Build Mode Capital is a commodity (but your investor relationships aren’t)
Dec 11, 2025
In this discussion, Leslie Feinzeig, founder of Graham & Walker Ventures, and Ross Fubini from XYZ Ventures share their insights on venture capital. They reveal the challenges of raising initial funds and how personal experiences shape their approaches. The duo emphasizes the importance of authentic relationships with founders and differentiating themselves beyond just capital. They also talk about the necessity of a unique thesis and how early connections can offer competitive advantages in the investment landscape.
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Qualify LPs Fast
- Ross Fubini learned to qualify LPs ruthlessly and now knows in two minutes whether someone will invest.
- Spend almost no time convincing mismatched LPs and focus on likely fits instead.
Raising A First Fund In Zoom With A Baby
- Leslie Feinzeig raised her first fund largely from individuals during COVID with a baby on her lap on Zoom.
- She treated the first fund as a proof of concept to see if she liked and could do the job long-term.
Decks Are Hooks, Not Crutches
- Fund decks need a sharp hook and founders must master telling the story without slides.
- World-class fundraisers can begin the pitch at any point and tailor it to the listener.