Venture Unlocked: The playbook for venture capital managers

The New World of VC and Building a Durable Firm with Category Ventures' Villi Iltchev

Jun 4, 2025
Villi Iltchev, Founder and Managing Partner of Category Ventures, shares his journey from leading roles at tech giants like Box and Salesforce to launching his own early-stage venture firm. He discusses the challenges and strategies for succeeding in a crowded VC landscape, emphasizing the importance of authenticity and personal relationships with founders. Villi also explores the intricacies of hiring in the field, balancing technical skills with personality traits. His insights reveal the dynamics of early-stage investing and the artistry behind making informed venture capital decisions.
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ANECDOTE

Serendipitous Career Path

  • Villi Iltchev's career was shaped by serendipity and readiness to seize opportunities.
  • He transitioned from tech enthusiast to finance, operations, and eventually venture capital through diverse experiences.
INSIGHT

Market Fragmentation and Flexibility

  • The early-stage venture market is fragmented, subscale, and inflexible in check sizes.
  • A flexible, founder-focused firm that adjusts investment sizes to opportunity needs fills a crucial gap.
ADVICE

Earn Right to Lead Deals

  • Earn the right to lead rounds through experience and reputation, especially at Series A.
  • Start by focusing on seed investments and grow into later stages when your brand supports it.
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