Invested by Aleph

David Marcus, CEO of Lightspark and former PayPal president, shares his insights on Bitcoin and education. He argues that elite colleges can radicalize students and questions their relevance in the age of AI. Marcus discusses the controversial Libra project, highlighting its potential to disrupt the global financial system and revealing Janet Yellen's role in its demise. He emphasizes Bitcoin as a neutral currency and forecasts its value reaching seven figures, while calling for awareness about the dangers of political radicalization in education.

Gavin Baker, a macro investor, argues that solar and batteries offer an economic solution to climate change. Sender Cohen shares insights on George Soros and Stan Druckenmiller’s unique investing styles. Gali Arnon discusses how celebrity campaigns helped Fiverr attract quality users. Micha Kaufman emphasizes personal responsibility for career growth in the face of AI. Lastly, former NBA player Omri Casspi advises athletes on networking and preparing for life beyond sports.

David Magerman, a former researcher at Renaissance Technologies and co-founder of Differential Ventures, shares his insights on AI's potential dangers. He likens AI to 'an automatic machine gun we're giving children,' stressing the risks of its misuse. The conversation also delves into Renaissance's unique hiring philosophy, favoring PhDs who bring diverse skills over typical finance backgrounds. David reflects on personal sacrifices for success and emphasizes that true fulfillment comes from beyond wealth, shaping his investing perspective with spiritual values.

On this episode of Invested, Michael sits down with Jeff Clavier, the Founding Partner at Uncork Capital, a seed-stage venture firm in Palo Alto and San Francisco. Clavier founded Uncork Capital in 2004 (then called SoftTech VC) to provide active support and capital for companies in their first 18 months of life. Jeff has helped numerous companies reach successful outcomes, including Fitbit (NYSE: FIT), SendGrid (NYSE: SEND, Twilio), Eventbrite (NYSE: EB), Postmates (Uber), and Poshmark (NASDAQ: POSH). His current investments include ClassDojo, DroneDeploy, Shippo, Front, Loft Orbital, and Carrot Fertility. Jeff was born in France and graduated from Université Paris Descartes with an M.S. in Computer Science. He was formerly the CTO and an early employee at Effix, a fintech startup that sold to Reuters. In 2000, he immigrated to the U.S. and joined RVC, Reuters’ $450 million corporate venture capital fund, as a general partner. He recently wrapped up his four-year term on the board of the National Venture Capital Association. One of the early VC bloggers in 2004, Jeff is now a popular conference speaker and social media/TV commentator. When he is not spending time with Uncork’s portfolio companies, Jeff enjoys traveling, skiing, hiking, scuba diving, collecting wine, and hanging out with friends and family. Please rate this episode 5 stars wherever you stream your podcasts! KEY TOPICS  00:00 - Intro 03:52 - Is Seed Investing Just “VC Tourism”? 06:08 - Why Being a “VC Lifer” Matters 08:35 - How Uncork Wins 91% of its Term Sheets 11:59 - GP Fundraising is Harder Than Startup Fundraising 14:15 - Capital Bottleneck in Private Markets  16:38 - Now it Takes 15 Years to Prove You’re a Good VC 20:46 - The Real Choke Point in Venture Isn’t Seed 26:13 - The “Three Asses” Rule 29:00 - Gut Feel vs. Process 32:54 - Passing on LinkedIn and Uber 37:45 - How Do You Know if You’re Actually Good at Venture? 41:19 - Succession Planning: Stepping Back After 21 Years 46:09 - Uncork Can’t Depend on One Person 47:05 - From Venture to Winemaking  52:15 - Go Narrow First RESOURCES Follow Jeff on X - https://x.com/jeff Learn more about Uncork Capital - https://uncorkcapital.com Subscribe to Invested here: https://content.aleph.vc/invested Learn more about Aleph: aleph.vc  Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/ Subscribe to our YouTube channel: https://www.youtube.com/@aleph-vc/ Follow Michael on Twitter: twitter.com/mikeeisenberg Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/ Follow Aleph on Twitter: https://twitter.com/mikeeisenberg ‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/ ‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/ CREDITS Executive Producer: Erica Marom  Producer: Myron Shneider, Sofi Levak Video and Editing: Ron Baranov Music and Creative Direction: Uri Ar  Content and Editorial: Kira Goldring Design: Rony Karadi

Jacques Benkoski, a partner at U.S. Venture Partners, has extensive experience in technology and investing. He discusses the evolving landscape of AI, emphasizing that successful adoption will hinge on adapting workflows rather than replacement. Jacques highlights the concept that bubbles can stimulate innovation, likening past tech bubbles to today's AI surge. He critiques traditional go-to-market strategies, declaring ‘Crossing the Chasm’ outdated, and stresses the importance of understanding true customer needs. His Market Entry Strategy is a vital resource for entrepreneurs.

Henry Ward, the CEO and co-founder of Carta, shares insights into the platform that transforms cap tables and valuations. He discusses the controversial shutdown of CartaX and its implications for private market liquidity. Henry dives into AI strategies, emphasizing its potential to streamline accounting and eliminate manual data entry. He also reveals his hiring philosophy of seeking 'missionaries' over 'mercenaries' to foster commitment. With a focus on emotional intelligence and transparency, Henry outlines the importance of culture in scaling a tech company.

Nuseir Yassin, known as Nas Daily, is a content creator and the founder of Nas.io, shaping a unique ecosystem for solopreneurs. He shares his inspiring journey from a village in Israel to Harvard, emphasizing connection through his viral one-minute videos. Nuseir discusses the challenges of advocating for peace between Jews and Muslims and the cost of his public persona. He explores the transformation in content creation through AI and reveals why he believes organic reach is dead, urging a shift toward paid performance marketing.

Gavin Baker, Managing Partner and Chief Investment Officer of Atreides Management, shares his deep knowledge of semiconductors and AI. He discusses the rise of foundation models and how reasoning models create new opportunities. Gavin highlights the trillion-dollar potential of firms like OpenAI and Nvidia's dominance in GPUs. He also delves into the intersection of geopolitics and semiconductor manufacturing, addressing export controls and Israel's strategic role. Lastly, he shares his optimistic views on solving global warming through technological advancements.

On this episode of Invested, Michael hosts David Fialkow, co-founder and Managing Director of General Catalyst, one of the world’s leading venture capital firms managing over $40 billion. From early investments in companies like Airbnb, Stripe, and Warby Parker, to scaling global category leaders, General Catalyst has consistently backed transformative founders and ideas. David’s own career bridges entrepreneurship, film, and philanthropy. Before co-founding General Catalyst, he built and sold several companies across travel, specialty retail, and payments/financial services. Beyond investing, he’s an Academy Award–winning documentary producer, with credits including Navalny and Icarus, which exposed Russia’s state-sponsored doping scandal. David is also deeply involved in civic and philanthropic initiatives. With a unique blend of business vision, creative storytelling, and social impact, David brings a rare perspective on how capital can be a force for both innovation and positive change. Please rate this episode 5 stars wherever you stream your podcasts!  KEY TOPICS  00:00 Intro 02:30 College at Colgate and an ESL Shock 04:19 Discovering Storytelling and Filmmaking 09:06 Founding Last Minute Travel with Joel Cutler 11:32 Duty-Free Cruise Business and Sale to LVMH 13:55 How to Win Mentors: Relevance, Time & Opinions 15:53 Storytelling and “Hot Buttons” in Pitching 18:18 Crohn’s, Children’s Hospital Gift & the Ironman Bet 21:40 Why David Started General Catalyst 23:23 “Shots on Goal” and the VC Mindset 25:19 Starting Fund I and Raising Capital 28:11 Succession Planning 33:01 Ken Chenault Joins General Catalyst 39:28 Filmmaking with his wife Nina Fialkow 41:28 The Vow and Bringing Down NXIVM 46:16 Icarus: Pivot to Russian Doping Scandal 48:45 Navalny, Sugarcane, and Storytelling as Justice 57:00 Raising $12M through Film Screenings 59:26 Pan-Mass Challenge 01:01:27 Dana-Farber’s Impact on Oncology Drugs 01:02:21 On Luck, Teams, and Keeping Ego in Check 01:03:50 Why Israel: Mission, Resilience, and Tech Future RESOURCES Follow David on LinkedIn - https://www.linkedin.com/in/david-fialkow Subscribe to Invested here: https://content.aleph.vc/invested Learn more about Aleph: aleph.vc  Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/ Subscribe to our YouTube channel: https://www.youtube.com/@aleph-vc/ Follow Michael on Twitter: twitter.com/mikeeisenberg Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/ Follow Aleph on Twitter: https://twitter.com/mikeeisenberg ‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/ ‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/ CREDITS Executive Producer: Erica Marom  Producer: Myron Shneider Video and Editing: Ron Baranov Music and Creative Direction: Uri Ar  Content and Editorial: Kira Goldring Design: Rony Karadi

On this episode of Invested, Michael hosts Mati Gill, CEO of AION Labs, Israel’s first global biotech venture studio. Backed by Pfizer, Merck KGaA, AstraZeneca, Teva, and AWS, AION Labs pioneers a new model for company creation: uniting pharma giants, tech leaders, and investors to collaboratively build AI-first startups in drug discovery and development. Instead of the typical biotech trajectory—where most startups fail—AION ensures founders start with the right problem, data, talent, guidance, and backing from day one. Mati brings a rare blend of experiences across pharma, government, and security. Before AION, he was a senior executive at Teva Pharmaceuticals, leading global public policy and advising the CEO during major restructuring. Earlier, he served as Chief of Staff at Israel’s Ministry of Public Security, and as an IDF reserve officer he coordinated international operations with UN peacekeepers. Please rate this episode 5 stars wherever you stream your podcasts!  KEY TOPICS  01:13 Early Life in Ohio and Moving to Israel 04:55 Military Service and Law School: Path to Public Service 06:43 Teva’s Origins and Growth into a Global Leader 11:24 Mergers, Acquisitions, and Teva’s Challenges 13:59 Leaving Teva and Founding AION Labs 14:12 What AION Labs is and Why the Name Matters 18:10 Merck, Teva, AWS, and VC Partners Joining AION 20:22 DenovAI and Antibody Discovery 23:08 Accelerating Drug Development with AI and Pharma Partners 24:43 AI in Gene Editing and the Baby KJ Case 27:39 Why Biology Expertise Must Balance AI 34:01 From Doubt to Investment: DenovAI’s Validation 36:59 Government Support and the Israel Innovation Authority 39:33 Which Startup Could Be AION’s First Mega Hit? 40:17 Core Values: Israel, Family, and Mission 44:21 Why Most Drugs Fail and How AI Can Help 45:59 Enhancement vs. Health: The Ethics of Gene Editing 48:18 Theranos, Transparency, and Governance Lessons 51:25 The One Disease to Cure: Alzheimer’s 55:41 What Teva Taught Mati About Scale and Missed Opportunities 57:01 Being Shot Near Gaza and Lessons from Survival 01:02:05 Public Service: Always on Loan to Israel 01:02:45 Will AI Cure Cancer? RESOURCES Follow Mati on LinkedIn - https://www.linkedin.com/in/matigill Follow Mati on X - https://x.com/matigill Subscribe to Invested here: https://content.aleph.vc/invested Learn more about Aleph: aleph.vc  Sign up for Aleph’s monthly email newsletter: https://newsletter.aleph.vc/ Subscribe to our YouTube channel: https://www.youtube.com/@aleph-vc/ Follow Michael on Twitter: twitter.com/mikeeisenberg Follow Michael on LinkedIn: https://www.linkedin.com/in/mieisenberg/ Follow Aleph on Twitter: https://twitter.com/mikeeisenberg ‍Follow Aleph on LinkedIn: https://www.linkedin.com/company/aleph-vc/ ‍Follow Aleph on Instagram: https://www.instagram.com/aleph.vc/ CREDITS Executive Producer: Erica Marom  Producer: Myron Shneider Video and Editing: Ron Baranov Music and Creative Direction: Uri Ar  Content and Editorial: Kira Goldring Design: Rony Karadi