The Uncovered Podcast PJC

Episode Summary:
Phil Bronner is the Managing Partner and Co-Founder of D.C. based Ardent Venture Partners, which was co- founded in 2020 with fellow veteran investor Phil Herget.  Phil has had an impressive 15-year career in venture prior to starting Ardent, leading 16 investments (was actively involved in 20) totaling over $100 million.  He has also been on the entrepreneurial side, founding Quad Learning, a venture-backed startup acquired by Wellspring Higher Education.   In this episode you’ll learn more about Phil’s background and experience working in venture, the challenges and humbling process of starting your own venture fund, and the key strategies and lessons he has learned thus far starting Ardent Ventures.

What is Uncovered: 
Phil’s experience in venture and what has surprised him the most starting Ardent Venture Partners The key strategies to think about when starting your first fund The importance of team vs finding the next big deal The changes in venture over the last 10-15 years The sheer number of accomplished VCs out there looking for funding The state of valuations today & predictions of what is to come within VCLearn More About:
Phil Bronner:
Phil Bronner is the co-founder of Ardent Venture Partners, a venture fund investing in companies that transform the way we work. He is currently on the board of Reserve Trust, Verituity, ExecOnline, OneMain Financial (OMF) and an investor in Method Financial and Collective. Before co-founding Ardent Venture Partners, Phil was Founder/Managing Member of Summer League Ventures (SLV). Active SLV deals include Morning consult, ExecOnline, Ordway Labs, Gather.ai, Anno.ai, and AirSide Mobile.
Prior to SLV, Phil was a General Partner with Novak Biddle Venture Partners. Over the course of his 15-year career, he led 16 investments (was actively involved in 20) with investments totaling over $100 million. Three of Phil’s series A investments went on to be worth $880 million or more. Investments include: 2U (TWOU), Infoblox (BLOX), SolidFire (Acquired by NetApp), AddThis (acquired by Oracle), Webs (Acquired by Vistaprint), Approva (Acquired by Infor), LifeShield Security (acquired by DirectTV), ClearStandards (Acquired by SAP), Social Gaming Network, and Logic Library (Acquired by SOA Software). In addition, Phil’s past board observer seats include N.E.W. Customer Service Companies (acquired by Asurion), AnswerLogic, a natural language search engine (acquired by Primus Knowledge Systems), and Spectrum K12 (acquired by Power Schools). Phil was the founder of Quad Learning, a venture-backed startup acquired by Wellspring Higher Education, served as a management consultant at McKinsey & Co. and worked as a software engineer at IBM.  
Phil earned a B.S. in Computer Science from Carnegie Mellon University; a J.D. from the University of Pennsylvania’s School of Law; and an MBA from the Wharton School at the University of Pennsylvania. Phil and Brooke live in Washington DC with their 3 kids: Dylan, Sophia, and Mason.

Connect with Phil on LinkedIn.

Ardent Venture Partners: 
With over 50 years combined of experience Ardent Venture Partners has proven time and again that the right combination of capital and active strategic support during the seed stage can create significant value and outsized returns for both Founders and investors. To learn more visit their website at https://ardent.vc/.  

Episode Description: 
In episode 7 of Season 3,  Matt and Rob speak with Lee Hower, co-founder and Partner of NextView Ventures.  Lee has spent his career as an entrepreneur and investor in early-stage software and internet startups.  In this episode, you'll learn more on Lee's early days at PayPal alongside Elon Musk, to co-founding LinkedIn and moving back to the east coast to start his venture career at PJC.  You’ll hear more on his experience starting NextView Ventures, the biggest challenges he has faced with NextView and what has surprised him the most being in venture for over 10 years.  
What is Uncovered: 
What it was like starting Fund I at NextViewThe parallels of running a startup and raising money as a VCWhat it was like to receive that first LP commitment How Lee's experience in tech has influenced his experience in VentureThe most surprising thing about starting a venture fund The biggest challenge Lee has faced over the last 10 years at NextView Learn more about: 
Lee Hower: 
Lee is a co-founder and Partner at NextView Ventures. He has spent his entire career as an entrepreneur and investor in early-stage software and internet startups.
Lee started his career as an early employee of PayPal in product and business development roles, through the company’s 2002 IPO and sale to eBay. After PayPal, Lee was a co-founder of LinkedIn (NYSE: LNKD) and served as head of corporate development during the company’s early years.
Lee began his VC career at PJC, a Boston-based early-stage VC firm, where he was a Principal and helped to build the firm’s internet investment practice. At PJC Lee led investments in and served as a board director of Multiply (acq. by Naspers) and FanIQ.
Lee graduated from the University of Pennsylvania’s Management & Technology program, with a BAS in Systems Engineering and a BS Economics from the Wharton School. He was selected as Wharton’s Commencement Speaker in 2000. He lives with his wife and small daughter and splits his time between Boston and San Francisco.

Connect with Lee on LinkedIn. 
NextView Ventures: 
Seed stage investors who champion founders who want to redesign the Everyday Economy.  NextView keeps their number of deals small and platform offerings expansive so they can help their portfolio with what matters most at the seed-stage. Check out their full pitch deck: https://nextview.vc/approach/
Highlighted Quote rom Lee: 
“People come up with all kinds of sports analogies as to what early-stage VC and investing is like and the best one that I've said is it's kind of like baseball: a hybrid between the base running coach whose standing at third base and the talent-scout.  The 3rd base coach gives perspective and input to the founders, who are the ones who are actually building and running the companies. Sometimes they listen to our advice, sometimes they don't, but hopefully the third base coach can see the whole field and see what’s happening and offer that perspective to go around third base and head for home or not. The talent scouting part of it is identifying really exceptional people who sometimes have ideas that seem unusual at the very early stage.” 

Episode Summary:
In this episode of Season 3 of the “Entrepreneurial Side of VC” hosts Matt Hayes and Rob May speak with David Martirano, Managing Partner of PJC.  Tune in to learn more on his 20+ year career in venture and how its evolved over the years as well as the current trends within venture capital today. 

What is Uncovered:
The differences between raising capital for a VC fund versus a startup The ​​parallels between managing and running a venture fund and managing and running a startup as a CEOThe evolution of venture over a 20 year span from rising hedge fund activity in venture, to an increase in unicorn companies to the IPO market and SPACsThe J curve and David’s experience fundraising for funds II and IIICurrent key trends that are going to require venture capitalists to continue to adapt, grow and change Partnerships vs solo capitalists and the pros and cons of both PJC’s first-time founder focus and why it's been successful over the years Learn more about:

David Martirano:
 
David Martirano is the Managing Partner of PJC. David has extensive experience investing broadly in B2B SaaS, Consumer and Tech Enabled Service companies.
In 2001, David partnered with Governor Gina Raimondo, and together they founded Point Judith Capital in Rhode Island.  Point Judith Capital subsequently relocated to Boston in 2011 and later rebranded to PJC.  
Prior to PJC, David Co-founded Rex Capital Ventures, which was a venture division of a family office that invested in early stage technology companies around the world.  Before embarking on his 20-year venture capital experience, he worked on Wall street and was a member of the Investment Banking Group at Cowen & Company.  David sits on the Board of Trustees at the University of Rhode Island and the Investment Committee of Lifespan and has been actively involved with Year Up Rhode Island.
For fun David punishes himself by playing golf and working on his golf game (not well), in addition, to skiing and other outdoor activities with his kids. 

Connect with David on LinkedIn. 
PJC:
PJC is an early stage venture capital firm investing in innovative, high-growth companies that are building technology to disrupt the status quo. The firm seeks to be the first institutional capital deployed into a company and is focused on being a true partner to entrepreneurs as they drive their companies toward becoming industry leaders in their respective categories. The firm has invested in over 100 companies across North America including notable companies like Expensify, Nest, Blockfi, GetWellNetwork, Nexamp, and Yandex. PJC was founded in 2001 and is based in Boston, MA. For more information, visit http://www.pjc.vc.

This episode was recorded in September of 2021. 

Episode Summary:
Virginie Raphael is the Founder and Managing Partner of FullCircle, a pre-seed fund focused on the structural changes required to create a better workforce and closing the incentive alignment gap.  In this episode, Matt and Marissa talk with Virginie about her path to venture, her motivation for starting FullCircle (first launched in June of 2021) and her passion for helping companies at the earliest stages with FullCircle’s perpetual fund structure.  
What is Uncovered: 
Virginie’s unexpected journey to venture FullCircle’s perpetual fund structure The strategies and challenges with fundraising for a perpetual fund What her first LP commitment was like The parallels between fundraising for a startup and a venture fund Learn More About:
Virginie Raphael 
Virginie Raphael is obsessed with serving founders at the earliest stages and passionate about finding ways to better align founders and funders.
Virginie launched FullCircle to scale the impact of her work with a perpetual fund structure to invest in a better workforce.
Prior to founding FullCircle, Virginie was a Managing Director at Tusk Ventures where she was an early employee and spent eight years advising and investing in early-stage founders operating in highly regulated industries. Before Tusk, Virginie honed her analytical and financial skills as a banker at Lehman Brothers/Barclays. 
French born, she was swept away by New York’s resilient entrepreneurship culture and enduring optimism.  Connect with Virginie on LinkedIn and Twitter.

FullCircle: 
FullCircle is an early-stage venture firm investing at pre-seed out of a perpetual fund. We serve founders as trusted long-term partners with shared values and a startup mentality.
We invest up to $250k into initial rounds ranging $500k-$1.5M.
​We are highly collaborative and network-driven, co-investing with the angels and small early-stage funds you want around the table.
​We are passionate about the changing composition of the workforce.
​We see an overlooked opportunity to build technologies serving the needs of working caregivers, deskless workers in traditionally low-tech industries, as well as independent workers.
​We value trust and transparency above all else.
​We align with you right from the start as your most insightful, transparent and candid partner in executing your vision with clarity and focus.
Learn more about FullCircle on their website.
Quotes from Virginie: 
“VC is a team sport, especially at pre-seed. Those rounds are going to be syndicated out, so if you want to be a repeat player, you have to be able to be collaborative." “I love collaborating with other firms whom I know our values are aligned with and treat founders the same way I would want them to be treated.”

Episode Summary:
Vishal Vasishth is the Co-Founder and Managing Director of Obvious Ventures, founded in 2014, and investing in both early and growth stage companies.  In this episode we speak with Vishal on his path to starting Obvious Ventures - from his time at Patagonia which greatly influenced the way he thought about brand and culture to his entrepreneurial path focused on how to solve real problems in the world.  Tune into this episode to learn more on the parallels between building a company and venture funding, the importance of a clear focused thesis and how to build trust with key stakeholders. 
What is Uncovered: 
Vishal’s journey to starting Obvious Ventures The process and experience of getting those first few LPs to invest  The biggest difference between being a venture capitalist and an entrepreneur The parallels between venture capital and starting a companyBiggest challenge running Obvious Ventures thus far How Obvious Ventures is growing and differentiating themselves in a competitive VC landscape Learn More About:
Vishal Vasishth
Vishal invests in values-driven founders and companies that dramatically improve healthcare outcomes, create more human-centered financial systems, and reimagine consumer services from the ground up.
He leads Obvious’ investments in full-stack healthcare with Virta, Galileo, and Devoted Health; financial technology startups such as Hedvig, One, Corvus, and Openly; and purpose-led consumer services like Good Eggs and Block Renovation.
Before co-founding Obvious, Vishal was the founding partner of Indian-based fund SONG Investment Advisors. He also served as a senior executive at Steve Case’s Revolution, LLC. Prior to his career as an investor, Vishal spent a decade at outdoor gear and apparel retailer Patagonia, in roles ranging from product manager to Chief Strategy Officer. He was selected as a Henry Crown Fellow of the Aspen Institute and a Next Generation Fellow of the American Assembly, both recognizing value-based leadership. Vishal earned a B. Tech degree in India, an MS from North Carolina State University, and an MBA from UCLA’s Anderson School of Management.
Vishal grew up in the fast growing city of Chandigarh, India. He is an avid cricket fan and aspiring batsman.

Connect with Vishal on LinkedIn 
Obvious Ventures: 
Obvious is a venture capital firm investing in startups reimagining trillion-dollar industries through a world positive lens. Our three investment pillars are Sustainable Systems, Healthy Living, and People Power. We invest at both early and growth stages. Learn more by visiting their website at https://obvious.com/.

Quotes: 
On raising money for follow-on investments: “It's a journey. I think it's similar to building companies and operating companies, which is ultimately building trust.  You need to be building trust with all the stakeholders, including internal teams, external teams, customers, and showing progress, day after day, which enables you to get more people involved in your tribe.” “You are becoming better by doing the things which have brought success and learning from the failures” 

Episode Summary:
In our third episode of Season 3, Matt joins forces with Marissa Millbury, VP at PJC,  to speak with Abby Miller Levy, Managing Partner & Co-Founder of Primetime Partners.   We learn more on how she went from wellness entrepreneur to founding Primetime Partners in 2020 which is focused on the trillion dollar global sector of Aging.   A powerful conversation around this particular sector that is ripe for innovation.

What is Uncovered: 
The catalyst behind Primetime Partners Why Abby went from writing business plans for older adults to instead starting her own VC fundThe strategic steps she took to get Primetime Partners off the ground What surprised her the most with fundraising The staggering statistics around our aging population & the enormous amount of white space in this sector The biggest challenges Abby has faced thus far with starting Primetime Learn More About:

Abby Miller Levy:
Abby is the Managing Partner & Co-Founder of Primetime Partners.  Abby has spent her career helping businesses and consumer brands grow as an operator, entrepreneur and advisor, most notably in the wellness sector. Prior to Primetime Partners, Abby was an executive at SoulCycle, where she oversaw business development and revenue growth outside the consumer studio business, with an emphasis on building new digital products as the Senior Vice President of Strategy & Growth. Abby has also been a Founder herself, teaming with Arianna Huffington to launch Thrive Global, a behavior change technology company focused on employee productivity and wellness. Abby served as President of Thrive Global and remains on the Thrive Board. Abby began her career at McKinsey & Company then led product development at OXO International. She is a graduate of Princeton University and Harvard Business School.  Connect with Abby on LinkedIn. 

Primetime Partners:
Primetime is an early-stage venture capital fund that invests in, and builds from the ground up, companies that can transform the quality of living for older adults.
They support the founders and organizations that create meaningful new products, services and experiences in the under-served, trillion dollar global sector of Aging.  They accelerate business growth through their direct-to-consumer marketing expertise,  their strategic distribution partners, synergies across portfolio companies and an engaged network of advisors. Also core to their mission, is to unlock the talent and expertise of experienced older adults as founders and business builders.  Follow on:  LinkedIn. 

Quotes from Abby: 
"Don’t discredit anyone’s questions or criticism. I think it's really easy to say, ‘oh, they just don't get it.’ Or, you know, ‘screw them’ or whatever else it is, but actually, in the critiques is where you can learn the most.  I felt that way when I fundraised in the past and I still feel like it raises your game to get that criticism and feedback.” “The emotional reaction of being told no still takes getting used to, even if you have been successful and are prepared and know the stats of first time funds” “Fifty percent of Americans are going to run out of money and no one's dealing with it or talking about it. There's only two million senior living beds in our country. How are people going to age in place? There are just tons of macro issues that entrepreneurs can help solve.”