The Rise by Nucleus

Jonathan Lehr is the Co-Founder and General Partner of Work-Bench, the NYC early-stage enterprise firm managing $375M across four funds with investments in companies such as Socure, Spring Health, and Cockroach Labs. In this conversation, we walk through the origin story of Work-Bench, how the team planted a flag in New York’s enterprise ecosystem, the role of community in their model, and the experience of navigating institutional LPs as an emerging manager. Jonathan also shares how Work-Bench evaluates early GTM strength, lessons from backing category-defining companies, and what is ahead as the firm raises Fund IV.Learn More About Nucleus: https://nucleustalent.io/Follow Alex: https://x.com/alexklein0x Timestamps:0:00 — Welcome Jonathan Lehr to The Rise0:45 — Planting the Flag in NYC’s Enterprise Ecosystem3:03 — The Enterprise Tech Meetup: Bridging Corporates and Startups5:39 — Raising Fund I to $160M: The Early Grind7:44 — How NYC’s Tech Landscape Evolved9:58 — Institutional LPs: Navigating Process, Challenges, and Momentum14:55 — Portfolio Deep Dive: Spring Health and Socure24:05 — How Work-Bench Evaluates Startups & GTM Strength26:12 — Community as a Durable Moat31:23 — Go-to-Market Lessons From the Portfolio33:53 — Preparing Founders for the Series A40:16 — Raising Fund IV: What’s Changing44:42 — Shoutouts & Emerging Managers to Watch48:30 — Thank You Jonathan — Like & Subscribe#venturecapital #investing #podcast #vc #startup #tech

Turner Novak is the founder and solo GP of Banana Capital and the host of The Peel Pod, with guests spanning from Benchmark’s Eric Vishria and Cendana’s Mike Kim to Weekend Fund’s Ryan Hoover and Sweetgreen’s founder and CEO, Jonathan Neman. From his beginnings in Winnipeg to building Banana Capital out of Ann Arbor, Turner has become one of the most recognizable and trusted voices in venture, known for pairing curiosity and humor with real conviction. He’s built a following of hundreds of thousands and a portfolio that includes BeReal, ScienceIO, Bee, Chainguard, and more. On this episode of The Rise, Turner unpacks the origin of Banana, the flywheel behind his personal brand, and how he’s built a reputation for speed, transparency, and founder trust.Learn More About Nucleus: https://nucleustalent.io/Follow Alex: https://x.com/alexklein0x Timestamps:0:00 – welcome turner novak to the rise0:48 – from winnipeg to venture2:15 – building banana capital from scratch5:32 – discovering the power of social9:41 – creating the peel pod and landing top guests13:50 – portfolio wins: bereal, scienceio, bee, chainguard, and more17:22 – the art of moving fast and earning trust21:03 – raising institutional capital and lessons learned25:26 – how social compounds into deal flow29:17 – what founders really want from investors33:08 – what’s next for banana capital#venturecapital #investing #podcast #vc #startup #tech

Mike Annunziata, Founder and General Partner at Also Capital, shares insights from his journey in venture capital, including his time at Soros Fund Management. He discusses the essence of conviction investing and why trust is critical in partnerships. Mike highlights his portfolio of hard tech companies like Varda Space and K2, emphasizing the importance of people-first investing. He reflects on defining early-stage success through relationships and metrics, and shares his vision for the future of hard tech, focusing on building a firm with long-term impact.

Craig Shapiro, Founder and Managing Partner of Collaborative Fund, shares insights on aligning profit with positive social impact. He discusses the evolution of New York's venture ecosystem and highlights successful investments like Beyond Meat and Sweetgreen. Craig explains their innovative AI residency program aimed at funding consumer-focused startups and reflects on the importance of mission-driven investing. He emphasizes the significance of community in fundraising and offers advice for emerging managers looking to make a mark in the venture capital space.

Keith Rabois, a seasoned venture investor with a track record at PayPal and Square, shares his insights on succeeding in venture capital. He discusses his early investments in Ramp and Faire, emphasizing the importance of talent and team building. Rabois explores how AI is shifting the founder landscape, favoring younger, tech-savvy entrepreneurs. He advises aspiring VCs to gain operating experience first and highlights the significance of differentiation in emerging managers. His thoughts on maintaining conviction in competitive deals offer a fascinating glimpse into his investment philosophy.

Amanda Robson, the Founder and Managing Partner of Modern Technical Fund, shares her journey from banking to venture capital. She discusses her disciplined investment strategy focused on technical founders in infrastructure and security. Amanda highlights the unique needs of technical founders and explores the evolving landscape of AI in cybersecurity. She also emphasizes the importance of building supportive founder communities and shares insights on effective fundraising tactics for emerging managers.

Aydin Senkut, Founder and Managing Partner of Felicis Ventures, shares insights into building a top-tier VC firm with an impressive portfolio of 19 IPOs and 27 unicorn exits. He discusses the importance of founder-led investments and how his Google experiences shaped his approach. Aydin emphasizes the value of reinvention over pattern recognition, revealing strategic changes at Felicis, including a unique hiring philosophy. He also offers advice for emerging venture capitalists and highlights recent AI investments, underscoring the need for speed and adaptability in the industry.