Alt Goes Mainstream

Today, we have a unique episode on Alt Goes Mainstream. We have our first episode with a founder and their lead investor from their Series B.

We have the founder of leading alts fund investment platform, Moonfare, and their Series B lead investor, Fidelity International Strategic Ventures, on the podcast to talk about why both of them believe in the future of retail distribution in alts and the anatomy of their deal.

Steffen Pauls, the founder of Moonfare, has had an illustrious career in the private equity world. Prior to founding Moonfare in 2016, Steffen was a MD at KKR where he was responsible for the firm’s coverage of the German market. Prior to joining KKR, he was the CEO of firstfive AG. He also served on the Advisory Board of Versatel, Serbia Broadband, and Hertha BSC.

Alokik Advani, who runs Fidelity International Strategic Ventures, is an expert in the financial market structure. He’s been right in the middle of investing in many of the core technology solutions that have powered market structure evolutions across equities, fixed income, commodities, and now alternative assets. At Fidelity, Alokik invests into category defining FinTech companies. They’ve made a number of FinTech investments that have helped shape the alts space, including DriveWealth, Moonfare, Capdesk, PrimaryBid, and others. Prior to Fidelity, Alokik was a Managing Director at Goldman Sachs, where he invested out of the Principal Strategic Investments team into many companies that have shaped market structure evolutions across asset classes.

It was fascinating to have the perspective from both founder and investor on the evolution of the world of alts. We discussed how investor demand has evolved from institutional investor to the retail and private wealth communities. Steffen and Alokik provided fascinating views on how the alts market structure has changed and how Moonfare and Fidelity are helping to shape the market.

Thanks Steffen and Alokik for coming on the Alt Goes Mainstream podcast.

You can listen here on Spotify, here on Apple Podcasts, and here on Transistor.

Today we have a guest who is an expert from both the traditional financial services world and the crypto world, which has equipped him with the ability to bridge the two worlds and build onramps into the crypteconomy.

Tom Jessop, who heads Fidelity Digital Assets, is an expert in market structure, capital markets, and crypto.

There are few who have seen as much as him when it comes to the evolution of market structure.

He’s an OG FinTech investor, investing into FinTech before it even had that moniker.

He has a knack for finding trends before they are big. He did it with FinTech – and more recently he’s been on the forefront of another major trend: crypto.

He’s the President of Fidelity Digital Assets, where he’s responsible for helping one of the world’s largest asset managers build out a full-service enterprise-grade platform for digital assets.

Fidelity has long been a pioneer amongst financial institutions in crypto. They started R&D efforts on crypto in 2014, started mining bitcoin in 2015, and tested their first wallet and storage solution with employees in 2016.

With over $11 trillion in client assets under administration and over 2.4 million trades processed per day, Fidelity’s participation in the cryptoeconomy is critical to onramp large financial institutions and wealth managers into the space. Tom leads a team that is in large part responsible for making this happen.

He was previously the Head of Corporate Business Development at Fidelity, where he was responsible for identifying and executing strategic opportunities.

Tom joined Fidelity from Chain, a leading provider of enterprise blockchain solutions to global financial institutions.

Tom previously had an illustrious career at Goldman Sachs, which culminated with a role as Global Head of Technology Business Development, where he was responsible for investing in and partnering with early-stage tech companies across blockchain, AI, and cybersecurity. Tom was also a founding member and senior leader at Goldman’s Principal Strategic Investments team, investing in the likes of Circle Financial, Kensho, Digital Reasoning, and DataFox.

Tom and I had a fascinating conversation about how we can take experiences from the evolution in traditional market structure and apply those learnings to crypto market structure and DeFi.

Tom is such a smart, thoughtful, savvy investor and company builder. And he’s an even better person who treats everyone incredibly well.

Thanks Tom for coming on the Alt Goes Mainstream podcast.

You can listen to this episode on Spotify here, on Apple Podcasts here, and on Transistor here.

Today we have a guest who is transforming the private debt markets.

Nelson Chu is the Founder & CEO of Percent (formerly known as Cadence), a leading digital securitization and investment platform for private credit.

Nelson has built a marketplace to revolutionize private credit by leveraging technology and data to enable efficient price discovery and funding for originators so they can lower their cost of capital.

The business has started to take off in the past year, with Percent recently completing their largest securitization ever - $144 million for FAT Brands – and raising a $12.5M Series A led by White Star and B Capital. To date, Percent has issued over $400 million in private credit transactions.

Nelson has the Wall Street background to understand the private credit world and the startup background to understand how to build companies.

Prior to founding Percent, he founded Lumenary, a strategy consulting firm that specialized in helping companies build products and raise capital for growth. He worked at BlackRock in their Fixed Income Portfolio Management’s Strategy Group and in the Global Wealth and Investment Management Division at Bank of America.

Nelson is also an active startup advisor and angel investor, investing into companies like BlockFi, Cadre, Care/of, Clover Health, dv01, Tala, and Uala.

Nelson and I had a fascinating conversation about the future of debt capital markets and how Percent is changing the game for originators and investors as they leverage technology and data to bring transparency and speed to the market.

You can listen to this episode on Spotify here, Apple Podcasts here, and Transistor here.

Thanks Nelson for coming on the Alt Goes Mainstream podcast. We hope you enjoy.

You can subscribe below to get more written and audio content from Alt Goes Mainstream.

Today we have a founder who is creating a modern insurance provider for the collectibles industry that was made for collectors, by collectors.

Calvin Bradley is the Founder of WAX, a digital insurance company for collectors to protect the value of their collections by making collecting safer, easier, and more community-oriented.

Calvin and I had a fascinating conversation about how the modern world of collectibles requires a modern, digital insurance solution, how NFTs factors into the world of collectibles, and what the future looks like for WAX.

Insurance is a major challenge in the collectibles space. It is often hard to properly appraise valuable items on a real-time basis as there has yet to be real-time data in many collectibles markets.

WAX is building a modern insurance provider, for collectors, by collectors. Founded by a team that has deep experience owning collectibles, they have created a mobile app to enable users to take pictures of their collectibles and have them protected.

And, as more collectibles purchases move online, WAX is working with retailers point of sale systems to offer insurance at time of purchase.

Calvin has quite a fascinating background to launch WAX. Calvin was a former Olympic level Modern Pentathlete from South Africa before teaming up with David Nichols, the former Global President of K-Swiss to launch WAX. Calvin also co-founded Blockchain for Change in 2016.

They have since launched a product that is built for the digital age of insurance and for the collectibles world.

Thanks Calvin for coming on the AGM podcast. We hope you enjoy the episode.

You can find this episode on Spotify here, Apple Podcasts here, and Transistor here.

You can subscribe below to get more written and audio content from Alt Goes Mainstream.

Today on the Alt Goes Mainstream podcast we have a guest who may be young in age, but has already done more and lived through more than many people twice his age.

Anthony Zhang recently turned 26 but has already successfully built and sold two companies, secured funding from Mark Cuban, and received a Thiel Fellowship grant before starting Vinovest, his third company, which is making it easier to access fine wine as an investment product.

He also has an admirable and awe-inspiring personal story, working hard to come back from a devastating accident that left him paralyzed from the neck down. He was in the middle of running his second company, EnvoyNow, when this accident happened and, despite the tremendous adversity he faced, was able to continue to build the business and achieve a successful sale.

Anthony recently founded Vinovest, a platform that has been described as the Robinhood of wine investing. He’s built an investment platform that is unlocking wine investing to the masses.

We had a fascinating conversation. We talked about:

* Anthony’s background as an entrepreneur.

* Some of the lessons learned from starting 3 companies by the ripe old age of 26.

* How fine wine can be a compelling investment during periods of volatility.

* How to identify an investment-grade wine.

* Some of his favorite wines (that he drinks and invests into!).

Wine as an investment has been largely inaccessible to the individual investor due to high account minimums, a lack of wine expertise, concerns about fraud, and the excessive costs associated with storing and insuring wine. Vinovest is abstracting away many of these issues with their automated investment platform that helps investors invest into fine wine as an asset class.

Thanks Anthony for coming on the AGM podcast. We hope you enjoy this episode.

You can find this episode on Spotify here, on Apple Podcasts here, and Transistor here.

You can subscribe below to get more written and audio content from Alt Goes Mainstream.

Today on the Alt Goes Mainstream podcast we have one of the OGs of the crowdfunding space on to talk about how he’s built platforms that have evolved in tandem with the alts ecosystem.

Slava Rubin is the founder of both Indiegogo, one of the first crowdfunding platforms, and Vincent, a platform that is making discovery and alternative investments easier for investors. He is also the founder of humbition, an early-stage investment firm.

We had a fascinating conversation about the evolution of the alts space – from the early days of equity crowdfunding to now wading through all the different options of investment platforms in the alts space today. We talk about:

* The evolution of the alts space.

* The alts portfolio of the future.

* The need for an aggregator – and how once other industries, like travel, had an aggregator, the space took off.

Slava founded Indiegogo in 2006. He grew Indiegogo from an idea to over 500,000 campaigns and more than $1 billion distributed around the world. While at Indiegogo, Slava represented the crowdfunding industry at the White House during the signing of the JOBS Act and helped navigate bringing equity crowdfunding to the American public.

Slava also pioneered security tokens in the US. He created a way to sell fractionalized ownership of the St. Regis hotel in Aspen, Colorado using blockchain technology.

Slava’s latest work in the alts space is to bring transparency, discovery, and diligence to investors. He’s founded Vincent, which he’s likened to Kayak for alternatives, to enable investors to easily search, discover, and invest into all sorts of alternative assets.

Thanks Slava for coming on the Alt Goes Mainstream podcast. We hope you enjoy.

You can find this episode on Spotify here, on Apple Podcasts here, and Transistor here.

You can subscribe below to get more written and audio content from Alt Goes Mainstream.

Today we have a special episode of Alt Goes Mainstream – the co-founders of Rally on to discuss how people can now invest into defining cultural moments and assets that are aligned with their passions.

Chris Bruno and Rob Petrozzo grew up together - and they have combined their respective talents to form what has become one of the symbols for the financialization of all sorts of assets.

Rally, which started as a platform to enable investors to invest into shares of classic cars that would be unattainable to many investors, has become a multi-asset investment platform that allows individual investors to invest into all sorts of exotic, rare assets at low minimums.

Chris, Rob, and I had a fascinating conversation about how Rally built and evolved their concept from classic cars to all sorts of rare, grail assets. We discuss:

* How they got into collectibles themselves.

* How they’ve waded through complex regulatory structures to figure out how to offer these assets to the masses.

* How they grew up together and have now built a company that aligns with their passions.

* And how on earth they were able to IPO a rookie card of the United States (hint: the Declaration of Independence).

Chris, Rob, and team have created a leading fractional investing platform for the alternatives space. They recently raised a $30 million round led by Accel, who invested in GOAT, to help propel their marketplace further.

Rally has already achieved an active, engaged, and passionate userbase of over 200,000 investors who have invested in everything from Pele rookie cards to classic cars to dinosaur heads to, soon, the Declaration of Independence, or a rookie card of the United States of America as Rally investor and Upfront Ventures Partner Greg Bettinelli has called it.

Chris, the Co-Founder and President, comes from the VC and startup worlds.

He was an Associate at Village Ventures before co-founding two companies, Health Guru Media and Spotter. He’s a classic car enthusiast, which ignited his interest in unlocking the asset class to individual investors.

Rob, the Co-Founder and Chief Product Officer, has been the creative inspiration behind Rally.

He has brought his background as the in-house lead designer and creative consultant for Sony BMG, where he worked on the likes of Kanye West’s GOOD music imprint, and as the creative director for a few startups to bring Rally’s brand to life in person and in the digital world.

Rally has also done some really interesting things with their brand, opening up a showroom to their investors, creating and offering stock certificates to their investors, and creating exclusive merch drops (including the limited edition Michael Jordan rookie card sweatshirt that I wore for today’s podcast).

Thanks Chris and Rob for coming on the AGM podcast. We hope you enjoy today’s episode.

You can find this episode on Spotify here, on Apple Podcasts here, and Transistor here.

You can subscribe below to get more written and audio content from Alt Goes Mainstream.

Today, we have an expert in lending and capital markets on the Alt Goes Mainstream podcast to discuss how his company, Pipe, is building a new asset class.

Michal Cieplinski is the Chief Business Officer for Pipe, a fast growing fintech company.

Pipe has seen a rapid rise over the past year. They are one of the fastest fintech companies to reach a $2 billion valuation – and it’s in large part because investors see the potential to build a platform that unlocks recurring revenue as an investable asset class for the world’s largest institutional investors.

Michal deeply understands the inner workings of credit and lending on both the borrower and lender side from his experiences helping to build Fundbox, LendingClub, and now Pipe.

Pipe was born from the idea that entrepreneurs and companies should be able to grow their businesses on their terms – without taking debt or dilution.

This was a fascinating discussion with someone who has seen the evolution of a number of lending platforms. Michal and I discussed:

* Lessons learned from building marketplace fintech businesses.

* How Pipe is empowering founders to adopt a “trader mentality” by unlocking recurring revenue as an asset class. 

* How Pipe is creating an efficient way for companies to turn their predictable revenue streams into a way to access capital without sacrificing dilution.

* How Pipe is building out both the buy side and sell side of their marketplace.

* How Pipe handles churn on SaaS contracts of their sell side borrowers.

* How he thinks about the evolution of Pipe as a platform in terms of the types of assets you would "pipe" and how any sort of recurring revenue stream - like ISPs, streaming services, even PE / VC fund management fees could be "piped."

Thanks Michal for coming on the AGM podcast. We hope you enjoy.

You can find this episode on Spotify here, on Apple Podcasts here, and Transistor here.

You can subscribe below to get more written and audio content from Alt Goes Mainstream.

Today, we have our first LatAm guest on the AGM podcast. And it was a special one.

Bitso, LatAm’s leading crypto exchange, is fresh off of raising a $250M round led by Tiger Global months after raising a $62M round led by QED and Kaszek - and has been minted as one of LatAm’s newest unicorns.

We had Bitso’s co-founder and CEO Daniel Vogel on to talk about what it has been like to build a leading FinTech company in the region and provide access to investments and financial services.

This was such a fun conversation. We could have gone on for hours. Daniel is such a compelling and fascinating storyteller. We discussed a number of things including:

* How Daniel has dedicated his life to unlocking monetary freedom for people through crypto.

* How a talk with his friend, a janitor at his company in Silicon Valley, opened his eyes to the need for real applications of crypto to help people send money cross-border.

* The origins of Bitso and how Bitso was a pioneer of an online brokerage account in Mexico.

* How Bitso has become the on-ramp for financial services for many consumers across LatAm.

* The meaning behind Bitso’s slogan #makecryptouseful.

* The power of stablecoins and how it is enabling people in countries with inflation and currency fluctuations to save money.

* How Bitso balances being a centralized company in a decentralized world.

* How religion and community play a unique role in crypto.

Daniel is an early crypto pioneer and a thought leader in the space. He became intrigued by the idea of bitcoin well before many other people had heard of it and really thought of crypto as a way to unlock monetary freedom and access to financial services for the underserved.

After founding the Bitcoin Club at Harvard in 2013 while he was doing his MBA, Daniel founded Bitso with co-founders Pablo Gonzalez and Ben Peters soon after he left Harvard Square.

In Bitso, Daniel and his co-founders Pablo and Ben have created the on-ramp to financial services for many consumers in Mexico and across LatAm.

As Daniel said in a recent TechCrunch interview, the growth of the crypto ecosystem in LatAm has been nothing short of remarkable. It took Bitso six years to get their first 1 million clients. And over the course of 2020, Bitso has surpassed the 2 million client mark. They have also doubled their assets on the platform. And their transaction volume during the first quarter of 2021 exceeded transaction volume for the entirety of 2020.

It is clear that Daniel has a passion for building out the cryptoeconomy and for making a difference in people’s lives, so much so that Bitso has made their tagline #makecryptouseful.

Thanks Daniel for coming on the AGM podcast. We hope you enjoy this episode.

You can find this episode on Spotify here, on Apple Podcasts here, and Transistor here.

You can subscribe below to get more written and audio content from Alt Goes Mainstream.

Today on the Alt Goes Mainstream podcast we have a domain expert in the world of VC – and someone who has been a visionary when it has come to one of the biggest movements in VC over the past 8 years: emerging managers.

Samir Kaji, the Founder & CEO of Allocate, is a well-respected industry leader in the VC world. He has spent over 20 years partnering with VCs at First Republic Bank and Silicon Valley Bank, where he led the Venture Capital and Private Equity banking efforts. At First Republic, he built out the infrastructure and client base that served the VC and PE community. He’s evaluated over 800 VC fund managers and worked with thousands of LPs at First Republic.

Samir and I had a fascinating conversation about the evolution of venture capital and what’s to come for the industry. He’s seen a lot in his career in Silicon Valley that has spanned multiple market cycles. He shared his perspective on:

* The challenges that GPs and LPs face during fundraising.

* Why the structural inefficiencies of allocating to funds - and perceived risks with emerging managers - led so many LPs to miss out on the Fund I’s of now legendary emerging managers Lowercase Capital, K9, and Initialized Capital.

* How fund managers are business builders.

* The case for emerging managers in a venture portfolio and why emerging managers are the future of venture capital.

* The secular trend of non-institutional LP capital coming into the venture world.

* How LPs will be able to better discover and allocate to fund managers in the future.

In his time in Silicon Valley, he’s become an unquestioned thought leader in the world of VC, particularly in the emerging manager space.

He has consistently written seminal thought pieces and instructional guides on the topic – and now talks about the space with his podcast, Venture Unlocked.

His experiences working with many of the top VC funds and LPs globally has culminated in a journey that he’s now starting by founding Allocate.

He has observed a number of inefficiencies with emerging managers when it comes to firm building and capital raising.

He’s seen many emerging managers struggle with fundraising due to the difficulties finding the right LPs.

He’s seen the challenges that LPs have with being able to locate and allocate to new emerging managers, many of whom have gone on to outperform benchmarks and become the next generation of brand name firms.

He believes that the ecosystem is ready for a decentralized, democratized, and diverse ecosystem of fund managers. And Allocate is the connective tissue that will solve these challenges for both GPs and LPs alike.

Thanks Samir for coming on the Alt Goes Mainstream podcast to share your wisdom about the world of venture.

You can find this episode on Spotify here, Apple here, and Transistor here.

I hope you enjoy the conversation with Samir.

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