Venture Unlocked: The playbook for venture capital managers

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.

In this episode, I sit down with Jack Altman, Managing Partner at Alt Capital. We unpack Jack’s journey from Lattice CEO to venture capitalist. We dive deep into the nuances of venture investing, exploring how operators transition into investors, the importance of founder relationships, and the critical elements of successful early-stage investing. Jack shares candid insights about evaluating talent, providing tough feedback, and navigating the current AI technology landscape. His most compelling advice centers on the importance of backing founders you truly believe in, regardless of market fluctuations. As we discuss everything from fund strategies to valuation challenges, the conversation reveals the complex art of venture capital – a world where relationships, intuition, and long-term vision matter more than short-term metrics.

Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Jack. If you’d like to get Venture Unlocked content straight to your inbox, go to ventureunlocked.substack.com and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listening

About Jack:

Jack Altman is the founder and Managing Partner of Alt Capital, a $150 million early-stage venture fund he launched in February 2024 that has invested in Antares, David AI, Legora, and Owner, among others. Jack is also an investor in companies like Figma, Rippling, Writer, and Vanta. Prior to his career in investing, Jack co‑founded and led Lattice, an HR and people-performance platform that grew to serve thousands of global companies and reached a $3 billion valuation before he transitioned into his role as Executive Chairman. With a background that includes roles in corporate finance and business development, Jack honed his startup expertise at Teespring and Hydrazine Capital before building Lattice from the ground up. Now at Alt Capital, Jack combines his founder-to-investor experience to back innovators in B2B software and hard tech. He's launched initiatives like the Generate accelerator, offering expert mentorship and resources to AI-driven startups—underscoring his commitment to pragmatic, conviction-led investing.

Alt Capital is an early-stage venture firm focused on backing exceptional founders across industries, predominantly B2B software and hard tech. With a $150 million debut fund launched in 2024, Alt Capital takes a founder-first, conviction-driven approach to investing—leveraging Founder Jack Altman’s experience scaling Lattice into a $3B company to support startups through their earliest and most pivotal stages. Alt Capital prioritizes long-term partnership, practical guidance, and high-conviction bets over volume-based investing. In a short time, Alt Capital has already positioned itself as a go-to firm for ambitious founders building the next wave of category-defining companies.

In this episode, we discuss:

* Jack’s Transition: Operator to Investor (1:47)

* Early Surprises in Running a Venture Firm (4:05)

* Types of Venture Capitalists and Motivations (6:37)

* Brutal Honesty vs. Founder Friendliness (9:51)

* Earning the Right to Give Advice (13:19)

* What Makes a Good Venture Capitalist (18:22)

* Evaluating Founders: Motivations and Outlier Traits (21:20)

* Measuring Success in Venture: Feedback Loops and KPIs (26:53)

* Big vs. Small Venture Firms: Different Models (29:47)

* Venture as Different Financial Products (32:35)

* AI, Market Size, and Valuation Inflation (34:13)

* Underwriting and Fund Size Strategy (37:45)

* Biggest Lesson Learned in Venture (43:19)

* Final Thoughts and Takeaways (44:55)

I’d love to know what you took away from this conversation with Jack. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.

In today’s episode, we are joined by Nakul Mandan, who is the founding partner of seed-stage firm Audacious Ventures.

Having known Nakul since the early days of his journey in starting the firm in 2020, I was excited to dive deep into his unique path, from his roots in India to venture capital, working at firms such as Battery and Lightspeed before starting his own firm. As venture capital has evolved and grown, the stakes of being a successful early-stage manager have increased dramatically.

In our chat, we discussed how managers should think about navigating competitive markets and how a proper system around sourcing, picking, winning, and building a brand through delivering for founders requires a machine-like approach. Audacious has created its own system, which is unlike most firms, providing a nice juxtaposition of more traditional models. This was a fun and candid deep dive into seed stage investing, and we hope you enjoy my conversation with Nakul

Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Nakul. If you’d like to get venture unlocked content straight to your inbox, go to ventureunlocked.substack.com and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listening

About Nakul Mandan

Nakul Mandan is the founder and managing partner of Audacious Ventures, a pre-seed and seed-stage venture firm he launched in April 2020—right when the world was locking down. A student of greatness, Nakul is inspired by extraordinary journeys, whether in business or beyond. Previously a Partner at Lightspeed and Battery Ventures, he led early investments in category-leading software companies like Gainsight, People.ai, Multiverse, WorkOS, 6Sense, and Marketo. A graduate of IIT Kanpur, Nakul combines deep technical insight with a founder-first mindset—and a passion for helping entrepreneurial "force-of-nature" founders assemble A+ teams.

Audacious Ventures is a next-generation seed-stage investment firm that reimagines venture capital as a systematic, founder-focused platform. Founded in 2020 with a $90 million fund, the firm distinguishes itself through a unique four-pillar approach: strategic sourcing, precise deal picking, competitive deal winning, and comprehensive founder support. Unlike traditional venture models, Audacious prioritizes talent recruitment and team building, with half the team dedicated to helping founders construct exceptional organizations. The firm's data-driven yet intensely human approach has quickly positioned it as an emerging leader in the seed investment ecosystem, attracting founders seeking more than just capital, but a true strategic partner in their entrepreneurial journey.

In this episode, we discuss:

* Nakul’s Early Life and Ambition (2:16)

* Entry into Indian Venture Capital (4:00)

* Transition to US-Focused VC and Lightspeed (6:41)

* Becoming a GP and Founding Audacious Ventures (7:35)

* Identifying Gaps in the Seed VC Market (10:34)

* Audacious Ventures’ Differentiated Model (12:34)

* Functional Organizational Design (16:12)

* Traditional vs. Platform Seed Fund Models (19:24)

* Ensuring Consistency in the Platform Model (24:41)

* Hiring for Intensity and Culture (29:55)

* Measuring Success and Feedback Loops (35:33)

* False Positives and Markups in VC (41:30)

* Ranking the Four Pillars: Sourcing, Picking, Winning, Helping (45:13)

* Advice to 2006 Self: Focus on Asymmetric Upside (49:54)

* Final Thoughts and Takeaways (51:44)

I’d love to know what you took away from this conversation with Nakul. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.

I recently joined Turner Novak on The Peel for a conversation about the current state of private markets and the realities facing fund managers and investors today. We discussed why fundraising is particularly difficult right now for both emerging and established venture funds, and examined some of the structural forces driving change across the private investing landscape. I had a lot of fun doing this one, so wanted to cross-post here.

Some of the key topics we covered include:

* The explosive growth in private markets, with ten times more private investment firms than public companies, and nearly 90% of $100M+ revenue businesses remaining private.

* The high “mortality rate” for new funds, why only a small fraction survive past their first few vintages, and what that means for GPs and LPs navigating the ecosystem.

* The evolution of liquidity in venture, with secondaries now playing a major role, and practical tips for both GPs and LPs on working with SPVs and managing today’s more complex capital flows.

* How differences in risk profiles between large and small funds affect outcomes, and why the divide between public and private markets has blurred—making private investing as important as ever.

* Insights into how AI and new technology are starting to transform diligence, fund analysis, and even company building.

Whether you’re a manager raising capital, an LP looking for the right opportunities, or just interested in how private markets are changing, this episode is packed with practical insights, data, and advice on navigating a rapidly shifting landscape.

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

In this episode, I sat down with Logan Bartlett, Managing Director of Redpoint Ventures. We explore the evolving landscape of venture capital and startup investing and dive deep into the challenges facing unicorn companies post-2021, the transformative potential of AI, and the critical factors for successful startup investments. Logan shares insights on identifying promising founders, navigating market uncertainties, and the importance of adaptability in both founding teams and venture capital. Key takeaways include the need for founders with rapid learning capabilities, the potential disruption and opportunities in AI, the changing dynamics of startup valuations and exits in a challenging market environment, and so much more.

About Logan Bartlett

Logan Bartlett is a Managing Director at Redpoint Ventures, where he leads early-growth investments in enterprise software, with a focus on infrastructure, SaaS, and AI. Since joining Redpoint in 2020 after six years at Battery Ventures, Bartlett has backed high-growth companies such as Ramp, Cribl, Cyera, Monte Carlo, FloQast, Crossbeam, and Workato. His work has earned him recognition on both the Forbes 30 Under 30 and the Midas Brink lists.

Beyond investing, Bartlett hosts The Logan Bartlett Show, a podcast featuring in-depth conversations with top founders, operators, and investors. The show offers insights into startup growth, market cycles, and venture capital strategies, and has become a respected resource within the tech ecosystem.

Redpoint Ventures, founded in 1999, is a venture capital firm that partners with visionary founders to create and redefine markets. The firm invests in startups across various stages, from seed to growth, and has backed over 578 companies, including industry giants like Snowflake, Looker, Kustomer, Twilio, and Netflix. With 181 IPOs and M&A exits and managing $7.2 billion across multiple funds, Redpoint's expertise in guiding businesses toward success is well-established.

Timestamps:

In this episode, we discuss:

* Logan Bartlett’s Path into Venture Capital (1:46)

* The 2021 Unicorn Logjam and Future Outlook (4:38)

* AI’s Role in Reshaping Legacy Companies (8:32)

* Liquidity Challenges and Growth Stage Investing (11:16)

* Portfolio Construction and Risk Balance (17:16)

* Underwriting Series B Investments (22:41)

* Portfolio Composition and Risk Appetite (26:36)

* Evaluating AI Companies and Revenue Durability (30:01)

* Forecasting and Macro Underwriting (35:32)

* Key Investment Decision Criteria (40:11)

* Traits of Successful Venture Investors (45:28)

* Final Thoughts and Takeaways (49:58)

I’d love to know what you took away from this conversation with Logan. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

Welcome to another episode of Venture Unlocked. In this episode, I had the pleasure of welcoming Villi Iltchev, founder and managing partner of Category Ventures. Villi has had a long history in tech, both in operating roles at companies like Box and Lifelock, as well as investing roles at August Capital and Two Sigma, where he departed in 2024 to launch Category Ventures.

We covered a lot of ground in our conversation, including his inspiration for starting a new firm and the experiences that informed his true north. We also spoke about the fragmentation of the market and what it means to win in early-stage investing in a heavily crowded market of dedicated seed funds & larger funds who are active in see and Series A. I really enjoyed the authenticity of the conversation and hope you do as well.

About Villi Iltchev

Villi Iltchev is the Founder and Managing Partner of Category Ventures, an early-stage venture firm focused on backing category-defining enterprise software companies. With over two decades of experience as both an operator and investor, Villi has held leadership roles at Box, LifeLock, and Salesforce, where he led investments and acquisitions in companies like HubSpot, MuleSoft, Gusto, and Zapier. As a General Partner at August Capital and later at Two Sigma Ventures, he backed standout startups like GitLab—turning a $20M investment into over $900M in returns. Originally from Bulgaria, Villi brings a global perspective and a founder-first mindset to every partnership.

Category Ventures is an early-stage venture firm founded in 2024 by veteran investor Villi Iltchev, focused on backing category-defining enterprise software startups. With a $160M debut fund, the firm invests in pre-seed and seed-stage companies across infrastructure, dev tools, AI, and applications. Drawing on Iltchev’s track record—including early investments in GitLab, Zapier, and Gusto—Category Ventures brings deep technical and go-to-market expertise to help founders build enduring businesses. Their approach centers on hands-on support and founder-first partnership to shape the future of enterprise software.

In this episode, we discuss:

* Villi’s Background and Journey (1:50)

* Lessons from Venture Capital Firms (5:35)

* Market Fragmentation in Venture Capital (8:47)

* Flexible Investment Strategy (12:24)

* Challenges with Traditional VC Models (13:26)

* Product Market Fit and Founder Support (17:35)

* Counterpoints on Large VC Firms (21:40)

* Winning in Venture Capital (24:07)

* Kindness and Community (26:24)

* Components of Success (30:00)

* Decision-Making Process (33:21)

* Intellectual Honesty in Investments (36:16)

* The Role of Fresh Perspectives (40:08)

* Acting on Great Ideas and Final Thoughts (42:27)

I’d love to know what you took away from this conversation with Villi. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.

Today, I sat down with Victor Lazarte, a Benchmark partner who transitioned from founding a billion-dollar mobile gaming company in Brazil to becoming a venture capitalist in Silicon Valley with Benchmark in 2023. Victor shared Benchmark's unique investment philosophy, which focuses on deep, meaningful partnerships with entrepreneurs, with each partner doing only 1-2 deals per year.

We also spoke about the equal partnership Benchmark has, and what that means in practice day to day from a decision making and culture standpoint. This was a fun one so hope you enjoy!

Throughout our conversation, Victor provided a nuanced perspective on company building, technological innovation, and the evolving role of venture capital in bringing transformative ideas to market.

About Victor Lazarte

Victor Lazarte is a General Partner at Benchmark, a renowned venture capital firm focused on early-stage technology investments. With a background in entrepreneurship and investing, Victor brings deep operational expertise and a founder-first mindset to supporting high-growth startups.

Before joining Benchmark, Victor co-founded Wildlife Studios, one of the world’s largest mobile gaming companies, where he helped scale the business to global success. His experience in building and leading companies gives him a unique perspective on product development, scaling operations, and long-term strategy.

Victor is passionate about partnering with visionary founders to build category-defining companies. He holds a degree in engineering and is committed to fostering innovation across industries.

Benchmark is a leading venture capital firm specializing in early-stage technology investments. Known for its hands-on, founder-first approach, Benchmark partners with entrepreneurs to build transformative companies across industries like software, marketplaces, and infrastructure. The firm operates with a unique equal partnership structure, ensuring deep collaboration and long-term commitment to its portfolio companies. With a track record of backing iconic startups such as Uber, Twitter, eBay, and Snap, Benchmark continues to be a trusted partner for ambitious founders looking to scale breakthrough ideas into world-class businesses.

Timestamps:

In this episode, we discuss:

* Victor's Background and Journey (1:29)

* Wildlife Studios and Its Growth (3:59)

* Bootstrapping Success (6:53)

* Understanding Venture Capital (9:48)

* Benchmark's Unique Model (12:17)

* Decision-Making in Venture Capital (17:05)

* Open-Minded Yet Disagreeable (20:29)

* Benchmark's Equal Partnership Model (22:20)

* Dynamic of Disagreement (25:24)

* Betting on the Jockey (30:38)

* Adapting to Changing Environments (34:59)

* Providing Value to Entrepreneurs (37:14)

* The Current AI Technology Shift (39:26)

* Identifying Fast-Improving AI Areas (42:04)

* Final Thoughts and Takeaways (44:33)

I’d love to know what you took away from this conversation with Victor. Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

Had a great conversation recently with Tomasz Tunguz Founder and General Partner at Theory Ventures. We dug into how AI is reshaping venture capital and everyday life, from the rapid advancements in the space to what it all means for startups and the broader market. We covered everything from the declining cost of training AI models to the open vs. closed-source debate and how enterprises are starting to adopt AI in real ways. A really insightful discussion—hope you enjoy it.

About Tomasz Tunguz

Tomasz Tunguz is the Founder of Theory Ventures, where he invests in early-stage technology companies with a focus on SaaS, data infrastructure, and machine learning. Renowned for his deep analytical insights and data-driven approach to venture capital, Tomasz helps founders navigate growth, product-market fit, and scaling challenges.

Prior to founding Theory Ventures, Tomasz was a Managing Director at Redpoint Ventures, where he led investments in several high-growth software companies. He is widely recognized for his blog on SaaS metrics, startups, and venture capital, which serves as a valuable resource for entrepreneurs and investors alike.

Tomasz holds a degree in Mechanical Engineering and Economics from Dartmouth College. His passion for technology, strategy, and helping companies succeed has made him a respected voice in the venture capital community.

Theory Ventures is an early-stage venture capital firm focused on investing in transformative technology companies across sectors like SaaS, data infrastructure, AI, and machine learning. Founded by Tomasz Tunguz, Theory Ventures combines deep analytical expertise with a founder-first approach, providing hands-on support to help startups achieve product-market fit, scale operations, and drive long-term growth. The firm is committed to backing visionary entrepreneurs who are building the next generation of technology solutions, offering both capital and strategic guidance to turn bold ideas into successful businesses.

Timestamps:

In this episode, we discuss:

* AI's Impact (1:18)

* Cost Reduction in AI Training (2:18)

* Impact of DeepSeek on Market Dynamics (5:01)

* Open Source vs. Closed Source AI (10:57)

* Enterprise Decision-Making in AI (13:19)

* Defensibility of AI Applications (17:27)

* Efficiency in Growing Companies (21:01)

* The Path to AGI (25:46)

* Impact of AI on Labor Market (28:58)

* Excitement and Concerns About AI (30:55)

* Non-Consensus Views on AI and Final Thoughts (33:29)

I’d love to know what you took away from this conversation with Tomasz Tunguz.

Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.

Follow me @SamirKaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

We recently had the pleasure of hosting Zal Bilimoria, Co-Founder of Refactor Capital. Zal has had a fascinating career from building products at Microsoft, Google, Netflix, and LinkedIn to making the leap into being a VC. His story is one of relentless curiosity and a deep passion for technology, something that started early in his life while working in his family’s computer business.

In our discussion, Zal walked us through his transition from product management to venture, his time at Andreessen Horowitz, and what ultimately led him to launch Refactor Capital. As a solo GP, he’s taken a unique approach to investing, navigating the challenges of fundraising while staying laser-focused on backing founders tackling complex, high-impact problems. We covered everything from the evolution of his investing philosophy to the importance of founder relationships and how he thinks about the future of life sciences and technology.

About Zal Bilimoria

Zal Bilimoria is the Founding Partner of Refactor Capital, a venture firm investing at the intersection of life sciences, technology, and sustainability. With a background in both software and healthcare, Zal brings a unique domain expertise and lens to investing. Before launching Refactor, originally with his partner David Lee, he was a partner at Andreessen Horowitz, where he focused on emerging technologies.

This was a fun conversation—if you're interested in what it takes to build a venture firm from scratch, how product thinking translates into investing, or where the future of innovation is headed, this episode is a must-listen.

Timestamps:

Topics in this conversation include:

* Zal's Early Life and Background (2:00)

* Career in Product Management (3:06)

* Starting Refactor Capital (6:03)

* Challenges of Starting a New Firm (9:36)

* Portfolio Construction Strategies (13:12)

* Solo GP Model (18:06)

* Advice on Hiring Associates (20:12)

* Fund Size Philosophy (24:32)

* Investment Entry Points (28:34)

* Return Model Considerations (32:04)

* Understanding Ownership Thresholds (36:31)

* Market Influence on Investments (38:44)

* Navigating Investor Relationships (41:08)

* Quick Decision-Making with LPs (43:25)

* Parting Thoughts and Future Outlook (46:32)

I’d love to know what you took away from this conversation with Zal Bilimoria.

Follow me @SamirKaji and give me your insights and questions with the hashtag #venture unlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.

Today I had the pleasure of speaking with Brian Ascher, a veteran venture capitalist at Venrock, a firm with a storied history dating back to 1969 as part of the Rockefeller family office. Brian, with nearly 30 years in the industry, shared his journey from product management at Intuit to becoming a key partner at Venrock. We dove into the firm's evolution, investment strategies, and decision-making processes, highlighting how Venrock maintains its edge as it evolves.

About Brian Ascher:

Brian Ascher is a Partner at Venrock where he focuses on early-stage investments in enterprise software, SaaS, and consumer internet companies. With a deep passion for partnering with visionary founders, Brian is known for helping businesses scale through strategic growth, operational insights, and innovation.

Since joining Venrock in 1998, Brian has played a pivotal role in numerous successful investments, including Vocera, 6sense, Personal Capital, and Inrix. His expertise spans go-to-market strategies, product positioning, and building high-performing teams.

Topics in this conversation include:

* Brian’s Career Journey (1:34)

* The Evolution of Venture Capital (6:25)

* Venrock’s Decision-Making Model (10:09)

* Balancing Investment Decisions and Team Dynamics (14:42)

* Empowered Accountability in Deal Decisions (20:44)

* Cultural Norms in Venture Capital (22:38)

* Investment Strategy and Risk Management (25:12)

* Portfolio Construction and Returns (30:22)

* Opportunity Funds vs. Core Funds (33:01)

* Adapting to AI's Impact on Investment (36:15)

* Advice for Aspiring VCs (41:28)

* Final Thoughts and Takeaways (43:48)

I’d love to know what you took away from this conversation with Brian Ascher.

Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on X.