Tank Talks By Ripple Ventures

On today’s Tank Talks we have Eric Woo, founder and CEO of Revere VC. With so much funding and new ways for founders and VCs to raise capital, what will be the new normal for fundraising and VC in general.Eric’s Background:Eric is an experienced investor and thought leader in the emerging manager and micro VC ecosystem. Eric has deployed over $150M across funds and direct investments throughout his career. He started his career in Venture as Principal at Northgate Capital and then moved over Top Tier Capital. Most recently, Eric was Head of Institutional Capital at Angelist before launching Revere VC last year to build a new model described as the “Vanguard for Venture Capital.”In this episode we discuss:01:25 Why Wric is so passionate about the emerging VC space02:52 History of emerging managers05:20 Limits of specialization of funds08:03 How LPs can force emerging managers to grow away from specialization11:20 Power law and portfolio construction13:48 SPVs for follow-on vs. reserves15:51 Creating access through community and how LPs view side hustles18:19 How LPs use references to vet investments20:36 Rolling funds and how institutional investors view them24:12 What is edge in VC in 202127:57 Investing in information32:10 It’s not how you invest, it’s what you invest in34:11 About Revere VC35:55 How Eric is working to change the mindset around investing38:05 Venture philanthropyFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency 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

On today’s Tank Talks we have Braughm Ricke, founder and CEO of Aduro Advisors, which is a platform that allows fund to streamline accounting and operations.Braughm’s Background:CEO and Founder of Aduro Advisors in Denver, CO. Former Founding CFO of True Ventures with over 20+ years of VC experience. He began his career in venture capital in 1999 and was the Controller at Sofinnova Ventures. Before working in the venture industry, he was an Accounting Analyst at Fidelity Investments. Braughm launched Aduro as a tech-enabled Fund Administrator and has grown to over 300+ Firms and over $30 Billion assets under administration and works with top tier managers like Lowercase Capital, Homebrew, and Craft Ventures.In this episode we discuss:01:46 The spark to leave True Ventures and start Aduro03:14 What emerging managers ask when starting a fund04:15 Defining fund administration06:04 How Aduro handles the boring things while managers source deals06:57 The opportunity for technology to disrupt the VC world09:18 How Aduro scales with clients11:16 LPs and how they are adapting to the surge in emerging managers13:13 Fundraising and timing the market15:56 Launching an institutional fund on Angellist17:13 How new crowd equity platforms will effect emerging managers19:16 The rise of co-investing20:32 Emerging managers of fund of funds21:24 Breaking up the VC oligopoly with data23:57 How using tools like Aduro gives managers and LPs more confidence25:15 What funds will look like moving forward27:01 The push for data standardization across the industry29:47 Giving LPs clarity as dilution and other factors happenBooks Braughm recommends:The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph by Ryan HolidayThe Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by William N. ThorndikeReady Player Two by Ernest ClineFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency 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 been a busy week in the Rippleverse with adding a new partner, two Clubhouse events, and starting Q2.With all that going on we thought we would revisit Samir Kaji’s episode from last October. Samir is a friend of the pod and he has recently announced a new venture, Allocate, which is dedicated to helping emerging managers connect with LPs.We will be back with fresh episodes for the rest of April and beyond! 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

Today on Tank Talks! We have Rob Petrozzo, co-founder of Rally Rd to talk about “Democratizing investing in rare collectables.”Rob’s Background: Rob Petrozzo is the Co-Founder & Chief Product Officer of Rally Rd, a platform where investors can buy and sell equity shares in collectible assets like cars, watches, sports memorabilia and art. The company aims to make investing in these illiquid assets more exciting, safe and accessible to everyone. Rally recently closed a $17 million in fundraising from some amazing backers, both strategic and financial including Porsche Ventures, the Raptor Group and Co-Founder of Reddit, Alexis Ohanian.In this episode we discuss:01:59 How Rally Rd got its start04:43 What it took to get to launch06:50 The decision to jump into different asset classes08:41 Fee structure and the business model10:27 How an IPO works on Rally Rd11:27 Demographics of the average Rally Rd investor13:34 The strength the assets are on Rally Rd15:32 How an asset gets sold from the market18:52 Proxy voting mechanism19:33 Partnerships and what they look like in the future20:53 The effect of Top Shots on the market22:46 Rally Rd’s plan to enter the digital collectable market24:46 NFTs and Rally Rd26:46 Working with their high profile investors29:48 The liquidity of the market32:11 Growth into intangible assets35:40 Legacy auction houses entering the market38:28 Rob’s favorite asset on the platformBook Rob recommendsInside the Nudge Unit by David Halpern Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency 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

On today’s Tank Talk! We welcome Kyle Westaway, founder and Managing Partner of Westaway, an innovative law firm for startups.Guest Background:Kyle is is a Lecturer on Law at Harvard Law School where he co-teaches a course on social entrepreneurship. He’s the author of Profit & Purpose and every Saturday morning he sends out the Weekend Briefing, a newsletter on how innovation is impacting society.In this episode we discuss:01:22 The tension between lawyers and startups02:59 How lawyers can better align to startups07:07 The pitfalls of getting pro-bono or deferred fee legal services08:56 The benefits of negotiating a flat fee10:10 Finding a balance between risk and optimism14:21 Communicating the building experience to lawyers16:30 Keeping your lawyer connected to your business through updates20:10 Solving the unpredictability of legal fees23:15 How startups can better vet potential lawyers24:46 The legal services startups need26:16 Purpose of the general counsel27:13 The Legal as a Service is evolving28:51 The different service levels Westaway offers30:10 How referrals have grown over timeBooks Kyle recommends:Essentialism by Greg McKeownRising Strong by Brené BrownFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency 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

On today’s Tank Talk! We welcome Aaron Upright, co-founder of ZenHub to talk about “From Bootstrapped to Venture Backed.”Aaron’s Background:Aaron Upright is the cofounder of ZenHub a Vancouver and SF Based startup that was spun out of the incubator Axiom Zen which is also famous for starting Dapper Labs the creators of CryptoKitties and NBA TopShot. ZenHub is a powerful software platform that injects advanced project management functionality seamlessly into the GitHub interface, making centralized collaboration on GitHub faster, more visual, and less cluttered for engineers and developers. In this episode we discuss:01:45 ZenHub’s origins as a side project03:57 The aha moment05:52 The decision to pivot from side project to full time pursuit06:51 Axiom Zen as an incubator experience10:05 Getting ten paying customers on their first day12:16 The decision to focus on GitHub14:55 Bootstrapping for their first years16:49 The discipline required when you are self-funded18:56 How being a part of a larger ecosystem lessens the need for marketing20:17 Challenges of recruiting while bootstrapped25:09 Deciding to take VC money28:18 The size of the opportunity now with VC money30:21 ZenHub use cases32:20 Challenge of scaling culture34:47 The Vancouver startup ecosystemBook Aaron recommends:The Fish That Ate The Whale by Rich CohenFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency 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

On today’s Tank Talk! We welcome Chris Douvos, founder and managing director of Ahoy Capital to talk about “How to build a lasting startup ecosystem.”Chris’s Background:Chris Douvos founded Ahoy Capital in 2018 to help invest in the micro-VC movement. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates and The Investment Fund for Foundations. He learned the craft of illiquid investing at Princeton University’s endowment and started his business career as a strategy consultant at Monitor Company.Chris authors the blog SuperLP in which he chronicles his adventures investing in venture capital and private equity, and his legendary brick oven pizza parties—small gatherings of LPs, GPs, and entrepreneurs. He is sought after not only for investment capital, but also for his advice, and serves on numerous managers' advisory boards. Welcome Chris!In this episode we discuss:02:01 What is a Startup ecosystem and how do they get started09:54 Why some ecosystems thrive and other can’t get started17:47 The impact of COVID on accelerating ecosystems outside of Silicon Valley20:21 Will hubs still be hubs or will dispersion continue22:50 The role incubators and accelerators play in growing ecosystems24:55 Did Y combinator help create the San Francisco ecosystem?26:17 Why Silicon Valley has a blitzscaling advantage28:13 The rise of virtual companies30:34 Successful companies build their own momentum and can hinder ecosystem growth35:18 How remote work will put pressures on geographies to compete for talent39:30 How do regions think about the future of work40:58 The role of government in building ecosystemsBook Chris recommends:Shadow War by Jim SciuttoFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency 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

On today’s Tank Talk! We welcome Addie Lerner, founder and general manager of Avid Ventures and Charley Ma of Alloy to talk about “The Rise of APIs in Fintech Explosion.”Guests Background:Addie Lerner is the Founder and Managing Partner of New York City-based Avid Ventures, a $68M early stage venture capital firm that has invested in fintech companies including Alloy, Nova Credit, Staircase, Lockstep, and Rapyd. Prior to starting Avid, Addie was a Principal at General Catalyst and before that she was a Senior Associate at General Atlantic in NYC and London. Addie started her career in investing at Goldman Sachs as an Analyst in the Special Situation Group.Charley Ma is currently the GM of Fintech at Alloy the identity operating system for banks and fintechs in NYC. Prior to Alloy, Charley was an early hire at Ramp in the corporate card space and Plaid in the API infrastructure space. Charley started his career at JPMorgan Chase, working across several strategy groups covering payments, APIs, blockchain, and fintech. He is also a somewhat active angel investor, primarily focused on fintech + infrastructure and has invested in companies including Unit, Moov, Finch, Codat, and many more.  In this episode we discuss:01:32 The definition of fintech03:19 The difference between tech-enabled and tech-powered04:13 What APIs are and how they are used in fintech06:08 Closed APIs versus Open APIs06:50 The benefits of APIs08:11 The growth of APIs since 201409:56 The explosive growth of Plaid and other Fintech companies11:23 How Covid and other factors are pushing traditional payment processing and alternative payments15:06 How other countries are leapfrogging the US in payments18:49 The growth of fintech for investor and credit platforms21:45 Using APIs to get credit decisions from non-traditional sources25:24 What is white-labelling27:20 Regulations around fintech31:06 The rise of the Neo-Banks33:55 Alloy’s technology around regulations35:48 The importance of data-sharing38:20 The rise of internal regulatory focus at startups40:31 The use of blockchain and cryptocurrency in mainstream financial institutions44:05 Speculation on the Visa/Plaid breakup and a potential Plaid IPO48:30 When will APIs come to insurance49:15 What is the risk associated with relying on another companies API53:30 Open banking and consumer demand and protections55:38 Negotiating fees when starting outBooks Addie Recommends:Churchill: Walking with Destiny by Andrew RobertsBook Charley Recommends:The Anatomy of the Swipe: Making Money Move by Ahmed SiddiquiFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency 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

On today’s Tank Talk! We welcome Chris Harvey, principal lawyer at Harvey Esquire APC to talk “Emerging Managers Legals 101.”Chris Background: Chris Harvey has been practicing law for 12 years as a venture capital lawyer with a focus on emerging fund managers, accelerators, venture studios, GPs and other venture investors.Chris regularly represents venture capital fund managers and investors in structuring fund formations and transaction documents such as LPAs, LLC/operating agreements, Series Seed, Series A, mergers & acquisitions, and all matters related to the venture capital lifecycle.Chris is based out of Los Angeles and shares amazing content on his blog LawofVC.substack.com.In this episode we discuss:01:47 Considerations when choosing a lawyer for your fund04:12 The questions you should ask a potential lawyer05:27 Pitfalls of choosing the wrong lawyer06:52 Fund structures11:10 Formation and fund expenses15:10 GP commitments17:40 Clawbacks versus commitments22:13 What are hurdles25:43 Reporting requirements28:28 Initial closure and rolling closures34:12 Offering GP economics to close strategic investors36:10 Budgeting for legal expenses37:29 Using Angelist to support your initial legal work38:50 Giving away carry as incentive to outside advisors as incentive or compensation41:00 Is venture legal ripe for disruption?44:18 Can VCs hedge against SPACs?46:58 Chris’s best advice for emerging managersBooks Chris Recommends:The Business of Venture Capital, Third EditionFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agent Bee Agency 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

On today’s Tank Talk! We welcome our two guests from Carta, Andrew Merrick and Jeff Leathers to discuss, “How to Start and Use SPVs”Guest backgrounds:Andrew Merrick - Operations Manager at Carta focused on SPV Administration. Andrew brings over 6+ years in fund administration in Venture Capital & Hedge Funds & 4 years of banking experience. Jeff Leathers - Product Manager at Carta for the last 2 years. Previously Product Strategy at Plaid & Bloomberg and an MBA from Wharton.In this episode we discuss:01:37 Why create an SPV and what are they03:20 The use of SPVs in venture capital07:11 Single use SPVs as fundraising vehicles08:48 Fee structures of SPVs11:57 Lifespan for SPVs12:45 How to avoiding chicken and egg fundraising15:55 Dealing with allocation problems18:11 Basic legal frameworks for SPVs21:17 How Carta can help with reporting, tracking, and other admin task with SPVs23:50 What founders should know about SPVs26:11 What LPs should think about when approached to invest in an SPV28:30 How SPVs relate to direct listings and SPACs30:22 A preview of CartaX33:58 Overview of how Carta SPV fixes some of the biggest problems with SPVsNow let's jump on into the Tank for today's episode with Andrew and Jeff!Follow Matt Cohen and Tank Talks here! Podcast production support provided by Agent Bee Agency. 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