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

Source: Canada’s Venture Capital Landscape Report (2023) — BDCObjectiveThe venture capital landscape is a dynamic and ever-evolving environment, where success is measured not only by achieving high valuations but also by generating strong returns for investors. As we saw companies climb Mount Everest to unicorn statuses in the past 18 months, many failed to get back down safely to survive.It is imperative for Canada to ensure transparency in venture capital returns to remain globally competitive. Open dialogues on challenges and strategies are part of this effort. The aim is to disseminate insights, equip other fund managers with valuable knowledge, and bolster Canada’s standing in the global venture capital sphere. This collective effort has the potential to drive Canadian startups forward and attract international capital and talent to this burgeoning ecosystem.In Canada, the federal government has been influential in creating a conducive environment for startups and venture capital, through initiatives such as the Business Development Bank of Canada (BDC) and the Venture Capital Catalyst Initiative (VCCI). These efforts have proven crucial in supplying public funding to draw in private sector capital and kickstart the Canadian VC ecosystem. The significant contribution of these programs in laying the groundwork for a sustainable and competitive startup ecosystem globally is acknowledged and appreciated. Without such support, a number of companies and funds could face substantial hurdles in launching and realizing their full potential. The federal government’s dedication to fostering innovation and entrepreneurship has played a major role in developing the Canadian startup ecosystem.The 2023 Venture Capital Landscape Report by BDC revealed data on Distribution to Paid-In capital (DPI) Across Vintages, indicating that the upper quartile of Canadian funds from pre-2011 to 2013 recorded a 1.2x DPI. This contrasts with the 2.0x DPI of U.S. incumbent funds during the same period, as reported by Cambridge Associates. This difference illustrates the distinct market dynamics that characterized the less mature Canadian venture capital sector during this time. However, since then, Canada’s ecosystem has seen substantial growth, reflected in an increased number of venture funds and startups, and overall improved performance. Notably, most of the active venture funds in Canada, including Ripple Ventures, have been established in the past 5–7 years, underlining the recency of this expansion.While we acknowledge that not all venture capital funds wind down after the traditional 10-year period and extensions can occur, a strategy that funds can take to protect the performance over the life of the fund is to return at least the original capital within the first 6–7 years. This approach allows for sufficient time and opportunities to graduate the portfolio and reduce the entire reliance on unpredictable outliers of breakout companies alone to return the fund. This strategy increases the chances of moving from a 1x to 3x+ return within the remaining 3–5 years. As such, we want to cover two general approaches to achieving a 3x fund. The first relies solely on 1–2 outlier investments that generate significant returns in the final years while having minimal returns in the earlier stages. The second approach involves consistently returning capital throughout the fund’s lifecycle, allowing the mediocre outcomes to return the original capital and for the winners to drive true profit. We believe that the latter approach is more sustainable and favorable. While the former approach can be challenging, requiring a consistent scale of exits and various factors to align perfectly, our belief is that consistent capital returns across the portfolio create a higher probability to outperform over the long run. At Ripple, we personally invest a significant portion of our net worth into our funds, making us very aligned with our limited partners to strive not only for homerun outcomes but also to return our own original investment. Our goal is to open up the discussion of fund performance, key drivers of winning strategies, and how we can put Canada as a winner on the global stage. By highlighting benchmarks and sharing insights from our journey, we aim to contribute to the broader conversation about driving enterprise value in Canada. We recognize the importance of collaboration and knowledge-sharing in building a strong ecosystem, and we are committed to playing our part in its development.Union Square Ventures — the gold standard for DPIBefore diving into the details, we want to establish the gold standard DPI benchmark that every fund should strive to achieve. Recent returns data from the University of Texas Endowment, as highlighted by Eric Newcomer’s blog, has captured attention. Union Square Ventures has demonstrated exceptional performance, delivering 9x DPI cumulatively across all their funds. Their 2012 vintage fund, with a DPI of nearly 23x, stands as one of the best-performing funds of all time. These extraordinary returns showcase Union Square Ventures’ track record of staying focused on key themes, investing only with high conviction, acquiring material ownership, and keeping fund sizes small to be able to consistently return capital to LPs.Source: University of TexasRipple’s DPI performance relative to incumbents Ripple Ventures has established an early track record in our angel portfolio since 2012 (we call this Fund 0) currently at 6.5x DPI. Although Fund 0 was an angel portfolio with a smaller quantum of capital (which is easier to return), it is worth noting that our success is not solely reliant on one outlier investment to drive strong returns. Instead, we have strategically managed a portfolio including three of ten investments achieving at least 10x cash-on-cash returns (with the highest returning 30X). We have personally recycled a majority of this capital to jumpstart Fund I and attract external limited partner capital for our venture funds.We continue to build on our track record with Fund I (2019 Vintage) with a DPI of 0.5x. Again, Fund I was also a smaller fund compared to most at $10M which makes it much easier to return than a $200M fund like USV’s. Considering the limited maturity of the 2019 vintage, it is important to acknowledge the current challenging market cycle and the pressure for funds to generate significant returns despite the bleak outlook for exits in the near future. As we approach the halfway mark of the fund’s life, if the original capital has not yet been closer to being returned, there is still a long hard way to achieve a 3x+ DPI.When comparing to US incumbents, upper quartile returns were: 2.61x DPI (2011), 1.90x DPI (2012), and 1.48x DPI (2013) respectively according to the latest US Venture Captial return reports. The average DPI across the 2011–2013 vintage is 2.00x DPI, 67% higher than its Canadian counterparts. There is a stark difference between the median performance of top quartile funds in Canada vs the US. In the 2019 vintage, Ripple Ventures is categorized in the top 5% of funds based on DPI in the US so far.While Ripple Ventures Fund I is still in its early stages and hasn’t achieved a 3x+ return yet, we approach this journey with humility, dedication, and empathy. We understand the uncertainties of the venture capital landscape and the possibility that we don’t continue to exceed expectations. However, we are committed to diligently managing our portfolio, making informed decisions, and striving to deliver exceptional returns. With transparency and empathy at our core, we will continue to navigate the evolving market dynamics to create long-term value for our investors.Our view on what drives DPI, and differences in Canada vs the USOwnership and exit value play crucial roles as the primary drivers of DPI in venture capital funds. You need to have at least one or the other to drive returns, and in the best cases, you have both. For example, if you have a $50M fund, you need to own 20% of a $250M exit, or 1% of a $5B exit to return the fund ($50M). Let’s take a look at another graph in the BDC report around median exit values to understand better why DPI may be different in Canada vs the US:Source: Canada’s Venture Capital Landscape Report (2023) — BDCYou can see there’s a very evident difference in the historic outcomes of companies in each country. According to PitchBook, the average exit value for US venture-backed startups was approximately $207M USD in 2019, $263M USD in 2020, and $391M USD in 2021. These are multiples higher than the Canadian counterparts. Although this is the case, we want to acknowledge the potential for creating global winners in Canada, such as Shopify and Lightspeed (public companies), as well as notable private outcomes like Wattpad’s acquisition by Naver for 754 million CAD and Verafin’s sale to Nasdaq for 2.75 billion USD in cash. It is crucial to highlight the potential for Canada to create companies of this scale, but recognize the lower frequency in which this occurs. By learning from and comparing ourselves to the best in the world, particularly the United States, we can identify the strategies and practices that contribute to their success. Why Ripple is investing in both Canada and the US Ripple Ventures recognizes the tremendous potential of the Canadian startup ecosystem and aims to drive enterprise value creation for early-stage companies by leveraging the expertise and resources from the US network. We firmly believe that adopting a strategic investment strategy that spans Canada and the United States is essential for the success of fund managers seeking to achieve 3x+ DPI. Our approach is driven by the objective of bringing valuable knowledge, networks, and resources from the US ecosystem into Canada, accelerating growth, and fostering better returns.In Canada, there is a shortage of founders and employees who have experienced the journey from idea to IPO, hindering the mass development of unicorn companies we’ve seen in the US. By investing across borders, Ripple Ventures facilitates the exchange of knowledge and experience, allowing Canadian founders to tap into a wealth of resources and navigate the challenging “valley of death” stage. This exposure to higher-scale ventures and outcomes creates a fertile ground for innovation, fueling the growth of early-stage companies.We firmly believe that bridging the gap between the Canadian and US ecosystems is pivotal in driving higher enterprise value exits. Currently, Canada only has 25 unicorns generated compared to the US in which there are 700+, and we aim to change that narrative. It must be stressed that investing in Canada today can still be an extremely profitable venture, but this hinges greatly on the degree of ownership an investor can secure. Given the historical performances, a high ownership stake is a significant factor that can help offset the inherent risks and volatility of the scale of venture capital outcomes in Canada. Ripple Ventures is committed to being at the forefront of driving the next generation of category-defining companies in Canada. By leveraging our connections, networks, and experiences from both sides of the border, we aim to catalyze the growth of the Canadian startup ecosystem and pave the way for greater success. If you don’t believe us, just ask our founders if we have been successful at doing this.Why keeping fund size smaller mattersKeeping fund sizes smaller is a strategic choice that aligns with Ripple Ventures’ investment approach and objectives. It allows us to focus on specific stages, check sizes, ownership targets, and industries that fit our investment thesis. By maintaining smaller funds, we prioritize efficient capital deployment and maximize our ability to generate significant returns for our investors. This approach is particularly advantageous when considering the quantum of exit size relative to the respective market and entry stage.We’ve seen USV consistently keep their fund sizes relatively the same in all market environments because their formula works. In our view, the game of venture fund managers should be to execute the strategy that you know works for generating strong returns for LPs and raising/recycling capital to keep it going over multiple funds. At Ripple, we’ve made a commitment to our LPs that we’d never scale the fund past a size that makes sense and is possible to outperform (3x+ DPI). If it ain’t broke, don’t fix it. Ripple’s philosophy in portfolio construction to drive DPIRipple Ventures adopts a strategic approach by investing across both Canada and the US, employing a barbell strategy to optimize returns within each fund. Recognizing the historical disparity in exit values between the two markets, we tailor our investment strategy accordingly. In Canada, where exits have traditionally been lower, the focus is on playing the ownership game. By securing substantial ownership stakes in companies, Ripple Ventures ensures that even in more modest exits, the ownership-driven returns can generate significant DPI for the fund. Conversely, in the US market, where valuations are higher and obtaining ownership can be more challenging, Ripple Ventures is willing to trade off lower valuations. This balanced approach allows us to capture the potential for higher exit values and drive DPI. In our opinion, employing a barbell strategy is essential for fund managers in Canada to ensure that the interplay between ownership and exit scale is thoughtfully priced into their portfolio, maximizing returns and achieving their target of surpassing the gold standard of 3x DPI.At Ripple Ventures, we deeply admire and draw inspiration from funds like Version One Ventures and Golden Ventures, who have successfully executed the strategy of investing across North America &globally while being based in Canada. These funds serve as valuable partners within the Canadian ecosystem, bringing exposure to top-tier founders, operators, and investors from the US. Their ability to connect with and learn from the best in the industry helps them level up not only their own expertise but also their portfolio companies. We share a common goal with these funds — to drive growth, foster innovation, and create a thriving startup ecosystem in Canada by leveraging the insights and resources available across North America.ConclusionOur ultimate aspiration at Ripple Ventures is to become the Union Square Ventures of Canada, driving the best-returning fund out of the country. Merely returning the original investment would be considered a failure for us. That’s why we are igniting this conversation and delving into the intricacies of our strategy. By focusing on early-stage investments, prioritizing ownership, investing across both Canada and the US, and actively driving DPI throughout the entire life of the fund, we are positioning ourselves for a higher probability of achieving our goal of becoming a globally recognized and outperforming fund. Transparency in venture capital returns is crucial for Canada to compete on a global scale. By openly discussing challenges and strategies, we aim to elevate the industry and drive meaningful conversations. Our goal is to share insights, empower other fund managers, and strengthen Canada’s position in the global venture capital landscape. Get in touch: * Matt Cohen, Managing Partner at Ripple Ventures (matt@rippleventures)* Dominic Lau, Partner at Ripple Ventures (dom@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

That Sheel Mohnot, Founding Partner of BTV, is a natural storyteller and a good hang, you can just figure that out with his Twitter feed and his track record of creating one of the most popular startup podcasts. That he also happens to be one of the sharpest minds in FinTech investing which makes him an exceedingly interesting guest.This is a wide-ranging conversation that covers Sheel’s early days, what he learned as a founder, and how he’s grown as an investor. Enjoy!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.Visit torys.com to learn more.About Sheel Mohnot:Sheel Mohnot is a founding partner of Better Tomorrow Ventures. Before BTV, Sheel was a Partner at 500 Startups, running the 500 FinTech Fund and the FinTech track within the San Francisco Accelerator program. His recent startup experience includes 2 successful FinTech exits – a payments company and a high-stakes auction company. He also created and hosted a podcast called The Pitch.He formerly worked as a financial services consultant at BCG and did Microfinance work at the non-profit Kiva. Sheel holds an MBA from the University of Michigan and a BS from Carnegie Mellon. In this episode we discuss:(02:58) Sheel’s journey to becoming a FinTech investor(07:55) How did growing up in India and around the world help shape him(11:14) Sheel’s time at Fee Fighters and why they sold to Groupon(13:33) What he learned at Groupon(16:31) How the Pitch Podcast came to be(18:58) Selling the podcast to Spotify(20:58) How Sheel started as an Angel investor(22:24) 500 FinTech as a stepping stone to becoming a VC(25:05) His first fundraising experience(28:30) Investing in BTV’s first company before they had finished fundraising(30:18) How his investing journey has evolved(32:22) The importance of being a sounding board for founders(33:20) BTV’s investing thesis(35:18) Who Sheel looks up to as investors(36:29) Why VC needs to be collaborative(37:28) The importance of partnership in the VC/Founder relationship(38:56) Concrete things early-stage founders should ask from their VCs(39:37) How power law informs all of VC and portfolio construction(43:14) Lessons from Sheel’s anti-portfolio(44:59) His stay with Brian Chesky at Airbnb LAFast Favorites* 🎙- Favorite Podcast: Acquired* 📰- Favorite Newsletter /Blog: Marginalrevolution* 📲- Favorite Tech Gadget: iphone/airpods, bidets, Disco lights * 📈- Favorite New Trend: would it be crazy not to say AI?* 📚- Favorite Book: Enders Game* 🤔 - Favorite Life Lesson: "People don't want to do new things if they think they're going to be bad at them or people are going to laugh at them. You have to be willing to subject yourself to failure, to be bad, to fall on your head and do it again, and try stuff that you've never done in order to be the best you can be."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

Big news this week with Matt and John, we cover Cohere raising $270M at a $2.1B valuation (02:24), Salesforce announcing their AI platform that may be vaporware (06:27), Shopify selling its delivery business (09:50), Nasdaq acquires Adenza for $10.5B (13:40), and TCV and Tiger missing their fund goals (15:43).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.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

Shaking up the format this week by focusing on what’s happening in the world. We welcome back Mark McQueen to dive into what’s been going on in the world with a lively discussion. Hope you enjoy!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.Visit torys.com to learn more.Topics we cover:(01:59) BetaKit’s reporting on the Collision Conference asking for more government support(11:35) BDC report on Government spending in Canada(18:58) The banking environment in Canada for small businesses in the wake of SVB(25:29) How carbon taxes are impacting Canadians in this inflationary market (Mark’s post for further reading)(32:02) The PGA Tour/LIV golf merger 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

It’s always fun to reconnect with past guests and early success stories from our Ripple Community, and today’s guest is both, Emily Lonetto was a Tank Talks guest back when it was a small in-person event at our co-working space, The Tank. Back then she was the first leadership hire at our portfolio-company Voiceflow, now she’s the Director of Community at Webflow as well as a Venture Partner with us at Ripple Ventures. Emily has amazing perspectives on growth and community, and I hope you enjoy our conversation.About Emily Lonetto:Emily Lonetto is the Director of Community at Webflow. She is an expert marketer and growth expert that started her career at Carnivore Club, a subscription food box, and moved onto to Tilt, which was acquired by AirBnB, and then to Voiceflow. She did her undergrad at Western University.In this episode we discuss:(01:34) Emily’s journey to becoming a growth hacker and community expert(04:15) Common challenges to growth for early-stage startups(05:25) Differences between standard marketing and growth(07:04) Her experience helping grow Voiceflow(10:12) The importance of community feedback(10:56) What growth means in a startup context(14:00) How startups should think about growth marketing(15:41) Growth Marketing tactics(18:10) Emily’s Growth Marketing tech stack(21:27) Analytics and testing that you should use to track growth(23:06) Using negative feedback to help hone your offering(24:12) How Emily has evolved as a community builder across her career(27:10) Factors that can hamper a community(30:11) How the Webflow community guided her even before working there(31:55) Positives of having a strong community(34:14) Misconceptions around community for early stage founders(37:27) How growth in community is defined at Webflow(39:51) Emily’s strong contribution to the Ripple ecosystemFast Favorites* 🎙- Favorite Podcast: Reply All* 📰- Favorite Newsletter/Blog: Lenny Rachitsky* 📲- Favorite Tech Gadget: iPhone 14* 📈-  Favorite New Trend: The comeback of emo and alternative music* 📚- Favorite Book: Moonwalking with Einstein* 🤔 - Favorite Life Lesson: Change is made up of dozens of small iterationsFollow 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