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By Shaherose Charania and Aamir Virani
5
1212 ratings
The podcast currently has 15 episodes available.
An ill-fated business school fashion show led to a venture capital fund with $215 million AUM.
The duo met in 2010 at the MIT Sloan School of Management and soon after became research partners investigating why VCs were shunning startups in highly regulated spaces even though AirBnB and Uber were starting to reach venture scale very quickly. Tech-enabled startups impacting how we live in the real world were new (back then). Their research sparked Tumml in 2012, an early-stage accelerator, and culminated with the Urban Innovation Fund I in 2016. Now on their third fund with $215M in AUM and multiple exits, including CodeSpark Academy (acquired by BEGiN) and Electriphi (acquired by Ford).
In this episode, Clara and Julie share how they lean into regulated spaces, take advantage of macro trends, and uniquely focus on the relationship between cofounders when investing—lessons from their own highly effective partnership.
Clara and Julie invest $500K to $3M into pre-seed and seed startups that make cities more livable, sustainable, and economically viable. This urban thesis covers sectors like climate tech, financial services, transportation, fintech, education, proptech, and future of work.
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Have you ever played with an Oculus VR headset? You probably owe thanks to Arian Ghashghai. The former founder was working at Meta when someone in his network introduced him to an opportunity to invest in gummies. Yes, gummies.
That’s far and away from Arian’s machine learning roots, it’s now one of his best investments to date. Arian has since gone full-time into investing as the founder and managing partner at his own fund, Earthling VC, which specializes exclusively in making pre-seed investments into companies in the AR/VR and robotics domain. One of his investments is on track to do $20M in revenue this year after only needing to raise a single $1M round. We cover a lot of good ground in this episode, and we really get into how the rise of these “raise-once” companies is changing traditional VC models.
Arian invests $25K to $200K in pre-seed AR/VR and robotics startups through Earthling VC.
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Armed with an educational background in computer science and biomedical informatics, Amit Garg switched to venture capital after a long, successful career in the corporate world, which included stints at companies like Google and Samsung.
And that’s just the way he never planned it.
That’s right, the almost-doctor didn’t intend to get into venture capital, and he certainly never planned on starting his own fund. He was drawn in by his innate need to build things, including relationships with people. He partnered up with his officemate from Norwest, Sanjay Rao, and the two started Tau Ventures in 2019, an AI-first, early-stage fund focused on healthcare, enterprise, and automation.
Amit tells us about his very targeted approach to investing, which is different from the “spray and pray” method we’ve seen from friends of the pod and other investors in general. We also get to hear first-hand accounts about the importance of building trust with your investing partners and your founders. Plus, Amit gives us his take on the state of healthcare and AI and why – despite all the challenges – he’s hopeful about where it’s headed.
Amit primarily invests $500K in Seed-stage healthcare, enterprise, and automation startups and occasionally in Series A, B, and C through Tau Ventures.
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What do you get when you mix U.S. national security, angel investing, and kids’ pajamas? Atlee Clark. Proud Canadian Atlee took a hard pivot from the public sector to the tech world, first through a nonprofit called the C100, which supports entrepreneurs, and later at Shopify, focusing on 0 - 1 initiatives. Similar to other angel collectives emerging at the time like Hashtag Angels and Operator Collective, Atlee tapped into her executive network at Shopify to connect with other female leaders who were looking to invest on the side.
What began as informal conversations about investing and advising after the working day coalesced into Backbone Angels, a collection of executive tech women sourcing angel opportunities collectively and making investments individually. Backbone was started in 2021 and has amassed a portfolio of over 40 early-stage startups, including Bird&Be, 1Password, and Blume.
Atlee tells us what it’s like to balance functioning as a cohesive unit while making individual investment decisions. Plus, we get to hear about her journey as a small business owner and what motivates her to invest in what she wants to see in the world.
Atlee writes angel checks of $10k to $20k, ideally at the friends and family round or at pre-seed, focusing on startups that address challenges for parents, small business owners, and Big Tech execs—three areas she intimately understands as the end user. Backbone Angels focuses on companies led by Black, Indigenous, and Women-led startups.
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Resource:
Want to Angel invest with other operators and learn from the team at Hustle Fund? Check out Angel Squad and resources created by Brian Nichols
Join Shaherose & Aamir as we reflect on our conversation with Charles Hudson of Precursor Ventures.
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Links:
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Disclaimer: This is for information purposes only. This is not investment advice.
Hailing from Michigan, Charles developed an early obsession with the public markets in high school. Charles Hudson is now the Managing Partner at Precursor Ventures, a pre-seed venture fund that has defined and has become synonymous with “pre-seed”. Charles is known for his ability to identify and mentor early-stage companies that have the potential to disrupt their industries - first and early - including companies like the Athletic (acquired by the NY Times for $550M), Bobbie (recently raised a $70M Series C), Carrot Fertility (recently raised $75M Series C) and Pair Eyewear (recently raised $75M Series C).
Charles writes checks of $250k - $500k at Pre-seed and Seed. He is a Generalist with a focus on digital health, media, and software.
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Links:
Follow Charles Hudson on Twitter: @chudson
Read Charles’ blog on Substack
Learn more about Precursor Ventures: Precursor Ventures
Connect with Charles Hudson on LinkedIn: Charles Hudson
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Follow the First Funders Podcast
Newsletter with behind-the-scenes access and key takeaways
Twitter/X: @shaherose | @avirani
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Disclaimer: This is for information purposes only. This is not investment advice.
Eric Ries has invested in over 100+ early-stage startups. He is best known as the author of The Lean Startup, a must-read for entrepreneurs worldwide. He also founded the Long-Term Stock Exchange (LTSE), a new stock exchange designed to support companies with long-term goals. He recently launched a new podcast discussing ways to re-think corporate governance to be mission-first.
In Part 1 of our interview, he shared insights from angel investing. In Part 2, Eric shares his new ethos for startups rooted in long-term thinking, putting a company’s mission at the center of everything and aligning all stakeholders. This mission-first approach challenges the traditional capitalist, and data shows it leads to better company performance.
Eric writes checks of $10K or less as an Angel at the earliest stages. He is interested in mission-driven founders, education, fintech, AI, and more.
Highlights:
Disclaimer: This is for information purposes only. This is not investment advice.
Rajiv Bala, GP of Clutch VC, a pre-seed and seed-stage fund exclusively investing in Texas. Rajiv is committed and bullish on the region with a hands-on approach to investing, working with founders on product feedback, team building, and more to see initial customer validation before investing. Rajiv also embraces sub $500 million outcomes to drive fund multiples rather than relying on Unicorn outcomes only. This episode pushed our thinking on what we know and practice here in Silicon Valley, reminding us that there is more than one way to achieve Alpha.
Highlights from our discussion:
Topics
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Follow the First Funders Podcast
Newsletter with behind-the-scenes access and key takeaways
Twitter/X @shaherose
Twitter/X @avirani
Email us with feedback and suggestions on topics and guests
Meka Asonye, a Partner at First Round Capital, started angel investing in 2018 while working at Stripe and joined First Round in 2021. He has made dozens of Angel investments and 13 Venture investments, and he's just getting started! While he focuses on B2B SAAS, he has not shied away from investing in audacious founders, from modernizing 911 call centers to putting the biggest satellites in space. Meka shares his approach to finding true outliers, a practice he began while uncovering hidden talent for the Cleveland Guardians.
Meka writes checks of $2M to $5M as the lead at pre-seed and seed.
Highlights from the discussion:
This is for information purposes only. This is not investment advice.
Topics
Connect with Us
Follow the First Funders Podcast
Newsletter with behind-the-scenes access and key takeaways
Twitter/X @shaherose
Twitter/X @avirani
Email us with feedback and suggestions on topics and guests
Amit Kumar, former founder and angel investor, is a generalist venture capitalist at Accel focused on dev tools, healthcare, and fintech startups. Twitter acquired Amit’s third company, and it was then that he realized his true purpose was supporting startup founders, and he shifted to venture capital. Amit shares insightful stories and lessons learned from 8 years of early-stage investing out of a large, top-tier VC fund.
Amit writes checks of $2M to $4M as the lead and first institutional seed investor.
Highlights from our discussion:
This is for information purposes only. This is not investment advice.
Topics
Connect with Us
Follow the First Funders Podcast
Newsletter with behind-the-scenes access and key takeaways
Twitter/X @shaherose
Twitter/X @avirani
Email us with feedback and suggestions on topics and guests
The podcast currently has 15 episodes available.
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