Tank Talks By Ripple Ventures

Ripple Ventures
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Aug 28, 2025 • 50min

Are We in a Bubble? Breaking Down AI, Down Rounds, and the Future of Venture Capital with Peter Walker of Carta

In this episode of Tank Talks, Matt Cohen sits down with Peter Walker, Head of Insights at Carta, to explore the current state of the venture capital ecosystem and emerging startup trends. Peter shares his expertise on the challenges of navigating today's venture market, including how data-driven insights are shaping decision-making for both founders and investors.With his wealth of experience at Carta, Peter discusses the rise of down rounds, the impact of AI on valuations, and the complexities of stacking safes in early-stage fundraising. He also delves into the unique dynamics of later-stage companies, from unicorns struggling with inflated valuations to the evolving landscape of acquisitions and secondary markets.The conversation offers crucial insights on how investors are adapting to the changing market, and how founders should approach funding, cap table management, and navigating the growing emphasis on AI. Whether you're a founder, investor, or LP, this episode is packed with actionable takeaways on venture capital, startup growth, and the future of private tech companies.The Data Visualization Journey (00:03:25)Peter discusses his passion for data and how his experience with visualizing data led him to work on COVID tracking with The Atlantic.Joining Carta (00:06:25)Peter’s transition to Carta and how his role as Head of Insights evolved into a data-driven strategy for the startup ecosystem.Navigating the 2025 Venture Reset (00:09:00)Peter breaks down the shifting dynamics in venture capital, including down rounds and how companies and investors should be preparing.Down Rounds & Valuation Insights (00:12:15)The challenges startups face with down rounds, and what data from Carta reveals about current market trends in startup valuations.The Impact of Safes on Founders (00:14:55)Why Peter believes founders are overusing SAFEs and the long-term consequences for cap tables and company growth.AI's Role in the Venture Landscape (00:17:47)Peter discusses how the AI boom is reshaping venture markets and influencing startup valuations, especially for non-AI companies.Bridge Rounds & the Evolution of Seed Funding (00:21:07)The rise of seed bridge rounds, preemptive funding, and defensive bridge rounds as VCs try to navigate uncertain valuations.Unicorns, Acquisitions & the Future of Late-Stage Companies (00:23:47)What happens to unicorns in a post-boom era, and how acquisitions and down rounds are playing out for companies with inflated valuations.Navigating Secondary Liquidity & Acquihires (00:30:24)A deep dive into secondary markets, acquihires, and the growing trend of liquidity for startups as the market matures.The Future of Venture Capital (00:33:46)Peter discusses his vision for venture capital in 2030, including the implications of rising AI investments and a more consolidated VC ecosystem.Founders and VCs in 2030 (00:37:08)Peter’s predictions for the future of startup funding, with a focus on changing expectations, funding models, and talent acquisition.About Peter WalkerPeter Walker is the Head of Insights at Carta, where he leads data-driven research on startup trends and venture capital markets. With a strong background in data visualization, Peter has helped shape Carta’s influential market reports, providing insights into valuations, equity distribution, and venture trends. Previously, he contributed to The Atlantic’s COVID-19 tracking project, gaining recognition for his impactful visualizations. At Carta, Peter leverages data from over 45,000 startups to guide founders and investors in making informed decisions, focusing on cap table management and the evolving venture landscape, particularly the influence of AI. His expertise bridges data analytics and clear communication, helping navigate the challenges of raising capital and scaling startups today.Connect with Peter Walker on LinkedIn: https://www.linkedin.com/in/peterjameswalker/Visit the Carta website: https://carta.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Aug 22, 2025 • 27min

The Rundown 8/22/25: Dayforce’s Mega Sale & Why Canada’s Financial Future Hangs on Stablecoins

Welcome back to another jam-packed episode of Tank Talks! Host Matt Cohen is joined by John Ruffolo to break down the biggest headlines shaping Canada’s business, tech, and financial future. From the $12.3B privatization of Dayforce, to the Canadian government’s long-overdue embrace of AI startups, and the urgent debate over stablecoins and financial sovereignty, this episode dives deep into the forces reshaping Canada’s economy.Whether you’re a founder, investor, or policy watcher, you don’t want to miss this candid conversation on where Canada is winning and where we risk falling dangerously behind.Dayforce Acquired in $12.3B Mega Sale (01:15)Matt and John unpack Thoma Bravo’s $12.3 billion acquisition of Dayforce, Canada’s largest private tech buyout in history. They discuss why HR software has become a hot consolidation market, the risks of Canadian management talent shifting south, and what this deal signals for the future of SaaS valuations.The Rise of Tender Offers & Canva’s $42B Valuation (06:01)With Canva’s latest employee tender round oversubscribed, John and Matt explore why private markets remain so frothy, how valuation gaps compare to IPOs like Figma’s, and what it means for Canadian scale-ups eyeing liquidity.AI Funding Frenzy: Cohere’s $500M Raise & Government Partnership (07:30)Canadian AI champion Cohere announced a $500M round at a $6.8B valuation and a landmark MOU with the federal government. John and Matt debate whether government procurement can finally support Canadian AI companies and if AI cost curves are sustainable as token prices plummet.The AI Economics Debate: Infrastructure vs. Applications (10:05)With LLM costs dropping and cloud providers cashing in, John and Matt analyze whether the money in AI will flow to infrastructure giants like Nvidia and Microsoft, or to niche application-layer startups battling against the incumbents.Google’s AI Energy Report & The Sustainability Question (13:24)Google claims its Gemini models are 33x more efficient than last year. John questions whether those numbers hold up at scale and what AI’s true carbon footprint means for global adoption.China’s Stablecoin Push & The Threat to Canadian Sovereignty (15:14)China moves toward approving yuan-backed stablecoins, while the US doubles down on dollar-backed alternatives. John warns that Canada’s silence on stablecoin policy risks losing monetary sovereignty, while Matt predicts US dollar stablecoins could eclipse the Canadian dollar within a decade.Why Canadian Entrepreneurs Need “Team Canada” Capital (21:06)Drawing from his recent Substack essay, Chasing the Tornado, John argues that Canada’s biggest risk is capital providers sitting on the sidelines. He calls for pensions, banks, and family offices to invest in sovereign businesses before Canada loses control of key industries.Walking Again with AI-Powered Robotics (23:47)On a personal note, John shares his inspiring first steps in a robotic exoskeleton built by Human in Motion Robotics. He describes how AI-driven rehab tech could transform mobility for millions and why this Canadian innovation deserves global attention.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Aug 21, 2025 • 46min

Seed Investing in the Age of AI, Crypto & Space Tech with Brett Gibson of Initialized Capital

In this episode of Tank Talks, we sit down with Brett Gibson, Managing Partner at Initialized Capital, to explore how the world of venture capital is being reshaped by advancements in AI, crypto, and space technology.Brett’s career has been anything but conventional. From co-founding Posterous with Garry Tan (which was later acquired by Twitter) to rebuilding the platform as Posthaven, and reengineering Y Combinator’s internal software systems, he’s seen it all. Today, as Managing Partner at Initialized Capital, Brett is spearheading investments in emerging sectors like AI infrastructure, crypto technologies, and even asteroid mining.In this conversation, Brett reflects on his journey of building and scaling startups, the transformation of Initialized Capital following its 2024 restructuring, and his thoughts on why AI is outpacing crypto in shaping the future. He also shares his perspective on moonshot investments, including AstroForge’s mission to mine platinum from asteroids, and offers insights into how founders should navigate an era of rapidly evolving technology.This episode is packed with valuable insights for anyone interested in the future of venture capital, AI, crypto, and space exploration.How It All Began (00:01:44)Brett’s early years in Los Gatos, his philosophy degree, and how teaching himself to code set him on the startup path.Posterous, Posthaven & Twitter (00:03:27)The lessons from co-founding Posterous with Garry Tan, scaling consumer tech, and rebuilding as Posthaven after Twitter shut it down.Rebuilding YC’s Software Stack (00:09:00)Inside story of rewriting Y Combinator’s internal tools, including applications, demo day, and Bookface.The Evolution of Initialized Capital (00:13:20)How Initialized grew from a $7M fund to billions under management, and the 2024 restructuring that refocused the firm on seed investing.Crypto Infrastructure & Bison Trails (00:17:08)Why Initialized leaned into crypto early, the Coinbase acquisition of Bison Trails, and crypto’s ongoing product market fit problem.AI as Table Stakes (00:28:19)Why Brett believes every startup should leverage AI and why ignoring it puts founders at a competitive disadvantage.Scaling Technical Founders (00:32:48)Common pitfalls for technical founders, why people management is a skill, and how to avoid organizational debt.Moonshots: AstroForge & Beyond (00:34:42)How Brett evaluates deep tech bets like asteroid mining and the role of network density in space investments.The High Bit Podcast & Sharing Founder Insights (00:37:06)Why Brett launched Initialized’s technical podcast and the surprising patterns across founders’ approaches to problem-solving.The Future of AI, Crypto & Space by 2030 (00:40:45)Brett’s vision for the next decade of innovation, and why he believes the world will move faster than ever.About Brett GibsonBrett Gibson is the Managing Partner at Initialized Capital, where he leads seed-stage investments in AI, crypto infrastructure, space tech, and beyond. A former software engineer, Brett co-founded Posterous with Garry Tan (acquired by Twitter), built Posthaven, and spent years at Y Combinator rewriting its internal software systems. At Initialized, he’s led bold bets on companies like Bison Trails, Sequence, AstroForge, and more.Connect with Brett Gibson on LinkedIn: https://www.linkedin.com/in/brettdgibson/Visit the Initialized Capital website: https://initialized.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Aug 14, 2025 • 51min

Breaking the 100-Hour Work Week: The AI Tool Transforming Investment Banking with Noah Faro and Kunal Tangri of Farsight AI

In this episode of Tank Talks, we dive deep into how AI is reshaping the world of investment banking and financial workflows. We’re joined by Kunal Tangri and Noah Faro, co-founders of Farsight AI, a trailblazing FinTech startup out of New York that’s automating everything from pitch decks to financial models, all within the tools bankers already use, like Excel and PowerPoint.Farsight’s mission is to help finance professionals cut down on tedious, manual work and focus on higher-level strategy, and the results are already impressive. In just one year, the company grew 10x in revenue, offering a compelling solution to banks, private equity firms, hedge funds, and wealth managers.In this episode, we discuss:* The aha moment behind starting Farsight AI and the team’s journey from MIT to Wall Street and beyond.* Why the founders believe AI is the key to eliminating grueling 100-hour work weeks for junior bankers and making high-end finance more efficient.* The biggest challenges they’ve faced in building a tool that integrates seamlessly into finance professionals' daily workflows.* The future of AI in financial services and how it can democratize access to top-tier financial tools.From scaling the company to navigating investor interest and addressing the challenges of maintaining security in the financial sector, Kunal and Noah offer valuable insights on building a product that doesn’t just save time but transforms the entire way finance professionals work.How It All Started (00:02:36)Kunal and Noah share how their experiences at MIT and roles in big tech led them to co-found Farsight AI and the unique problem they set out to solve in financial services.Breaking the Banking Mold (00:06:49)What it takes to build a product that bankers actually want to use without forcing them to learn a new workflow.How AI Can Eliminate Manual Grunt Work (00:10:50)Automating the dreaded task of creating pitch decks, memos, and financial models, and how Farsight AI is pushing the boundaries of what’s possible in financial services.Investor Pitch & Growth (00:20:34)How Farsight AI secured its first round of funding, raised $16 million in Series A, and caught the eye of major investors.AI-Powered Decision Making in Finance (00:28:00)How Farsight AI is tackling everything from Excel-based tasks to handling private equity and M&A documents with seamless integration and workflow automation.The Road Ahead (00:40:04)Kunal and Noah discuss their vision for the future, why they believe junior bankers of 2030 will spend more time on strategic thinking than mundane tasks, and how AI will change the financial landscape forever.About the GuestsKunal Tangri and Noah Faro are the co-founders of Farsight AI, a revolutionary AI startup that’s changing the way finance professionals work. Both with deep roots in tech, they bring a unique perspective to automating some of the most tedious tasks in investment banking, private equity, hedge funds, and wealth management. With backgrounds at top-tier companies like Hugging Face, Amazon, and MIT, they’re at the forefront of the AI revolution in finance.Connect with Noah Faro on LinkedIn: https://www.linkedin.com/in/noahfaroConnect with Kunal Tangri on LinkedIn: https://www.linkedin.com/in/kunal-tangri-61ba48121/Visit the Farsight AI website: https://www.farsight-ai.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Aug 7, 2025 • 60min

Blocking 190 Billion Cyberattacks Daily: Scaling Through Crises & Cold Winters with Michelle Zatlyn of Cloudflare

In this episode of Tank Talks, we’re joined by Michelle Zatlyn, Co-founder, Co-chair, and President of Cloudflare, a company protecting and powering a major part of global internet traffic. Cloudflare helps businesses stay online, load faster, and block threats before they reach the door.Michelle explains how growing up in Saskatchewan shaped her views on leadership and teamwork, and how that experience still guides her as Cloudflare scales. She shares how a hallway conversation at Harvard became the starting point for the business, how they raised their first round of funding without a product, and why they moved to Silicon Valley during a downturn with no connections.She talks through the pressure of going public, the spike in traffic when COVID hit, and how the team responded when customers suddenly needed help keeping their services running. She also walks through Cloudflare’s new AI crawler model, how it gives content owners more control, and why a new business model for the web is overdue.From managing billions of attacks a day to helping publishers keep their content protected, Cloudflare shows what it means to stay reliable when the stakes are high, and Michelle makes it clear that good infrastructure only works if people trust it.We explore:* How do you raise money with no product, no revenue, and no connections?* What happens when a hallway idea becomes core infrastructure for the internet?* What changes when your company goes public six months before a global crisis?* Can creators control how AI models use their content?* What can founders do to make their teams more inclusive without making it performative?* Why $100M-to-$1B is more fun than $0-to-$100MThe Canadian Roots and Early Values of a Tech Founder (00:02:36)* Growing up in Prince Albert, Saskatchewan* How cold winters and community spirit shaped her leadership* From science nerd to Silicon Valley co-founderWhy She Left Medicine for Business (00:06:49)* How a summer research job made her rethink med school* Falling into tech through work in Toronto* Applying to Harvard without knowing how to pay for it* The support from Canadian alumni that made it possibleThe Hallway Conversation That Sparked Cloudflare (00:10:50)* A casual remark turns into a business idea* How she and Matthew Prince turned Project Honeypot into a startup* Using their .edu emails to get early help and access* Getting credit for the project instead of taking another classRaising Money With No Traction (00:20:34)* Moving to Silicon Valley in a U-Haul with no connections* Pitching investors with nothing built* Getting $2M on a $4M pre-money valuation* Why the Valley still bets on early-stage founders with clear ideasHiring, Scaling, and Keeping a Startup Culture (00:24:52)* Going from 20 people to over 4,500* Why they still focus on shipping and momentum* How ownership and trust make the difference* Running fast without losing focusGoing Public, Then COVID Hit (00:28:00)* Why they went public when they did* Customers who once said no came running back* What changed when traffic spiked overnight* How customer demand and product pressure collided* Working through the crisis while remote* What Cloudflare learned under fireCloudflare’s AI Crawler Controls (00:40:04)* What’s happening with AI scraping content* Why Cloudflare built a way to block or license crawlers* The impact on small content creators* How this fits into wider changes to how the web worksDDoS Attacks and Online Threats (00:48:06)* Stopping 190 billion attacks per day* The evolution of DDoS threats in 2025* Why using modern security tools is non-negotiableMichelle's Vision for the Next 15 Years (00:51:18)* Cloudflare as generational infrastructure* Building the most trusted connectivity cloud* Why Internet infrastructure is as vital as plumbingChampioning Women & Diversity in Tech (00:53:27)* Leading by example* Small asks, big impact: improving referral pipelines* Creating space for underrepresented founders and talentCloudflare has grown into critical internet infrastructure, but Michelle talks about it like a work in progress. The problems are large, but they stay focused on solving them one at a time. Her view is practical: strong teams, clear goals, and ongoing effort.About Michelle ZatlynCo-founder, Co-chair & President of CloudflareOne of the most influential leaders in Internet infrastructure, Michelle is a Canadian-born tech executive known for building and scaling Cloudflare into a global powerhouse. A champion for cybersecurity, innovation, and women in tech, she brings passion and grit to every conversation.Connect with Michelle Zatlyn on LinkedIn: https://www.linkedin.com/in/michellezatlyn/Visit Cloudflare Website: https://www.cloudflare.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Aug 1, 2025 • 27min

The Rundown 8/1/25: Figma IPO Skyrockets, Canada’s Crypto Pivot, and Amazon’s AI Content War

Welcome back to another exciting episode of Tank Talks! Host Matt Cohen is joined by John Ruffolo as they dive deep into some of the most fascinating business and tech news, covering everything from the Bank of Canada’s interest rates to Figma’s IPO debut and the rising debate over AI web crawling. Get ready for another whirlwind discussion on the challenges and opportunities at the intersection of technology, finance, and policy!Bank of Canada Holds Rates Amid Tariff Resilience (00:31)The episode kicks off with a look at the Bank of Canada’s decision to hold interest rates steady at 2.75%, despite tariff resistance from the U.S. Matt and John dissect how the Canadian economy is faring and whether this wait-and-see approach will help or hurt the country’s future rate cuts.Figma IPO: A Tech World Shake-Up (02:56)Figma, the design software giant, hits the New York Stock Exchange with a stunning 225% stock surge, far surpassing its $33 IPO price. Matt and John explore the remarkable jump in Figma’s stock value, its previous $20 billion offer from Adobe, and how this signals a new era for the tech IPO market.The Surge of AI-Powered IPOs and Investment Opportunities (05:02)From Figma to potential IPOs from high-growth AI companies, the episode shifts focus to the flood of upcoming tech public offerings. With Microsoft and Meta reporting blowout earnings, the duo discusses how AI and high-tech companies are dominating the IPO space and the new investment opportunities in play.Cohere's Growth Amidst AI Giants (07:29)Canadian AI startup Cohere is making waves with a new partnership with Bell Canada and reports of revenue growth, doubling its projected recurring revenue. John and Matt discuss how the startup is positioning itself in the highly competitive AI space, especially with privacy-focused models catering to regulated industries.JPMorgan and Coinbase's Surprising Crypto Partnership (09:48)JPMorgan and Coinbase announce a groundbreaking partnership, directly connecting customers' bank accounts to crypto wallets. Matt and John break down how this bold move marks a huge shift in the banking industry, particularly as Canadian banks are left playing catch-up.Ontario Cancels Starlink Deal Over Tariff Tensions (12:09)In a shocking move, the Ontario government cancels a $92 million Starlink deal due to U.S. tariff tensions. Matt and John discuss how this decision could impact access to vital broadband for remote communities and the political ramifications of Canada’s communications sovereignty.The Growing Battle Over AI Web Crawlers and Content Protection (15:26)As AI web crawlers, including OpenAI's GPT and Anthropic's Claude, face growing restrictions, Matt and John discuss the implications of major companies like Amazon and media giants blocking these crawlers. The episode explores the future of online data scraping, the rise of closed ecosystems, and the potential impact on digital advertising.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Jul 31, 2025 • 54min

The Power of Pre-Seed: Why Momentum Is the Only Moat with Gaurav Jain of Afore Capital

In this episode of Tank Talks, we’re joined by Gaurav Jain, co-founder of Afore Capital, one of the earliest and most respected players in the pre-seed investing space. Gaurav shares how growing up in a small town in India, moving to Canada, and working at Blackberry, Amazon, and Google helped him understand the value of momentum, iteration, and building products that truly matter.He walks us through how a random dinner at Harvard led to meeting his future co-founder, how they built Afore around the belief that the best founders are often overlooked too early, and why the firm exclusively focuses on investing before there's a product or sometimes even an idea.Gaurav dives into what makes a great founder at the earliest stage, why he believes momentum is the only moat, and how the rise of AI has only accelerated opportunities for young, technical entrepreneurs to build enduring companies with less capital. He also opens up about the firm's "Founder-in-Residence" and "UTransfer" programs, his view on the Canadian tech scene, and the power of bespoke, high-conviction investing.We explore:* Why is momentum the only true moat in early-stage startups?* Can pre-seed investing still deliver alpha now that it's crowded?* Is seed-strapping the future of venture capital?* How do you identify founders before they've found their idea?* What happens when you give 19-year-olds the capital to build?Building a Pre-Seed Fund Before “Pre-Seed” Was a Thing (00:03:54)* Interning globally to chase experience and perspective* The turning point: joining Founder Collective* Meeting co-founder Anamitra through a lucky dinner at Foundation Capital* Launching Afore in 2016 to fill the pre-seed voidFounder Empathy & Early-Stage VC Lessons (00:08:17)* Mistakes from being a first-time founder* Learning that exits don’t matter, products and pain points do* Why Canadian angel advice focused too much on sales, not software* Why product-led growth is a must-have, not a nice-to-haveThe 10,000 Coffees Rule of Venture (00:11:27)* How judgment is built: time, exposure, and repetition* Why investing based on ideas (not teams) is a rookie mistake* Filtering “this could work” vs. “this must work”* The real constraint in VC: time, not capitalAfore’s Mission: Investing Before the Idea (00:15:00)* The “Too Early” problem founders face and why Afore exists* How FIR (Founder in Residence) and Transfer University fund ideation* Building a support system, not a portfolio of call options* Why being idea-stage isn’t a red flag, it’s a sign of ambitionConvincing LPs That Pre-Seed Was Real (00:19:19)* LP skepticism: “Isn’t this just the bad deals no one else wants?”* How talking to founders not seed managers won over investors* Working with PitchBook and Crunchbase to split out pre-seed data* Making pre-seed visible helped founders self-identify and alignSeed-Strapping and the Rise of Efficient Startups (00:24:00)* How AI-native startups are hitting $1M ARR 2x faster* Case study: Gamma’s hypergrowth on ultra-low burn* Why founders can delay growth rounds longer than ever* Capital efficiency is now a competitive edgeMomentum Is the Only Moat (00:26:07)* How Android’s rise taught Gaurav speed = survival* Lessons from RIM’s downfall: never rest on product laurels* Why the AI era is reshaping iteration timelines* Pre-seed startups now move at the speed of launches, not quartersPivot-as-a-Service in the AI World (00:34:16)* FIR teams pivoting from speech therapy to CX platforms* Younger founders = more raw talent, less domain bias* Startups pivoting every 6–8 weeks—and why that’s healthy* Embracing pivots as a feature, not a flawScaling Afore with Purpose (00:35:21)* Fund IV, $500M+ AUM, and 150+ companies later* Why concentrated portfolios beat spray-and-pray* The dangers of being too dogmatic on stage or valuation* Supporting breakout talent like Neo, Gamma, and BenchGlobal Perspective: Canada’s Role in Venture (00:41:19)* Why Canada produces world-class engineering talent* The upside and limits of building in the North* Hybrid models: Canada for R&D, U.S. for GTM* Afore’s belief in serving Canadian founders, wherever they buildFailure may define most early-stage startups, but for Gaurav Jain, the real story starts before the pitch, before the product, even before the idea. With Afore Capital, he is betting on people over polish, instinct over perfection, and helping founders build long before the rest of the world is watching. His journey reminds us that great companies don’t always start with traction; they start with trust.About Gaurav JainCo-founder and Managing Partner at Afore Capital. Ex-Android, BlackBerry, and founder of Polar Mobile. Afore is known for being one of the first firms dedicated to pre-seed, supporting founders before they even have an idea.Connect with Gaurav Jain on LinkedIn: https://www.linkedin.com/in/gjainvcVisit Afore Capital Website: https://www.afore.vc/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Jul 24, 2025 • 31min

The Rundown 7/24/25: Canada’s Sovereignty Crisis, AI Boom, and the Rise of Secondary Deals

Welcome back to Tank Talks! In this episode, host Matt Cohen and John Ruffolo dive deep into the latest developments at the intersection of AI, tech, finance, and Canadian sovereignty. From Canada's battle over data center sovereignty to the rapid rise of secondary funds in venture capital, Matt and John cover it all in a fast-paced, thought-provoking conversation.Canada’s Looming Data Sovereignty Crisis (00:30)Matt and John kick things off with a critical discussion on Canada's data sovereignty issues. With foreign powers potentially controlling key Canadian data centers, they explore the risks and the urgent need for Canada to develop a more self-reliant infrastructure.The Great AI Infrastructure Rush (03:23)The Canadian pension funds (also known as the Maple 8) are making huge moves in the AI infrastructure space. But is this just the tip of the iceberg? Matt and John unpack the massive investments pouring into data centers and AI infrastructure, and what Canada could do to ensure it doesn't just become a resource extractor for foreign companies.The Growing Secondary Market: Northleaf’s $663 Million Fund (07:56)Secondary funds are taking center stage in the private equity world. Northleaf Capital Partners recently raised $663 million for its secondary fund, and Matt and John break down the growing trend of secondary transactions in venture capital. Will more firms follow Northleaf’s lead? Tune in to find out!The Issue of Zombie Assets in Venture Capital (10:57)John introduces the concept of “zombie assets” that are sitting stagnant in venture capital funds. These assets are causing liquidity problems, and Matt and John discuss how secondary funds like Northleaf are stepping in to help.Sovereignty and Stablecoins: A National Security Risk? (12:57)As the US dominates the stablecoin market, Matt and John discuss Canada’s vulnerability in the crypto space. Should Canada be concerned about losing control of its monetary policy to foreign stablecoins and cryptocurrencies? The conversation takes a deep dive into how these digital assets are changing global financial power dynamics.Regulating Crypto and Stablecoins in Canada (16:42)John brings up a troubling development, Canada’s slow response to the rise of stablecoins, and the risks of leaving its financial sovereignty at the mercy of foreign-backed assets. With the US moving fast on crypto regulation, what should Canada do to protect its financial system?A Wake-Up Call for Canadian Banks (19:47)Matt and John discuss the changing landscape for Canadian banks as crypto and stablecoins grow in popularity. What should Canadian financial institutions do to ensure they don’t lose out on this emerging market? The hosts explore potential strategies for banks to adopt in response to the rapid growth of decentralized finance.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Jul 18, 2025 • 18min

The Rundown 7/18/25: The AI Acquisition Fiasco: Windsurf, DeepMind, and Meta's Talent War

Welcome back to another action-packed episode of Tank Talks! Join host Matt Cohen with John Ruffalo as they break down the high-stakes drama shaking the AI and tech world. First up: the shocking collapse of OpenAI’s $3 billion deal to acquire Windsurf, derailed by Microsoft’s IP grip, and Google DeepMind’s lightning-fast $2.4 billion countermove to snag top talent. Was this a regulatory dodge or a ruthless talent grab?The plot thickens as Cognition swoops in to rescue Windsurf’s abandoned employees, sparking fiery debates about ethics in tech acquisitions. Meanwhile, Meta’s throwing half-billion-dollar offers and unlimited GPU access at AI researchers, will this arms race kill open-source AI?From Google’s $3 billion hydropower deal to private equity’s risky play for Grant Thornton, no stone is left unturned. Plus, is the red-hot IPO market ready for crypto’s comeback? Strap in for a no-holds-barred dive into the deals, power struggles, and Silicon Valley scheming you need to know about!OpenAI’s $3 Billion Deal Collapse: A Tech Industry Shock (00:45)It all started with a major deal unraveling: OpenAI’s attempt to acquire Windsurf, a competitor to Cursor, fell apart due to a contractual conflict with Microsoft. Matt and John break down what went wrong, how this impacts the AI talent war, and the broader implications for future tech acquisitions.Google DeepMind's $2.4 Billion Deal: A New Era of AI Acquisition (02:05)Google swoops in to capitalize on the situation with a $2.4 billion licensing deal for Windsurf’s key staff and technology. Matt and John explore how this move positions Google and whether it signals a new wave of AI-powered business acquisitions.The Ethics of Acquihires and Minority Shareholder Issues (05:10)What happens when top employees leave with huge payouts, while others are left behind in the dust? John and Matt discuss the ethical and legal complexities of acquihires and the tension between founders, employees, and investors when money and control are on the line.Cognition’s Quick Move to Acquire Windsurf (07:00)In a dramatic twist, AI company Cognition steps in to acquire Windsurf and its employees, turning the situation around. Matt and John analyze the speed and strategy behind this acquisition and what it means for competition in the AI coding space.Mark Zuckerberg’s AI Talent Strategy: Unlimited GPUs and $500M Deals (09:00)Zuckerberg’s bold move to attract top AI talent with unlimited GPU access and eye-popping compensation packages is making waves. But is it desperation or a stroke of genius? Tune in as Matt and John debate the future of AI talent wars and Meta’s place in the race for superintelligence.The Power Struggles Behind AI and Crypto Investments (11:05)It’s not just about technology; it’s about energy, too. Matt and John discuss the power struggles behind data centers, microgrids, and massive AI and crypto energy consumption, including the huge investments made by Meta, Google, and Oracle to secure their futures.Grant Thornton's Global Franchise Issues: When Private Equity Meets AI (12:20)Private equity’s increasing role in professional services firms like Grant Thornton is causing some tension. Matt and John explore how AI and cross-border partnerships are shaking up the accounting world, leading to serious questions about the future of global firms.Bitcoin Soars and IPOs Heat Up: The Crypto Revolution (15:30)Bitcoin is soaring and the IPO market is heating up with crypto companies eager to go public. John and Matt discuss the latest developments in the blockchain world, and whether there’s room for Canadian companies to make waves on the IPO stage.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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Jul 17, 2025 • 15min

Reward the Risk Takers who Build Canada

Jay Lee collaborates with Matt Cohen at Ripple Ventures and recently worked on the Build Canada Group memo. They discuss Canada’s outdated capital gains policies that discourage entrepreneurship compared to the U.S. Improving tax reforms could close the small business gap and create jobs. They emphasize the importance of a thriving private sector for economic growth and the need for better incentives for risk-takers. Lee advocates for attracting talent and investment to ensure a prosperous future for Canadian innovators.

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