Dealflow

Keira Nesdale
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  • Entrepreneurship

Dealflow Podcast is where founders, VCs, and operators say the quiet stuff out loud. No PR fluff, no safe answers, just the real stories behind how deals get done and companies actually grow. Hosted by Keira Nesdale (MH Ventures), a VC and builder in the arena, DealFlow goes past the pitch deck into what works right now in AI, Web3, and frontier tech. Each episode breaks down how top founders find customers, structure raises, survive bear markets, and turn messy product experiments into something investors will fight to back.

  1. 6 days ago

    Anyone Can Build Now. So What Actually Makes a Startup Win?

    In this episode, Keira sits down with Mike Taylor, Co-Founder of GTM Ventures, a firm that has publicly refused to pick a thesis. Mike explains why attaching yourself to a narrative becomes a filter that quietly stops you from reading the market, and why the only red thread in their portfolio is the founder. From there the conversation moves to the thing he keeps circling back to all episode: distribution. Anyone can build now. Claude Code and Codex mean a person with no technical background can spin up an app by talking to it. So if the tech is no longer the moat, what is? Mike breaks down why Web3 built the plumbing before anyone lived in the house, why thousands of L2s launched with almost no users, and why it was simply easier to raise money on infrastructure than on a product. He shares his own story as one of the first 50 tokens listed on Binance back in 2017, what token launches actually cost founders today, and the exact moment a startup earns the right to launch one. The conversation also covers how a Master of Architecture turned into a career in crypto venture capital, the fitness landscape idea he borrows from evolutionary biology to explain why big companies cannot adapt, and a live teardown where he redesigns the DealFlow podcast on the spot using the same framework he runs with portfolio founders. Plus, the red flag he watches for in every founding team, why stablecoins are being adopted faster in emerging markets than in the West, and the one message he would send back to his 17 year old self. Key takeaways: A thesis can turn into a filter that stops you reading the market. When anyone can build the tech, distribution becomes the only real moat. Web3 built infrastructure first and forgot to check if anyone wanted it. Tokens work when the buyers and the users are the same people. The service providers show up exactly when a founder is most desperate. Big companies cannot move. Small ones can. That is the whole advantage. The most successful person in the room is usually the most relaxed one. Timestamps: 00:00 Intro 07:44 The venture firm with no thesis 15:10 Are we in an AI bubble? 19:53 Why code stopped being a moat 23:27 Web3 built the plumbing before the house 26:47 One of the first 50 tokens listed on Binance 36:57 When a startup actually needs a token 44:10 From architect to crypto investor 55:40 A live teardown of enablers and blockers 1:10:04 The red flag that kills startups 1:15:14 A message to his 17 year old self GUEST Mike Taylor, Co-Founder, WTG Ventures X: https://x.com/taylormikerob X: https://x.com/wtgventures LinkedIn: https://www.linkedin.com/in/mikertaylor/ Website: https://www.wtgventures.com/ HOST Keira Nesdale, Portfolio Manager at MH Ventures X: https://x.com/RealMissAI LinkedIn: https://www.linkedin.com/in/keiranesdale Instagram: https://instagram.com/RealMissAI Dealflow Podcast X: https://x.com/dealflowpodcast Apple Podcast: https://podcasts.apple.com/us/podcast/dealflow/id1859528286 Spotify: https://open.spotify.com/show/6RKf6kRL2q0XEgQeYp9r0dYouTube: https://youtube.com/@DealFlowPodcast MH VENTURES Website: https://mhventures.io X: https://x.com/mhventures LinkedIn: https://ky.linkedin.com/company/mhventure

  2. 27 Aug

    Why Most Crypto Tokens Go to Zero, and What Founders Should Build Instead

    In this episode, Keira sits down with Will Patterson, Founder of Third Earth Capital and Head of Ventures at Hashgraph Ventures, where he is deploying a new $100 million fund. Will came to crypto through banking. He took his first bonus, put all of it into Bitcoin at $22,000, and watched it fall. What kept him in was not the trade. It was noticing how much an international wire transfer cost compared to what was actually being moved. He went to Avalanche, spent six months asking the basic questions nobody senior wants to ask out loud, and turned that into his own fund and first checks into Movement Labs and Nirvana Labs. He is blunt about what went wrong in the last cycle. Teams raised too much, spent it on incentives, and bought users who left the day the money stopped. The infrastructure got commoditised. The value moved to the apps. Will explains why he thinks stablecoins are the biggest thing crypto has ever produced, why banks and fintechs are suddenly racing to issue their own, and why crypto ends up being the natural rails for AI. If AI touches money, and agents can already spend on their own, that money has to move somewhere. The conversation also covers the one question he asks in every pitch, why paying influencers to tweet has mostly stopped working, exactly how to slide into his DMs without getting ignored, and the wallet he is quietly building on the side that gives away free Bitcoin to anyone standing in the right place. Key Takeaways: Stablecoins are the biggest thing crypto has ever built. Banks are only now catching on.Most tokens went to zero because teams bought users instead of earning them.The chains are commoditised. The value has moved to the apps.If AI touches money, that money runs on crypto rails.Every pitch comes down to one question: what is your unfair advantage?Paying accounts to tweet is over. Better products win retail now.Patience is king. Get good at something and the money follows.Timestamps:03:58 The bonus, Bitcoin at $22k, and the wire transfer that changed everything07:16 Raising a fund in a bear market11:02 Why most tokens go to zero17:48 What he actually looks for in a founder20:09 Do tokens still have value?25:33 Is paying influencers dead?30:52 Why stablecoins are the story right now36:56 How to pitch him without getting ignored51:39 Is AI a bubble?58:44 Building when AI can copy you in an hour1:03:01 A message to his 17 year old self Guest Will Patterson - Head of Ventures, Hashgraph Ventures / Founder, Third Earth Capital Website (Hashgraph Ventures): https://hashgraphvc.com/ LinkedIn (Hashgraph Ventures): https://www.linkedin.com/company/hashgraph-ventures/ X (Will): https://x.com/iwillpat LinkedIn (Will): https://www.linkedin.com/in/whpatter/ Host Keira Nesdale - Portfolio Manager at MH Ventures X: https://x.com/RealMissAI LinkedIn: https://www.linkedin.com/in/keiranesdale Instagram: https://instagram.com/RealMissAI Dealflow Podcast X: https://x.com/dealflowpodcast Apple Podcast: https://podcasts.apple.com/us/podcast/dealflow/id1859528286 Spotify: https://open.spotify.com/show/6RKf6kRL2q0XEgQeYp9r0dYouTube: https://youtube.com/@DealFlowPodcast MH Ventures Website: https://mhventures.io X: https://x.com/mhventures LinkedIn: https://ky.linkedin.com/company/mhventure #HashgraphVentures #CryptoVC #Web3 #Blockchain #Stablecoins #Bitcoin #DeFi #AI #EarlyStage #Founders #Crypto #VentureCapital #StartupAdvice #DealFlowPodcast

  3. 27 Aug

    He Quit Cancer Research at Oxford to Bet on Crypto. Then Everything Crashed.

    In this episode, Keira sits down with Simon Dedic, Co-Founder of Moonrock Capital. Simon spent years in a lab at Oxford working on one of the deadliest cancers there is, on a clear path to a career in science. Then he walked away from all of it. He took a bank loan at the bottom of the 2018 bear market, lost most of it, and stayed anyway. In 2019 he started Moonrock with his own money, no outside investors and no safety net. Six years and 76 investments later he is still here. He is refreshingly blunt about how venture actually works. Most funds are just waiting to see who A16Z backs. Being a real first check means having conviction before there is a product, revenue or a track record to point at. Simon tells the story of Collector Crypt, a fifty year old collector building something every investor in the room laughed at, now doing over a hundred million a year on Solana. The conversation also covers why he reads every DM but replies to almost none of them, why meme coins were the worst thing to happen to crypto and what they cost the industry, what he tells founders whose token is down 95 percent, why the most convincing person in the room is often the scammer, and why he thinks attention is now the only genuinely scarce thing left. Key Takeaways: The best time to raise is when you do not need the money.Most investors are just copying whoever led the round.Back the person, not the idea. Early founders pivot anyway.If a token does not behave like equity, it is not worth owning.Meme coins turned crypto into a casino and burned a whole wave of newcomers.Software and content are getting cheap. Attention is the scarce thing now.Play long games with long-term people. Everything else is noise. 01:15 Why the best time to raise is when you do not need it03:29 What a real first check actually looks like05:45 Judging a founder with no product and no numbers09:39 The Pokemon card company every VC laughed at13:19 Why attention is the only scarce asset left25:14 Quitting cancer research and taking a bank loan at the bottom31:01 Why meme coins were the worst thing to happen to crypto38:33 Your token is down 95 percent. Now what?41:27 The biggest red flags in a pitch43:46 Why nine out of ten DMs get no reply1:00:29 A message to his 17 year old self Guest: Simon Dedic, Co-Founder, Moonrock CapitalX: @sjdedicX (Moonrock Capital): @MoonrockCapitalLinkedIn: Simon DedicLinkedIn (Moonrock Capital): Moonrock CapitalWebsite: moonrockcapital.io Host Keira Nesdale - Portfolio Manager at MH Ventures X: https://x.com/RealMissAI LinkedIn: https://www.linkedin.com/in/keiranesdale Instagram: https://instagram.com/RealMissAI Dealflow Podcast X: https://x.com/dealflowpodcast Apple Podcast: https://podcasts.apple.com/us/podcast/dealflow/id1859528286 Spotify: https://open.spotify.com/show/6RKf6kRL2q0XEgQeYp9r0dYouTube: https://youtube.com/@DealFlowPodcast MH Ventures Website: https://mhventures.io X: https://x.com/mhventures LinkedIn: https://ky.linkedin.com/company/mhventure

  4. 27 Aug

    Why OpenAI and Anthropic Cannot Hold the Lead Forever

    In this episode, Keira sits down with Greg Schvey, Chief Operating Officer at Yuma and one of the most credentialed repeat founders in crypto. Greg walked away from a fixed income job at Citibank for Bitcoin in 2012, built the first institutional crypto data platform and sold it to DCG, then built an infrastructure company the London Stock Exchange Group acquired.He is now making the same bet again, this time on AI. His argument is simple. Bitcoin took money out of the hands of a few powerful gatekeepers. BitTensor is trying to do that to intelligence.Greg explains how it actually works in plain English. Anyone anywhere can compete to build a specialised AI model and get paid on results alone. Nobody needs to know who you are. He tells the story of someone working in the energy industry who entered a drug discovery competition using an algorithm built for a completely different problem, and beat the pharmaceutical industry's gold standard.The conversation also covers why he thinks cheap open source models are about to squeeze OpenAI and Anthropic on price, what happened when a hundred billion parameter model was trained over the public internet, what it is like to build two companies with your brother and have it actually work, and the message he would send to his 17 year old self.KEY TAKEAWAYS- Bitcoin opened up money. BitTensor is trying to open up intelligence.- Anyone can compete on these networks. Nobody needs to know your name.- Someone from the energy industry beat big pharma at drug discovery.- Centralised AI has a hard ceiling. There are only so many data centres you can build.- Cheap open source models are about to put real price pressure on the giants.- Work out what you actually believe and go at it hard. The rest is noise.KEY TIMESTAMPS00:03 Intro00:44 What decentralised AI actually means02:48 What happens if the AI giants keep the keys04:55 How BitTensor works, explained simply09:11 The stranger who beat the drug industry13:53 Why this is the same bet he made on Bitcoin28:16 Leaving Citibank for Bitcoin in 201231:06 Building two companies with his brother33:49 What he looks for in early founding teams43:12 A huge model trained over the public internet46:40 Are we in an AI bubble?GuestGreg Schvey - Chief Operating Officer, YumaWebsite (Yuma): https://www.yumaai.com/X (Yuma): https://x.com/yumagroupLinkedIn (Yuma): https://www.linkedin.com/company/yumagroup/X (Greg): https://x.com/GSchveyLinkedIn (Greg): https://www.linkedin.com/in/gschvey/HostKeira Nesdale - Portfolio Manager at MH VenturesX: https://x.com/RealMissAILinkedIn: https://www.linkedin.com/in/keiranesdaleInstagram: https://instagram.com/RealMissAIDealflow PodcastX: https://x.com/dealflowpodcastApple Podcast: https://podcasts.apple.com/us/podcast/dealflow/id1859528286Spotify: https://open.spotify.com/show/6RKf6kRL2q0XEgQeYp9r0dYouTube: https://youtube.com/@DealFlowPodcastMH VenturesWebsite: https://mhventures.ioX: https://x.com/mhventures LinkedIn: https://ky.linkedin.com/company/mhventure

  5. 23 July

    Inside One of Crypto's Biggest Funds | Multicoin Capital

    In this episode, Keira sits down with Spencer Applebaum and Shayon Sengupta, the newly appointed general partners and co-heads of ventures at Multicoin Capital, one of the oldest and largest funds focused entirely on crypto.They break down, in plain language, how Multicoin actually picks winners, why they will hire an analyst off a single essay instead of a resume, and how AI has rewritten what it takes to get funded. The conversation also covers why most people will soon use crypto without realising it, why a quiet market is the best time to invest, and the personal bets that got Spencer and Shayon to where they are today.Key takeaways: AI now lets a founder do six months of work in a single weekendOne of crypto's biggest funds will hire you without ever reading your resumeWhy a quiet, fearful market is the best time to invest, not the worstThe real reason most people will use crypto without ever knowing itWhat makes an investor back a founder, and what gets you passed overX (Spencer): https://x.com/SpencerApplebauX (Shayon): https://x.com/shayonsenguptaX (Keira): https://x.com/RealMissAILinkedIn (Keira): / keira-nesdale-b287899bX (Dealflow): https://x.com/dealflowpodcastGuest:Website (Multicoin Capital): https://multicoin.capitalHost:Website (MH Ventures): https://www.mhventures.io/LinkedIn (MH Ventures): / mhventureChapters:00:00 Meet Spencer and Shayon04:09 Who Multicoin is and how they invest11:14 Will you use crypto without knowing it?15:43 Why every asset is moving on-chain23:47 Why a down market is the best time to invest26:54 Spencer's college dropout story29:30 How to actually get hired at Multicoin43:57 How AI is changing who gets funded59:13 Why tokens are still a superpower01:04:47 A message to your 17-year-old self#Multicoin #MulticoinCapital #Crypto #VentureCapital #Web3 #Blockchain #Stablecoins #DeFi #AI #CryptoInvesting #Founders #Startups #DealFlowPodcast

  6. 23 July

    The Real Reason Crypto Is About to Go Mainstream

    In this episode, Keira sits down with Lane Kasselman, co-CEO and president of Blockchain.com, one of the longest-standing companies in crypto.Since launching in 2011, Blockchain.com has processed more than $1 trillion in transactions, reached over 42 million users across 200 countries, and expanded into venture investing through a $500 million fund.Lane’s path into crypto is anything but traditional. He worked in communications for Hillary Clinton’s presidential campaign, helped Uber navigate legal and regulatory battles across the United States, and built one of Silicon Valley’s leading communications firms before joining Blockchain.com five years ago.Lane breaks down Blockchain.com’s four core business areas:• A consumer brokerage serving retail users• An institutional prime brokerage with 24/7 trading desks• A market services division supporting crypto infrastructure• A labs division building experimental products across AI, privacy, and prediction marketsHe also shares the strategy he brought from Uber: you do not need to be first, you need to be better.The conversation explores why AI agents could become one of the biggest drivers of crypto adoption, why the era of blitzscaling and asking for forgiveness is over, and what Lane looks for when founders pitch him.Lane also explains why he initially dismissed Bitcoin as “fake internet money,” and the conversation that changed his perspective: understanding what crypto means for people living in countries where there is no reliable way to protect the money they earn.KEY TAKEAWAYS You do not need to be first, you need to build a better product.AI agents will need a fast, global way to send money, and crypto could become the settlement layer.The era of ignoring regulators and asking for forgiveness later is over. Companies now need to understand and manage regulatory risk from the beginning.Part-time founders and software startups without technical co-founders are major red flags.Previous exits, unique experience, and a genuine advantage in a specific market are strong founder signals.Most people never act on their ideas. Founders who start, ask for help, and seek mentorship already have an advantage.Strong leadership means being willing to do whatever the team needs, regardless of your title.KEY TIMESTAMPS00:13 – Lane Kasselman and the story of Blockchain.com01:01 – Bitcoin Pizza Day and how far crypto has come03:48 – What Blockchain.com does07:32 – The strategy Lane brought from Uber10:57 – Blockchain.com’s four business divisions13:36 – How the labs team builds new products15:50 – Distributing products to 42 million users19:55 – Why Lane initially dismissed crypto23:00 – Why crypto matters in countries like Nigeria and Argentina24:40 – Will AI agents drive mass crypto adoption?28:29 – Is AI currently in a bubble?33:15 – Crisis management, regulation, and blitzscaling36:51 – How companies should expand globally38:20 – Lessons from investment failures41:42 – Product versus founder43:20 – Founder red flags and green flags48:21 – Bootstrapping versus venture capital53:00 – How Lane would rebuild from zero57:40 – Advice to his 17-year-old selfGUESTLane Kasselman – Co-CEO and President, Blockchain.comWebsite: blockchain.comX: @kasselmanBlockchain.com on X: @BlockchainLinkedIn: Lane KasselmanHOSTKeira Nesdale – MH Ventures Portfolio ManagerX: @RealMissAILinkedIn: Keira NesdaleDealFlow PodcastX: @dealflowpodcastMH VenturesWebsite: mhventures.ioLinkedIn: MH Ventures#BlockchainCom #Bitcoin #Crypto #Web3 #BlockchainTech #CryptoAdoption #DeFi #Stablecoins #AIAgents #FinTech #Founders #StartupAdvice #DealFlowPodcast

  7. 22 July

    Why Amazon, Google, and Microsoft Control AI and What IO.net Is Doing to Break That Stranglehold

    In this episode, Keira sits down with Gaurav Sharma, CEO of io.net, a decentralized GPU network that allows gamers, individuals, and data centres around the world to contribute computing power to a global marketplace.Gaurav has spent more than 16 years building internet infrastructure. His career has included engineering roles at Calsoft, eBay, Amazon, Agoda, and Binance. While helping scale Agoda to more than 100 million users, he experienced the GPU shortage firsthand—even a major company with the money to buy Nvidia GPUs had to wait months to receive them.That problem is now at the centre of io.net’s mission.Gaurav explains why the concentration of AI compute among Amazon, Google, and Microsoft is limiting global innovation, and why access to GPUs can determine which startups survive. io.net is building what he describes as the “Airbnb for GPUs,” connecting businesses with idle computing power from data centres, gamers, and individual suppliers across more than 130 countries.They also discuss:- Why io.net can offer compute at significantly lower prices than traditional cloud providers- How decentralized GPU networks could make AI more accessible globally- Why blockchain is important for transparency and trust—not just tokens- How io.net puts marketplace activity and company finances on-chain- Why Gaurav does not believe AI is currently in a bubble- How AI agents and vibe coding could enable the rise of single-person companies- Why founders need to become comfortable failing and moving quickly- What Gaurav would tell his 17-year-old selfGaurav also shares the story of a university student who travelled from Gwalior to Delhi simply to thank him for making GPUs affordable enough to complete his graduation project.KEY TAKEAWAYS- AI compute is concentrated among a small number of companies, making it difficult for startups and developers to access the GPUs they need.- io.net connects idle GPUs from data centres, gamers, and individuals with businesses that need computing power.- Decentralized compute could dramatically reduce the cost of building and scaling AI products.- Blockchain allows io.net to make pricing, payments, revenue, and marketplace activity transparent and verifiable.- The demand for GPUs continues to grow as more companies adopt AI.- AI tools, decentralized infrastructure, and vibe coding are lowering the barrier to entry for founders around the world.KEY TIMESTAMPS00:00 – Gaurav Sharma’s journey through 16 years of internet infrastructure01:46 – Why three companies control most AI compute03:00 – How GPU access shaped competition inside Agoda05:00 – Why a funded startup waited four months for GPUs09:47 – How io.net’s decentralized GPU marketplace works13:15 – What micro data centres look like15:02 – How GPU providers join the io.net network16:34 – How io.net protects the network from bad actors19:24 – Who needs GPUs and why demand is growing21:33 – What a GPU is, explained simply23:27 – Is AI currently in a bubble?29:36 – Why decentralized compute can be significantly cheaper33:21 – Competing with Amazon, Google, and Microsoft35:38 – Why blockchain matters beyond token incentives42:42 – io.net’s growth and Gaurav’s move from CTO to CEO47:07 – The future of the agentic economy49:55 – Will AI make humans dispensable?55:34 – The student who travelled to thank Gaurav59:27 – Lessons from 16 years in technology01:04:14 – Advice to his 17-year-old selfGUESTGaurav Sharma – CEO, io.netWebsite: io.netX: @Gaurav_ionetio.net on X: @ionetLinkedIn: Gaurav SharmaHOSTKeira Nesdale – MH Ventures Portfolio ManagerX: @RealMissAILinkedIn: Keira NesdaleDealFlow PodcastX: @dealflowpodcastMH VenturesWebsite: mhventures.ioLinkedIn: MH Ventures#ionet #DePIN #GPU #AI #DecentralizedCompute #Web3 #Blockchain #AIInfrastructure #MachineLearning #Crypto #Startups #DealFlowPodcast

  8. 15 July

    Why There Is Too Much Money and Not Enough Good Projects in Crypto

    In this episode, Keira sits down with Richard Chen, founder and solo GP of Varrock VC, a $30 million crypto seed fund raised during the 2024 bear market and backed by institutional LPs. Richard co-founded the Stanford Blockchain Club in 2015, joined One Confirmation in its earliest days, and has spent nearly a decade investing in crypto. His portfolio includes OpenSea, backed before NFTs became a category, as well as Polymarket, Bridge, and dozens of other companies. They explore what Richard looks for in founders, why his first impression is usually right, and why the strongest teams take more shots on goal and iterate faster. Richard explains why raising at a high valuation before product-market fit can hurt a company’s next round, why mercenary capital creates poor retention in crypto, and why the next generation of founders must learn to sell to institutions such as Apollo, BlackRock, and Vanguard—not only crypto Twitter. They also discuss stablecoins, moving FX on-chain, regulatory clarity under the GENIUS Act and CLARITY Act, the opportunity in non-USD stablecoins, and the growing overlap between AI, blockchain, and agentic payments. Richard closes with the advice he would give his 17-year-old self: eventually, you have to leave the structured path and carve your own. KEY TAKEAWAYS: Retention separates category creators from narrative chasers. Friend.tech faded, while Polymarket and stablecoins endured. Raising at a high valuation before product-market fit can make the next round almost impossible. Sometimes the lower valuation is the better deal. The next marginal crypto buyer will be institutional, not retail. Non-USD stablecoins remain a major overlooked opportunity. FX is the largest market in traditional finance and could increasingly move on-chain. Category creators often build before the category has a name. Uber came before “ride-sharing,” and Bridge before “stablecoin orchestration.” KEY TIMESTAMPS: 00:03 - Introduction to Richard Chen and Varrock VC01:18 - What a crypto venture investor actually does02:31 - Discovering crypto and founding the Stanford Blockchain Club04:28 - AI, blockchain, and agentic payments06:08 - Using Dune Analytics to spot emerging trends08:41 - Why Richard backed OpenSea in 201809:14 - Why he is betting on stablecoins13:14 - Mercenary capital and crypto’s retention problem16:18 - Raising an oversubscribed $30M fund in a bear market17:42 - Advice for founders raising a bridge round22:09 - What category-creating companies look like early32:25 - Why institutional capital is crypto’s next major buyer36:33 - Non-USD stablecoins and FX on-chain39:28 - How one US election changed crypto regulation44:54 - Revenue versus product-market fit50:22 - How to get introduced to Richard55:46 - Advice to his 17-year-old self GUEST Richard Chen — Founder and Solo GP, Varrock VCWebsite: varrock.vcX: @richardchen39Varrock VC: @VarrockVC HOST Keira Nesdale — MH Ventures Portfolio ManagerX: @RealMissAILinkedIn: Keira NesdaleDealFlow: @dealflowpodcastWebsite: mhventures.io

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About

Dealflow Podcast is where founders, VCs, and operators say the quiet stuff out loud. No PR fluff, no safe answers, just the real stories behind how deals get done and companies actually grow. Hosted by Keira Nesdale (MH Ventures), a VC and builder in the arena, DealFlow goes past the pitch deck into what works right now in AI, Web3, and frontier tech. Each episode breaks down how top founders find customers, structure raises, survive bear markets, and turn messy product experiments into something investors will fight to back.

Information

  • Creator
    Keira Nesdale
  • Years Active
    2025 - 2026
  • Episodes
    45
  • Rating
    Explicit
  • Copyright
    © Keira Nesdale
  • Show Website
    Dealflow