
How to Raise a Venture Fund | Associated Team Synthesis Pt.3
Notice: If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For the last episode of our series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde reunite again to discuss their key takeaways from the previous three episodes, where we interview the founding partners of funds with novel strategies and structures.
Our interviews with Adrian (Übermorgen), Ian (Syndicate) and Alice (Entrepreneur First) yielded fantastic insights which we got to unpack. Some of the key themes we discussed were:
- The motivations behind their atypical structures (2 of 3 are structured as companies rather than funds)
- Raising capital outside mainstream LP circles
- Earning the right to innovate on structure and strategy simultaneously
We took so many learnings away from each episode and we cannot thank our guests enough for coming on the show!
How to Raise a Venture Fund | Alice Bentinck (Entrepreneur First)
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
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Description: In the penultimate episode of Season 8, Danielle and Tunde interview Alice Bentinck, one of the co-founders of Entrepreneur First. Fresh out of a grad program at McKinsey and Co, Alice and her co-founder Matt felt that there was an opportunity to shake up the early stage VC scene and founded Entrepreneur First (EF). Fast forward 12 years, EF has built more than 600 startups across 6 countries that are collectively worth more than US$10B. In this episode, Alice dives deeper into the genesis of EF and the complexities of their business model, unraveling some fascinating twists and turns along the way. She also outlines some of the unique challenges the EF team face such as identifying 'talent investors' as well as exceptional potential founder profiles at pre-ideation stage. A favourite discussion topic of ours is when Alice talks about the importance of social capital during fundraising, so keep your ears pricked for that golden nugget of wisdom!
How to Raise A Venture Fund | Ian Lee (Syndicate)
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Description: This second episode in our final category of fund types, what we are calling peripheral funds, we interview Ian Lee, the co-founder of Syndicate a decentralized investing protocol and social network, the main purpose of this structure is to make investing more accessible to the masses mainly through cost reduction and infrastructure enablement.
In 2021 Syndicate raised $20million let by A16z, other investors included Snoop Dog and Ashton Kutcher. Prior to Syndicate, Ian had an illustrious career across a range of different sectors and roles from automotive to heading up the Crypto division at Citi Bank. It is clear from this episode that Ian is someone that can drive forward new and innovative initiatives and shape them into brilliant success stories, Ian gives a great rendition of some of the learnings he took away from raising multiple different fund types, creating collaborative work structures within large corporations and forming early teams.
How to Raise A Venture Fund | Adrian Bührer (Übermorgen Ventures)
Notice
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: On the ninth episode of our “How to Raise a Venture Fund” series, we're joined by Adrian Bührer, co-founder and Managing Partner of Übermorgen Ventures, an early-stage Climate Focused fund.
Adrian previously founded students.ch which he ultimately sold to Axel Springer. He was also a prolific angel investor before he decided to set up Übermorgen Ventures alongside 3 partners. Founded in 2019 Übermorgen Ventures, was one of the first Climate Focused venture funds in Europe and boasts a unique structure as an investment company rather than a traditional fund.
During his conversation with Danielle and Francesca, Adrian discusses the challenges inherent in raising the fund. He covers why they chose to create an evergreen dividend-paying company instead of a typical venture fund as well as the difficulties they faced in attracting investors who were unfamiliar with their structure and investment thesis. Adrian also shares details about Ubermorgen’s approach to raising capital, including building a CRM of over 1,000 potential limited partners.
Whether you're an emerging fund manager or an LP interested in investing in a venture fund, this episode is a must-listen. Adrian's insights and experiences are invaluable for anyone looking to navigate the fundraising process successfully. Listen here to learn how to raise a venture fund from someone who's actually done it!
How to Raise a Venture Fund | Associated Team Synthesis Pt.2
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For Episode 8 of Season 8, a series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde reunite again to discuss their key takeaways from the last three episodes launched, these episodes are of Managing Partners who have recently launched their first fund.
Rodney (Cornerstone VC), Reem (Pact) and Manuel (Amino Collective) all have fantastic insights to be delved into and we started this episode discussing the differences between Managing Partners who have raised numerous funds to date and those who have just completed their first. We then expanded on the specific highlights from each episode, specifically around each Partners' specific fund raising and running strategies from both a professional and personal stand point and what it took to shape their fund theses into a tantalising offering for LPs. We took so many learnings away from each episode and we cannot thank our guests enough for coming on the show!
How to Raise A Venture Fund | Manuel Grossman (Amino Collective)
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We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: On the seventh episode of our “How to Raise a Venture Fund” series, we're joined by Manuel Grossman, Founding Partner at Amino Collective, an early-stage micro fund investing at the edge of health and biology. Prior to Amino Manuel was an operator at tech bio company KRY and was a seed invetor at Allcyte acquired by Exscientia.
Amino Collective started in 2020, has over 22 investments and one exit. Their first fund was 10m EUR and have recently closed a second fund at 30m EUR with ambition of getting to 40m EUR. Amino Collective is a solo GP structure, something that is quite novel, especially in Europe. The fund mainly invests in Europe, but when advantageous also invests in select US companies.
In this episode we cover the evolution of tech bio and health tech in Europe and what has changed in the last 10 years since Manuel entered the ecosystem (i.e. before it became cool post covid), how he raised a fund without having ever been a GP and the community of emerging managers that helped him.
How To Raise A Venture Fund| Reem Mobassaleh Wyndham (Pact)
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: On the sixth episode of our “How to Raise a Venture Fund” series, we're joined by Reem Mobassaleh Wyndham, General Partner of Pact, a seed stage thematic fund focused on ABCs - access, betterment and climate solutions. They have raised a 15m GBP fund on first close, already starting deploying capital and set to have a 30m GBP fund by second close in 2023.
This episode dives into the ins and outs of how a fund is akin to a pre-seed investment, how to tactfully keep in touch with LPs (tip - nothing is over until there is a no!), and how they raised in the midst of one of the worst market downturns in recent history from the co-founders of Crunchbase, the Head of AI at Google and artist Anne Hathway while all getting pregnant with their first kids! Listen in to how to start a fund through it all here.
Adding to the podcast from Reem's perspective:
In regards to having kids while raising the fund, what originally we perceived as a burden has pushed us to cultivate a superpower of extreme focus and organisational maturity.
From a positioning and value add perspective we also saw the opportunity to be hands on early stage investors because not only have we been investors, bankers and lawyers, but we have also been operators at the small and large scale - ones we grew and sold, as well as another that ultimately listed. We have done this while also having worked across almost a dozen countries. This background has positioned us to working closely with a relatively concentrated portfolio providing both operational insight as well as access to a deep global network not just in the US but also in typically hard to access markets in the Middle East and Asia
How to Raise a Venture Fund | Rodney Appiah (Cornerstone VC)
Notice
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We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: On the fifth episode of our “How to Raise a Venture Fund” series, we're joined by Rodney Appiah, Managing Partner at Cornerstone VC, an early-stage diversity-focused fund investing in sustainability, productivity, and connectivity. Rodney started his career as an investment banker before moving into venture capital, where he's worked at various funds including Foresight Group as a Director and the British Growth Fund. Alongside his partners, Rodney started Cornerstone because he realized in his investment roles that in VC, the chips were stacked against diverse founders. Cornerstone evolved from an angel group into a £20m Venture fund backed by a institutional LPs.
In this episode, Rodney shares his insights on raising a first-time fund under the current market conditions, talks about convincing LPs to let you innovate on strategy and discusses what areas LPs focus on and why. He also provides a detailed taxonomy of the different types of LPs and what to expect when raising from each of them. Lastly Rodney provides a useful primer on the materials that were fundamental to Cornerstone’s fundraise and how they were put together. Whether you're an emerging fund manager or an LP interested in investing in a venture fund, this episode is a must-listen. Rodney's insights and experiences are invaluable for anyone looking to navigate the fundraising process successfully. Listen here to learn how to raise a venture fund from someone who's actually done it!
How to Raise a Venture Fund | Associated Team Synthesis Pt.1
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For Episode 4 of Season 8, a series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde do a full episode together for the first time!
We have all listened back to Julian, Staffan and Leila's episodes and have come with thoughts on the overlaps between funds and their structures. Whether it was the fact that all three spent time in Silicon Valley or the psychology behind working with LPs (keep them close even if it is a soft no!) - this episode breaks down what we heard while the mics were live and what we figured out in-between the lines whilst making this season. 6 more guests and 2 more synthesis episodes to go!
How to Raise a Venture Fund | Staffan Helgesson (Creandum)
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We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For Episode 3 of Season 8, a series on ‘How to Raise a Venture Fund’, Francesca and Tunde talk to Staffan Hegelsson, the Founder of Creandum. Founded in 2003, the franchise is one of the oldest early stage venture capital examples in Europe. They have since managed over $1.3B in assets under management (AUM), have six funds+, over 38 exits and offices in San Francisco, Stockholm, Berlin and London. They have invested in some of Europe's biggest stars and unicorns including Spotify and Depop. Staffan speaks to his entrepreneurial journey starting with investing in mobile in the late 90s/early 2000s to the generalist first franchise Creandum is today. We talk about everything from how their prioritize limited partners (LPs) to how not to 'bloat' a fund to how they thought about their most recent expansion to London. Staffan provides some great insight here into the psychology of a LP. This isn't one to miss!
How to Raise a Venture Fund | Julian Rowe (Latitude/Phoenix Court Group)
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We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For Episode 2 of Season 8, our newest series on ‘How to raise a venture fund’, Danielle and Tunde talk to Julian Rowe, a GP of Latitude, a sister fund of Local Globe and under the parental umbrella that is Phoenix Court Group. Founded in 2002, the Local Globe is one of the oldest pre-seed and seed specialists in Europe and have recently launched two new later stage funds, Latitude (Growth) and Solar (pre-IPO). They have raised over ten separate funds and have invested in some of Europe's biggest unicorns including Zoopla and Transferwise. Julian unveils his fascinating journey into venture and delves into his perception of the LP landscape in Europe compared to the more mature US scene. In addition, Julian gives some fantastic advice to future GPs on how to build strong relationships with LPs and how to think about your strategy and team composition as your fund matures. It is not an episode to miss!
How to Raise a Venture Fund | Leila Zegna (Kindred Capital)
Notice
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description To kick off Season 8, a series on ‘How to raise a venture fund’, Francesca and Tunde are talking to Leila Zegna, one the founding partners of Kindred, a stalwart of the European venture ecosystem. Hailing from the US, Leila boasts a background from Yale, Harvard and Bain before becoming an operator ultimately working as the COO of Genapsys before raising Kindred. Alongside operating she was also a prolific angel investor investing in companies such as Matterport, ID.me, Bloom & Wild, and Thread. Leila has served as a board member of several companies, including LabGenius, Gaia, Eleven Therapeutics, Ori Biotech, and Pave.
Kindred Capital is Seed fund known for its unique approach to investing, where every entrepreneur they invest in becomes a co-owner of the fund, called 'equitable venture.’ Kindred was founded in 2015. They have raised and deployed two $100m funds since then and when we spoke to Leila were extremely close to closing their largest ever third fund at around $130m.
Leila covers how she and her partners came up with the idea for Kindred, raising multiple fund while pregnant, finding the right LPs and building trust with them inside and outside of the fundraising cycle and much more.
![Deniz Kent (CEO of Prolific Machines) - A bioscience founder's perspective on the US and European funding landscape [Christmas Bonus]](https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_episode400/2595200/2595200-1671198378609-f04feafa59196.jpg)
Deniz Kent (CEO of Prolific Machines) - A bioscience founder's perspective on the US and European funding landscape [Christmas Bonus]
Our final special Christmas episode with Deniz Kent CEO of Prolific Machines, we could not think of a better person to listen to ensure that you round out the year on a high!
In this episode Deniz shares fascinating insights such as:
- What makes Prolific Machines such an exciting technology
- His funding raising journey and the different experiences he had with US and European investors
- Recommendations for founders on how to think about choosing your geographic HQ, hiring a first-class team and selling your vision to investors
Enjoy!
Full disclaimer - swear words are used in this episode.
![Briehan Burke (Keen Venture Partners) - Been there and done both, an exceptional perspective on both the European and US tech landscape [Christmas Bonus]](https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_episode400/2595200/2595200-1670803883438-6f9bac36e0418.jpg)
Briehan Burke (Keen Venture Partners) - Been there and done both, an exceptional perspective on both the European and US tech landscape [Christmas Bonus]
We are so delighted to release this special Christmas episode with Briehan Burke from Keen Venture Partners. This year has had its highs and lows, but what is an absolute celebration is the fact that since this episode was recorded, Briehan has been promoted to General Partner - so well deserved 🥳
In this episode Briehan covers some fascinating points such as:
- Pattern recognition: Talent dissemination from main tech hubs both in the US and Europe - the similarities and differences
- The impact of US funds coming into Europe for both funds and founders
- Capital foie gras. What is it you ask? Have a listen to find out!
Enjoy!
![Hussein Kanji (Hoxton Ventures) - Why LPs didn't think Europe could produce venture returns and more [Christmas Bonus]](https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_episode400/2595200/2595200-1670502751375-52edac36e9702.jpg)
Hussein Kanji (Hoxton Ventures) - Why LPs didn't think Europe could produce venture returns and more [Christmas Bonus]
As an early holiday present to our listeners. We are releasing 4 of the interviews that we recorded for our Series on the influx of American capital into the European tech ecosystem in their raw form. Hussein covers topics like:
- How LPs in Europe and the US used to think European venture was a gamble
- How sometimes overpaying for deals is a 'winning' strategy
- The difference in approach by US funds entering Europe and which are stealing the headlines
- Why targeting the US as a customer market is the 'right' move for a venture backed company
We hope you enjoy!
![Judith Dada (La Famiglia) - Why VC isn't black and white between collaboration and competition [Christmas Bonus]](https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_episode400/2595200/2595200-1670185866780-89aec031ec8c4.jpg)
Judith Dada (La Famiglia) - Why VC isn't black and white between collaboration and competition [Christmas Bonus]
As an early Christmas present to our listeners. We are releasing 4 of the interviews that we recorded for our Series on the influx of Amercian capital into European VC in their raw form. Judith covers topics like:
- Why the interactions between American and European funds are simultaneously collaborative and competitive
- How the 🇪🇺 venture ecosystem has changed both in terms of capital, founder quality and diversity
- How hiring from outside central casting is can fix American VCs' struggle when it comes to staffing their 🇪🇺 offices
We hope you enjoy the episode!
The US Capital Influx: What Does US Money Mean For European Founders?
In this final episode of Season 7, we discuss the benefits and challenges the influx of US capital for the leaders that are the crux of the European tech ecosystem - the Founders. Our guests consisting of some of the best and brightest investors and entrepreneurs give brilliant insights into how founders can navigate what is still a complex journey in deciding what kind of business to build, where geographically they should base themselves, and what would be their ideal investor profile to work with developing and growing their idea.
A huge thanks to our guests Deniz Kent (Prolific Machines Inc.), Zoe Chambers (Frontline), Paul Murphy (Lightspeed Venture Partners), Jan Miczaika (HV Capital), Briehan Burke (Keen Venture Partners), Harry Briggs (OMERS Ventures), Anna Ottosson (Trellis Road), Judith Dada (La Famiglia ), Hussein Kanji (Hoxton Ventures), Christian Reber (Pitch) and James Wise (Balderton Capital) for joining us on this brilliant journey in navigating what is a hugely exciting yet intimidating topic and of course to our wonderful listeners - we hope you enjoyed this season as much as we did. Until next time! Francesca, Tunde and Danielle x
The US Capital Influx: Does Europe's Structure Mean It Can't Be Tamed?
For American VC funds looking to get a slice of the European pie, things are easier said than done. From covering 20+ distinct markets to cultural differences, Europe poses newcomers with a unique set of challenges.
This episode unpacks these issues and explores how American funds are adapting for this new market
The US Capital Influx: Does Europe Have All The Talent It Needs?
The ‘standard’ US partner profile is hard to find in Europe, so US funds have found it difficult to hire, BUT what if you create your own standard for hiring? Hiring internally, hiring operators and making speculative bets on younger talent are all ways to circumvent this talent conundrum. So with all of these options at a fund's disposal we ask ourselves, " Does Europe Have All The Talent It Needs?"
Guests include:
Judith Dada - LaFamiglia
James Wise - Balderton Capital
Jan Miczaika - HV Capital
Briehan Burke - Keen Venture Partners
Harry Briggs - OMERS Ventures
Paul Murphy - Lightspeed Venture Partners
Zoe Chambers - Frontline Ventures
Christian Reber - CEO of Pitch
Anna Ottoson - Trellis Road
Hussein Kanji - Hoxton Ventures
The US Capital Influx: Is the VC Turf War Fake News?
Does Coatue and Sequoia entering Europe mean trouble for local funds?
Last episode we looked at US driven competition in EU VC. This week our guests explain why it isn't all doom and gloom. From party rounds to finding niches, we ask 'Is the VC Turf War Fake News?'
Guests include:
Judith Dada - LaFamiglia
James Wise - Balderton Capital
Jan Miczaika - HV Capital
Briehan Burke - Keen Venture Partners
Harry Briggs - OMERS Ventures
Paul Murphy - Lightspeed Venture Partners
Zoe Chambers - Frontline Ventures
Does This Mean A European Turf Battle?
Style, media coverage, valuations - those are things we all could guess would be areas of competition between local VCs and incoming US firms, but what about talent spotting and fund structure optimization? In the third episode of Associated’s miniseries, “Does This Mean A European Turf Battle?” we tackle in what ways we are competing alongside ways we refuse to compete.
Note - the quote in the conclusion is from Henry Kaiser.
Twitter: @Associated_pod
Email: associated. podcasts@gmail.com
The Influx of US Capital: Why Now?
In 2021, 28% of all Venture Capital investments in Europe had at least one US fund on their cap table, to put that number into perspective, it was 16% in 2017. In this second episode, co-host Francesca Baillieu discusses the key question "Why now are we seeing the influx of US funds entering Europe?" with some of the most knowledgeable investors in Europe. There are many factors as to why this influx has happened, some could be perceived as "pull" mechanisms towards the European tech ecosystem and others as "pushes" away from long standing hubs such as Silicon Valley. To find out more, listen to this episode as Francesca unravels the causations and correlations behind this surge of US capital entering Europe.
This episode features the following guests:
Harry Briggs (OMERS)
Paul Murphy (Lightspeed)
James Wise (Balderton)
Hussein Kanji (Hoxton)
Briehan Burke (Keen)
Jan Miczaika (HV)
Zoe Chambers (Frontline)
Anna Ottosson (Trellis Road)
Judith Dada (La Famiglia)
The US Capital Influx: How Did European Tech Get So Hot?
In Episode 1 of our new series on the influx of US Venture Capital into the European tech ecosystem, we cover how and why European tech has gone from a 'backwater' into one of the most vibrant venture ecosystems globally.
This episode features the following guests:
Harry Briggs (OMERS)
Paul Murphy (Lightspeed)
James Wise (Balderton)
Hussein Kanji (Hoxton)
Briehan Burke (Keen)
Jan Miczaika (HV)
Zoe Chambers (Frontline)
Christian Reber (Pitch)
Deniz Kent (Prolific Machines)
Sebastian Johansson at byFounders
And to close off Season 6 of Associated podcast, we have the brilliant Sebastian Johansson from byFounders. In this episode we discuss the importance of building your network and how it is linked to the psychology of investing as well as what it’s like to spearhead a new office in one of the most competitive tech ecosystems in Europe.
Also, hot off the press: ByFounders are currently hiring so tune in to learn about what skills they are looking for their new team member!
Emilie Hannezo at InMotion Ventures
What do electric vehicles and sustainable skincare have in common? Well, this week’s guest is something of an expert in both! Emilie talks to us about how she ended up in Jaguar Land Rover’s corporate venture capital arm, and the things she’s most excited about in the mobility industry today. InMotion are hiring a visiting analyst at the moment so if you’re interested hit up Emilie via LinkedIn.
Mike McGraw and Gabriele Papievyte at Inovia Capital
In this episode we focus on mentorship; it's described as "in the DNA" of Inovia! We hear what Mike has learned from being mentored by Patrick Pichette, Inovia GP, Chairman of Twitter, and ex-CFO of Google, and about how he's paid it forward by supporting newer starters including Gabriele Paievyte, who joins us too!
Michael McGraw's LinkedIn
Gabriele Papievyte's LinkedIn
Rodney Appiah at Cornerstone Partners
In this episode Rodney unpacks journey in VC and Growth Equity including his start in investment banking pre the financial crisis, building BGF (the UK government's Private Equity fund), and becoming a Partner at the Foresight Group and building their minority investment business. We also discuss the trials and tribulations of starting Cornerstone, his own fund focused on diverse founders, why he doesn't believe in the pipeline problem, and the returns opportunity they see in investing in these underserved teams.
Fred Ursell at Pembroke
In this episode we find out the difference between a VC and VCT as Fred gives us an insight into the consumer-focused VCT fund, Pembroke. Their recent investments in Dropless car-washing and Coat paint exemplify the requisite passion for huge consumer markets, ripe for disruption! We also find out about how Fred may have been on a different path if the plumbing market had been stronger in 2008.
Susan Lin at Felix Capital
www.linkedin.com/in/susanravelin/
www.felixcap.com/susanlin
Rakesh Narayana at Reckitt Capital
Rakesh Narayana heads up the venture fund for the corporate behind huge household brands like Dettol, Durex and Finish - no mean feat! In this episode Rakesh opens up about the fund's goals, what his team looks for in prospective partners and how Reckitt supports portfolio companies. Ever wondered what the benefits of corporate venture capital are? Rakesh talks us through what Reckitt offers and lets us in on what they look for in new applicants (sneak peak: an equal passion for sustainability and numbers)!
Henrik Wetter Sanchez and Jeevan Sunner at Playfair Capital
S6E3! We're excited to welcome the duo Henrik and Jeevan from Playfair Capital. In this episode, we get an insight into both their career journey's into VC (hint: they are both finance escapees but they have amazing side hustles)! We learn more about Playfair Capital's history, an ethos of having an open-door policy, and how angel investing has always been a part of their DNA, and of course, they let us know what they look for in founders! We get to learn more about their strategies in pre-actively increasing access to venture through targeted programs like their well-known Female Founder Office Hours. Henrik dives into processes how they leveraged no-code to streamline operations and optimized inbound applications to get back to founders within two weeks! This one episode is full of insights and great tactical takeaways. Make sure to listen in!
Madison McIlwain at Defy VC
We’re thrilled to have Madison McIlwain joining us this week to discuss her role at Defy VC, including her recent promotion to Partner! We discuss how Madison honed in on her niche of consumer and technology product, focusing on time spent at Gap and the podcast she recently launched, The Room. By Madison’s own admission, she could hold a conversation with a brick wall - and let us tell you, this is an episode brimming with energy and passion!
Megan Reynolds at Crane Venture Partners
- Her journey from studying Classics to venturing into Hong Kong and what made her look into VC.
- Her early experience at Entrepreneur First and building a strong thesis on deep tech founders building in Europe and matching her thesis to Crane Ventures.
- Learn about how Crane views the world: "Every Company is Becoming a Software Company" and their investment thesis and what it all means!
- Her top tips on building and writing a thesis for a venture fund
And much more! Make sure not to miss this one!
VC Interviews 101: The Question Game
Part 4 of 4 on everything we've learned from interviewing for Venture Capital positions at top funds!
In this episode Francesca Baillieu and Tunde Adekeye talk about how to dazzle your interviewer with piercing, insightful questions! They share the 'go to' questions they developed throughout their interview processes, and talk about why they're so effective. Whether you're looking to impress an interviewer with your knowledge or salvage an interview gone wrong, don't miss this ep!
VC Interviews 101: Personal Questions (Why Pick You)
Part 3 of 4 of our mini-series unpacking everything we've learned from interviewing for top VC Funds!
In this episode, Francesca Baillieu and Tunde Adekeye discuss how to answer personal questions in VC Interviews, what qualities venture funds are looking for in you and how to build your own narrative. They discuss how to answer questions like: Why do you think you would be a good investor? How would you approach disagreement in the investment committee? What do you want to accomplish in X year's time?
While providing the behind-the-scenes insight into the motivations of why VCs ask these questions.
With the hundreds of qualified candidates for each venture role, acing these personal questions and making sure you stand out from the horde is key. There definitely isn't space to dial it in. We made this episode to help you do just that.
We hope you enjoy the episode!
VC Interviews 101: Case Studies Unpacked
Part 2 of 4 on everything we've learned from interviewing for Venture Capital positions at top funds!
In this episode Francesca Baillieu and Tunde Adekeye discuss the case studies and technical questions that often come up in the middle of the interview process. There are few resources that let candidates know what to expect, and even fewer unpacking what the interviewers are looking for - this episode looks to address that! We cover as much as we can, including the criteria VC funds use to assess companies, common metrics and industry benchmarks, and how to make a case for a founder.
Resources from this episode:
Point Nine - Triple 2x Double 3x
Point Nine - What does it take to raise capital, in SaaS, in 2019?
Tunde's blog and Case Study examples
VC Interviews 101: Why this fund?
4 Part Miniseries
We're sharing everything we've learned from interviewing for Venture Capital positions at top funds! In this episode Francesca Baillieu, with very special co-host Tunde Adekeye, discuss the questions VCs ask to check candidates understand how the industry works as well as their appetite to work at their firm. Check out Tunde's blog for further insights and stayed tuned for the second episode next week. 🚀🚀🚀
Raees Chowdhury at Revolt Ventures
💎 BONUS 💎 with Raees Chowdhury, Investor at Revolt Ventures and recent Forbes 30 Under 30 honouree! From fashion, through health and to real estate, Raees’s passion for finance really underpins his whole career, and is evident in discussing the unique ‘PropCo’ structure Revolt are developing to drive value in portfolio companies. Raees's journey spans both entrepreneurship (twice!) and consulting so he's well placed to offer general guidance on breaking into VC, as well as specific advice for those wanting to be Revolt's next hire!
Magnus Grimeland and Ollie Purdue at Antler
We're learning all about Antler's hands-on approach to very early stage investing - in conversation with Magnus, the founder and CEO, and Ollie, who joined Antler as a Partner having previously founded a challenger bank for young people.
Antler's unique, cohort-led approach to talent investing means the team spends a huge amount of time coaching founding teams they take on. In this episode Magnus and Ollie discuss the key things they look for in founders (Grit!) and how they leverage their own business-building experience.
Sacha Haider at Global Ventures
This week we escape to warmer climes (virtually) as Francesca and Petra speak to Sacha Haider at Global Ventures in Dubai. With 5 years of experience across various emerging markets under her belt, Sacha takes us through her journey from media to private equity to venture capital. We talk about her geographic focus on the Middle East and Africa, what progression means in a venture capital fund, and how she turned an informal coffee into a job offer.
Todd Grover at World Innovation Lab
This week we're joined by Todd Grover, an investor at World Innovation Lab (WIL) to talk all about his unique role spanning the US and Japan. We discuss strategic LP bases, international expansion to Japan and the metrics that get WIL excited. Todd also gives a super helpful, detailed breakdown of the most common ways he's seen early stage businesses achieve impressive metrics - we'll give you a teaser: they include network effects, moats and innovation.
Elena Mazhuha at Genesis Investments
Lois and Francesca are joined by Elena Mazhuha at Genesis Investments.
In this conversation we discuss:
- Genesis Investments’ origins, fund structure and their investment thesis.
- How Elena’s journey into VC started from attending lecture and then finding her next job through a FB post.
- Her experience of what it was like being a first employee at a VC fund and how her role evolved.
- Her experience of transitioning from a generalist to a specialist within her role and doubling down on your strengths.
- The importance of an alumni network and how to network with someone purposefully? And much more!
Elena's LinkedIn.
Miao He at Luminous Ventures
Miao He is an Investment Associate at Luminous Ventures, having arrived at deep tech via a PhD in Molecular Biology and a stint as a Bioinformatics Scientist and an MBA. She talks to Petra and Lois about now investing in life sciences, healthcare and emerging technology as they discuss parallels between VC and academic work inspired by analysing data with computational methods.
Pauliina Martikainen at Maki.vc
On this week's episode, Francesca and Petra speak to Pauliina Martikainen, Investment Director at Maki. From her start in PR to launching her own pre-seed fund, to joining Maki VC, Pauliina takes us through her journey and what she's learned with her along the way to make her the investor she is now. Plus, we discuss Maki VC's incredible internship programme, Pauliina's go-to productivity tool, and what she would call her own fund if she were to re-launch one again one day!
Mark Shepherd at Beringea
What are the benefits of starting out at a generalist fund? What happens when you meet your colleagues for the first time in fancy dress? How does a MasterChef contestant becomes an investor? We find out when Petra and Lois sit down with Mark Shepherd at Beringea. We discuss all of these questions, plus how Mark got into VC, what his 2 top tips are for landing a job (for all the prospective investors listening!), and what he's currently looking out for (for all the founders out there!)
Mark Pearson and Oli Hammond at Fuel Ventures
We are excited to introduce our second episode of Season 5 with the incredible duo: Mark Pearson and Oli Hammond from Fuel Ventures. In this episode we discuss:
- Mark and Oli's unique journey's into VC. You'll be surprised to hear their stories! Definitely don't want to miss this one!
- Their thoughts on their current Investment landscape during COVID19 and Oli not shaking hands with a founder in a long while!
- Why Mark started Fuel Ventures and the importance of enjoying the journey.
- Key traits Mark looks for people wanting to join the Fuel's Deal team and the importance of being unconventional.
- Fuel's unique LP Structure, ways of working as a small team and their investment thesis focused on product-founders.
- Their top tips on how to optimise time with first pitch meetings and how relationship building is changing with founders through Zoom.
And much more. We had a great time recording this episode. Enjoy!
Best way to reach the team is through Fuel Ventures' Website.
Beata Klein at Creandum
We're kicking off Season 5 with a bang! We're super excited to come back from our little hiatus to speak to the marvellous Beata Klein at Creandum! We talk all about her starting a company in Asia, why she chose to join Creandum, what her first year in venture was like and how she stays productive day-to-day.
As the first investors in Spotify, Creandum know a thing or two about spotting potential! Beata gives us the low-down on how the team look at product over team, and always think about what needs to be true for an early stage company to be huge!
Finn Murphy at Frontline Ventures, Annalise Dragic at Sapphire Ventures, Kamil Mieczakowski at Notion Capital
We're ending the year- and what a year it has been!- with a bang and a bonus episode. Lois and Petra are joined by a wonderful trio this week; Finn, Annalise and Kamil from Frontline Ventures, Sapphire Ventures and Notion Capital respectively chat through everything from how to progress through the VC ranks to finding your superpower as an investor and beyond. This group doesn't hold back- you definitely don't want to miss this episode!
