Slice Podcast

Welcome back to the Slice Pod for Season 2!In a world where the lines between technology, defense, and national security are increasingly blurred, Eric Slesinger stands out as a unique figure in the world of early stage VC. As the Founder and General Partner of 201 Ventures, he brings a rare combination of experience from his time as a mechanical engineer, at the CIA, and as an investor at In-Q-Tel, the U.S. intelligence community's venture capital arm.At 201 Ventures, Eric has adopted a highly focused approach, concentrating on a select portfolio of companies in defense, cybersecurity, and other national security-driven technologies. Perspectives that now guide his investment strategy. “What I’m doing in venture is not just about returns; it’s about advancing technologies that can make a real difference in global security,” Eric explains. Eric’s concentration on fewer, higher-impact investments is something he’s passionate about: “When we make a bet, we go all in. We’re not trying to diversify for the sake of it, but instead invest deeply in companies that align with our mission of driving strategic, meaningful impact,” he shares.At Slice, we understand the alpha in managers that stay highly disciplined and concentrated - there’s this beauty to conviction, ownership, and discipline we find in very few managers, and know it’s rare when we find one.It’s clear his transition from national security to deep tech investing was an evolution with many learnings along the way into the role as a solo GP, but one that’s grounded and consistent in the core principles of humility and service (and a lot of memes).We've all witnessed the explosive (pun intended) surge in deep tech, particularly American Dynamism, over the past few years. This trend has transformed sleepy towns like El Segundo into booming tech hubs, far from the quiet silver town it was once known to be. In 2022, venture capital firm Andreessen Horowitz (a16z) launched a dedicated $500 million American Dynamism fund, focusing on startups tackling critical national issues, but they aren’t the only player in the game. The defense tech landscape has seen an unprecedented influx of venture capital, with investors deploying a whopping $31 billion to defense-related companies in 2024 alone.Eric's unique background positions him at the forefront of this revolution in Europe. His expertise allows him to navigate the intricate web of cutting-edge technology, security imperatives, and real-world applications in a way few others can. This skill set is particularly valuable in the new "Silicon Defense" landscape, where companies like Anduril are mass-producing autonomous weapons and partnering with AI giants to integrate advanced technologies into national security missions. Eric's insights are what's needed to identify the next game-changing innovation in this rapidly evolving sector.One of the most significant milestones for Eric and 201 Ventures is to be the first fund to have the involvement of the NATO Innovation Fund as an institutional investor. “Having NATO as a partner is one of the highest forms of validation we could have received,” Eric explains. “It’s about more than just capital. It's a recognition that our work is essential to the future of global security.”Kudos to Eric for such a high achievement. It’s very difficult for a small first time fund run by a solo GP to get funding from an institutionalized investor who will be there to support subsequent funds. It’s also a big recognition that the strategic investments Eric is making in emerging deep-tech companies align with NATO’s mission of supporting technological sovereignty across member states. As Eric notes, “For NATO to back us, to be the first to take this step, means that our focus on early-stage defense tech is directly aligned with the future of the alliance.” The NATO Innovation Fund, which targets cutting-edge technology for defense and security, believes Eric's focus on the “grey zone” – technology that straddles defense and commercial use – makes him uniquely positioned to lead the charge in this space.Through this investment, NATO's involvement reinforces not just the relevance but the urgency of the work Eric and his team are doing to advance security through tech. We see it as a stamp of approval for a fund that is doing far more than backing startups; it’s helping to shape the future of global defense.A term that comes up frequently in our conversation with Eric is “greyzone warfare” a concept that shapes his entire investment philosophy. Greyzone warfare refers to the tactical, often invisible conflict that exists between outright war and peace. It’s a complex, murky space, and one where technology plays a critical role. For Eric, understanding the geopolitical landscape and its evolving dynamics is key to identifying investment opportunities that can address these needs. “The greyzone is where the next big shifts in technology will come from. Our investments are about recognizing those shifts early and supporting the companies that can make a real difference,” he explains.By focusing on this space, 201 is positioned to back technologies that not only respond to the current needs of defense but anticipate future threats and challenges. It’s a forward-thinking approach, backed by Eric’s deep expertise and understanding of global security dynamics.On a human level, what we thought truly stands out about Eric’s approach to venture is his humility. Despite the impressive track record and high-profile investors backing his fund, Eric remains grounded in his service-oriented mindset. His focus isn’t on flashy exits or chasing the next hot trend, it’s about solving real-world problems that can shape the future of global security. “Venture capital is not just about making money; it’s about solving problems that matter, and that’s what we’re doing here,” he states firmly.It also helps him identify his ideal founder: “a PhD that can win a bar fight.” There’s a relentless, scrappy determination he looks for. The kind of person who will find (or fight) a way through any challenge.Eric’s story is one you won’t want to miss. If you enjoyed this episode, share this episode with a friend and subscribe to our substack…we’ve got a lot more managers to share with you this season. To hear more, visit slicefund.substack.com

This week on the Slice Podcast, we’re flipping the script with a special holiday episode, sharing our top learnings from the 10+ guests we’ve interviewed so far. From uncovering shifts in early-stage investing to redefining what it means to be a great founder or emerging manager, here are the key takeaways:The Unbundling of AcceleratorsOne recurring theme has been the shift away from the traditional accelerator model. The best founders are no longer coming out of accelerators. Instead, we’re seeing institutionalized angel funds like Pietro cutting $100K to $300K checks, enabling syndicates to pull together $500K rounds split among a handful of strategic backers.Today, the number one skillset for founders is fundraising. It’s not just about securing capital but structuring your fundraise thoughtfully to minimize dilution for yourself and your shareholders. As Fabri put it:"It doesn’t matter how good your product or idea is. If you don’t know how to raise capital properly, it’s not going to work. The best founders gather small amounts of capital from targeted syndicates who offer strategic support—a far more effective approach than joining an accelerator."Build a Firm, Not a FundFabri often emphasizes the importance of working backward from your end goal, and this principle applies equally to building a venture firm. As Mike succinctly put it:"You’re not just building a fund; you’re building a firm. A fund is a vehicle, but the vision is the firm itself. Fund I is just the beginning."Emerging managers are constantly proving themselves, and the ones who succeed understand that pitching a firm is essentially pitching themselves. Clarity of purpose is crucial. As Fabri noted, “Not everyone we talked to knew exactly what they were doing. Many are still figuring it out, especially those on Fund Zero.”The Role of an Emerging Manager Is Completely Different Than That of a GP at a Large FundWe heard time and again how the role of an emerging manager is vastly different from that of a GP at an established firm. At big-brand firms, GPs tend to specialize—whether it’s sourcing, diligence, closing deals, or raising LP capital. As an emerging GP, the context-switching is relentless."Before noon, you’ve pitched LPs, spoken with founders, negotiated terms with lawyers, and checked in with your fund administrator. The context switching is relentless."This frenetic pace is why we believe early-stage operators and founders often make the best emerging managers—they’re accustomed to juggling responsibilities. Conversely, traditional GPs spinning off from large firms often struggle without the structure that once surrounded them.Passion Over Opportunity: Should Everyone Raise a Fund?Not every manager should raise a fund. Passion and purpose must drive the decision, not just the allure of management fees."Some people do this because they think it’s a cushy gig—collecting fees without hustling. Sure, they might return something, but it won’t be spectacular."Spectacular returns require commitment, vision, and a clear value proposition—not just to LPs but to founders as well.Be Clear About The Value Proposition to FoundersPerhaps the defining characteristic of the best emerging managers is their ability to articulate their value proposition clearly and authentically. The top managers know their strengths, acknowledge their limitations, and focus on offering meaningful support.“The most valuable thing an emerging manager can bring is talent. Whether it’s employees, coalition partners, advisors, or angels, the ability to build a team and execute is what separates good ideas from great companies.”These managers don’t try to be all things to all founders. Instead, they lean into their unique strengths while being honest about the areas where they might not add as much value. This self-awareness and transparency are what truly set them apart.We hope you’ve enjoyed this holiday reflection on Slice Podcast’s journey so far. Huge thanks to Pietro Invernizzi, Ashley Mayer, Hugo Amsellem, Reed Robinson, Ophelia Cai, Rapha Danilo, Elia Infascelli, Tanya Soman, Sarah Drinkwater, Mike Annunziata, and John Gleeson for joining us as guests this season. As we head into the new year, we’re excited to continue exploring the stories, strategies, and insights that shape the world of emerging managers and new wave of venture capital.Happy holidays from the Slice team! 🎄❤️ To hear more, visit slicefund.substack.com

This week, we’re joined by John Gleeson, Founder and General Partner of Success Venture Partners (SuccessVP), a $10M fund investing in founders with customer success at their core, from pre-seed to seed. SuccessVP stands out with its extensive base of 87+ Limited Partners, many of whom are Chief Customer Officers from industry giants like Toast, Slack, GitHub, Braze, MuleSoft, Notion, Aurora Solar, and more.Before founding SuccessVP, John moved from Canada to NYC, where he scaled Customer Success at Motive (now valued at $3 billion) from $1M to $300M in ARR. During this time, he also made strategic investments as a scout for Index Ventures. In our conversation, John reflected on how this pivotal experience gave him the foundation to view companies from an investor’s lens. Prior to this, his expertise was sought after by top VCs to guide founders in mastering customer success.John’s journey into venture was shaped by his leadership in building the world's largest Customer Success professional communities through SF and NYC Customer Success Meetups. These meetups connected him with industry professionals, founders seeking Chief Customer Officers, and eventually VCs—becoming his natural entry point into the venture capital world.On being invited to scout for Index, Craft, and CRV John shared: “It was really because I was passing along strong deal flow and quickly becoming the person they turned to when portfolio companies needed support with customer success.”The highlight of this episode is our discussion on why customer success is more critical than ever in today’s rapidly evolving world, particularly in the context of vertical AI. John summarized it best in his post-interview substack blog (linked here), but the TL;DR is this: horizontal solutions can’t match the depth of understanding that vertical-focused products bring to their customers. In a world where technology enables faster software development than ever before, understanding and prioritizing customers has become the true competitive advantage.This perspective solidified our belief in John’s vision and why he’s poised to succeed. His expertise in recognizing the importance of keeping customers happy and deeply understanding their needs exemplifies the adaptability required for businesses to thrive amidst rapid technological advancements and global innovation.We’ve already shared too much about this episode, but John’s insights into the future of innovation—with founder-led customer success at its core—have us excited about building the next generation of businesses. Knowing what to build, rather than just how to build it, will be the key to success.If you learned a thing or two from this episode with John, please share this episode on LinkedIn or pass it along to a founder, investor, or customer success expert in your network. Let’s amplify the voices of GPs driving groundbreaking ideas forward! To hear more, visit slicefund.substack.com

This week, we’re joined by Mike Annunziata, Founder and General Partner of Also Capital, a $22M fund investing in the next generation of hard tech founders from pre-seed to Series B. Also Capital stands out by leading pre-seed rounds with checks up to $1M and reserving $500k-$1M for follow-on investments at seed and beyond with a mission to strengthen America’s leadership in transformative technology.Mike’s background is as dynamic as it is impressive. He co-founded Farther Farms, a Series B startup revolutionizing shelf-stable fresh food technology, served as an institutional investor at Cornell University’s endowment fund, and holds a board seat at Varda. His venture capital journey began at Dorm Room Fund, giving him a well-rounded perspective that’s been instrumental in shaping the vision behind Also Capital.In our conversation, Mike shares invaluable insights from his multifaceted career and reveals how each experience contributed to the foundation of Also Capital. Notably, 40% of the fund’s limited partners are institutional—a rare achievement for a solo GP managing a fund of this size. Mike credits this success to his genuine authenticity and transparency as a GP:“Pitch the firm, not the fund. A fund is just a vehicle—your long-term vision is the firm.”This shift in perspective moves the narrative from immediate returns to lasting impact: “We’re here to drive innovation forward” rather than “We’ll deliver strong returns.” Both are intertwined, but the distinction is powerful.Mike’s track record reflects this long-term vision. He’s played a key role in raising over $250M for leading U.S. hard tech startups like Varda, K2, and Northwood, positioning him as a trusted partner and strategic advisor. His board role at Varda underscores his deep industry expertise and commitment to supporting transformative companies.We’ve already said too much about this episode, but Mike’s insights into the future of innovation at the intersection of hardware and software are not to be missed. He firmly believes that engineers’ ingenuity will drive the next wave of technological progress in America, and he’s deeply invested in making that future a reality.🎧 Coming next week: A deep dive with a customer success expert you won’t want to miss.If you found Mike’s story compelling, repost this episode on LinkedIn or share it with a founder, investor, or hard tech enthusiast in your network. Let’s amplify these GPs working to back groundbreaking ideas together 📣 To hear more, visit slicefund.substack.com

In this episode of Slice, we sit down with Sarah Drinkwater, Founder and General Partner of Common Magic, a £10M early-stage fund backing founders whose ecosystems or communities serve as their moat. Common Magic writes checks ranging from £100K to £400K, investing in startups where community is integral to the product’s success.Though now based in London, Sarah’s career has spanned the globe, from Silicon Valley to Europe. She began as a tech journalist for The Guardian and The Independent, drawn early on to the internet’s transformative potential. “I was always attracted by the internet. I moved into early-stage startups, led community at a few well-known European companies—one of which we sold to Yelp. I then joined Google but missed the early-stage world. Many of us at Google in Europe had come from startups.”Sarah’s passion for community-building led her to the world of early-stage startups, where she helped founders develop communities. Later, she joined Atomico’sAngel Program (now defunct), which supported angels with $100,000 to write multiple early-stage cheques. There, Sarah invested in companies like Library of Things, Beautystack, Progression, Panion, and Untangle.Throughout the episode, we explore Sarah’s philosophy on community and how she communicates this vision to founders and LPs. She shares, “What we came to call community was really about finding and keeping customers close—whether they’re consumers, developers, or businesses. Building communities firsthand showed me it’s a powerful mechanism for retaining customers.”She elaborates on this concept in her Medium post, "Products with community at their core":The best communities tend to bring people together around a shared identity, practice or belief (eg: playing football, I enjoy contributing to this product, time spent volunteering is important to me, I’m Jewish)Broadcast channels aren’t communities. You’ve got to participate and listen more than you talk.You don’t own a community; you influence, co-create and curate it.Community building is a skill but one tech has historically not wanted to pay forCommunity never has and likely never will be valued the way software engineering is in the industry, although I’d argue humans are at least as complex as code.Common Magic is nearing its final close, with LPs across the U.S. and Europe, highlighting Sarah’s extensive network built over the years. She’s made 15 investments thus far in companies like Dottx, The Lowdown, Odin, with many more to come. We loved her optimism, candor, and relentless hustle to build a firm that reflects her values. She’s been pioneering community-building in venture long before it became mainstream, focusing on teams that “act as the layer between the product and those who use it, enabling people to interact and enrich their experience.”If you’re a founder or LP interested in connecting with Sarah, you can reach her at sarah@commonmagic.xyz.Special shoutout to Hugo at Intuition for the kind introduction to Sarah (you can check out his episode on investing in culture here). Happy Thanksgiving folks! See you next week with an EXPLOSIVE new guest 💥🚀🛰️ To hear more, visit slicefund.substack.com

At Slice, we look for emerging managers with a chip on their shoulder, a relentless drive to defy the odds and get sh*t done. In this conversation, we sit down with Solo GP of Southpaw Capital, Tanya Soman.Her story begins in Brooklyn, where she learned the fundamentals of entrepreneurship through her family's ventures. "When my parents moved here, they had sold everything in India, we all slept in the same bedroom and my dad pumped gas at a gas station." From that gas station, her family built a series of businesses—an auto body shop, a car dealership, and real estate ventures. She recalls one particular memory where she learned a crucial business lesson: after renovating and selling a foreclosure home, she watched the new owner demolish it. When she expressed frustration,  her father’s response was so simple: "Wasn't the point to make money? Did we? Then that's it."This pragmatic approach to business would serve her well in Silicon Valley. When traditional job applications went unanswered, she got creative: "I said, 'hi, is this weekend available [for a coffee chat]? I happen to be in the neighborhood.' And within five minutes, every single person replied." With that, she bought a plane ticket to San Francisco, lined up interviews, and ultimately secured a role at 500 Startups. Over the next six years there, she played a pivotal role in shaping one of tech's most influential accelerator programs.At 500 Startups, Tanya invested in early-stage at scale. "We invested in over 2,600 companies in 74 countries…Every cohort was 30 to 50 companies... You meet with your companies every single week for three to four months." The network she built during this time remains invaluable"There's not a place in the world that I go to where I don't run into someone from 500 or someone I have invested in. A lot of the investments I make are in relation to a founder I met during my time at 500” Watching the accelerator landscape evolve, Tanya observed significant changes: "There are clear leaders in the accelerator space. They move a little bit, but YC takes the cake. And then once you have so many, the market is saturated." The shifts in early-stage funding have been equally dramatic: "The seed stage funds have moved up market and they're doing A's and B's... Companies aren't raising necessarily from typical seed funds. They're raising from friends and family or different institutions."We strongly agree that there’s a huge unbundling of the traditional accelerator model, leaving a large opportunity in the earliest stages for emerging managers to “join” the teams and shape the future of the companies they invest in. These insights informed the creation of her own fund, Southpaw Capital. Named after left-handed fighters in boxing, the firm embodies Tanya's investment philosophy: "Southpaws don't train with everyone else. They have a lot more grit and perseverance to get to the same place... They statistically win, which is really the core definition of the ethos in the founders that we look for."On the other side of the table, Southpaw interestingly taps into Donor Advised Funds (DAFs) as an LP source. "There's over 200 billion dollars in donor advised fund capital that is already allocated today," Tanya explains, and we thought that this creative approach to fund structure exemplified her ability to spot overlooked opportunities.Finding promising founders requires recognizing familiar patterns of grit and determination. "I grew up on car lifts, in foreclosure homes and Home Depot, at auto garages and motels, breaking down buildings and just seeing that same hustle in another person... it's special."To connect with Tanya and learn more about Southpaw Capital, visit southpawcap.vc or reach out at tanya@southpawcap.vc. To hear more, visit slicefund.substack.com

At Slice, we're always on the lookout for emerging funds and managers who are redefining the venture capital landscape. In this episode, we chat with Elia Infascelli, Founder and Managing Partner of Forma Capital and Partner/CEO of Cashmere. Elia is forging a new path that blends capital investment with the power of influence. With Forma’s recent partnership with Sweater Ventures to launch the Cashmere Fund, Elia is leading fundraising, marketing, and capital deployment, while Sweater Ventures handles investor relations, compliance, and asset valuation.https://www.businesswire.com/news/home/20240923095136/en/Forma-Capital-Partners-with-Sweater-Ventures-to-Power-The-Cashmere-Fund Elia's journey began in the entertainment industry, where he spent nearly two decades at Endeavor, representing talent. During this time, he had a critical "aha moment"—where he saw the untapped potential of influencers to build successful brands and businesses. This opportunity led him into the world of venture capital. The entertainment-to-venture-capital transition isn’t a new concept. Andreessen Horowitz (a16z) famously drew similar inspiration from Michael Ovitz's transformation of the talent agency industry with Creative Artists Agency (CAA). Ovitz created a groundbreaking integrated network at CAA, moving away from the traditional, secretive “one partner, one portfolio” model. Instead, they connected their network of clients, amplifying each other’s potential.When we chatted with Elia about this philosophy’s application in Venture Capital, he drew a similar parallel about how to look at the data behind relationships driving success, but emphasized how inefficiencies persist in both worlds. "When you want to source or deploy influence—whether it's from an athlete, a celebrity, a league, or a sports team—you need good data. Who are you partnering with? Do they have a track record of success?"One of the most interesting aspects of Elia’s approach is his dedication to democratizing venture capital access.“Until recently, only select groups of wealthy investors had the ability to invest in compelling venture-backed private companies and benefit from their pre-IPO appreciation. Through advances in technology and regulation, we can continue to bring these opportunities to all investors, regardless of their status, through The Cashmere Fund. This is a groundbreaking development for the investment management industry, and we are thrilled to be a part of this journey with Cashmere Fund investors.” - said Elia, as quoted in Business Wire.The Cashmere Fund operates as an evergreen interval fund, accepting new capital daily with a minimum investment of just $500. It provides liquidity through semi-annual redemption windows and annual distributions, making venture capital accessible to both retail and institutional investors. This inclusive model has the potential to reshape the industry, enabling a broader audience to engage in the growth of early-stage startups.Elia's resilience and commitment has fueled the success of Forma Capital, and he’s aiming for similar outcomes with the Cashmere Fund. As they continue to innovate, Elia and his team are poised to leave a significant and lasting mark on the venture capital world.—Disclaimer from Cashmere Fund: “This podcast episode is provided for informational purposes only and should not be considered investment advice. During this episode, we will discuss the Cashmere Fund, which is managed by Cashmere. As the manager of this fund, we may have an incentive to promote it, and listeners should be aware of potential conflicts of interest. The information shared here is not intended to serve as an endorsement or recommendation to buy or sell any specific security, including Cashmere Fund. Please consult with a financial adviser before making any investment decisions, as investing in mutual funds involves risk, including possible loss of principal. Past performance is not indicative of future results.” To hear more, visit slicefund.substack.com

In the bustling world of venture capital, where full-time dedication is the norm, Rapha Danilo and his partners, Kat and Amir, at Darkmode Ventures are breaking new ground with a unique model, challenging the assumption that venture success requires complete immersion. This approach allows them to remain active in their respective careers while still engaging deeply with early startups. It’s a setup offering a fresh perspective in VC - one that leverages real-time industry insights and networks to invest in exceptional talent. And for Darkmode, its hybrid model is more than just juggling responsibilities; it’s a strategic advantage that bridges the best of both worlds.Rapha's story begins in the suburbs of Paris, where he first dreamed of becoming a professional soccer player. However, after moving to Los Angeles during his formative years, his perspectives widened, and took a shift toward entrepreneurship. While still in college, he co-founded a company that was later acquired by Gong—a journey driven by his desire to break through the meritocratic barriers he encountered growing up in France.As Rapha and his partners navigated their primary careers—Rapha at Gong, Kat at Vareto, and Amir as an ongoing innovator and content creator in the Dev Tool space—they began to encounter a steady stream of talented founders and promising startups. These interactions revealed a common thread: a growing repository of undiscovered potential that deserved to be nurtured and championed. Driven by a shared conviction, Rapha and Kat launched Darkmode Ventures (previously: Evening Ventures), a fund with a genuine passion for supporting early-stage, B2B SaaS, DevTools, and infrastructure startups. Rapha and his partners set out to create a new kind of venture capital firm—one that aligns incentives across all parties involved, and the cornerstone of Darkmode's philosophy is the reinvestment of management fees into their portfolio. “This is a really cool feature that AngelList enabled, kudos to the AngelList team for thinking ahead there.  I totally respect emerging funds that need to bring forward management fees. And so,  instead of having even that 2% flat structure, they say 3-4%, the first few years, and then it tapers off.If you need those fees, not just to live as a GP, but to pay for an office, pay for travel, et cetera, especially if you're full time, you need to maybe even hire someone, right?  So I totally appreciate that need.In our case, we don't have an office. We don't have an assistant. We don't have a chief of staff. It's just the three of us. So we have very, very, very little fees outside of our fund admin.  We don't care about getting paid a salary out of the fund today.We're playing the long game and we think the returns are going to be so much higher from recycling the capital.  And essentially having a higher stake in the fund. And there's other secondary advantages, like tax advantages to sort of recycling that capital and having it be like long term capital gains. The core tenant is, is If you don't absolutely need the fees  to live today, I think Recycling that into the fund aligning your incentives with the lps where like my success is my LP’s success, I think it just speaks louder than any other pitch that you can put on a deck.”This commitment to playing the long game ensures the focus remains squarely on creating quality value and fostering growth, and despite the dual demands of the team’s roles, Rapha emphasizes the importance of collaboration and operational involvement with their portfolio companies. By leveraging their expertise as operators, they are able to provide founders with tangible, tactical support, ranging from talent recruitment to product development and customer acquisition strategies from the best in business.Darkmode’s innovation is not just about capital investment; it’s about being ingrained partners who understand the challenges of scaling a startup firsthand. The fund's success lies in its ability to remain agile, responsive, and uniquely positioned to support companies in navigating the very early stages.Meeting exceptional people, seeing untapped potential, and genuinely wanting to enable others are what drive Rapha and his partners to seamlessly balance two demanding worlds. As they continue to grow Darkmode, this unique alignment of purpose and vision stands as a testament to their belief in synergy between their careers and their passion for helping founders at the earliest stages.  You can find Rapha’s open door at rapha@darkmode.vc or connect on LinkedIn To hear more, visit slicefund.substack.com

In this episode, we share a slice🍕 with Ophelia Cai, partner at Tiny VC, a unique European venture fund that writes $150-200K checks across an expansive portfolio of ambitious technology startups.The journey to Tiny began with a simple WhatsApp message in May 2021 from Andy Chung, who asked "Would you join tiny full time?". Despite the ambiguity of the role, Ophelia knew three things: * She believed in the people (Philip and Andy, first AngelList EU hires)* She believed in the strategy behind Tiny* She believed in herself to step up to the challenge"I think 'leave' is just not the right verb," Ophelia reflects on her transition from LocalGlobe. "Leave implies that you're running away from something bad. But really, I was running towards something good, cool, different. It felt like a specific time of my life that I could take such an extreme risk - no kids, no mortgage, still really early in my venture career. It felt like the time to swing for the fences."What makes Tiny special isn't just its European focus—it's their approach to early-stage investing. While most funds aim for concentrated portfolios of 10-20 companies, Tiny is targeting 300 companies in their third fund. This strategy has attracted notable LPs like Roger Ehrenberg of IA Ventures, who told Ophelia: "I don't claim to corner the market on how to make money... what you're doing works. The numbers are good."To manage such a large portfolio with a small team, Tiny has built what’s called "Nemo…or what we think should be called Tiny AI😉 "— a powerful platform that automates many of the workflows typically handled by VC interns. This system can ingest decks, generate summaries, pull LinkedIn profiles, identify competitors, and even suggest the best potential co-investors based on historical data.Some of Tiny's other notable innovations include:* The Collective Partner Program: Allowing specialists (outside of the Tiny team) to deploy capital from the fund, expanding reach into specific geographies and sectors* Community-Driven Approach: 20% of Fund III's LPs are previous Tiny founders* Scale Through Technology: Processing over 710 decks via Nemo in Q1 2024 aloneFor Ophelia, the transition from LocalGlobe to Tiny exemplifies the changing nature of venture capital allowing room for emerging managers. "The breakaway velocity that you need in this industry to start something new and to jump ship is phenomenal," she explains. "All of the incentive structures are designed to keep you against doing that... What I have noticed about my peers is I don't think they would be doing anything else. You couldn't pay us not to do it."If you're an early-stage European founder looking to join a collaborative community, Ophelia and the Tiny team are looking forward to meeting you.You can reach Ophelia at o@tiny.vc. To hear more, visit slicefund.substack.com

In this episode, we share a slice🍕 with Reed Robinson, co-founder and general partner of Groove Capital, a $15.5 million pre-seed fund dedicated to investing in the heart of the Midwest - Minnesota.Over two decades ago, a college professor introduced Reed to the venture world, igniting a spark that would one day lead to Groove. But it was his experience at a startup he "didn't enjoy" that truly set his entrepreneurial journey into motion.“I found myself pretty miserable in my job… so I decided to leave and run an organization full-time that I had co-founded seven or eight years earlier,” Reed recalls. That organization was Beta, a 501c3 Minnesota-based accelerator, and it ended up being the perfect crash course in how to build something meaningful from the ground up.The experience at Beta gave Reed the confidence to launch Groove Capital, a fund laser-focused on finding and backing the hidden gems within Minnesota’s bustling tech ecosystem. What makes Groove special isn't just its Midwest focus—it’s Reed’s deep, authentic connections within the local community. While many chase opportunities on the coasts, Reed has doubled down on his home state of Minnesota, a state overflowing with untapped potential.“If you look at the history here, Minnesota is reliably creating businesses that start small, solve big problems, and grow into global success stories," Reed explains. "This is a place of innovation across industries - from healthcare and retail technology to financial services and even a surprisingly strong sports tech scene. Minnesota offers a unique variety of industries - and to top it off, the deals here are half the price of coastal markets.”Minnesota is also home to the highest number of Fortune 500 companies per capita and has built a reputation for delivering groundbreaking advancements in business and technology. It’s a state where big names and bold ideas flourish, making it the ideal environment for startups to grow and thrive.Of course, building a venture firm in a non-traditional market comes with challenges, but Reed’s approach is refreshingly humble and community-driven. Rather than trying to be an expert in every field, he relies on a trusted network of seasoned operators to support his portfolio companies. He’s also committed to building trust with his investors through transparent, monthly updates.“I truly believe that relationships are one of the most important competitive advantages,” Reed says. “Groove is an extension of the relationships I’ve built over my career. I realized I was in the middle of a very unique and special opportunity right here in Minnesota.”Reed is betting big on overlooked talent in America’s heartland backing startups like: * Aegle: Transforming healthcare risk funding * Vertical Insure: Making embedded insurance a part of every online transaction* VOCxi: Creating a noninvasive, early disease detection system that delivers accurate results with just one minute of breathing* YourPath: Improving access to care for people with substance abuse issuesWhether you’re a Minnesota-based founder looking for a partner who understands the power of community, or an investor seeking fresh perspectives beyond the coasts, Reed and Groove Capital are ready to connect.You can find Reed at reed@groovecap.com. To hear more, visit slicefund.substack.com