Venture Passport
Venture Passport is the podcast delivering the inside view of early-stage global markets, brought to you by TAV; the global pre-seed VC shaping the industries of tomorrow.
The show is co-hosted by two VCs, Jack Richardson, and Richard Armstrong, exploring the inner workings behind the creation of thriving tech unicorns, showcasing conversations with leading pioneers and visionaries in the global startup arena.
Venture Passport
S2E6: Ertan Can, Founder @ Multiple Capital
Ertan Can is the Founder of Multiple Capital.
Multiple Capital invests in micro and seed-stage venture capital funds globally with a focus on European managers, frequently solo fund managers in niche geographies and verticals that are often overlooked.
The firm has backed Nathan Beniach’s Air Street Capital, which recently raised its second fund of $121m and Angular Ventures, the deep tech fund backing companies out of Tel Aviv and London.
Subsequently, their euros have been invested into category-defining companies such as UiPath and Sorare, $43bn and $4.3bn enterprise value companies respectively.
We discuss:
- What is an 'emerging manager' and when does a manager move from emerging to established?
- Preferred portfolio construction
- Why does backing emerging managers matter when venture tends to favour those who have already been successful?
- What does an investable / great emerging manager look like?
- What signs does Ertan look out for to decide when to stop investing in an emerging manager?
- The different challenges a manager has to face as he/she moves from 1st fund to 2nd fund to 3rd fund and so on
- The parallels between emerging/established GPs and emerging/established LPs