Venture Unlocked: The playbook for venture capital managers

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.In this episode, I had the pleasure of speaking with Mercedes Bent about her fascinating journey from a tech-driven upbringing to becoming a leading venture capitalist. We discussed how her unique background informs her investment philosophy and the importance of originality and non-consensus thinking in today’s VC landscape. Our conversation also covered the challenges and opportunities in consumer technology, the transformative impact of AI, and strategies for portfolio construction. One of my key takeaways was the critical role of intuition in identifying exceptional founders, as well as the value of building compounding networks and staying ahead of platform shifts. It was an insightful discussion that offered practical lessons for anyone interested in the future of venture capital. We hope you enjoy the conversation.Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Mercedes. If you’d like to get Venture Unlocked content straight to your inbox, go to ventureunlocked.substack.com and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listeningAbout Mercedes BentMercedes Bent is a Venture Partner at Lightspeed Venture Partners and Co-Founder of venture firm Premise. At Lightspeed, she focused on early-stage investments in consumer, fintech, multicultural markets, and Latin America. She began her career at the Federal Reserve and Goldman Sachs before moving into the education technology sector with General Assembly. At General Assembly, she helped expand one of the company’s key product lines from $2M to $100M in revenue over four years. She joined Lightspeed in 2019 after developing a strong investment perspective in areas such as edtech, VR, and multicultural consumer products. At Lightspeed, she has invested in and worked with companies including Stori, Honeylove, Forage, Magic Eden, Outschool, and Flink. She has also been recognized in industry publications for her contributions to venture capital and efforts to broaden access to entrepreneurship.Lightspeed Venture Partners, founded in 2000, is a global venture capital firm managing over $25 billion in assets with offices across the U.S., Europe, Israel, India, and Southeast Asia. The firm invests from seed to growth stage across enterprise, consumer, fintech, healthcare, and emerging tech. Over the years, Lightspeed has backed more than 500 companies, including Snap, MuleSoft, Affirm, Carta, and Anthropic, and has been part of notable exits like AppDynamics and Nest. With a strong record of helping founders scale and succeed, Lightspeed is recognized as a leading partner for building category-defining companies.During the conversation, we discussed:* Mercedes’s Background, Upbringing, and Early Career (1:45)* How Background Informed Firm Values/Culture (4:19)* The Gap in Consumer Technology Investing & Identifying Founders (8:40)* Non-Consensus Investing in Early Stage VC (10:01)* Startup Mentality and KPIs in Fund Management (15:06)* Sourcing vs. Winning Seed Deals – What Matters? (16:19)* Seed Manager vs. Large Fund Business Models (21:21)* Gifted TVPI vs. Earned TVPI, Portfolio Philosophy (26:22)* Consumer Sector’s VC Downturn & New Tech Cycles (32:21)* The AI Consumer Technology Wave & Opportunity (35:33)* Identifying Product-Market Pull and Early Leading Indicators (37:08)* Shifts in Distribution Channels in AI (40:09)* Future-casting, Platform Shifts, and AI Companions (43:50)* Lessons from Years in VC & Trusting Intuition (44:27)* Final Thoughts and Takeaways (47:46)I’d love to know what you took away from this conversation with Mercedes. Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. 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 X. 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.Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.In this episode, I had the pleasure of speaking with Alex Robinson, CEO and Co-Founder of Juniper Square. We talked about the evolution of private markets and the transformative role of technology and AI in fund administration. We also discussed the inefficiencies that inspired Juniper Square’s founding, the challenges of scaling operations for both institutional and individual investors, and the ongoing push for greater transparency between GPs and LPs. Alex shared insights on how AI is set to revolutionize knowledge work in the industry, streamline workflows, and enhance the investor experience. Key takeaways include the critical importance of embracing technology to drive efficiency, the growing impact of AI on fund management, and the need for adaptability as the private markets continue to evolve.Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Alex. If you’d like to get Venture Unlocked content straight to your inbox, go to ventureunlocked.substack.com and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listeningBio of Guest:Alex Robinson is the CEO and Co-Founder of Juniper Square, a leading investment management software platform transforming private markets. With a background in engineering and business, Alex previously held product and leadership roles at top technology firms, including Microsoft and Boston Consulting Group. His own experience as a limited partner inspired the creation of Juniper Square in 2014, aiming to modernize and simplify the private investment process. Under his leadership, the company has grown to serve over 2,500 GPs and over 600,000 LPs, managing tens of thousands of investment funds. Alex is recognized as a driving force behind digitizing private markets and expanding investor access through innovation and transparency.Juniper Square is a leading investment management platform designed to streamline operations for private equity, real estate, and venture capital firms. The platform helps General Partners (GPs) manage fundraising, investor reporting, and fund administration through intuitive, data-rich software. Since its founding in 2014, Juniper Square has become a trusted partner to over 2,500 GPs and supports more than 600,000 Limited Partners (LPs) across more than 40,000 investment funds. By replacing outdated systems with modern, transparent tools, Juniper Square is transforming how private markets operate and expanding access for investors worldwide.Timestamps:In this episode, we discuss:* Founding Motivation for Juniper Square (2:00)* Early Focus on Real Estate and LP Trends (6:13)* Complexity and Lack of Standardization in Private Markets (11:40)* Impact of Technology on LP Experience (15:34)* Transparency Evolution in Private Markets (19:15)* Differences Across Asset Classes and Regulation (23:15)* Strategic Decisions and Market Surprises (26:09)* Bundling and the Future of Wealth Channel Access (30:43)* AI’s Impact on Private Markets and Fund Operations (33:44)* The GP of 2030: AI and Capital Formation (37:49)* AI and Labor Market Disintermediation (42:07)* Future Vision and Company Outlook (44:07)* Final Thoughts and Takeaways (47:07)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 #venture unlocked. 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 X. 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.Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.In this episode, I sit down with Jack Altman, Managing Partner at Alt Capital. We unpack Jack’s journey from Lattice CEO to venture capitalist. We dive deep into the nuances of venture investing, exploring how operators transition into investors, the importance of founder relationships, and the critical elements of successful early-stage investing. Jack shares candid insights about evaluating talent, providing tough feedback, and navigating the current AI technology landscape. His most compelling advice centers on the importance of backing founders you truly believe in, regardless of market fluctuations. As we discuss everything from fund strategies to valuation challenges, the conversation reveals the complex art of venture capital – a world where relationships, intuition, and long-term vision matter more than short-term metrics.Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Jack. If you’d like to get Venture Unlocked content straight to your inbox, go to ventureunlocked.substack.com and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listeningAbout Jack:Jack Altman is the founder and Managing Partner of Alt Capital, a $150 million early-stage venture fund he launched in February 2024 that has invested in Antares, David AI, Legora, and Owner, among others. Jack is also an investor in companies like Figma, Rippling, Writer, and Vanta. Prior to his career in investing, Jack co‑founded and led Lattice, an HR and people-performance platform that grew to serve thousands of global companies and reached a $3 billion valuation before he transitioned into his role as Executive Chairman. With a background that includes roles in corporate finance and business development, Jack honed his startup expertise at Teespring and Hydrazine Capital before building Lattice from the ground up. Now at Alt Capital, Jack combines his founder-to-investor experience to back innovators in B2B software and hard tech. He's launched initiatives like the Generate accelerator, offering expert mentorship and resources to AI-driven startups—underscoring his commitment to pragmatic, conviction-led investing.Alt Capital is an early-stage venture firm focused on backing exceptional founders across industries, predominantly B2B software and hard tech. With a $150 million debut fund launched in 2024, Alt Capital takes a founder-first, conviction-driven approach to investing—leveraging Founder Jack Altman’s experience scaling Lattice into a $3B company to support startups through their earliest and most pivotal stages. Alt Capital prioritizes long-term partnership, practical guidance, and high-conviction bets over volume-based investing. In a short time, Alt Capital has already positioned itself as a go-to firm for ambitious founders building the next wave of category-defining companies.In this episode, we discuss:* Jack’s Transition: Operator to Investor (1:47)* Early Surprises in Running a Venture Firm (4:05)* Types of Venture Capitalists and Motivations (6:37)* Brutal Honesty vs. Founder Friendliness (9:51)* Earning the Right to Give Advice (13:19)* What Makes a Good Venture Capitalist (18:22)* Evaluating Founders: Motivations and Outlier Traits (21:20)* Measuring Success in Venture: Feedback Loops and KPIs (26:53)* Big vs. Small Venture Firms: Different Models (29:47)* Venture as Different Financial Products (32:35)* AI, Market Size, and Valuation Inflation (34:13)* Underwriting and Fund Size Strategy (37:45)* Biggest Lesson Learned in Venture (43:19)* Final Thoughts and Takeaways (44:55)I’d love to know what you took away from this conversation with Jack. 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 X. 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.Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.In today’s episode, we are joined by Nakul Mandan, who is the founding partner of seed-stage firm Audacious Ventures.Having known Nakul since the early days of his journey in starting the firm in 2020, I was excited to dive deep into his unique path, from his roots in India to venture capital, working at firms such as Battery and Lightspeed before starting his own firm. As venture capital has evolved and grown, the stakes of being a successful early-stage manager have increased dramatically.In our chat, we discussed how managers should think about navigating competitive markets and how a proper system around sourcing, picking, winning, and building a brand through delivering for founders requires a machine-like approach. Audacious has created its own system, which is unlike most firms, providing a nice juxtaposition of more traditional models. This was a fun and candid deep dive into seed stage investing, and we hope you enjoy my conversation with NakulThanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Nakul. If you’d like to get venture unlocked content straight to your inbox, go to ventureunlocked.substack.com and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listeningAbout Nakul MandanNakul Mandan is the founder and managing partner of Audacious Ventures, a pre-seed and seed-stage venture firm he launched in April 2020—right when the world was locking down. A student of greatness, Nakul is inspired by extraordinary journeys, whether in business or beyond. Previously a Partner at Lightspeed and Battery Ventures, he led early investments in category-leading software companies like Gainsight, People.ai, Multiverse, WorkOS, 6Sense, and Marketo. A graduate of IIT Kanpur, Nakul combines deep technical insight with a founder-first mindset—and a passion for helping entrepreneurial "force-of-nature" founders assemble A+ teams.Audacious Ventures is a next-generation seed-stage investment firm that reimagines venture capital as a systematic, founder-focused platform. Founded in 2020 with a $90 million fund, the firm distinguishes itself through a unique four-pillar approach: strategic sourcing, precise deal picking, competitive deal winning, and comprehensive founder support. Unlike traditional venture models, Audacious prioritizes talent recruitment and team building, with half the team dedicated to helping founders construct exceptional organizations. The firm's data-driven yet intensely human approach has quickly positioned it as an emerging leader in the seed investment ecosystem, attracting founders seeking more than just capital, but a true strategic partner in their entrepreneurial journey.In this episode, we discuss:* Nakul’s Early Life and Ambition (2:16)* Entry into Indian Venture Capital (4:00)* Transition to US-Focused VC and Lightspeed (6:41)* Becoming a GP and Founding Audacious Ventures (7:35)* Identifying Gaps in the Seed VC Market (10:34)* Audacious Ventures’ Differentiated Model (12:34)* Functional Organizational Design (16:12)* Traditional vs. Platform Seed Fund Models (19:24)* Ensuring Consistency in the Platform Model (24:41)* Hiring for Intensity and Culture (29:55)* Measuring Success and Feedback Loops (35:33)* False Positives and Markups in VC (41:30)* Ranking the Four Pillars: Sourcing, Picking, Winning, Helping (45:13)* Advice to 2006 Self: Focus on Asymmetric Upside (49:54)* Final Thoughts and Takeaways (51:44)I’d love to know what you took away from this conversation with Nakul. 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 X. 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

I recently joined Turner Novak on The Peel for a conversation about the current state of private markets and the realities facing fund managers and investors today. We discussed why fundraising is particularly difficult right now for both emerging and established venture funds, and examined some of the structural forces driving change across the private investing landscape. I had a lot of fun doing this one, so wanted to cross-post here. Some of the key topics we covered include:* The explosive growth in private markets, with ten times more private investment firms than public companies, and nearly 90% of $100M+ revenue businesses remaining private.* The high “mortality rate” for new funds, why only a small fraction survive past their first few vintages, and what that means for GPs and LPs navigating the ecosystem.* The evolution of liquidity in venture, with secondaries now playing a major role, and practical tips for both GPs and LPs on working with SPVs and managing today’s more complex capital flows.* How differences in risk profiles between large and small funds affect outcomes, and why the divide between public and private markets has blurred—making private investing as important as ever.* Insights into how AI and new technology are starting to transform diligence, fund analysis, and even company building.Whether you’re a manager raising capital, an LP looking for the right opportunities, or just interested in how private markets are changing, this episode is packed with practical insights, data, and advice on navigating a rapidly shifting landscape. 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, I sat down with Logan Bartlett, Managing Director of Redpoint Ventures. We explore the evolving landscape of venture capital and startup investing and dive deep into the challenges facing unicorn companies post-2021, the transformative potential of AI, and the critical factors for successful startup investments. Logan shares insights on identifying promising founders, navigating market uncertainties, and the importance of adaptability in both founding teams and venture capital. Key takeaways include the need for founders with rapid learning capabilities, the potential disruption and opportunities in AI, the changing dynamics of startup valuations and exits in a challenging market environment, and so much more.About Logan BartlettLogan Bartlett is a Managing Director at Redpoint Ventures, where he leads early-growth investments in enterprise software, with a focus on infrastructure, SaaS, and AI. Since joining Redpoint in 2020 after six years at Battery Ventures, Bartlett has backed high-growth companies such as Ramp, Cribl, Cyera, Monte Carlo, FloQast, Crossbeam, and Workato. His work has earned him recognition on both the Forbes 30 Under 30 and the Midas Brink lists.Beyond investing, Bartlett hosts The Logan Bartlett Show, a podcast featuring in-depth conversations with top founders, operators, and investors. The show offers insights into startup growth, market cycles, and venture capital strategies, and has become a respected resource within the tech ecosystem.Redpoint Ventures, founded in 1999, is a venture capital firm that partners with visionary founders to create and redefine markets. The firm invests in startups across various stages, from seed to growth, and has backed over 578 companies, including industry giants like Snowflake, Looker, Kustomer, Twilio, and Netflix. With 181 IPOs and M&A exits and managing $7.2 billion across multiple funds, Redpoint's expertise in guiding businesses toward success is well-established.Timestamps:In this episode, we discuss:* Logan Bartlett’s Path into Venture Capital (1:46)* The 2021 Unicorn Logjam and Future Outlook (4:38)* AI’s Role in Reshaping Legacy Companies (8:32)* Liquidity Challenges and Growth Stage Investing (11:16)* Portfolio Construction and Risk Balance (17:16)* Underwriting Series B Investments (22:41)* Portfolio Composition and Risk Appetite (26:36)* Evaluating AI Companies and Revenue Durability (30:01)* Forecasting and Macro Underwriting (35:32)* Key Investment Decision Criteria (40:11)* Traits of Successful Venture Investors (45:28)* Final Thoughts and Takeaways (49:58)I’d love to know what you took away from this conversation with Logan. 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 X. 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.Welcome to another episode of Venture Unlocked. In this episode, I had the pleasure of welcoming Villi Iltchev, founder and managing partner of Category Ventures. Villi has had a long history in tech, both in operating roles at companies like Box and Lifelock, as well as investing roles at August Capital and Two Sigma, where he departed in 2024 to launch Category Ventures.We covered a lot of ground in our conversation, including his inspiration for starting a new firm and the experiences that informed his true north. We also spoke about the fragmentation of the market and what it means to win in early-stage investing in a heavily crowded market of dedicated seed funds & larger funds who are active in see and Series A. I really enjoyed the authenticity of the conversation and hope you do as well.About Villi IltchevVilli Iltchev is the Founder and Managing Partner of Category Ventures, an early-stage venture firm focused on backing category-defining enterprise software companies. With over two decades of experience as both an operator and investor, Villi has held leadership roles at Box, LifeLock, and Salesforce, where he led investments and acquisitions in companies like HubSpot, MuleSoft, Gusto, and Zapier. As a General Partner at August Capital and later at Two Sigma Ventures, he backed standout startups like GitLab—turning a $20M investment into over $900M in returns. Originally from Bulgaria, Villi brings a global perspective and a founder-first mindset to every partnership.Category Ventures is an early-stage venture firm founded in 2024 by veteran investor Villi Iltchev, focused on backing category-defining enterprise software startups. With a $160M debut fund, the firm invests in pre-seed and seed-stage companies across infrastructure, dev tools, AI, and applications. Drawing on Iltchev’s track record—including early investments in GitLab, Zapier, and Gusto—Category Ventures brings deep technical and go-to-market expertise to help founders build enduring businesses. Their approach centers on hands-on support and founder-first partnership to shape the future of enterprise software.In this episode, we discuss:* Villi’s Background and Journey (1:50)* Lessons from Venture Capital Firms (5:35)* Market Fragmentation in Venture Capital (8:47)* Flexible Investment Strategy (12:24)* Challenges with Traditional VC Models (13:26)* Product Market Fit and Founder Support (17:35)* Counterpoints on Large VC Firms (21:40)* Winning in Venture Capital (24:07)* Kindness and Community (26:24)* Components of Success (30:00)* Decision-Making Process (33:21)* Intellectual Honesty in Investments (36:16)* The Role of Fresh Perspectives (40:08)* Acting on Great Ideas and Final Thoughts (42:27)I’d love to know what you took away from this conversation with Villi. 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 X. 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

Today, I sat down with Victor Lazarte, a Benchmark partner who transitioned from founding a billion-dollar mobile gaming company in Brazil to becoming a venture capitalist in Silicon Valley with Benchmark in 2023. Victor shared Benchmark's unique investment philosophy, which focuses on deep, meaningful partnerships with entrepreneurs, with each partner doing only 1-2 deals per year. We also spoke about the equal partnership Benchmark has, and what that means in practice day to day from a decision making and culture standpoint. This was a fun one so hope you enjoy!Throughout our conversation, Victor provided a nuanced perspective on company building, technological innovation, and the evolving role of venture capital in bringing transformative ideas to market.About Victor LazarteVictor Lazarte is a General Partner at Benchmark, a renowned venture capital firm focused on early-stage technology investments. With a background in entrepreneurship and investing, Victor brings deep operational expertise and a founder-first mindset to supporting high-growth startups.Before joining Benchmark, Victor co-founded Wildlife Studios, one of the world’s largest mobile gaming companies, where he helped scale the business to global success. His experience in building and leading companies gives him a unique perspective on product development, scaling operations, and long-term strategy.Victor is passionate about partnering with visionary founders to build category-defining companies. He holds a degree in engineering and is committed to fostering innovation across industries.Benchmark is a leading venture capital firm specializing in early-stage technology investments. Known for its hands-on, founder-first approach, Benchmark partners with entrepreneurs to build transformative companies across industries like software, marketplaces, and infrastructure. The firm operates with a unique equal partnership structure, ensuring deep collaboration and long-term commitment to its portfolio companies. With a track record of backing iconic startups such as Uber, Twitter, eBay, and Snap, Benchmark continues to be a trusted partner for ambitious founders looking to scale breakthrough ideas into world-class businesses.Timestamps:In this episode, we discuss:* Victor's Background and Journey (1:29)* Wildlife Studios and Its Growth (3:59)* Bootstrapping Success (6:53)* Understanding Venture Capital (9:48)* Benchmark's Unique Model (12:17)* Decision-Making in Venture Capital (17:05)* Open-Minded Yet Disagreeable (20:29)* Benchmark's Equal Partnership Model (22:20)* Dynamic of Disagreement (25:24)* Betting on the Jockey (30:38)* Adapting to Changing Environments (34:59)* Providing Value to Entrepreneurs (37:14)* The Current AI Technology Shift (39:26)* Identifying Fast-Improving AI Areas (42:04)* Final Thoughts and Takeaways (44:33)I’d love to know what you took away from this conversation with Victor. Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. 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 X. 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.Had a great conversation recently with Tomasz Tunguz Founder and General Partner at Theory Ventures. We dug into how AI is reshaping venture capital and everyday life, from the rapid advancements in the space to what it all means for startups and the broader market. We covered everything from the declining cost of training AI models to the open vs. closed-source debate and how enterprises are starting to adopt AI in real ways. A really insightful discussion—hope you enjoy it.About Tomasz TunguzTomasz Tunguz is the Founder of Theory Ventures, where he invests in early-stage technology companies with a focus on SaaS, data infrastructure, and machine learning. Renowned for his deep analytical insights and data-driven approach to venture capital, Tomasz helps founders navigate growth, product-market fit, and scaling challenges.Prior to founding Theory Ventures, Tomasz was a Managing Director at Redpoint Ventures, where he led investments in several high-growth software companies. He is widely recognized for his blog on SaaS metrics, startups, and venture capital, which serves as a valuable resource for entrepreneurs and investors alike.Tomasz holds a degree in Mechanical Engineering and Economics from Dartmouth College. His passion for technology, strategy, and helping companies succeed has made him a respected voice in the venture capital community.Theory Ventures is an early-stage venture capital firm focused on investing in transformative technology companies across sectors like SaaS, data infrastructure, AI, and machine learning. Founded by Tomasz Tunguz, Theory Ventures combines deep analytical expertise with a founder-first approach, providing hands-on support to help startups achieve product-market fit, scale operations, and drive long-term growth. The firm is committed to backing visionary entrepreneurs who are building the next generation of technology solutions, offering both capital and strategic guidance to turn bold ideas into successful businesses.Timestamps:In this episode, we discuss:* AI's Impact (1:18)* Cost Reduction in AI Training (2:18)* Impact of DeepSeek on Market Dynamics (5:01)* Open Source vs. Closed Source AI (10:57)* Enterprise Decision-Making in AI (13:19)* Defensibility of AI Applications (17:27)* Efficiency in Growing Companies (21:01)* The Path to AGI (25:46)* Impact of AI on Labor Market (28:58)* Excitement and Concerns About AI (30:55)* Non-Consensus Views on AI and Final Thoughts (33:29)I’d love to know what you took away from this conversation with Tomasz Tunguz.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 X. 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 recently had the pleasure of hosting Zal Bilimoria, Co-Founder of Refactor Capital. Zal has had a fascinating career from building products at Microsoft, Google, Netflix, and LinkedIn to making the leap into being a VC. His story is one of relentless curiosity and a deep passion for technology, something that started early in his life while working in his family’s computer business.In our discussion, Zal walked us through his transition from product management to venture, his time at Andreessen Horowitz, and what ultimately led him to launch Refactor Capital. As a solo GP, he’s taken a unique approach to investing, navigating the challenges of fundraising while staying laser-focused on backing founders tackling complex, high-impact problems. We covered everything from the evolution of his investing philosophy to the importance of founder relationships and how he thinks about the future of life sciences and technology.About Zal BilimoriaZal Bilimoria is the Founding Partner of Refactor Capital, a venture firm investing at the intersection of life sciences, technology, and sustainability. With a background in both software and healthcare, Zal brings a unique domain expertise and lens to investing. Before launching Refactor, originally with his partner David Lee, he was a partner at Andreessen Horowitz, where he focused on emerging technologies.This was a fun conversation—if you're interested in what it takes to build a venture firm from scratch, how product thinking translates into investing, or where the future of innovation is headed, this episode is a must-listen.Timestamps:Topics in this conversation include:* Zal's Early Life and Background (2:00)* Career in Product Management (3:06)* Starting Refactor Capital (6:03)* Challenges of Starting a New Firm (9:36)* Portfolio Construction Strategies (13:12)* Solo GP Model (18:06)* Advice on Hiring Associates (20:12)* Fund Size Philosophy (24:32)* Investment Entry Points (28:34)* Return Model Considerations (32:04)* Understanding Ownership Thresholds (36:31)* Market Influence on Investments (38:44)* Navigating Investor Relationships (41:08)* Quick Decision-Making with LPs (43:25)* Parting Thoughts and Future Outlook (46:32)I’d love to know what you took away from this conversation with Zal Bilimoria.Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. 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 X. 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 I had the pleasure of speaking with Brian Ascher, a veteran venture capitalist at Venrock, a firm with a storied history dating back to 1969 as part of the Rockefeller family office. Brian, with nearly 30 years in the industry, shared his journey from product management at Intuit to becoming a key partner at Venrock. We dove into the firm's evolution, investment strategies, and decision-making processes, highlighting how Venrock maintains its edge as it evolves.About Brian Ascher:Brian Ascher is a Partner at Venrock where he focuses on early-stage investments in enterprise software, SaaS, and consumer internet companies. With a deep passion for partnering with visionary founders, Brian is known for helping businesses scale through strategic growth, operational insights, and innovation.Since joining Venrock in 1998, Brian has played a pivotal role in numerous successful investments, including Vocera, 6sense, Personal Capital, and Inrix. His expertise spans go-to-market strategies, product positioning, and building high-performing teams.Topics in this conversation include:* Brian’s Career Journey (1:34)* The Evolution of Venture Capital (6:25)* Venrock’s Decision-Making Model (10:09)* Balancing Investment Decisions and Team Dynamics (14:42)* Empowered Accountability in Deal Decisions (20:44)* Cultural Norms in Venture Capital (22:38)* Investment Strategy and Risk Management (25:12)* Portfolio Construction and Returns (30:22)* Opportunity Funds vs. Core Funds (33:01)* Adapting to AI's Impact on Investment (36:15)* Advice for Aspiring VCs (41:28)* Final Thoughts and Takeaways (43:48)I’d love to know what you took away from this conversation with Brian Ascher.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 X. 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, I have the pleasure of conversing with Gaurav Mathur, Partner at Pinegrove Capital Partners. Together, we dive into the evolving venture capital landscape, focusing on liquidity solutions and the rise of secondary markets. Gaurav shares insights from his extensive experience, discussing the growth in assets under management, the trend of companies staying private longer, and the changing dynamics for limited partners. We explore mechanisms for generating liquidity, such as continuation funds, strip sales, and secondary tenders, emphasizing the importance of alignment between general partners and limited partners.About Gaurav Mathur and Pinegrove:Gaurav Mathur is a Partner at Pinegrove Capital Partners. Gaurav Mathur is a seasoned finance professional with extensive experience in investment banking and venture capital. In 2023, he co-founded Pinegrove with Brian Laibow through the backing of a $500 million commitment from Sequoia Heritage and Brookfield.THE ORGPrior to founding Pinegrove, Gaurav spent 18 years at Goldman Sachs as a Managing Director in the Investment Banking Division, leading the US Equity Private Markets. He began his career at PwC in the Dispute Analysis & Investigations Group. Gaurav holds a Bachelor of Science degree in Business/Commerce from the University of Virginia.Pinegrove Capital Partners is a venture investment platform that offers tailored solutions for fund managers, founders, and limited partners within the venture capital ecosystem. Their expertise includes fund of funds, venture debt funds, venture secondaries, and co-investments.With combined assets under management exceeding $10 billion, Pinegrove is supported by sponsors such as Sequoia Heritage and Brookfield Asset Management. In May 2024, an affiliate of Pinegrove, backed by these sponsors, entered into a definitive agreement to acquire SVB Capital, the investment platform business of SVB Financial Group. This transaction was completed in September 2024. Topics in this conversation include:* Growth of AUM in Venture Capital (3:53)* Data-Driven Insights on Liquidity (6:11)* Private Markets Growth Forecast (11:03)* Mechanisms for Generating Liquidity (17:00)* Alignment in Continuation Structures (21:28)* Sizing Continuation Funds (29:44)* Exploring Strip Sales (31:36)* NAV Lending as a Liquidity Tool (34:00)* Growth of Liquidity Solutions (37:35)* Technology's Role in Liquidity (41:14)* Final Thoughts and Takeaways (45:55)I’d love to know what you took away from this conversation with Gaurav Mathur. 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 X. 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 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