Tank Talks By Ripple Ventures

Liquidity for investing in Venture Capital has been a recurring topic lately. Outsized rewards from investing in early-stage companies come when you hold until an IPO or other liquidity event. But life happens and that sometimes requires LPs to sell early and as more retail investors look into becoming Venture Investors, new ways to find liquidity will become the norm.Our guest today is an expert in secondary markets for LPs, a friend of the Pod Jeff Leathers, Co-Founder and CEO of Tap, a platform designed to help facilitate secondary market sales for LP stakes in PE and Venture Capital funds.About Jeff Leathers:Jeff Leathers is the Co-Founder and CEO of Tap. Before Tap, Jeff started and led the SPV and Fund Formations businesses at Carta. He previously held Product roles at fintech companies, including Quovo (acquired by Plaid) and Bloomberg. He received his MBA from Wharton.In this episode we discuss:(01:42) Jeff’s career and journey to Co-Founding Tap(04:03) Problems he helped GPs and LPs solve while at Carta(06:23) Why he went out and founded Tap(08:21) Differences between LP secondaries and direct secondaries(10:14) Why the time is right for more secondary markets for LPs(11:55) Problems that can occur in secondary markets(14:17) Why GPs can be resistant to secondary markets(15:29) How Tap’s approach is different in the market(17:56) What are stapled transactions(18:37) Defining industry terms like tender offers, continuation, and vehicles(21:45) Making sure deals comply with regulations(23:58) What Jeff is seeing in the market right now(26:47) What’s driving the secondary market(27:45) The biggest challenges for Tap and secondary markets(30:21) What secondary buyers are looking for(34:22) The role of technology in secondary markets(37:15) Tap’s business model(39:40) Advice to LPs and GPs looking at the secondary market(41:03) Jeff’s vision for the secondary market’s futureFast Favorites:* 🎙- Favorite Podcast: Capital Allocators* 📰- Favorite Newsletter / Blog: Money Stuff* 📲- Favorite Tech Gadget: Airpods* 📈-  Favorite New Trend: AI, AskPDF* 📚- Favorite Book: The Years of Lyndon Johnson* 🤔 - Favorite Life Lesson: We just got to do everything and have faith that you will win.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

John is back! And here’s the news that he and Matt discussed:(00:21) The loss of Damien Steel at OMERS(03:38) Who will fill the void left by OMERS(05:06) Tiger Global’s mysterious liquidity memo(09:08) The importance of a long-term view of relationships with LPs(10:49) ChatGPT Enterprise(13:57) With Kleenex leaving Canada, why is it so hard for US-companies to service us?Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Want to be featured on our Tank Talks Partner Showcase Episode - Apply Here!A word from our sponsor:The team at Ripple is always focused on helping our founders and portfolio companies find the best partners to work with within the tech and venture capital ecosystem. And that is why we are so excited to announce our partnership with the incredible team at Torys LLP. When it comes to legal support and advice, the team at Torys is the best in class. Torys is a storied Canadian law firm with offices in Toronto, Montreal, Calgary, Halifax and New York City. Torys has been around since its founding in 1941.They have always worked closely with players across the emerging startup ecosystem in all aspects of the creation, acquisition and commercialization of businesses. They help founders determine when and how much to fundraise, how to achieve the right economic structure, how to think about board and control issues and how to successfully navigate different stages of growth. They are also advisors to VC funds, strategic investors, private equity funds and other institutional investors on fund formation and shareholder arrangements to buyouts and other exits.In fact, Torys recently acted as counsel to Maverix PE on the transformative $260M  Miovision Technologies growth funding with an advisory team that included Dany Assaf, Konata Lake and Max Schwartz-Labell on that investment.So whether you are negotiating a new business arrangement or developing a new service offering, Torys helps clients seize new opportunities and build creative, market-leading business models in this fast-paced world we live in every day space.Matt Cohen sat down with Konata Lake from the firm to talk about their background and services.Visit torys.com to learn more.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

There’s a lot of talk about supporting underrepresented emerging managers and founders in the startup space, and it’s refreshing to speak with someone that’s moving beyond talk into action. Our guest today is Courtney McCrea, Co-Founder and Managing Partner of Recast Capital, a platform supporting and investing in emerging managers in VC. Recast is investing that emerging managers, particularly those with diverse partnerships, that represent both an underserved market and overlooked business opportunity, and is taking a new approach to meeting the need.This was a great conversation where we talked about the state of the market, why diversity is more than just window dressing, as well as the challenges women and underrepresented GPs face in raising venture funds and how Recast Accelerate is making a difference.Also John Ruffolo is back to talk tech headlines with Matt Cohen.About Courtney McCrae:Courtney is Co-Founder and Managing Partner of Recast Capital, an investment platform established to invest in and support emerging managers in venture capital, with a preference for diverse partnerships.Prior to co-founding Recast, Courtney was a Managing Director of Weathergage Capital, a fund of funds that provided its clients with access to premier venture capital, growth equity, and micro-VC partnerships. She also was involved in various private equity and finance roles at Weston Presidio, Silver Partners, Sterling Stamos, PPM America, and GE Capital.Courtney has an M.B.A. from the Kellogg Graduate School of Management and a B.A. from the University of Illinois, Champaign-Urbana. She is a member of the Kauffman Fellows Class 3.In this episode we discuss:(01:13) News rundown with John Ruffolo(18:38) Courtney McCrea’s journey to becoming an investor(20:43) How Weathergauge supprt of emerging managers evolved(22:07) Why emerging managers can outperform established managers(24:06) The decision to launch Recast(27:27) DEI stats for venture were and how is it starting to change(29:50) Early successes for Recast(32:10) How she evaluates potential managers(34:17) Advice she gives to her managers(36:10) What LPs are thinking about in the current market(41:42) Explaining risk and mitigation to her LPs(44:35) How the growth-quity landscape has evolved(46:40) What type of reporting and communication she likes to see(47:46) Advice to new investors looking to get into venture(49:46) The best career advice she’s received(50:43) What keeps Courtney motivatedFast Favorites:* 🎙- Favorite Podcast: Tank Talks* 📰- Favorite Newsletter / Blog: Recast Newsletter* 📲- Favorite Tech Gadget: iPhone* 📈-  Favorite New Trend: Technology disrupting legacy industries* 📚- Favorite Book: Grit* 🤔 - Favorite Life Lesson: Be your true self and the rest will come.Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Sales and RevOps are the lifeblood of successful startups (and companies in general), and because of that high-stakes nature, there is a lot of fear and confusion on how to set up and run a sales process in the best way. Our guest today is an expert on the RevOps experience, Tutt Mrasek of Fiat RevOps, who has a nearly two-decade career building and guiding companies through creating sales pipelines. And now his company Fiat is also getting into VC investing with Fiat Ventures.Tutt is a fun person to talk to about all things sales, bringing enthusiasm, charm, and insight to the hows and whats of the sales process.About Tutt Mrasek:Tutt Mrasek is the General Manager of Fiat RevOps, the revenue operations and sales consulting arm of Fiat Growth. Fiat RevOps was founded to help Sales Leaders, Sales Teams, and their companies get a more productive, happier, and healthier outcome while building for the future. With a career spanning 18+ years of having built Sales Orgs, three of which created category leaders, Tutt has seen firsthand the steps to success and failure that companies take.In this episode we discuss:(01:33) Tutt’s journey into sales and RevOps(06:43) Falling in love with the grind of sales(08:54) Defining traits of successful sales organizations(10:11) How Fiat RevOps works(11:31) How Tutt defines RevOps(16:26) Why companies need better sales infrastructure sooner than they realize(18:30) What can be done to encourage retention and career growth amongst sales teams(23:49) Some success case studies from Fiat RevOps(28:23) Commons sales issues with startups(31:51) Key components to a successful sales funnel(34:14) Leveling up your sales team(37:32) Shared mindsets that are helpful to grow sales teams(41:23) Coaching strategies and development frameworks for scaling a team(43:08) Dealing with company leadership that is focused on the wrong mindset(45:45) How Fiat Ventures, Fiat Growth, and Fiat RevOps work togetherFast Favorites:* 🎙- Favorite Podcast: Tank Talks / Armchair Expert* 📰- Favorite Newsletter / Blog: RevOps Co-op* 📲- Favorite Tech Gadget: Anything AI right now* 📈-  Favorite New Trend: Oversized Everything Clothing - Hilarious* 📚- Favorite Book: The Second Mountain * 🤔 - Favorite Life Lesson: Don't have unrealistic Expectations & My empathy will go as far as your effortFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Finding the pulse of what’s now and what’s next is a vital part of any VC’s life. You need to see what is both practical as a business, but also what is coming up that might be worth investing time and energy to help grow. Our guest today Diana Kimball Berlin, Partner at Matrix, has only been an investor for a short stint, but she has a long track record of both product management as well as creating and curating internet culture. She founded ROFLCon, an early conference devoted to internet culture and has held product positions at some incredible companies like Microsoft, Soundcloud, and Quip.This was a great conversation where we discussed Diana’s career, Matrix’s mission and ethos as an early-stage investment fund, how they navigate the ever-evolving boundaries between sectors in the startup world, and her strategy for portfolio construction and how she navigates re-investment decisions.About Diana Kimball Berlin:Diana Berlin is an early-stage investor at Matrix with a focus on optimizing work tools, innovative apps, and scaling emotional labour. She was also a host on the "Should We" podcast.Before investing, Diana had roles at Microsoft, SoundCloud, and Quip (acquired by Salesforce). And while studying at Harvard, Diana co-founded ROFLCon one of the first internet culture conferences.She received a BA and MBA from Harvard.In this episode we discuss:(01:34) Diana’s path into tech and investing(04:35) How her degree in history helped shape her career(06:33) Lessons from Soundcloud and Quip(08:10) Differences in the Berlin Startup Scene and San Francisco’s(11:08) Diana experience co-hosting the Should We Podcast(13:52) Why she chose to transition to investing at Matrix(19:35) How deal attribution is structured at Matrix(22:07) Breaking down the factors of why she chose to invest in Accord, a Toronto/SF startup(24:46) How Diana’s product background has informed her investing career(27:16) Areas she is actively investing in(32:51) How Diana stays up on trends(33:59) On not being able to see every deal in the marketplace(37:06) Using metrics to help define success as an introverted investor(40:54) Advice she is giving to her founders to survive this tough market(43:13) How she works with first-time founders(45:15) Decision making around reinvestment(47:36) Diana’s passion for LegoFast Favorites* 🎙- Favorite Podcast: Deep Questions with Cal Newport* 📰- Favorite Newsletter/Blog: Hello Metaverse with Annie Zhang and Elena Mosse* 📲- Favorite Tech Gadget: Anker 737 Power Bank* 📈- Favorite New Trend: Retro apps, especially Retro itself* 📚- Favorite Book: The Age of Em* 🤔 - Favorite Life Lesson: Optimize for outlier outcomesFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

One of the most concrete ways users experience a modern startup is through the design of the app itself. Small choices in design and implementation can sway a user from becoming a fan or never opening the app again. Our guest today is Robin Rotman, Director of Design and Founder of ARE TOO, a design agency that focuses on UX/UI and Branding.About Robin Rotman:Robin Rotman is the Design Director and Founder of ARE TOO. She previously worked at Atlassian on the Trello team. Prior to that, she was at GrubHub Agency, where she started as a Visual Designer and ultimately became their Lead Product Designer and Developer. Designing and developing their core product offerings such as the home screen native app navigation, the Agency web SDK, branded email campaigns, and more.She graduated from Boston University with a BS in advertising.In this episode we discuss:(01:28) Robin’s path to opening ARE TOO(05:02) Why she decided to focus on Product Development and Design(06:51) How remote is impacting creative work and collaboration(08:22) What she took from her time at GrubHub Agency(10:14) The role of the GrubHub Agency(11:39) How Sweetgreen used her platform(12:29) What it was like working on Trello at Atlassian(14:35) Issues she faced at Atlassian(18:00) Are there ever bad signals from users you should ignore?(20:25) MVPs for individual features within an app or experience(21:52) Why she started ARE TOO(24:20) Robin’s process for developing brand identities and apps(26:26) The role of data in the design process(28:56) Balancing form and function of apps(31:22) Robin’s experience being lecturer at her alma mater Boston University(33:13) Advice to aspiring product designers(34:48) Does she recommend college(36:59) The longterm vision for ARE TOOFast Favorites* 🎙- Favorite Podcast: Dear Gabby* 📰- Favorite Newsletter /Blog: Reformation* 📲- Favorite Tech Gadget: Tesla* 📈- Favorite New Trend: Going back to maximalism to logos* 📚- Favorite Book: The Giver* 🤔- Favorite Life Lesson: So much can be accomplished to give space to choose again, Do your best to leave people better than you found themFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Communicating with investors is delicate — being open and transparent is always the preferred method here at Ripple, but that openness sometimes requires thoughtful framing, especially when dealing with private companies and investments. Our guest today is Matt Curtolo, Managing Director at Allocate, an Alternative investment platform allowing greater access to high-performing venture funds.Matt has 20 years of experience in private financing from his time at MetLife; Hirtle, Callaghan & Co.; and Hamilton Lane. We spoke about assessing subjective qualities like trust, openness, and responsiveness when evaluating potential partners or fund managers, and his best advice for other fund managers when deciding on running a successful AGM.We also have John Ruffolo to run down the news of the week.About Matt Curtolo:Matt Curtolo is Managing Director, Investments at Allocate. Prior to joining Allocate, Mr. Curtolo spent nearly two decades as an investor and allocator within private markets. Mr. Curtolo began his career at Hamilton Lane Advisors, working in a variety of capacities, both in client service and investment roles. He holds a B.S. from DeSales University and is a CAIA charter holder.In this episode we discuss:(00:00:53) News rundown with John Ruffolo(00:21:35) How Matt Curtolo’s career brought him to investing(00:23:59) Why sports statistics played such a key role for him(00:25:39) Matt’s time at Hamilton Lane and how it shaped his career(00:28:34) The importance of client knowledge in the service world(00:30:27) His time at Hirtle, Callaghan & Co.(00:34:14) How he gauges a manager(00:36:06) What Allocate does(00:39:21) How Allocate decides on funds to partner with(00:42:55) Assessing qualitative aspects like trust, openness, and responsiveness(00:46:36) Advice to fund managers about running a successful AGM(00:49:28) What kind of things he looks for as a perspective LP on an AGM visit(00:52:38) How to ensure authenticity and maintain trust from allocators at AGMs(00:55:08) Is the term “emerging manager” overused?(00:58:18) Crafting pitches to different audiences(00:59:38) How Allocate is working with and educating family offices on venture(01:01:21) The illiquidity of the venture market as a feature or a bug of the market(01:04:22) Educating new investors on the risks and rewards of venture(01:06:34) How 2023 is shaping up as a vintage in venture(01:08:27) How new LPs can mitigate risk and capture upside in today's market in the venture capital asset class(01:10:23) Best career advice he’s receivedFast Favorites:* 🎙- Favorite Podcast: Venture Unlocked, Acquired, Capital Allocators, The Rewatchables* 📰- Favorite Newsletter /Blog: AVC (Fred Wilson)* 📲- Favorite Tech Gadget: Shot Scope Rangefinder (after 20 years of “playing” golf, I’m trying to learn how to play!)* 📈- Favorite New Trend: Remote work * 📚- Favorite Book: How to Win Friends and Influence People* 🤔 - Favorite Life Lesson: Always assume good intentionsFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

One of the biggest factors in whether you receive outsized returns as a VC is how your portfolio is constructed. A single investment can create outsized returns which can be lost if your portfolio construction is flawed. Our guest today is Alex Edelson, Founder and GP of Slipstream Investors, a noted and up-and-coming Fund of Funds who has done a lot of work in Portfolio Construction. We get his take and talk about his experiences in Venture and his thoughts on the current market conditions.We also welcome back to the Tank, John Ruffolo of Maverix PE, to discuss the latest tech news and headlines across the venture ecosystem.About Alex Edelson:Alex is the Founder and General Partner of Slipstream Investors. Before starting Slipstream, he worked at QED Investors, a top fintech-focused venture capital firm with $3+ billion in assets under management. Alex joined as Nigel Morris's Chief of Staff and became the Chief Operating Officer and General Counsel. He previously worked at a fintech startup and spent seven years practicing law. Alex holds a J.D. and B.A. from the University of Michigan.In this episode we discuss:(00:00:59) News roundup with John Ruffolo(00:23:56) Alex Edelson’s journey into Venture Capital(00:25:48) Working as a Chief of Staff at QED Investors(00:26:57) Being mentored by Frank Rotman and the QED Team(00:33:54) The importance of providing context to a no over pure speed(00:34:50) Why he decided to start investing on his own(00:39:41) Early LPs that backed his vision(00:40:52) How his investing thesis evolved after the initial conversations with his LPs(00:42:18) The importance of seeing a lot of deals before investing(00:43:26) Setting clear expectations with companies at what stage you are at in your cycle(00:44:45) What Alex looks for to consider a deal a win(00:48:31) How Alex mitigates risk with diversification and other strategies(00:50:24) Why every round of financing is an opportunity to buy or sell(00:52:19) The benefits of having early liquidity(00:54:07) Redflags that can scare LPs from emerging managers(00:59:36) How the current market is affecting his strategy(01:00:44) Trends he is seeing in the market(01:02:21) Best career advice he’s receivedFast Favorites* 🎙- Favorite Podcast: Tank Talks, Venture Unlocked, 20 Minute VC, Sure Shot Entrepreneur* 📰- Favorite Newsletter /Blog: Mark Suster, Open LP* 📲- Favorite Tech Gadget: Cyclops Hammer* 📈- Favorite New Trend: Work from home* 📚- Favorite Book: Man’s Search for Meaning* 🤔 - Favorite Life Lesson: Focus on what you can controlFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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

Matt Roberts is a veteran of the Canadian tech and venture scene. In Silicon Valley, his story would be somewhat common, a young talented tech person, the child of a computer pioneer, moves up the ranks through mentorship and gains wealth and stature through savvy choices and a little luck. However, in Canada, these stories are far less common and therefore more exciting to share.This is a fun trip through Canadian Tech history. Matt was around, and often in a pivotal position, to see the rise of tech giants like GaN Systems and Shopify, and he brings a perspective of a tech scene that pre-dates the internet through the experiences of his late father, John Roberts. This is a candid and wide-ranging conversation that was an amazing deep dive.About Matt Roberts:Matt is a cofounder and General Partner at CMD Capital, focusing on Seed opportunities in AI with a generalist lens. Matt Co-Founded CMD Capital after spending seven years with ScaleUP Ventures, where he was Partner and subsequently a GP in its Opportunity Fund. While there, he was the lead investor in Solink, Renorun, Rewind, and #paid. Prior to that Matt was at BDC, where he led the IT Venture Funds investments in Crowdriff, Sonder (Flatbook), Hubdoc, Unsplash and Crew. He also raised the Seed and Series “A” round for Semiconductor startup GaN Systems. Matt started in Venture as an Analyst at Wesley Clover, best known as billionaire entrepreneur Terry Matthews investment group. He was a founder and operator at various tech companies early in his career.In addition to his MBA from Western University, Matt holds a BA from Carleton University.In this episode we discuss:(01:28) Matt’s journey into tech following in his dad’s footsteps(04:46) Why mentorship and curiosity are so important(05:54) Working with Terry Matthews early in his career(08:20) His experience at GaN Systems helping raise funds(14:07) His time at BDC(16:30) Starting ScaleUp Ventures in 2016(18:18) How being a GP changed his investing philosophy(20:01) Decision making process at ScaleUp(20:44) Why it’s prudent to make friends with Junior partners(22:14) The evolution of the Canadian Venture Capital market(24:22) Launching CMD Capital(26:57) How fund size effects investing(27:36) Why smaller funds can deliver more value(29:16) CMD investing thesis(33:04) How the lack of early-stage Canadian VCs has effected the market(36:25) What CMD brings to founders beyond money(38:13) Advice to young investors(42:28) Trends he is seeing in VCFast Favorites* 🎙- Favorite Podcast: Hardcore History* 📰- Favorite Newsletter /Blog: Paul Wells* 📲- Favorite Tech Gadget: iPhone* 📈- Favorite New Trend: Focus on Revenue* 📚- Favorite Book: Zero To One, Dominion* 🤔 - Favorite Life Lesson: Try something new every dayFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.ai 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