EP#57 Ben Mathias – Investing in growth stage startups, value add beyond Series A and why founders should focus on building capital efficient businesses

In this episode, Ben Mathias (Managing Partner, Vertex Ventures), joins our host Digjay, to talk about his path leading up to Vertex Ventures, history & thesis at Vertex, key defining moments in evolution of India’s startup ecosystem, why it is important for startups to focus on building capital efficient businesses, advice for first time VCs, nuances of investing in growth stage startups, adding value to founders beyond Series A rounds, outlier founders from the Vertex SEA portfolio & what differentiates them from the rest, how being a VC has influenced Ben’s personality over the years and more.

Vertex Ventures is a global network of operator-investors who manage portfolios in the US, China, Israel, Southeast Asia & India. Vertex SEA & India has invested in more than 60 startups including 5 unicorns in their portfolio. Some of their marquee investments include startups like Grab, NIUM, FirstCry, Recko, CloudCherry, Active AI, Licious, and Kapiva among others.

Prior to Vertex, Ben was a partner at New Enterprise Associates (NEA) where he launched their India presence. While at NEA, he led several investments in the Technology and Healthcare sectors. Prior to joining NEA, Ben had a successful software career in Silicon Valley where he held senior positions at E2open and i2 Technologies (acquired by JDA Software). You can connect with him here on Linkedin or Twitter.

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Show notes –

1. (01:42) Ben’s background & path leading up to Vertex
2. (04:36) About Vertex Ventures - thesis & history of the fund
3. (11:02) Key moments in India’s evolution as a startup ecosystem
4. (15:02) The current macro backdrop; Why is it important for startups to focus on building capital efficient businesses?
5. (18:44) Advice for first time VCs
6. (21:38) Nuances of investing in growth stage startups
7. (24:41) What does ‘value add’ mean for founders at and beyond Series A funding?
8. (29:27) Outlier founders from the Vertex portfolio; What differentiates these founders from the rest?
9. (32:42) Internalizing that venture capital is a long game; Challenges faced as a VC
10. (37:14) How being a VC has influenced Ben’s personality over the years?
11. (38:17) Rapid fire and closing remarks

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