Welcome to the Arena ICR

When you're a founder, you need creative ways to grow your business. Today's guest recognized that need, and built her company on it.
We're sitting down with Keri Findley, Founder and CEO of Tacora Capital. Keri has two decades of experience in structured credit investing at leading firms, and as a private investor. She founded Tacora in 2022, securing a $250 million investment from renowned venture capitalist Peter Thiel.
From 2009 to 2017, Kerry ran the structured credit portfolio for Third Point, the multi-billion dollar hedge fund founded by Dan Loeb. She was the first woman and the youngest person to be made partner at Third Point. Prior to that, she held a similar position at D.B. Zwirn, and began her career at Morgan Stanley.
Keri currently serves as an advisor to Firework Ventures and 8VC, and is on the boards of Hearth, Karus, Point Digital, and Architect.
Highlights:

Keri summarizes her introduction to finance (2:51)
Falling into the industry, and growing up as a 'math person'(3:22)
Keri describes what it was like to begin in the finance industry in the late 2000's (4:28)
Types of assets in the payment processing platform (6:10)
Leaving her job, and how Keri came to found Tacora Capital (7:21)
Working with Peter Thiel, and more about their partnership (9:14)
Keri describes the audience, and kinds of investors that are attracted to Tacora Capital (10:10)
Tacora's unique approach and structure in venture capital (11:14)
Keri discusses whether she would rather Tacora be at a later-stage (12:50)
Tacora's reason for focusing on Fintech and Insuretech fields (14:37)
Keri gives an example of the opportunities Tacora has provided to one of their portfolio companies (16:00)
Where Tacora's pipeline for new deals is sourced from (16:52)
How the current financial and economic climate effects the work done at Tacora (18:22)
How Tacora avoids risky situations and maintains discipline in their work (20:16)
Keri predicts the future of the venture capital market based on recent history (21:37)
'Non-dilutive capital' and Tacora's approach to companies facing down-rounds (25:15)
Why Keri decided to settle the company in Austin, Texas (27:07)
Keri predicts how the banking model will change in the near future (30:04)
Tacora's short-term goals and plans (31:22)
Links:
Keri Findley on LinkedIn
Tacora Capital Website
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

As the economy shifts, and interest rates rise, there's an extraordinary opportunity right now for lenders who pay attention and lean in.
Today we get to sit down with Warren de Haan, Founder, Managing Partner, and CEO at ACORE Capital. ACORE is one of the largest credit managers focused on commercial real estate lending, with approximately $20 billion of assets under management for the past three years.
ACORE originates, acquires and manages first mortgages, bnot, mezzanine, debt, and preferred equity throughout the us. They are ranked in the top 20 of the Real Estate Debt 50, according to private equity real estate, the leading industry trade publication for real estate fund and investment managers. Since its inception in 2015, ACORE has closed almost 500 transactions worth almost $40 billion. Prior to ACORE, Warren held C-Suite leadership positions in the commercial real estate finance industry, and capital markets, including Starwood Property Trust, Countrywide Commercial Real Estate Finance, and Coastal Capital Partners.
For the past 6 years, The Commercial Observer has ranked Warren in the top 15 of their annual listing of the 50 most important figures of commercial real estate finance.
Highlights:

Warren describes his path to the hospitality industry, and what drew him to it (3:16)
Warren discusses how the economic climate influenced the buildup to founding ACORE (3:57)
The commercial real estate debt market and its current addressable market (6:44)
How ACORE scales their business while assuring 'white glove service' to their customers (8:15)
Warren describes how the company handles ever-changing regulations and political interference (15:22)
How Warren approaches and resolves the complexity, and risk factors in the field (18:22)
Warren describes where the opportunity lies in different parts of the real estate market (22:13)
The change in capital spending and loan status over time, and the state of the current market (25:18)
Warren gives his theory on why businesses should pinpoint their focus on credit (28:11)
ACORE's short-term and long-term goals for the future (30:50)
Links:ICR LinkedIn
ICR Twitter
ICR Website
Warren de Haan on LinkedIn
ACORE Capital on LinkedIn
ACORE Capital Website
Feedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

Sleep apnea affects a billion people worldwide and can cause serious medical problems, and yet its most widely prescribed therapy can be intolerable for many sufferers. My guest today has identified and jumped on a huge need for an alternative therapy.
We're sitting down with Len Liptak, founder and CEO of ProSomnus Sleep Technology, which trades under the symbol O S A. He's a board member and the co-inventor of the company's flagship product. Prior to starting ProSomnus, Len was President of MicroDental Laboratories, where he led the commercialization of multiple award-winning products and directed the expansion of the company's digital supply chain. During Len's tenure, the company grew three times faster than the industry average and set company records for profitability. At MicroDental, Len was named to Exec Rank's list of Top Executives for privately held companies in 2012 and 2013.
Len also spent 10 years at 3M and Stryker in strategic business development, business unit management and product development capacities. While at 3M, he was awarded the company's Golden Step Award, Circle of Technical Excellence Team Award and Global Sales and Marketing Leadership Award.  Len has an MBA from University of Minnesota and a BA from Brown.
We had a great conversation about the important work ProSomnus is doing to solve a widespread medical problem.
Highlights:

What ProSomnus does, and Len’s background that started him on this path (3:10)
The problem of sleep apnea (5:05)
The total addressable market for ProSomnus  (7:18)
ProSomnus’ flagship product and how it differs from traditional treatments (8:33)
How it’s delivered to patients (10:45)
The economics of expanding the sales force (12:47)
Len shares some fascinating survey data about their market (13:51)
ProSomnus’ manufacturing expansion (15:44)
How ProSomnus manages quality assurance and their use of AI (18:28)
ProSomnus’ partnerships for driving innovation forward (20:39)
How they gather feedback from healthcare providers (23:10)
Len discusses their growth rate and how that translates through their P & L (25:15)
Len talks about the great team at ProSomnus (27:14)
Links:Len Liptak on LinkedIn
ProSomnus Sleep Technologies on LinkedIn
ProSomnus Sleep Technologies Website
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

After a couple of turbulent years, there are still a lot of unknowns in the market. But today's guest is sharing his insights based on a wealth of experience, grounded in his firm's excellent reputation. 
Today we're sitting down with Tom Schadewald, who is a Managing Director working on Baird's Equity Capital Markets Team. Tom is focused on technology and on the technology and services sectors. He joined Baird in 2022 from UBS, where he was a Director in their equity capital markets group responsible for, among other things, growing out the firm's capital markets advisory business.
Tom started his career at Deutsche Bank in the Equity Capital Markets Group, focused on financial institutions and permanent capital. He brings a decade of experience and investment banking across both equity capital markets and corporate finance advisory, and he holds a Bachelor's degree in economics from Harvard.
Highlights:

Tom's background and how the Baird opportunity came to him (2:38)
All about Baird, and the value of being employee-owned (3:58)
How Tom got into focusing on technology services (7:07)
Tom discusses the performance of tech stocks in the past few years (8:14)
Tom's playbook for positive market performance (9:44)
Commonalities with companies that are lagging (11:10)
Indicators that impact tech stocks most today (12:31)
Bull or bear? What's in store for the rest of 2023 (14:15)
The capital market sentiment today for tech companies (15:51)
The increase in demand for IPO's (21:01)
Tom's position on where the IPO window is (23:38)
When to prepare for going public (24:07)
How the election might effect things (25:20)
Tom talks about his mentors and the best advice he's gotten (26:26)
Links:
Baird website
Baird LinkedIn
Tom Schadewald LinkedIn
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

For companies with expenditures that run into the billions, strategic procurement can mean millions for the bottom line. 
Today we're sitting down with David Pennino, President, CEO, Board member and Founding Partner of LogicSource, a purpose-built procurement services and technology provider focused exclusively on indirect or not-for-resale expenditures. LogicSource’s service and technology solutions drive cost reductions and efficiencies for clients across all areas of this spend, which typically add up to 20% of a company's revenue and represent a significant opportunity for profit improvement. David has over 20 years experience in the services and outsourcing industry, including roles as a senior executive at Williams Lea Group, Scient, and Gartner. 
We had a great conversation about how LogicSource secures big wins for businesses, and what's next for this growing company. 
Highlights:

David explains LogicSource's operations, and what the space is like today (2:45)
Why there's a lot of "noise" around the space at the moment (4:35)
How LogicSource makes money (5:54)
Some specifics about how they unlock savings (8:34)
The misconception that a company like LogicSource might slow down operations for companies (10:46)
How they differ from consultants (13:17)
The sensitive area of cost-cutting through eliminating roles (14:15)
The tech LogicSource developed for their clients and services (16:13)
David discusses the use of AI in this industry (19:11)
What David sees in procurement in the next 5-10 years (22:30)
David's aspirations for LogicSource (24:42)
The team and culture at LogicSource (26:38)
Links:
David Pennino on LinkedIn
LogicSource on LinkedIn
LogicSource Website
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.

During the pandemic, there was an eruption of on-demand delivery sites and apps focused on consumer convenience. Today's guest has built a strategic service that provides flexible opportunities for both their customers and their employees.
This week we sit down with Jeff Grass, Co-Founder and CEO of HUNGRY. It's the first ever platform that connects independent chefs to the catering and corporate food services markets while improving the lives of its chefs, clients, community, and team.
HUNGRY now operates in 13 U.S. cities, and is growing at triple-digit rates. The company has raised 60 million in venture capital from its investors, including food industry heavyweights, Walter Robb, founder of Whole Foods, Ming Tsai founder of Simply Ming, Seth Goldman's Beyond Meat and Honest Tea, and Dan Simmons of Founding Farmers Restaurant Group. From the entertainment industry, Jay-Z, Usher, and Kevin Hart, are also investors, and HUNGRY's venture capital investors are Sands Capital Ventures, Motley Fool Ventures, Evolution VC Partners, and Marcy Venture Fund.
Jeff was also a chairman and co-founder of LiveSafe, a fast growing venture-backed mobile safety and anonymous communications platform, which crowd-sources safety insights and actionable intelligence that safety and security professionals can leverage for better situational awareness, evidence gathering, and emergency response. LiveSafe was acquired in 2020. He's also Chairman and Co-Founder of BuySafe, a VC backed online trust company enabling businesses to rapidly increase customer trust and make online shopping safer for buyers, and more profitable for online merchants. Jeff earned his MBA from Wharton and has a BBA in finance and economics from James Madison University.
Highlights:

Jeff talks about his earliest ventures and idea behind HUNGRY (2:57)
The market for HUNGRY, and how they are disrupting the industry (4:13)
Jeff talks about the structure of HUNGRY, how it works, and the pain point is addresses (5:39)
How HUNGRY helps chefs (8:07)
How they are able to offer this service so cost effectively (9:25)
How Jeff put together such an impressive investor team (10:43)
Their carbon-neutral delivery program (12:17)
How HUNGRY has navigated the pandemic and inflation (14:09)
HUNGRY’s locations, and their plans for future expansion (17:46)
The team, and the company culture (18:59)
The company’s growth rate and milestones (20:15)
Jeff’s advice for other entrepreneurs (21:52)
Links:
Jeff Grass on LinkedIn
HUNGRY on linkedIn
HUNGRY website
ICR LinkedIn
ICR Twitter
ICR Website
Feedback:
If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, marion@lowerstreet.co.