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Associated

Associated Podcast

Broadening access to venture capital, one conversation at a time - from advice about careers to getting your business funded, we’re putting it all out there.

Each week we bring you a conversation with one of our friends in the investment industry: associates, interns and a whole host of others.

Hosted by: Francesca Baillieu, Tunde Adekeye and Danielle Bennett

Contact us at: associatedpodcast@gmail.com
Resources: https://www.notion.so/Associated-Recommended-Reading-1a29e4a622484181aa13923ee359fe4d

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  • 20 episodes
  • Avg 41 min
  • English

Episodes 20

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  • S4 · E3
    August 26 · 45 min

    The Limited Partner Perspective_ Episode 3

    This is episode three of our four part miniseries, covering the limited partner (LP)'s perspective. In episode 2 we talk about the angel playbook - a list of questions and resources that would be helpful to consider if you were to start angel investing (after getting the thumbs up from your legal team of course). We also talked about the importance of collaborators: The Associated Syndicate runs with the help of institutional co-investors, angels and LPs. In episode 3, we turn to the last group, answering questions like: What is the ideal relationship between an LP and an angel investor? What is the best way of getting an LP to take notice of your work, whether you have an angel track record or not? Why are LPs increasingly doing more direct deals into startups? What are some of the macro shifts in venture from the early 2000s to today? Savs, Francesca, Jaysiri and Danielle go through all of the above and more in our discussion about the relationship between LPs and angel investors. Listen to episode 3 to understand the LP perspective on institutional and angel investing today. Substack link The information provided in this content ("Associated Syndicate Podcast") is for general informational and educational purposes only and does not constitute financial, investment, legal, tax, or other professional advice. It is not intended to be, and should not be construed as, a recommendation to buy, sell, or hold any security, cryptocurrency, or other financial instrument. The author/publisher is not a registered investment adviser, broker-dealer, or financial planner, and no advisor-client, fiduciary, or other special relationship is created by your use of this Content. Nothing here is personalized to your specific financial situation, objectives, or risk tolerance.

  • #1
    August 14 · 34 min

    The Angel Perspective_Episode 2

    You don’t need a fortune to start angel investing. You just need the right playbook. The traditional rules of startup investing are changing. From angel syndicates to VC fund carve-outs, creative new access points mean getting skin in the game is more accessible than ever before. In this episode, David Ola, Danielle Bennett, and Francesca Baillieu break down how they navigated the jump from spectator to active angel investor, sharing the exact strategies they use to build their portfolios. In this episode, we cover: The Angel Mindset: Overcoming the myth that you need millions to get started, plus the all important "why" do it in the first place. What investment structures are out there for angels: The legal technicalities of investing in private companies. Winning Allocations: How to convince top-tier founders to accept your $$$. Ready to start your investing journey? Listen in and start designing your angel playbook.

  • #1
    July 30 · 24 min

    Setting The Stage_Episode 1

    We’re back! We know we have been gone for a while, so want to share a bit about what we have been working on. For the past two years Francesca and I have been stealthily running an angel syndicate. It has people that span a range of geographies, group chats, VC funds and thesis areas. At the beginning we were not sure it was going to work. It started as just an idea. Could we create something so that we could always be in relation to entrepreneurship? Here is episode one - setting the stage.

  • May 30, 2024 · 8 min

    Fundraising 101 - How to Present Your Traction

    For part two of our Fundraising 101 series, we focus on how to present traction effectively on investor calls. We cover the three main traction stories: We're growing really fast. Our customers love us. We're great at acquiring new customers. And provide tips on how to make them resonate with investors. For more fundraising resources visit pitchdoctor.app/masterclass. Subscribe here or via the Associated Collective Substack.

  • Feb 6, 2024 · 26 min

    Deeptech x Equity Financing

    This is a partner episode to a blog post written on our newly launched Associated, The Collective Substack! Join Associated co-host Danielle as she unpacks a searing question the group has discussed internally for years... are companies from all industries compatible with venture capital financing? The blog post lists out our perceived challenges of being a deeptech company working with alternative capital options and this episode is an interview with a deeptech founder, Barry Bennett. He also happens to be Danielle's father. He is the CEO of Metals & Materials Engineers (MME) and started his company officially in 2001 after spending time running the metallurgy division of an engineering firm, working for government in an engineering capacity and studying at at top engineering schools in London, Jamaica, New York and Georgia. We are excited for you to hear this episode. Let us know what you think on X/Twitter or LinkedIn at Associated_Pod. Links: https://mmelab.com/ https://theassociatedcollective.substack.com/ https://twitter.com/associated_pod?lang=en https://uk.linkedin.com/company/associatedpodcast

  • S9 · E1
    Oct 13, 2023 · 16 min

    Season 9 - Switching it up

    We're back! Associated is now Associated, The Collective. A minor detail change, we know, but it means a lot to us. Over the last six months our team has thought deeply about the sustainability of this group and we wanted to ensure that whatever we did next could encapsulate every mode of expression we'd like to showcase. We will now come to you via substack with not just podcasts, but blog posts and much more. All the while, having the same north star: making Venture Capital more accessible. So without further ado welcome to The Collective !

  • Jun 20, 2023 · 34 min

    How to Raise a Venture Fund | Associated Team Synthesis Pt.3

    Notice: If you want to get in contact with us you can reach us via email at ⁠⁠associatedpodcast@gmail.com⁠⁠ as well as on ⁠Twitter⁠ (@associated_pod). We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found ⁠here⁠ (https://airtable.com/shraJVvUNv6D7PkDP). Description: For the last episode of our series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde reunite again to discuss their key takeaways from the previous three episodes, where we interview the founding partners of funds with novel strategies and structures. Our interviews with Adrian (Übermorgen), Ian (Syndicate) and Alice (Entrepreneur First) yielded fantastic insights which we got to unpack. Some of the key themes we discussed were: The motivations behind their atypical structures (2 of 3 are structured as companies rather than funds) Raising capital outside mainstream LP circles Earning the right to innovate on structure and strategy simultaneously We took so many learnings away from each episode and we cannot thank our guests enough for coming on the show!

  • S8 · E11
    Jun 15, 2023 · 1 hr 2 min

    How to Raise a Venture Fund | Alice Bentinck (Entrepreneur First)

    If you want to get in contact with us you can reach us via email at ⁠associatedpodcast@gmail.com⁠ as well as on Twitter (@associated_pod). We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP). Description: In the penultimate episode of Season 8, Danielle and Tunde interview Alice Bentinck, one of the co-founders of Entrepreneur First. Fresh out of a grad program at McKinsey and Co, Alice and her co-founder Matt felt that there was an opportunity to shake up the early stage VC scene and founded Entrepreneur First (EF). Fast forward 12 years, EF has built more than 600 startups across 6 countries that are collectively worth more than US$10B. In this episode, Alice dives deeper into the genesis of EF and the complexities of their business model, unraveling some fascinating twists and turns along the way. She also outlines some of the unique challenges the EF team face such as identifying 'talent investors' as well as exceptional potential founder profiles at pre-ideation stage. A favourite discussion topic of ours is when Alice talks about the importance of social capital during fundraising, so keep your ears pricked for that golden nugget of wisdom!

  • S8 · E10
    Jun 6, 2023 · 1 hr 9 min

    How to Raise A Venture Fund | Ian Lee (Syndicate)

    If you want to get in contact with us you can reach us via email at ⁠associatedpodcast@gmail.com⁠ as well as on Twitter (@associated_pod). We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP). Description: This second episode in our final category of fund types, what we are calling peripheral funds, we interview Ian Lee, the co-founder of Syndicate a decentralized investing protocol and social network, the main purpose of this structure is to make investing more accessible to the masses mainly through cost reduction and infrastructure enablement. In 2021 Syndicate raised $20million let by A16z, other investors included Snoop Dog and Ashton Kutcher. Prior to Syndicate, Ian had an illustrious career across a range of different sectors and roles from automotive to heading up the Crypto division at Citi Bank. It is clear from this episode that Ian is someone that can drive forward new and innovative initiatives and shape them into brilliant success stories, Ian gives a great rendition of some of the learnings he took away from raising multiple different fund types, creating collaborative work structures within large corporations and forming early teams.

  • S8 · E9
    May 30, 2023 · 1 hr 5 min

    How to Raise A Venture Fund | Adrian Bührer (Übermorgen Ventures)

    Notice If you want to get in contact with us you can reach us via email at ⁠associatedpodcast@gmail.com⁠ as well as on Twitter (@associated_pod). We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP). Description: On the ninth episode of our “How to Raise a Venture Fund” series, we're joined by Adrian Bührer, co-founder and Managing Partner of Übermorgen Ventures, an early-stage Climate Focused fund. Adrian previously founded students.ch which he ultimately sold to Axel Springer. He was also a prolific angel investor before he decided to set up Übermorgen Ventures alongside 3 partners. Founded in 2019 Übermorgen Ventures, was one of the first Climate Focused venture funds in Europe and boasts a unique structure as an investment company rather than a traditional fund. During his conversation with Danielle and Francesca, Adrian discusses the challenges inherent in raising the fund. He covers why they chose to create an evergreen dividend-paying company instead of a typical venture fund as well as the difficulties they faced in attracting investors who were unfamiliar with their structure and investment thesis. Adrian also shares details about Ubermorgen’s approach to raising capital, including building a CRM of over 1,000 potential limited partners. Whether you're an emerging fund manager or an LP interested in investing in a venture fund, this episode is a must-listen. Adrian's insights and experiences are invaluable for anyone looking to navigate the fundraising process successfully. Listen here to learn how to raise a venture fund from someone who's actually done it!

  • S8 · E8
    May 23, 2023 · 32 min

    How to Raise a Venture Fund | Associated Team Synthesis Pt.2

    If you want to get in contact with us you can reach us via email at ⁠⁠associatedpodcast@gmail.com⁠⁠ as well as on ⁠Twitter⁠ (@associated_pod). We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found ⁠here⁠ (https://airtable.com/shraJVvUNv6D7PkDP). Description: For Episode 8 of Season 8, a series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde reunite again to discuss their key takeaways from the last three episodes launched, these episodes are of Managing Partners who have recently launched their first fund. Rodney (Cornerstone VC), Reem (Pact) and Manuel (Amino Collective) all have fantastic insights to be delved into and we started this episode discussing the differences between Managing Partners who have raised numerous funds to date and those who have just completed their first. We then expanded on the specific highlights from each episode, specifically around each Partners' specific fund raising and running strategies from both a professional and personal stand point and what it took to shape their fund theses into a tantalising offering for LPs. We took so many learnings away from each episode and we cannot thank our guests enough for coming on the show!

  • S8 · E7
    May 16, 2023 · 32 min

    How to Raise A Venture Fund | Manuel Grossman (Amino Collective)

    Notice If you want to get in contact with us you can reach us via email at ⁠associatedpodcast@gmail.com⁠ as well as on Twitter (@associated_pod). We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (⁠https://airtable.com/shraJVvUNv6D7PkDP⁠). Description: On the seventh episode of our “How to Raise a Venture Fund” series, we're joined by Manuel Grossman, Founding Partner at Amino Collective, an early-stage micro fund investing at the edge of health and biology. Prior to Amino Manuel was an operator at tech bio company KRY and was a seed invetor at Allcyte acquired by Exscientia. Amino Collective started in 2020, has over 22 investments and one exit. Their first fund was 10m EUR and have recently closed a second fund at 30m EUR with ambition of getting to 40m EUR. Amino Collective is a solo GP structure, something that is quite novel, especially in Europe. The fund mainly invests in Europe, but when advantageous also invests in select US companies. In this episode we cover the evolution of tech bio and health tech in Europe and what has changed in the last 10 years since Manuel entered the ecosystem (i.e. before it became cool post covid), how he raised a fund without having ever been a GP and the community of emerging managers that helped him.

  • S8 · E6
    May 9, 2023 · 54 min

    How To Raise A Venture Fund| Reem Mobassaleh Wyndham (Pact)

    If you want to get in contact with us you can reach us via email at ⁠associatedpodcast@gmail.com⁠ as well as on Twitter (@associated_pod). We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (⁠https://airtable.com/shraJVvUNv6D7PkDP⁠). Description: On the sixth episode of our “How to Raise a Venture Fund” series, we're joined by Reem Mobassaleh Wyndham, General Partner of Pact, a seed stage thematic fund focused on ABCs - access, betterment and climate solutions. They have raised a 15m GBP fund on first close, already starting deploying capital and set to have a 30m GBP fund by second close in 2023. This episode dives into the ins and outs of how a fund is akin to a pre-seed investment, how to tactfully keep in touch with LPs (tip - nothing is over until there is a no!), and how they raised in the midst of one of the worst market downturns in recent history from the co-founders of Crunchbase, the Head of AI at Google and artist Anne Hathway while all getting pregnant with their first kids! Listen in to how to start a fund through it all here. Adding to the podcast from Reem's perspective: In regards to having kids while raising the fund, what originally we perceived as a burden has pushed us to cultivate a superpower of extreme focus and organisational maturity. From a positioning and value add perspective we also saw the opportunity to be hands on early stage investors because not only have we been investors, bankers and lawyers, but we have also been operators at the small and large scale - ones we grew and sold, as well as another that ultimately listed. We have done this while also having worked across almost a dozen countries. This background has positioned us to working closely with a relatively concentrated portfolio providing both operational insight as well as access to a deep global network not just in the US but also in typically hard to access markets in the Middle East and Asia

  • S8 · E5
    May 2, 2023 · 1 hr 5 min

    How to Raise a Venture Fund | Rodney Appiah (Cornerstone VC)

    Notice If you want to get in contact with us you can reach us via email at ⁠associatedpodcast@gmail.com⁠ as well as on Twitter (@associated_pod). We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP). Description: On the fifth episode of our “How to Raise a Venture Fund” series, we're joined by Rodney Appiah, Managing Partner at Cornerstone VC, an early-stage diversity-focused fund investing in sustainability, productivity, and connectivity. Rodney started his career as an investment banker before moving into venture capital, where he's worked at various funds including Foresight Group as a Director and the British Growth Fund. Alongside his partners, Rodney started Cornerstone because he realized in his investment roles that in VC, the chips were stacked against diverse founders. Cornerstone evolved from an angel group into a £20m Venture fund backed by a institutional LPs. In this episode, Rodney shares his insights on raising a first-time fund under the current market conditions, talks about convincing LPs to let you innovate on strategy and discusses what areas LPs focus on and why. He also provides a detailed taxonomy of the different types of LPs and what to expect when raising from each of them. Lastly Rodney provides a useful primer on the materials that were fundamental to Cornerstone’s fundraise and how they were put together. Whether you're an emerging fund manager or an LP interested in investing in a venture fund, this episode is a must-listen. Rodney's insights and experiences are invaluable for anyone looking to navigate the fundraising process successfully. Listen here to learn how to raise a venture fund from someone who's actually done it!

  • S8 · E4
    Apr 25, 2023 · 30 min

    How to Raise a Venture Fund | Associated Team Synthesis Pt.1

    If you want to get in contact with us you can reach us via email at ⁠⁠associatedpodcast@gmail.com⁠⁠ as well as on ⁠Twitter⁠ (@associated_pod). We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found ⁠here⁠ (https://airtable.com/shraJVvUNv6D7PkDP). Description: For Episode 4 of Season 8, a series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde do a full episode together for the first time! We have all listened back to Julian, Staffan and Leila's episodes and have come with thoughts on the overlaps between funds and their structures. Whether it was the fact that all three spent time in Silicon Valley or the psychology behind working with LPs (keep them close even if it is a soft no!) - this episode breaks down what we heard while the mics were live and what we figured out in-between the lines whilst making this season. 6 more guests and 2 more synthesis episodes to go!

  • S8 · E3
    Apr 18, 2023 · 42 min

    How to Raise a Venture Fund | Staffan Helgesson (Creandum)

    If you want to get in contact with us you can reach us via email at ⁠⁠associatedpodcast@gmail.com⁠⁠ as well as on ⁠Twitter⁠ (@associated_pod). We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found ⁠here⁠ (https://airtable.com/shraJVvUNv6D7PkDP). Description: For Episode 3 of Season 8, a series on ‘How to Raise a Venture Fund’, Francesca and Tunde talk to Staffan Hegelsson, the Founder of Creandum. Founded in 2003, the franchise is one of the oldest early stage venture capital examples in Europe. They have since managed over $1.3B in assets under management (AUM), have six funds+, over 38 exits and offices in San Francisco, Stockholm, Berlin and London. They have invested in some of Europe's biggest stars and unicorns including Spotify and Depop. Staffan speaks to his entrepreneurial journey starting with investing in mobile in the late 90s/early 2000s to the generalist first franchise Creandum is today. We talk about everything from how their prioritize limited partners (LPs) to how not to 'bloat' a fund to how they thought about their most recent expansion to London. Staffan provides some great insight here into the psychology of a LP. This isn't one to miss!

  • S8 · E2
    Apr 11, 2023 · 52 min

    How to Raise a Venture Fund | Julian Rowe (Latitude/Phoenix Court Group)

    If you want to get in contact with us you can reach us via email at ⁠associatedpodcast@gmail.com⁠ as well as on Twitter (@associated_pod). We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP). Description: For Episode 2 of Season 8, our newest series on ‘How to raise a venture fund’, Danielle and Tunde talk to Julian Rowe, a GP of Latitude, a sister fund of Local Globe and under the parental umbrella that is Phoenix Court Group. Founded in 2002, the Local Globe is one of the oldest pre-seed and seed specialists in Europe and have recently launched two new later stage funds, Latitude (Growth) and Solar (pre-IPO). They have raised over ten separate funds and have invested in some of Europe's biggest unicorns including Zoopla and Transferwise. Julian unveils his fascinating journey into venture and delves into his perception of the LP landscape in Europe compared to the more mature US scene. In addition, Julian gives some fantastic advice to future GPs on how to build strong relationships with LPs and how to think about your strategy and team composition as your fund matures. It is not an episode to miss!

  • S8 · E1
    Mar 28, 2023 · 1 hr 3 min

    How to Raise a Venture Fund | Leila Zegna (Kindred Capital)

    Notice If you want to get in contact with us you can reach us via email at ⁠associatedpodcast@gmail.com⁠ as well as on Twitter (@associated_pod). We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP). Description To kick off Season 8, a series on ‘How to raise a venture fund’, Francesca and Tunde are talking to Leila Zegna, one the founding partners of Kindred, a stalwart of the European venture ecosystem. Hailing from the US, Leila boasts a background from Yale, Harvard and Bain before becoming an operator ultimately working as the COO of Genapsys before raising Kindred. Alongside operating she was also a prolific angel investor investing in companies such as Matterport, ID.me, Bloom & Wild, and Thread. Leila has served as a board member of several companies, including LabGenius, Gaia, Eleven Therapeutics, Ori Biotech, and Pave. Kindred Capital is Seed fund known for its unique approach to investing, where every entrepreneur they invest in becomes a co-owner of the fund, called 'equitable venture.’ Kindred was founded in 2015. They have raised and deployed two $100m funds since then and when we spoke to Leila were extremely close to closing their largest ever third fund at around $130m. Leila covers how she and her partners came up with the idea for Kindred, raising multiple fund while pregnant, finding the right LPs and building trust with them inside and outside of the fundraising cycle and much more.

  • Dec 16, 2022 · 48 min

    Deniz Kent (CEO of Prolific Machines) - A bioscience founder's perspective on the US and European funding landscape [Christmas Bonus]

    Our final special Christmas episode with Deniz Kent CEO of Prolific Machines, we could not think of a better person to listen to ensure that you round out the year on a high! In this episode Deniz shares fascinating insights such as: - What makes Prolific Machines such an exciting technology - His funding raising journey and the different experiences he had with US and European investors - Recommendations for founders on how to think about choosing your geographic HQ, hiring a first-class team and selling your vision to investors Enjoy! Full disclaimer - swear words are used in this episode.

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