Kingscrowd Podcast

Brian Belley and Scott Kitun open the episode by discussing Scott’s new role and the launch of GigaStar Capital before zooming out to a larger trend: the rise of private market funds for both accredited and retail investors (00:00–03:40). Scott explains how the new creator-focused fund is built around revenue streams, monthly payouts, and the idea of creator income as a kind of “digital real estate,” while Brian compares the fund structure to broader shifts happening across Fundrise, AngelList, Robinhood, Republic, and other private market products (03:40–11:25).

The conversation then breaks down why GigaStar chose a permanent capital vehicle structure, how evergreen funds differ from traditional venture funds, and why liquidity, secondary markets, and flexible fund mechanics may matter more as private markets mature (11:25–20:12). Brian and Scott close by debating whether these fund products compete with traditional crowdfunding or expand the overall market, why retail investors may prefer diversified baskets over one-off startup picking, and how platforms like Kingscrowd could help investors compare the growing universe of private market funds (20:12–40:20).

AngelList just launched a new registered fund that allows retail investors to access top-tier private companies like OpenAI and Anthropic with just a $500 minimum. In this episode, Brian Belley and Scott Kitun break down what this means for the future of private market investing — and why investors need to look closely at fees, structure, and timing before jumping in.

Then, Teddy Lyons and Léa Bouhelier-Gautreau dive into a unique deal review of Alaffia, a clean beauty brand rebuilding after a private equity acquisition disrupted its supply chain. With the founder back and a new team in place, the question becomes: can this company reclaim its growth — and exceed it?

Brian and Scott kick things off by recapping Investment Crowdfunding Week and the growing expansion into new asset classes like creators and collectibles (01:40). They introduce the core idea that crowdfunding has become a “buffet” of opportunities — spanning startups, SMBs, fractional assets, and more (03:05).

The conversation then shifts to platform innovation, including new security types, revenue-share structures, and acquisitions like StartEngine’s move into wine investing via Vinovest (07:54).

Midway through, Brian shares insights from a global crowdfunding research conference, highlighting how Europe’s market has evolved differently — with more debt-focused investing and less startup-driven hype (22:25).

The episode closes with a critical discussion on why crowdfunding hasn’t fully met expectations: retail investors invest too infrequently, with too little capital, and often misunderstand venture-style outcomes — making repeat behavior and portfolio construction the real missing pieces (27:45).

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The discussion expands into broader private market dynamics — including lockups, limited float, and why early buyers may be price-insensitive (18:43). They then shift into a deeper conversation about liquidity pressures across private equity and credit, where both institutional and retail investors are increasingly seeking exits (19:53).

The episode closes with a critical insight: illiquidity isn’t a bug — it’s a feature. But as retail investors enter private markets expecting public-market flexibility, a fundamental mismatch is emerging that could reshape the entire ecosystem (28:50).

Brian and Scott kick things off with a preview of Investment Crowdfunding Week and the growing importance of the creator economy as an investable asset class (00:13). They recap a recent CFP webinar on emerging investment structures, including the debate around mirror products and synthetic venture exposure (04:19).

The conversation then shifts to the realities of investing in late-stage private companies and whether current valuations justify secondary market participation (06:52). They explore how new alternative products are expanding access — but also increasing complexity for everyday investors (08:28).

Finally, they discuss recent SEC updates, crypto clarity, and the shutdown of FranShares, using it as a lens to examine what works — and what doesn’t — in building sustainable crowdfunding platforms (10:00+).

Scott and Teddy open with a look at a new SEC petition proposing structural updates to Regulation Crowdfunding, including raising the Reg CF cap and modernizing fundraising pathways (00:00). They preview Investment Crowdfunding Week and Tim Draper’s keynote before digging into the petition’s core proposals (00:56).

The discussion explores whether increasing the $5M cap would meaningfully impact the market (04:03), why Reg CF → Reg A transitions remain clunky (07:18), and how loosening advertising rules could unlock more issuer and investor participation (09:22). Scott shares a hot take on raising minimum investment sizes to improve issuer economics (12:04), while Teddy questions SEC incentives to prioritize Reg CF reform (14:38).

They close with a candid discussion on compliance fatigue, why many issuers stop investor updates, and what industry maturity should look like as equity crowdfunding approaches its 10-year mark (16:08).

This week on the Kingscrowd Podcast, Teddy, Scott, and Léa break down one of the most important — and often overlooked — questions in startup investing: when should you follow on? Using Pirouette Pharma as a case study, the team explains why Kingscrowd Capital is reinvesting and what milestones matter most when deciding to double down.

The conversation explores how retail investors should think differently than institutional VCs, what progress signals real execution, why pro rata participation from prior investors matters, and how valuation discipline plays into blended returns. If you’ve ever wondered whether to invest again in a company you already backed, this episode gives you the framework.

Brian begins by summarizing Kingscrowd’s product roadmap updates, including enhanced site-wide search functionality (1:26–2:33), renewed discussion of the Profitability Fund (2:50–3:13), and new capabilities within Kingscrowd Pro such as advanced filtering, client tracking, and API access (3:51–4:32).

The discussion then transitions to Hylio (4:49–6:10), a precision agriculture drone company replacing tractors with targeted aerial spraying systems. Léa explains Hylio’s recent revenue results and how a factory transition temporarily slowed reported growth despite continued demand (7:06–8:29). Brian and Teddy weigh in on the realities of hardware startups, including supply chain complexity and capital intensity (8:59–11:00), while emphasizing Hylio’s prior profitability as a positive de-risking factor (11:30–12:03).

The team contrasts Hylio’s chemical-efficiency model with Greenfield Robotics’ chemical-elimination thesis (12:03–13:46). Léa then highlights Hylio’s regulatory progress and its upcoming autonomous launchpad system (“Arcra”), which could eliminate the need for on-site operators pending FAA approval (14:41–16:28). The conversation also covers Hylio’s entry into defense through its U.S.-manufactured Photon drone (17:34–18:30).

The episode closes with a key consideration for investors: adoption risk among farmers and behavioral inertia around switching from tractors to drones (20:46–21:30), balanced by growing health and environmental awareness in agriculture (22:19–23:15).

Our Bond (TG-17 Inc., OBAI) has gone public via a direct listing (0:00–1:15), and Brian and Léa explain what’s happening and what investors need to do next. Léa starts with a clear refresher on what Our Bond is and how the product works in real life (1:17–3:49), including adoption and enterprise customers that make it more than a typical consumer app (4:12–5:33). She also outlines why Kingscrowd Capital liked the opportunity—product differentiation, growth/valuation context, and the founder’s prior exits (4:53–6:02). Brian then pulls up key deal context and the path from prior fundraising to today’s public-market moment (6:08–8:16), before they shift into the how-to for investors: check your inbox for transfer-agent instructions, understand that shares are typically held in your name via DRS, and that you may need to transfer to a broker to trade (8:16–9:11, 12:53–13:34). They also discuss how fees can hit smaller investors disproportionately and why this is an “industry infrastructure” issue founders should think about early (9:11–15:22). Finally, they explain IPO vs direct listing—including why direct listings don’t issue new shares immediately (18:43–20:30)—and why early price action can be misleading when float is limited and many shareholders can’t trade yet (15:52–17:57). They close with a founder takeaway: communicate early and clearly, and reduce friction wherever possible to protect investor trust (21:50–22:34, 22:57–23:52).

Profit beats “power law” this week as Brian Belley and Teddy Lyons unveil the Kingscrowd Capital Profitability Fund—built to target venture-like returns with materially lower risk. 00:17 intro & announcement; 01:26 thesis overview; 01:48 why power law hurts most investors; 02:36 targeting profitable private companies; 03:01 strict screen (2 yrs positive NI, ≥$1M rev, YoY growth, rev multiple ≤7.5x, 3.0+ KC rating, 5-yr exit path); 03:31 portfolio design (25 companies, concentrated, equal/pro-rata); 04:20 case study: LMNT growth & margins; 06:05 case study: ConsumerDirect’s valuation step-up; 07:03 current pipeline examples; 07:51 return target (3–5x fund) & risk profile; 08:15 fund size & LP-friendly fees (≈1% mgmt, 5% carry); 09:05 webinar details & how this complements Fund I.