Slice Podcast

The mystery of venture investing is that you never know where your highest returns will come from. There's no repeatable business model, no guaranteed formula for finding the next breakout company. Most VCs try to solve this with pattern matching or specialized theses, but these approaches focus on what's working now. Finn bets on what's coming next.Finn Murphy, Solo GP of Nebular, takes a different approach as a generalist investor. Instead of trying to predict outcomes, he goes deep on talent density.Finn looks for areas "not flooded with high-status attention but brimming with potential." While others pile into consensus opportunities, he's mapping where smart, innovative minds are quietly building. Whether it's healthcare administration tools, quantum computing applications, or even dinosaur fossils as an alternative asset class, his investment decisions follow talent migration patterns rather than hot sectors."I don't just invest in what's hot," Finn explains. "I dive into spaces where others may hesitate." This conviction-driven approach lets him move fluidly across verticals because he's following people, not trends.What makes this strategy work is how deep Finn goes. Rather than skimming surfaces across sectors, he systematically identifies where concentrated talent is spending time and then embeds himself there. I.e. engaging with academia, top founders, friends of founders. His intellectual curiosity, stemming from his mother's encouragement to "be the best in whatever you do" and supported by his engineering background and startup experience, drives him to explore ideas that might seem trivial to others but resonate deeply with the builders.Going deep on talent density means accepting that your winners might come from completely unexpected places. Finn's fund deployment spanning US and Europe, reflects this approach. He's not trying to diversify away risk through broad exposure, but concentrating risk by going deep on people and places others haven't noticed yet.This approach aligns with what his LPs actually want: diversity and non-consensus investment strategies. Finn has built a repeatable system for finding concentrated, correlated seed risk in spaces where the best minds are working but capital hasn't flooded in yet.As he puts it, he likes "learning about things and usually starts from a place of ignorance, mostly barely scraping much past there, just trying to stay slightly ahead of where the crowd is going."This humility combined with systematic talent hunting allows him to consistently stay ahead across different verticals. He's not trying to be an expert in everything. He's trying to be early to wherever the experts are going next.Special thanks to Talal for introducing us to Finn! 🙏 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit slicefund.substack.com

At Slice, we're drawn to emerging managers who don't just follow the playbook, but rewrite it.Sarah Smith is the founder and GP of the $16m Sarah Smith Fund who embodies this ethos. As a solo GP with an unrelenting commitment to being the best in class, she's built systems from day one, knowing from her operator background that you need systems that scale from day 1.What sets her apart isn't just her focus or tenacity (though she has both in spades). It's how she's cracked the code on three critical areas that most emerging managers have yet to crack the code on: building genuine talent pipelines, creating magnetic LP experiences, and leveraging AI systems to punch above her weight class.Our thesis on Sarah is the “network of networks”. Through her experience and involvement at GSB, she’s created a fellowship program that's equal parts talent incubator and lifelong network builder with tentacles throughout silicon valley and beyond."I want students to appreciate that there are many ways to do venture," Sarah explains. This mentality stems from her teaching background, about finding the best in each individual and supporting them to find their own style. She’s expanding the ecosystem incrementally by curating diverse minds.Her program is intensive: three weeks, visits with 25 different firms across diverse verticals and strategies, direct access to professionals across the spectrum. Unlike most fellowships, they’re given $50k each to have the chance to source, diligence, and invest in a startup to start their track record. It's the difference between reading about swimming and jumping into the deep end and getting that lived experienceSarah has built a talent flywheel that will compound and give back. Former fellows become dealflow sources, co-investors, references for stanford founders, and eventually, LPs themselves.The thoughtful way of teaching doesn’t end with the fellowships, and continues to spread to her LPs through her world class AGM, which punches way above the weight of most AGMs, especially of a solo GP."I wanted to highlight how I'm going about building the fund for scale," she says. But scale here doesn't mean bigger, it means better, more intentional, more impactful.The format is tight: half day in person, high caliber content, showcase of top founders. No death march of metrics, no wasted time. Sarah understands that her LPs' time is precious, so every minute delivers value."Over half of my fund came in, in that last four weeks after the AGM." When your existing LPs become your best salespeople, you know you're doing something right.This mirrors what we've seen across our conversations that the best emerging managers don't just manage capital but understand the product is relationships, and that investing in the right ones will compound early and benefit them in the long run.While the venture world debates AI to replace the role it will take within firms, Sarah has quietly made it her secret weapon for fund operations."I think we can do 10 times more for our founders in a tenth of the time,". Bold statement, but she backs it up with systematic implementation.Her AI framework isn't about replacing human judgment, but supporting it. One of the models that she’s integrated is a 100pt system to screen founders. Every investor has the things that they look for and don’t. This screener lets Sarah make the final decision, but extracts the information that she needs to make her decision easier, and to know what area to spend time with on the founder so she can go deep, earlier, and quicker. Her systems also help her prioritize which meetings align with her strategy, maintain portfolio health management, and identify patterns that might take humans weeks to spot.We’re observing that the best solo GPs aren't trying to do everything manually. They're building systems that let them focus on what only they can do like building relationships, making investment decisions, and supporting founders, so they can repeat the same fund size and strategy for future funds.Sarah's approach embodies a core belief we hold at Slice: growth doesn't necessarily mean scale, but rather quality and impact. In a world where bigger often feels like better, Sarah has chosen intentionality over expansion.Her fellowship program creates lasting value beyond capital. Her AGMs build genuine community, and her custom AI implementation enhances her abilities rather than replacing human connection. Each piece reinforces the others, creating a flywheel that most larger funds would struggle to replicate.This is what we mean when we talk about emerging managers with a chip on their shoulder. It's not about proving you can do everything, but about proving you can be the best at certain things in certain areas than anyone else.As Sarah continues building, her model serves as a blueprint for what's possible when you combine relentless focus with innovative thinking. She's not just managing a fund; she's architecting the future of what success looks like as a solo GP (who wants to remain a solo GP).Special thanks to Nakul for introducing us to Sarah, and to Sarah for sharing her time with us. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit slicefund.substack.com

Another 12 episodes later, and season 2 of the slice podcast has come to a close.We started the slice pod with a simple intention: to create a space where emerging managers could speak plainly about their strategy, yes, but also their doubts, lessons, and the behind-the-scenes mechanics of building a firm. We wanted real conversations about what it means to start a fund in this moment.Somewhere between the stories of first checks and fundraises, between LP pitch decks and GP advisory calls, a pattern began to emerge. The managers who stick with you, the ones who seem most likely to outlast the hype cycle, aren’t just chasing alpha. They're designing institutions. ones that look different from the last generation. Smaller (most of the time In other words: they’re building with constraint. and they’re turning that constraint into a competitive edge.This season, you’ll notice a recurring theme: stay small to stay dangerous.As fabri put it:"Don’t go bigger. start small. stay small. play in the cracks, the nooks, the crannies, where the big funds simply can’t follow. it’s structurally impossible for them to compete. that’s where you win."It’s a reminder that small funds don’t have to become big funds. in fact, many shouldn’t.because the game changes. the edge dulls. the returns compress. one $200M outcome might return a $20M fund 10x. that same outcome barely registers in a $300M vehicle.An important piece that we’ve come to believe is that it’s not just about portfolio construction. It's about firm construction. Who you raise from matters. (the LPs are your customers!) Who you make money for matters. It shapes how you operate, how you’re perceived, what you’re allowed to do.Slice exists because we believe something structural is shifting in early-stage venture. the old playbook “raise big, spend fast, go wide” doesn’t work anymore. We’re in the post-ZIRP, AI-native era, and capital efficiency isn’t a badge of honor. It’s a survival skill.As rounds get smaller, check sizes compress, and founders delay dilution, the managers best positioned to win are the ones who can move fast, cut tight checks, and spot talent before it’s consensus.You don’t do that with a $150M seed fund. You do it with $15 - 20M, first-check fund, and a map of the edges where opportunity lives.That’s what this season taught us, and it reinforced our belief that LPs looking for outlier returns shouldn’t chase logos, but rather chase leverage. This leverage lives in the cracks among the emerging, overlooked, and underestimated.A sincere thank you to our guests, to every manager who joined us this season:Eric Slesinger, Cameron Porter, Nick Tippmann, Ethan Austin, Cam Crowder, Santosh Sankar, Ivan Montoya, Madeline Darcy, Chris Wake and Lili Rogowsky, Ben Orthlieb and Romain Serman, Dakota McKenzie, and Will Lehmann.thank you for trusting us with your story. for sharing the hard parts, not just the wins. for showing up not as a brand, but as a builder.This pod wouldn’t exist without you, and it wouldn’t be worth making if it didn’t help the next wave of managers feel a little more seen, and a little less alone (!!)We’ll be back soon with season 3. Until then, H.A.G.S!! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit slicefund.substack.com

Will Lehmann, founder of Step Function, shares insights from his journey transitioning from Bain Capital Ventures to running his own specialized fund. He discusses the importance of size in venture capital, arguing that smaller funds foster deeper relationships with founders. Lehmann highlights the potential of investing in infrastructure software and AI, noting the rise of successful outcomes in this sector. The conversation also explores Boston's emergence as a tech hub and the evolving landscape of venture capital, emphasizing collaboration in supporting visionary founders.

Dakota McKenzie, founder and general partner of Dynamic Growth Partners, shares his journey from being the first in his family to attend college to launching his early-stage investment firm. He delves into the crucial aspects of supporting technical founders, emphasizing the importance of assessing attributes for investment success. Dakota discusses the challenges startups face in achieving product-market fit and the balance between revenue goals and quality. With insights into his approach to selecting investments and maintaining autonomy for founders, he reveals the intricacies of the startup landscape.

Dive into the transformative world of AI-driven venture capital! Discover how two innovators challenged the status quo by merging tech with investment strategies to fund unicorns. They share insights on the power of machine learning algorithms alongside the need for human intuition in decision-making. Learn about their journey, the initial skepticism they faced, and how they rapidly scaled their model to evaluate thousands of startups annually. Explore the future of seed investing where technology meets personal connections!

What happens when you combine moonshot ambition with radical empathy? You get Atypical Ventures, the early-stage fund investing in what they call “plausible science fiction” … think data centers on the moon.In our conversation with Lili and Chris, we unpacked how they think about frontier investing and why “engineers with empathy” win.Chris got into venture after years of working with quietly awesome people solving hard problems. He was the first employee at satellite company Spire, then worked in early ops at Clearbit and Vercel. He started Atypical to build something different. Lili joined a year later, bringing experience from running her own law firm, helping companies from pre-incorporation through Series A.“The brightest minds in the world should have every single advantage,” Chris told us. “If they win, we all win.”Atypical bets on founders who pair breakthrough technical ideas with real emotional intelligence.But what does that actually mean? “Empathy is an amorphous thing,” Chris said. “But what we really mean is intellectual humility. You can be one of the top people in the world, but you realize the shores of your ignorance are wider than the shores of your intelligence.”The best founders know how to walk the line. They share their vision with confidence, but they also show taste. They want more than just capital. They want a real partner.Atypical holds themselves to that same standard. Fund I was $7.5M. For Fund II, they scaled back to $15M from a $25M target.“Early-stage frontier tech is the loneliest job. You’re incentivized to look crazy and be right,” Chris said. Instead of spreading themselves thin, they leaned into focus. $1–3M checks, 10% ownership, 10 companies per fund. If they’re right about just 10 bets, they can go deep on each.That’s the thesis in action. Question your assumptions, follow the evidence.So how do you find the people building data centers on the moon? You don’t wait for them to show up in your inbox. Chris reads papers, cold emails researchers, and follows ideas most investors overlook. Some of their best referrals come from founders they’ve passed on. But the real insight? “The outliers aren’t ever in the group chats.”Their LPs think differently too. SpaceX engineers who get it right away. Real estate investors who understand high-risk, high-reward. Carefully chosen partners who are fully aligned. To date, they’ve executed ~$34M in syndicates. A signal that their thesis resonates.At the core of Atypical is a simple belief: perspective shapes experience. “To believe that change is possible is to make it so.”You won’t find an “Uber for X” or “Airbnb for Y” in their portfolio. They look for ideas that create new markets and net new value, not just a sliver of something that already exists. They invest across atoms, bits, and cells because the frontier is always moving. What feels early today won’t be in two years or five Sundays from now.And while most startups fail for predictable reasons, not everything shows up in a spreadsheet. Some lessons are only learned through trust, self-awareness, and how you treat people when things get hard.In a world where founders are expected to perform a certain kind of persona, Atypical asks different questions. Can you sit in silence and actually listen? Do you seek discomfort as a way to grow? Are you accountable for the downstream impact of what you’re building?They’re not trying to predict the future. They’re backing the people bold enough and grounded enough to build it.Thank you Fede for the intro to Chris & Lili! 🙏 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit slicefund.substack.com

Most VCs are systematically terrible at recognizing patterns when it comes to women's health. Not because they're dumb – these are smart people. But because they fundamentally lack the lived experience to see what's staring them right in the face.Madeline has grown into the role of an emerging manager, seasoned by her time as a consultant. Instead of going to a multi stage firm, Madeline chose to build something of her own.. To “zag when others zig”. And this makes sense when you peel back a layer, and get to know where she comes from.She's one of 13 kids from a blended family in Australia, parents who met working at Domino's, moved to the US as a teenager, and watched her mother navigate chronic conditions within the Medicaid system."When we started to talk about GDP, we didn't account for work that was done at home, meaning if you are taking care of your aging mother. That does not account for GDP. Yet the moment that you get an outside care worker into the home now that's part of GDP."Think about that for a second. We're measuring economic activity completely wrong, which means we're sizing markets wrong. No wonder most funds think women's health is niche when it's actually the majority of healthcare spending.Investment in women's health companies increased 314% since 2018, while overall investment for the health sector increased 28%. (SVB’s Innovation in Women’s Health Report) Sounds impressive until you realize that's just catch-up from a ridiculously low baseline. The global FemTech market was estimated at USD 39.29 billion in 2024 and is expected to grow at a CAGR of 16.37% from 2025 to 2030, with some estimates suggesting it could reach USD 130.80 billion by 2034. (Research and Markets)Madeline thinks even these numbers are conservative because they're based on the narrow definition of women's health that VCs love to box themselves into, and this is where Madeline’s thesis differs. While most funds are still stuck thinking about fertility apps and period trackers, she's looking at Alzheimer's, heart disease, osteoporosis – conditions that disproportionately affect women or affect them differently."70% of our healthcare is largely driven by chronic conditions. Women are living longer, which means they are more likely to be the caretaker of their spouse versus the other way around. They are more likely to be involved in end-of-life decisions. They are more likely to inherit financial decisions. And this is all part of health, too."Suddenly you're not talking about a niche market. You're talking about the future of healthcare itself.Here's where things get really interesting. Madeline's observed something that should make every LP pay attention: investors calling markets "saturated" after just 2-3 companies hit near-billion-dollar valuations. She digs deeper in her article with Forbes. "I have observed that the investor group tends to think things get saturated fairly quickly. So you might hear from many investors, 'Infertility is saturated. We now have 2-3 startups that have reached almost that billion-dollar mark. We're done.'"Infertility. One of the most fundamentally human markets that exists. Saturated after three companies. The same thing is happening with menopause after companies like Flo Health ($200 million), Maven ($150 million) and Midi Health ($63 million) raised large rounds in 2024. These aren't saturation signals… they're proof of concept for much larger opportunities.Her core investments span the care economy, pre-seed and seed stages, backing companies like Proov (infertility), Swehl (breastfeeding), Elektra Health (menopause), and Guaranteed (end-of-life hospice care). But it's her thesis that extends far beyond traditional women's health categories that makes her interesting.Special thanks to Talal for the intro to Madeline. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit slicefund.substack.com

In Latin American venture capital, there's a script. It starts with Stanford or Harvard, maybe an MBA. English fluency. A clean resume. Ideally, a few years at McKinsey. Ivan Montoya never read the script.Born in Colombia and raised in Silicon Valley, he's the solo GP behind NuMundo Ventures, a pre-seed and seed-stage fund investing in Latin American fintech, property tech, and supply chain startups. While most funds in the region are still betting on polished pedigrees, Ivan is betting on overlooked potential.His best example? A founder he calls "the Mexican Bill Gates.""I didn't even have the fund yet," Ivan recalls. "So I put in $20K of my own money. After I closed my first fund, I wired him $150K. Eight months later, another $150K."That founder, Mairon, had no college degree. No connections. No VC polish. Every other firm in Mexico passed.Fast forward to today: $30 million ARR, $25 million raised in equity, Series B closed. And still, most of his capital came from the U.S. and Brazil, not Mexico."When I met Mairon, I just thought…I can do something different here."Latin American venture capital has long followed what Ivan calls "central casting"—looking for founders with specific profiles."Most VCs here look for a certain founder profile," he explains. "Someone who went to a top school in the U.S., speaks English well, because at some point, they'll probably need to raise from U.S. investors."This approach has produced winners. Look at Nubank (David Vélez, Stanford GSB) or MercadoLibre (Marcos Galperin, Stanford GSB). But it's also narrow."There's a kind of 'central casting,'" Ivan says. "And if you don't fit, it's very hard to raise money."The result? Massive blind spots where exceptional founders get filtered out before they ever reach decision-makers.As a solo GP, Ivan has structural advantages that larger funds can't replicate."In Latin America, Mairon would've met the most junior person at a fund, if he got the meeting at all," Ivan explains. "Then that person has to convince a partner. But the partner doesn't know him, and he hasn't been to college, so… they pass."Emerging managers like Ivan are pattern-matching on different signals: hustle, market insight, execution ability. They're finding exceptional founders that the traditional playbook misses.Ivan's success reflects his broader thesis about timing. He believes Latin America is entering its "Fairchild Semiconductor moment” that generational inflection point when ecosystems mature and start producing exponential outcomes."Fairchild kicked off a cycle in Silicon Valley: 1962 to 1977," he explains. "I think Latin America started its cycle with Nubank, around 2010. Now we're in 2025, 15 years in."If he's right, emerging managers are perfectly positioned to capture this wave. They have the flexibility to bet on unconventional opportunities and the time to develop deep conviction.The Latin American venture ecosystem is evolving rapidly. While established funds continue to play important roles, emerging managers like Ivan are proving that size isn't always an advantage.For founders who don't fit traditional molds, emerging managers offer an alternative path to capital. For investors looking at Latin America, emerging managers offer access to deals and perspectives that larger funds might miss.The next wave of Latin American unicorns might not come from central casting. They might come from emerging managers willing to bet on overlooked potential…just like Ivan.Special thanks to Sahej for introducing us to Ivan. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit slicefund.substack.com

With its third fund now closed at $54 million, Dynamo continues to lead investment in the technologies that make, move, and monetize the world's goods.When Santosh Sankar co-founded Dynamo Ventures in 2016, supply chain tech wasn't trendy. Today, the Chattanooga-based firm has become the go-to investor for founders reimagining global commerce infrastructure."Our thesis has always been about the backbone industries of the economy…When we started ten years ago, people questioned why we'd focus solely on supply chain and logistics. Now, everyone understands that these foundational systems need modernization."What struck us in our conversation was how Santosh maintains the hunger of a first-time fund manager while demonstrating the strategic clarity that comes with three successful fundraises.Dynamo's evolution shows an increasing focus on getting in earlier. While Fund II maintained a 50/50 split between pre-seed and seed investments, Fund III is leaning more heavily into pre-seed, with two-thirds of investments now happening at this earliest stage."The pre-seed stage is where we can add the most value," Santosh explained. "We're making high-conviction bets when others are hesitant, writing meaningful checks, and providing hands-on support when founders need it most."He adds that too many investors want to see traction metrics before committing. They’re comfortable making decisions based on the founder's vision and their understanding of the market opportunity. That's their edge. “We oftentimes look for insight at the early stage that we're investing at because if I can find and buy into your insight behind why you're doing what you're doing and the way you're doing. I can then help you craft that into something that's defensible. When you compound that over time, it turns into a moat. It drives me nuts when some investors ask a pre-seed company what their moat is, or seed company, or arguably in a series A company, they’re in the middle of building it.”Recent news on Stord’s $200m round at a $1.5b valuation confirms Dynamo’s thesis. As the first check in 2016 from Dynamo’s $18m Fund I, Stord has since* Sustained profitability since 2024* 5.5x growth since 2022* Over 30M orders delivered in 2024* Expanded to 11 Stord fulfillment nodes with a network of partner centers around the globe"Supply chain isn't just having a moment," Santosh observed in a recent LinkedIn post. "It's experiencing a fundamental shift in strategic importance. What was once viewed as a cost center is now recognized as a competitive advantage."When we asked about timing their third fund during market uncertainty, Santosh was clear: "The macro conversation helps us. The push for reshoring, nearshoring, and supply chain resilience isn't cyclical—it's a generational shift. Leaders now understand that optimizing for efficiency alone creates fragility. We're investing in the companies building robust, anti-fragile systems."Unlike VCs clustered in tech hubs, Dynamo embraces its Chattanooga location at the center of America's industrial economy. Santosh emphasizes believing in the power of place. "Being headquartered in Chattanooga gives us proximity to the real economy – the warehouses, distribution centers, and manufacturing facilities that make modern life possible. We're not just investing in technology; we're investing in transforming industries that have been the backbone of the global economy for generations."While rooted in America's heartland, Dynamo's vision is global. Two-thirds of their investments are in North America, with the remaining third internationally distributed."Maybe what we haven't addressed so far is we’ve invested globally since our first fund," Santosh shared. "Two-thirds of our fund has been invested in North America, and the balance overseas. There's a concentration in Europe, but Latin America is clearly becoming very important to us, and we have a smattering of companies elsewhere in the world as well."Innovation has no zip code, and Dynamo stands apart by making carefully selected investments where they provide substantial capital and hands-on support:* Deep industry connections to potential customers and partners* Operational expertise in supply chain and logistics* Tactical support on go-to-market strategy and talent acquisition"We're not in the business of making a hundred bets hoping a few work out…We make fewer, more concentrated investments where we can truly partner with founders. That approach requires confidence in your thesis and the discipline to say 'no' a lot."With Fund III now closed, Dynamo is set to continue transforming global commerce infrastructure through its high-conviction, hands-on approach to pre-seed investing."Our vision hasn't changed since day one," Santosh reflected. "We believe the future of supply chain isn't just about incremental efficiency…it's about reimagining these systems from the ground up. The founders we back are building that future, and we're honored to support them at the earliest stages of their journey."Congratulations to Santosh and the entire team! We're excited to follow your journey as you support founders building technologies that make our world go around a bit smoother.Special thanks to John Gleeson for introducing us to Santosh. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit slicefund.substack.com