Dan Chaplin is a Partner at Dawn Capital.

Dawn Capital is one of Europe’s leading specialist B2B software investors, announcing a $700m fund in September 2023 to invest in the next generation of global software leaders.

Dan leads on all things fintech with a particular interest in payments, credit, digital assets and infrastructure platforms and has subsequently led on investments including open banking leader Tink, digital assets infrastructure platform Copper, as well as Cover Genius, Elwood, Billie, Access Fintech and OpenGamma.

This episode really drills into fintech where we discuss:

• Whether it's becoming more of a value sector
• Whether Dan prefers products that have broad market appeal at low margins, vs those narrower market appeal and much higher margins
• Profitability expectations
• Unit economics across a company’s lifecycle
• Fragmentation across the US and Europe
• Regulation
• Board learnings

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

Marc Cohen is a Solo GP at unbundled vc.

unbundled is a single FO deal-by-deal vehicle that co-invests 50-200k alongside leading VCs into early-stage digital tech companies and has backed the likes of Magrathea and Runna.

We discuss:

• Founder or market in early-stage investing
• The switch from algorithmic trading to VC
• The investments of Runna and Magrathea
• Is it best to be ownership-sensitive or sensible?
• Why a fund is the natural next step, LP strategy and points of differentiation
• Portfolio construction