Tank Talks By Ripple Ventures

Ripple Ventures
  • 5.0 (17)
  • Entrepreneurship
  • Updated Weekly

Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups. tanktalks.substack.com

  1. The Rundown 5/25/26: SPACs Are Back: Xanadu, UniUni, and Canada’s Capital Gap

    5d ago

    The Rundown 5/25/26: SPACs Are Back: Xanadu, UniUni, and Canada’s Capital Gap

    In this episode of Tank Talks: The Rundown, Matt Cohen and John Ruffolo break down a huge week across Canadian tech, quantum computing, SPACs, AI infrastructure, vertical SaaS, and the reported SpaceX IPO filing. They start with Xanadu’s $300 million at-the-market equity facility and what it reveals about the funding challenge facing Canadian quantum companies that need billion-dollar scale capital to compete globally. John argues that Xanadu should use current market hype to fully fund the business now, even if short-term shareholders hate the dilution. From there, Matt and John unpack why quantum remains a long-term binary bet, why SPACs may be coming back for Canadian growth companies like UniUni, and why Clio’s jump from $100 million to more than $500 million in ARR proves vertical SaaS is far from dead, especially when the product is mission-critical and deeply embedded. The episode then shifts to OpenAI, Anthropic, and the AI infrastructure boom, with John warning that massive top-line revenue can hide dangerous burn and accounting optics. Matt and John close with a deep debate on the reported SpaceX IPO, Starlink’s growth, Starship risk, xAI, and Cursor being folded into the story, SPV cap table chaos, and whether trillion-dollar tech IPOs could pull capital away from the Mag Seven. Listen to this episode for a sharper read on where capital is really flowing across AI, quantum, SaaS, and space. Matt and John cut through the hype to show which tech narratives are built to last, and which ones could crack under pressure. Xanadu’s $300M ATM Facility and the Quantum Funding Problem (00:49) Matt opens with Xanadu’s $300 million at-the-market equity facility, explaining how the structure gives the company access to capital while raising questions about dilution, public market volatility, and the long-term cost of funding a quantum data center. John Ruffolo’s Advice: Fund the Business While the Market Is Hot (02:45) John explains why Xanadu should take advantage of momentum in the public markets and raise as much primary capital as possible, even if short-term shareholders dislike the dilution. Why SPACs Are Coming Back for Canadian Growth Companies (07:17) Matt brings up UniUni’s $1 billion SPAC agreement to list on the TSX, and John explains why companies struggling to raise late-stage private capital may see SPACs as their best path to primary money. Could Clio Be Canada’s Next Major Tech IPO? (10:56) As Clio’s valuation grows, John argues that the universe of private equity buyers gets smaller, making an IPO one of the more realistic paths for investor liquidity. The Accounting Trick John Says AI Investors Need to Watch (12:23) John criticizes the capitalization of compute, infrastructure, sales, marketing, and partnership costs, arguing that burn may be a better proxy for the real economics than adjusted profitability claims. The Reported SpaceX IPO and the $1.75 Trillion Valuation Debate (14:20) Matt introduces the reported SpaceX IPO valuation and breaks down how much of the story depends on Starlink growth, Starship launches, and the company’s ability to scale space-based broadband. Why Everything Hinges on Starship (18:51) John explains that Starship is the key dependency behind the SpaceX story, because Starlink’s ability to scale depends heavily on launch capacity, satellite economics, and execution. SpaceX vs. Canadian Banks: The Scale Shock (22:37) Matt points out that the reported SpaceX valuation could be roughly twice the combined market cap of Canada’s big six banks, underscoring the staggering scale of the next wave of tech IPOs. The Early Investors Who May Win Big (25:26) Matt and John close by highlighting early institutional bets from Washington State University’s endowment and Ontario Teachers, showing how patient capital in breakthrough companies can create generational outcomes. Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

    27 min
  2. The Case for Concentrated Seed with Jason Shuman of Primary Ventures

    May 21

    The Case for Concentrated Seed with Jason Shuman of Primary Ventures

    In this episode of Tank Talks, host Matt Cohen sits down with Jason Shuman, General Partner at Primary Ventures, New York’s largest dedicated seed fund. With a journey that spans from raising money for a nonprofit at eight years old to driving Uber at night while sourcing deals like Latch, Jason’s experience offers valuable insights for founders, especially those navigating the challenges of building companies in the AI era. Jason shares his entrepreneurial beginnings, the painful lessons from shutting down his DTC footwear brand Category5, and how that shaped his investing philosophy at Primary. He also discusses why software-only moats are dead, how Primary’s 60-person impact team delivers customers (not just capital), and the firm’s unique incubation model that backs founders only after the wedge is validated. From vertical AI to hardware-activated agent networks, Jason dives into the key principles he follows in his investing and why he still believes backing great founders beats incubating anything. Whether you’re interested in AI, venture capital, or building deep-tech companies, Jason’s story provides inspiration and practical wisdom. From Sick Kid to Serial Founder: Jason’s Origin Story (01:53) * Growing up outside Boston with a family of entrepreneurs and a mother who was a therapist * Being diagnosed with primary immune deficiency as a child and becoming a spokesperson for the Jeffrey Modell Foundation at age eight * Why a life lived with urgency became the defining trait of his career Building and Winding Down Category5 (05:33) * Launching a direct-to-consumer boat shoe brand while still in college - before Shopify was good and when Facebook ads were cheap * The hard realization that a brand without a visual cue has a ceiling, and why he saw the Allbirds story coming * Hitting his quarter-life crisis at 23, burning out, and what he learned from the process Breaking Into Venture: Sourcing Deals While Driving Uber (11:38) * How Jason made money driving Uber nights while sourcing deals during the day in 2014 * Building a bridge between Boston founders and New York VCs - one warm intro at a time * The story of Latch: why a B2B mortise lock for apartment buildings, with near-perfect logo retention and CapEx billing, was the first deal he ever sourced Working with Mark Gerson and the Family Office Years (16:17) * Meeting Mark Gerson at a dinner, not knowing who he was, and getting a cold call months later * The lessons in trust, urgency, and delegation he learned running the family office * Backing AI sales enablement, AI accounting, and robotics in 2015 - and why being too early is almost always better than being too late Joining Primary: The Case for Concentrated Seed (21:14) * Why Jason chose a principal role at a six-person, $190M AUM Primary over a partner title elsewhere * What he saw in founders Ben and Brad that others were missing - the depth of diligence, the buttoned-up fundraising, the point of view * How Primary has scaled from $190M to $1.6B AUM while staying obsessively focused on seed Primary’s Differentiated Model: Impact, Incubation, and the 60-Person Team (25:56) * The three things companies need most - customers, people, and capital - and how the Impact team is built around them * How a VC firm’s email address can deliver a 25X higher outbound conversion rate than a startup’s own SDRs * The “glass ball” monthly review process: triaging the highest-priority risks across the portfolio before anything breaks Why Platform Is Broken - and What Primary Does Instead (31:36) * Why most VC platform teams are set up to fail: too few people, too many companies, treated as second-class * Primary’s Impact team is run by former C-suite executives from multi-hundred-million-dollar ARR companies * The shift to AI-native operating inside the platform team - and what that means for portfolio companies Vertical AI, Hardware Agents, and Why Software Moats Are Dead (42:09) * Why Jason is spending more time on physical-world businesses than pure software right now * The wedge vs. system of record debate: why jaw-dropping UX and fast customer acquisition beat “10X better” enterprise replacements every time * Hardware-activated agent networks: how cheap cameras, sensors, and downstream automation are eating vertical workflows - and why Flock Safety is the model What Jason Looks for in Founders Today (50:07) * The qualities that define the founders Jason is most excited to back: urgency, learning velocity, customer obsession, and the ability to sell product and equity * Why he would always rather back a great founder than incubate a company himself * Where incubation and inbound sourcing sit in his priorities heading into the new fund About Jason Shuman Jason Shuman is a General Partner at Primary Ventures, New York’s largest dedicated seed fund with over $1.6 billion in AUM. A former founder himself, Jason built Category5, a direct-to-consumer footwear brand, before transitioning to venture capital. At Primary, he leads investments in vertical AI, hardware-enabled systems, and incubation, and has been part of building one of the most differentiated seed platforms in the industry. His portfolio includes companies like Latch, Dandy, and several active incubations. He is known for his operator-first investment approach, his conviction in hardware-activated agent networks, and his belief that software-only moats are no longer enough. Connect with Jason Shuman on LinkedIn: linkedin.com/in/jasonshuman Visit Primary Ventures website: https://www.primary.vc/ Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

    53 min
  3. Inside Canada’s Most Ambitious Space Infrastructure Company with Mina Mitry of Kepler Communications

    May 13

    Inside Canada’s Most Ambitious Space Infrastructure Company with Mina Mitry of Kepler Communications

    In this episode of Tank Talks, host Matt Cohen sits down with Mina Mitry, CEO and Co-Founder of Kepler Communications, one of the world’s most ambitious space infrastructure companies. With a journey that spans from winning $75,000 in university pitch competitions to building the world’s first commercial optical data relay network, Mina’s experience offers valuable insights for founders, especially those navigating the challenges of building deep-tech and hardware-driven companies. Mina shares his entrepreneurial beginnings, the lessons he learned while scaling Kepler, and the hard pivot from off-the-shelf software to a vertically integrated satellite manufacturing model. He also discusses the Arctic surveillance gap, why real-time space data is critical for Canadian sovereignty, and how Kepler was selected as prime contractor for ESA’s Hydron Element 3 project. From launching 10 satellites on a SpaceX Falcon 9 to shooting lasers across 6,500 kilometers in orbit, Mina dives into his journey and the key principles he follows in his entrepreneurial endeavors. Whether you’re interested in space tech, defense, or sovereign infrastructure, Mina’s story provides inspiration and practical wisdom. From University Rockets to Building Space Infrastructure (02:03) * Mina’s journey from a first-generation immigrant family to co-founding Kepler at the University of Toronto * Why Kepler’s original mission of bringing the internet beyond Earth has never changed * The ultimatum that convinced his co-founders to leave traditional career paths behind The Early Days of Kepler and Finding Product-Market Fit (06:36) * How Kepler survived the early years with limited capital and massive ambition * Why remote communications in the Arctic became one of the company’s first real-world use cases * The challenge of convincing investors in 2015 that orbital laser networks were even possible Satellites, Orbital Networks, and Why Space Connectivity Matters (08:25) * A breakdown of low Earth orbit, geostationary orbit, and why northern connectivity remains difficult * How Kepler built the world’s first commercial laser-based relay network in space * Why real-time data transmission is becoming critical for everything from disaster response to defense Building Canada’s Largest Orbital Data Center (14:22) * What it actually means to put compute infrastructure in orbit * Why SpaceX, Starship, and falling launch costs could completely reshape the space economy * The engineering, thermal, and regulatory challenges of scaling orbital infrastructure Inside Kepler’s Falcon 9 Launch Moment (16:48) * What it felt like watching Kepler’s satellites launch from Vandenberg for the first time * The emotional significance of one of Canada’s largest space milestones in years * Why launch economics and insurance remain misunderstood parts of the industry Defense, Arctic Surveillance, and Sovereign Space Infrastructure (19:42) * How Kepler is helping governments access real-time intelligence from space * Why the Arctic has become a major strategic priority for Canada and its allies * The role of orbital infrastructure in missile detection, surveillance, and national security The Geopolitical Tailwinds Behind Space Sovereignty (23:19) * Why middle powers are increasingly investing in sovereign technology infrastructure * How defense ministries around the world are approaching space-based intelligence differently * The recurring revenue model behind Kepler’s government partnerships Why Space Tech Moats Are Built Over Decades (26:56) * Why Mina believes infrastructure, regulatory access, and time are harder to replicate than capital * The importance of spectrum rights, security clearances, and orbital heritage * Why Kepler’s biggest competitive advantage may simply be the years it has already spent building Jeremy Hansen, Artemis II, and Inspiring the Next Generation (28:43) * What Canada’s moon mission means for the future of the country’s space sector * Why Mina believes visibility and inspiration matter as much as technology itself * How astronauts have become both cultural icons and catalysts for innovation Why Ambition Still Matters Most for Founders (31:00) * Mina’s advice for founders building difficult, long-term companies * Why independent thinking matters more than following trends * The types of space startups Mina believes are still too early to realistically succeed About Mina Mitry Mina Mitry is the CEO and co-founder of Kepler Communications, a Toronto-based space infrastructure company building the world’s first commercial optical data relay network. A first-generation Egyptian-Canadian, Mina started Kepler out of the University of Toronto in 2015 with $75,000 from pitch competitions. Under his leadership, Kepler has grown to over 200 employees, vertically integrated its satellite manufacturing, and launched 10 optical relay satellites on a SpaceX Falcon 9 in January 2026. Mina holds advanced degrees in engineering, left a PhD program to start Kepler, and has become one of Canada’s most outspoken advocates for sovereign space capability, real-time data infrastructure, and ambitious engineering. Connect with Mina Mitry on LinkedIn: https://www.linkedin.com/in/mmitry?originalSubdomain=ca Visit Kepler Communications website: https://kepler.space/ Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

    37 min
  4. Bring it Home: Canada's Regulatory Gridlock & Real Estate Recovery with Jon Love of KingSett Capital

    May 7

    Bring it Home: Canada's Regulatory Gridlock & Real Estate Recovery with Jon Love of KingSett Capital

    In this episode of Tank Talks, host Matt Cohen sits down with Jon Love, founder and executive chair of KingSett Capital, one of Canada’s largest and most experienced private equity real estate platforms. A seasoned investor who has navigated multiple market cycles, Jon is known for his frank, unfiltered takes on Canadian policy, regulation, and capital deployment, and this conversation is no different. Jon shares his honest assessment of the federal government’s newly announced $25 billion Canada Strong sovereign wealth fund, the push to fast-track major resource projects, and what’s really holding Canada back: not a shortage of capital, but a shortage of permission. He also breaks down where the real estate market stands today across office, retail, industrial, and residential, and why he believes a sharp recovery is coming for those with the balance sheet to wait it out. Whether you’re a developer, investor, policy watcher, or simply trying to understand what’s actually happening in the Canadian economy, Jon Love delivers the kind of straight talk that cuts through the noise. Canada’s $25 Billion Sovereign Wealth Fund: Progress or Déjà Vu? (02:48) * Jon’s honest take on the Canada Strong fund and what’s still missing * Why the real barrier to investment isn’t capital, it’s permission * Lessons from the Heritage Fund and what discipline looks like in practice Resource Fast-Tracking and the Major Projects Office (08:36) * The bull and bear case for Tim Hodgson’s promise of 5–10 shovel-ready projects by spring 2027 * What regulatory bottlenecks remain under the Carney government * Why Shell’s takeover of Arc Resources signals renewed confidence and what still needs to happen next Institutional Capital Coming Home (14:50) * What’s different about this wave of pension fund repatriation * OMERS, the Maple Eight, and why Canadian real estate returns are among the best in the world * The case for Canada as a technology superpower and why Jon is more optimistic than most The Real Estate Cycle: Where We Are and What’s Coming (20:25) * Triple-A office as the surprise strongest asset class in the country * Why for-sale residential is in pain and why a sharp recovery is inevitable * How banks are behaving with stressed borrowers, and the Oxford story from 1992 that defined a strategy Creative Repurposing, Affordable Housing, and the HST Rebate (30:44) * Office-to-hotel conversions in Toronto and why adaptive reuse is just getting started * Why streamlining affordable housing approvals matters more than new funding programs * The HST rebate: right medicine, but the prescription still isn’t written Media, Trade Wars, and What Jon Would Tell Carney (33:24) * Why the Port of Vancouver’s seven-day container turnaround vs. Dubai’s seven hours is a symbol of a much bigger problem * How media fragmentation and social media have made constructive policy debate nearly impossible * The one frank piece of advice Jon would give Prime Minister Carney if he had 15 minutes: give permission About Jon Love Jon Love is the founder and executive chair of KingSett Capital, one of Canada’s leading private equity real estate platforms. With decades of experience across multiple market cycles, Jon has built a reputation for candid, principle‑driven commentary on Canadian policy, regulation, and investment. He is a former CEO of Oxford Properties and has been a key figure in shaping Canada’s institutional real estate landscape. Beyond investing, Jon is known for mentoring young talent, championing affordable housing, and relentlessly advocating for cutting red tape. Connect with Jon Love on LinkedIn: https://www.linkedin.com/in/jonlovekingsett?originalSubdomain=ca Visit KingSett Capital website: https://www.kingsettcapital.com/ Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

    44 min
  5. The Rundown 4/28/26: Canada’s $25B Sovereign Wealth Fund: Genius Move or Political Slush Fund?

    Apr 28

    The Rundown 4/28/26: Canada’s $25B Sovereign Wealth Fund: Genius Move or Political Slush Fund?

    In this episode of Tank Talks, Matt Cohen and John Ruffolo break down one of the biggest economic policy announcements in Canada’s innovation economy: Mark Carney’s proposed $25 billion Canada Strong Fund, a sovereign wealth fund designed to invest in nation-building projects, strategic industries, Canadian technology companies, and long-term economic sovereignty. John, who previously argued for this type of fund in his Substack piece Canada’s Missing Pot of Gold, explains why Canada’s biggest structural problem is undercapitalization and why relying on foreign direct investment for critical industries creates serious sovereignty risks. Matt and John dig into the hard questions behind the fund: Where does the money come from? Can Canada borrow at low rates and invest for long-term returns? How should the fund be governed so it does not become a political slush fund? And can this vehicle finally force a more serious conversation around Canadian pension funds, domestic capital formation, and backing companies like Cohere, Kepler, and Xanadu before they are pushed toward foreign capital markets? The episode also covers Cohere’s acquisition of German AI firm Aleph Alpha, the rise of sovereign AI alternatives outside the U.S. and China, Xanadu’s volatile post-SPAC quantum stock run, SpaceX’s reported Cursor acquisition talks, Meta’s 8,000-person AI-driven workforce reduction, and Thoma Bravo’s massive Medallia equity wipeout. From sovereign wealth and AI infrastructure to quantum financing and private equity pain, this episode asks the real question: can Canada build the capital systems needed to own its future? Canada Strong Fund: Carney’s $25B sovereign wealth fund announcement (00:31) Matt opens the episode by laying out the breaking news: Mark Carney has launched the proposed Canada Strong Fund, a $25 billion sovereign wealth fund aimed at giving Canadians a stake in strategic national projects and critical industries. Why John Ruffolo says Canada is dangerously undercapitalized (01:22) John argues that Canada’s core economic problem is not a lack of ideas, talent, or companies, but a lack of domestic capital formation. He explains why foreign-controlled capital in sovereign industries is a bad idea and why Canada needs its own funding mechanism. The biggest risk: governance or political slush fund? (03:14) John explains that the Canada Strong Fund will only work if it is independently governed, similar to CPPIB or CDPQ. Without strong governance, he warns, the fund could collapse into politically motivated pet projects. Can Canada borrow at 3.5% and earn 7% long term? (04:59) John breaks down the financial logic behind using Canada’s strong credit rating to borrow at lower rates and invest through a professionally managed fund targeting long-term returns similar to major pension funds. Why the fund fails if returns do not materialize (08:15) Matt raises concerns about launching a sovereign wealth fund during a deficit environment. John says the idea only works if the fund is independently managed and capable of generating real long-term returns. No more grants: John’s blunt plan for government funding (14:02) John calls for Canada to stop giving grants, especially to foreign-based companies, and instead convert government support into equity investments that create long-term ownership and capital recycling for the country. Cohere acquires Aleph Alpha and makes a sovereign AI play (16:12) Matt breaks down Cohere’s acquisition of German AI firm Aleph Alpha, the new Berlin European headquarters, and the reported $600 million financing commitment from Schwarz Group as part of a broader sovereign AI strategy. Xanadu’s quantum stock surge and post-SPAC volatility (19:59) Matt explains Xanadu’s post-SPAC trading action, including its sharp rise, options activity, and SEC filing registering nearly 300 million Class B shares for sale after the lockup period expires. SpaceX, Cursor, and peak AI paper-deal froth (24:25) Matt and John react to reports that SpaceX could acquire AI coding startup Cursor for $60 billion, with John arguing that SpaceX shareholders should be furious about the growing complexity and governance concerns. Meta layoffs and the real cost of AI capital spending (27:56) Matt highlights Meta’s reported 10% workforce reduction tied to massive AI capital spending. John argues the “AI efficiency” explanation often masks bad capital allocation and failed strategic bets. Thoma Bravo’s $5.1B Medallia equity wipeout (29:55) The episode closes with Thoma Bravo handing Medallia back to creditors after a major private equity software deal collapses, raising questions about SaaS valuations, debt structures, and exit assumptions in the AI era. Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

    33 min
  6. How to Get VC Funding in 2026 with Matt Cohen

    Apr 23

    How to Get VC Funding in 2026 with Matt Cohen

    Originally recorded as Matt Cohen’s guest appearance on Mantle Mondays hosted by Amar Varma. In this special episode of Tank Talks, Matt Cohen joins Amar Varma on Mantle Mondays for a candid conversation about how to get VC funding in 2026, what early-stage investors actually look for, and where the next wave of breakout startups is being built. As the Founder and Managing Partner of Ripple Ventures, Matt shares his path from RBC trading desks and public markets to startup operating experience, angel investing, and eventually building one of Canada’s most active early-stage venture firms. He breaks down how founders can stand out in a crowded market, why validated problems and technical execution matter more than hype, and what separates companies that can raise from companies that get left behind. The conversation also dives into how Matt evaluates founders before product-market fit, why recruiting ability and fundraising skill matter as much as product vision, and how AI, deep tech, biotech, aerospace, and software-enabled physical systems are reshaping venture capital. Matt also opens up about Ripple Ventures’ own evolution, the firm’s investment philosophy, and how Ripple OS and internal AI agents are helping portfolio companies move faster. If you want an honest look at startup fundraising, venture capital in Canada, founder-investor fit, AI startup differentiation, and the future of early-stage tech, this Tank Talks episode, originally recorded as Matt Cohen’s appearance on Mantle Mondays with Amar Varma, is packed with practical insights. How Turnstile Pulled Matt Into the Startup World (03:07) The origin story of Turnstile, the wifi marketing and analytics company Matt co-founded, and how building and exiting that business gave him his first real startup education. Why Startup Struggle Matters More Than Investor Talk (05:11) Matt gets real about how hard it was to raise capital, why Turnstile had to grind toward profitability, and why lived operator experience matters when founders pick investors. How Ripple Ventures Started Before the Fund Existed (07:42) Matt explains how he built the Ripple brand before institutional capital was in place, why perception matters in venture, and how his early angel wins created momentum with family offices. The Long-Game Philosophy Behind Fund I (10:51) A great story about raising a first fund, proving commitment to LPs, and why first-time managers need to stop waiting for the “perfect” close and just get moving. What Gets a Founder’s Attention in 2026 (16:44) Matt breaks down what’s changed in venture, why deep tech and frontier ideas are more investable today, and why ambitious founders are tackling much bigger problems than they were a decade ago. The 4 Things Ripple Ventures Looks For in Founders (19:25) Matt lays out Ripple’s core framework: validated problem, technical founding team, recruiting ability, and fundraising skill. The Startup That Blew Matt Away (23:29) Matt shares the story of Clover and why seeing a young team scale to massive early traction changed how he thinks about speed, execution, and modern company building. What a Generational Company Actually Looks Like (33:59) Matt gets honest about what he can and can’t claim to know, then shares the founder traits he believes matter most when building something truly enduring. What Founders Should Look For in an Investor (38:05) A powerful section on support during hard moments, reputation in venture, and why investors are really tested when a company is struggling, selling, or stuck. Tank Talks, Community, and Playing the 25-Year Game (44:24) Matt reflects on building Tank Talks, surrounding himself with younger talent, and why staying close to ambitious founders keeps him sharp. Matt’s Best Advice for Founders and Builders (46:31) A strong closing section on paying it forward, reputation, and why the people you meet on the way up are the same people you’ll see on the way down. Mantle Mondays on YouTube: https://www.youtube.com/@withmantle Connect with Amar Varma on LinkedIn: https://www.linkedin.com/in/amar-varma-8041b9/ Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

    51 min
  7. The Rundown 4/15/26: Canada’s AI Crackdown, the Exit Tax Backlash, Cohere’s Germany Deal, and Hootsuite’s Reset

    Apr 15

    The Rundown 4/15/26: Canada’s AI Crackdown, the Exit Tax Backlash, Cohere’s Germany Deal, and Hootsuite’s Reset

    In this episode of Tank Talks, Matt Cohen and John Ruffolo break down the latest developments shaping Canada’s tech landscape, from AI policy and government regulation to talent flight and emerging cybersecurity risks. They discuss proposals to restrict AI chatbot access for minors, the broader implications of tech regulation in a fast-moving market, and the controversial idea of imposing an exit tax on Canadians who leave for the U.S. for work. The conversation then turns to the next wave of AI competition and enterprise transformation. Matt and John unpack Cohere’s reported talks to merge with a German AI company as part of a broader push around sovereign AI, data infrastructure, and enterprise model deployment in Europe. They also debate Anthropic’s Claude Mythos preview and whether its reported ability to uncover zero-day vulnerabilities represents a real cybersecurity breakthrough or clever marketing. From there, they explore the rise of agentic AI inside large enterprises, where token allocation, workflow automation, and AI agents are becoming real boardroom priorities. The episode closes with Hootsuite founder Ryan Holmes returning as interim CEO, prompting a broader discussion about founder-led turnarounds, SaaS disruption, and how AI is reshaping leadership across the tech sector. Tune in for a sharp breakdown of the policy decisions, market shifts, and AI developments that could have a lasting impact on Canada’s innovation economy. The Blanket AI Ban Proposal for Youth in Canada (00:57) John and Matt debate the implications of a blanket ban on AI chatbots for individuals under 16 in Canada, exploring how this could hinder youth innovation and global competitiveness, especially when countries like China are advancing rapidly in AI development. Balancing AI Privacy Concerns with Innovation (01:39) John shares his thoughts on the growing debate around AI privacy laws and whether Canada should follow the EU’s model of regulation or take a more pragmatic approach. The conversation touches on the risks of banning AI technologies without considering the broader impacts on tech development. Patrick Bette’s Proposal for Exit Tax on Canadians Moving to the U.S. (04:56) Matt and John discuss the controversial proposal from Patrick Bette to charge an exit tax on Canadians who leave for the U.S. to work, aiming to recover the public investment in their education. They debate whether this idea is practical and whether it reflects a misunderstanding of the challenges facing Canada’s youth. Cohere’s Strategic Merger with German AI Player (11:12) Matt and John talk about Cohere’s potential merger with a German AI company and its implications for Canada’s AI sovereignty. John examines the strategic motivations behind this move and whether this type of cross-border alliance could position Canada as a leader in AI innovation. AI’s Role in the Corporate World: From Job Replacements to New Capabilities (19:00) A major topic in the episode is how AI is shifting from being seen as a tool for job replacement to one that unlocks new capabilities in various industries, including healthcare, banking, and retail. John and Matt delve into the emerging concept of internal AI agents and the complexities of managing compute resources in organizations. Hootsuite’s CEO Shake-Up: Ryan Holmes Returns (21:56) The episode wraps up with a discussion on Hootsuite’s recent leadership change, where founder Ryan Holmes returns to the helm as interim CEO. Matt and John explore the implications of this shift, especially in the context of the current AI-driven market disruptions. Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

    26 min
  8. Demystifying Venture Debt: Funding Growth with Less Dilution with Marshall Hawks

    Apr 9

    Demystifying Venture Debt: Funding Growth with Less Dilution with Marshall Hawks

    Venture debt might be the most misunderstood tool in startup finance. Ask ten founders to explain it, and you will get ten different answers, most of them wrong. In this episode of Tank Talks, Matt Cohen sits down with Marshall Hawks, a 16-year Silicon Valley Bank veteran who structured hundreds of venture debt deals, including for Airbnb, Twitch, and Fitbit. After SVB’s collapse in 2023, Marshall stepped away to write the playbook founders had been missing: Venture Debt Deals: How to Fund Growth with Less Dilution. He breaks down what is actually happening in the 2026 venture debt market, including bigger facilities, new players in private credit, and what terms really look like today. They also get into when debt actually makes sense and when it does not, the biggest mistakes founders make on term sheets, and why the right lending partner matters more than squeezing out the lowest rate. If you want to grow faster without giving up more equity, or just understand how the full capital stack really works, this one is worth your time. Marshall’s Early Lessons in Finance and Entrepreneurship (02:30) * Learning secured lending basics in his grandfather’s Arkansas pawn shop * Reading people, judging value, and knowing what you don’t know, including the cubic zirconia story * Growing up with a venture-backed CEO father who later became a VC, building empathy for founders Life at SVB and the 2023 Collapse (08:24) * 16+ years, nine roles, including helping build SVB Canada * Inside the third-largest bank failure in U.S. history * The power of simply answering the phone during a crisis Venture Debt vs. Private Credit (15:58) * The key differences: venture banking (customer acquisition model) vs. private credit (deployed capital seeking returns) * Why banks offer smaller deals tied to revenue multiples, while private credit writes $50M–$150M+ checks * The role of warrants (equity kickers) in almost every venture debt deal What Lenders Actually Underwrite (20:58) * Why the cap table and investor syndicate matter more than financial models (models are always wrong) * How lenders assess whether a company can raise its next equity round Key Case Studies and Lessons (23:53) * Airbnb: The energy you could feel walking into the office * Subtle signals Marshall looks for: office vibe, founder energy, and the “Airbnb Rhode Island office” effect Clearco: A Cautionary Tale (28:03) * How Clearco used venture debt to scale rapidly and how over-leveraging nearly broke the company * The surprising role SVB’s own failure played in saving Clearco * Why revenue-based financing models can become burdensome when revenue becomes less predictable The State of the Venture Debt Market in 2026 (35:30) * Recorded $62 billion in volumes, recovered faster than expected * More choices than ever, including Stifel, HSBC, J.P. Morgan, BlackRock, Apollo, KKR, and Blue Owl * AI companies largely do not need debt right now Breaking Down Venture Debt Term Sheets for Founders (40:47) * Founders do not understand what motivates venture banks vs. private credit firms * Getting the right partner trumps any term sheet detail * Price and economics matter, but choosing the wrong lender is a disaster * The right lender can be meaningfully impactful as a company ramps up * Most founders think about terms first. They should think about their partner first. When to Start Building Lender Relationships (47:05) * It’s never too early, meet lenders 6–12 months before you need capital * Most venture debt deals happen after an equity round closes (serial, not parallel) * Send regular updates to lenders just like you would to investors Hybrid Rounds: Will Venture Debt and Equity Merge? (49:37) * Traditional SaaS players are stuck. They need to incorporate AI to survive. * Inside rounds with debt and equity stapled together feel like bridge rounds to buy time. * Marshall’s view: this will not become the norm. * Timing is wonky. Getting equity investors and lenders to work together is cumbersome. * Separate events work better: raise equity first, then raise debt. Marshall’s Closing Advice for First-Time Founders (51:22) * Treat venture debt as a tool, not a silver bullet * Prioritize finding the right long-term partner over optimizing every last term About Marshall Hawks Marshall Hawks spent 16 years at Silicon Valley Bank, where he originated and closed hundreds of venture debt deals with companies like Airbnb, Twitch, and Fitbit. Following SVB’s collapse in 2023, he left banking to write Venture Debt Deals: How to Fund Growth with Less Dilution, the practical guide he wished every founder had before opening a term sheet. He now serves as an independent voice on venture debt, helping founders navigate the post-SVB landscape of banks, private credit, and alternative financing. Connect with Marshall Hawks on LinkedIn: https://www.linkedin.com/in/marshallhawks/ Buy Venture Debt Deals: https://www.amazon.com/Venture-Debt-Deals-Growth-Dilution/dp/B0FZYQ53MW Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1 Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

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Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups. tanktalks.substack.com

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