"Turpentine VC" | Venture Capital and Investing

Join Andrew Braccia, a seasoned Partner at Accel with nearly two decades of experience, as he shares insights into the venture capital landscape. Discover how Accel has expanded globally while maintaining its early-stage focus and launched growth funds targeting bootstrapped tech companies. Andrew delves into the lessons from the internet's evolution, the balance of ambition in multi-stage investing, and the current AI-driven investment landscape. His reflections on past experiences at Yahoo highlight the transformative nature of technology in shaping investment strategies.

Chad Byers, co-founder and general partner at Susa Ventures, dives into the firm's evolution from a $25M fund to a major player in seed-stage investing. He discusses the importance of branding and tailored strategies, exploring how they foster founder autonomy through incubated projects. The conversation touches on the dynamics of fund sizes, the need for genuine investor support, and the shifting landscape of venture capital towards sustainability and profitability. Byers emphasizes the unique approach Susa takes to enhance startup development.

This week on Turpentine VC, we’re dropping an episode from David Weisburd’s “How I Invest Podcast” with Nichole Wischoff of Wischoff Ventures. Nichole discusses her impressive $50 million fundraise, closed in a bear  market, sharing her strategy, brand-building efforts, and tips on leveraging social media to attract investors.— 📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess  🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse  —RECOMMENDED PODCAST:🎙️How I Invest with David Weisburd Apple Podcasts: https://podcasts.apple.com/us/podcast/how-i-invest-with-david-weisburd/id1697772657 Spotify: https://open.spotify.com/show/2MHgyKMmJgznPI66MLxZfCYouTube:https://www.youtube.com/channel/UCncFI0XEvTu7k4er6BgVN9g —SPONSORS:☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/  and mention “Turpentine” to skip the waitlist.—LINKS:Wischoff Ventures: https://www.wischoff.com/ —X / TWITTER:@NWischoff@DWeisburd@eriktorenberg@TurpentineVC—TIMESTAMPS:(00:00) Intro(00:35) Nichole Wischoff’s $50 million fundraise(01:46) Building a brand and distribution(02:50) The power of media in venture capital(05:21) Fundraising strategies and challenges(13:50) Sponsors: Oracle | Squad(17:01) Leveraging relationships and networks(22:39) Building a Twitter following(29:37) Conclusion and contact information—HIGHLIGHTS FROM THE EPISODE: Nichole Wischoff raised $50 million for her fund in five months during summer 2024's tough market. Her strategy focused on a first close of 50% by May and final close in August, creating momentum. Performance matters: her previous funds were top decile performers, providing essential credibility. $38.5M of the $50M came from just six LPs, with Sendona anchoring at $15M. Brand building through social media gave her the ability to "get on the phone with anyone" after two years. She got everyone in the data room simultaneously with a clear timeline, creating competitive pressure. After securing first close, she emailed everyone still in the pipeline to create urgency and force decisions. For social media success, she recommends authentic opinions and willingness to be wrong publicly. She narrowed relationships from 50 fund managers down to 8-10 truly trusted partners (the 80/20 rule). Always fundraise when you need capital, not based on market timing or what other GPs say.

Alexis Ohanian, co-founder of Reddit and founder of Seven Seven Six, shares his incredible journey in the tech and venture capital worlds. He dives into how Seven Seven Six leverages technology to enhance accountability and support for founders. The importance of transparency in investment tracking is a key topic, as is the integration of software solutions that revolutionize venture practices. Alexis also paints a vision for building community infrastructure that fosters collaboration among creators and emphasizes the future of mentorship and innovation in venture capital.

Logan Bartlett, a partner at RedPoint and host of The Logan Bartlett Show, shares his deep insights on venture capital operations. He discusses how historical market cycles inform current investment strategies and emphasizes the importance of resilience in navigating public scrutiny. The conversation highlights talent cultivation within venture capital, the evolution of RedPoint, and the complexities of founder-VC dynamics. Bartlett also reflects on the emotional aspects of early-stage investing and the shifting generational trends in the industry.

Brendan Foody, Founder and CEO of Mercor, shares insights on his AI-powered recruitment platform that has reached a $2 billion valuation. He discusses how automation revolutionizes hiring, improves efficiency, and connects employers with top talent. The conversation also covers the use of multimodal technology to enhance candidate evaluation and the challenges of predicting job performance through data analytics. Brendan highlights the development of a career planning tool and future innovations aimed at creating a more engaging application process.

Sarah Tavel and Eric Vishria, General Partners at Benchmark, discuss their firm's distinctive minimalistic approach to venture capital. They dive into the importance of deep partnerships with founders and how this shapes their investment strategy. The duo contrasts Benchmark's equal partnership model with larger firms, emphasizing the joy of collaboration. They also navigate the challenges of today’s market, highlighting the significance of sustainable investment practices and meaningful relationships in fostering long-term success.

Somesh Dash, a General Partner at IVP, shares insights from the forefront of growth-stage investing. He highlights the importance of strategic discipline and strong partnerships in navigating the evolving VC landscape. Somesh discusses how founders transition from early to later stages, emphasizing mental health support and effective communication. He also explores the nuances of fund construction and the current IPO landscape, all while advocating for innovation and collaboration within the venture capital ecosystem.

Kareem Zaki, General Partner at Thrive Capital, discusses the firm's strategic focus on category-defining companies. He emphasizes balancing opportunism and concentrated investments while supporting founders through challenges. Zaki highlights the transformative tech landscape, opportunities in various sectors, and the unique influence of New York on innovation. He advocates for long-term partnerships and a qualitative growth mindset, addressing how macroeconomic factors shape investment strategies while maintaining a selective media approach to enhance the firm's mystique.

Greg Castle, founder of Anorak Ventures and expert in emerging technologies, dives into the exciting world of AR/VR and spatial computing. He discusses the evolution of these technologies and their profound impact on human interaction and learning. The conversation touches on the competitive landscape influenced by tech giants like Apple and Microsoft, the role of startups in innovation, and the promise of a more immersive digital future. Castle also highlights the challenges and opportunities that come with integrating AI into various industries.