On Tech Finance, host Sasha Orloff brings you inside the office of the CFO - covering major tech finance news including funding announcements, deals, product launches, and emerging players shaping B2B fintech. We break down the week's biggest developments in finance tech and accounting, and explore how finance leaders are putting AI to work.
Tech Finance is brought to you by Puzzle, the modern accounting platform with an AI-first ledger, built for speed, automation, and real time decision making. Learn more: puzzle.io
Tech Finance is part of the Turpentine podcast network. Learn more: turpentine.co
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E21: From Silicon Valley to Lake Tahoe Ski Resort CFO | Valerie Burman
Thursday, August 29, 2024 • Duration 48:19
In this episode, Sasha Orloff is joined by Valerie Burman, CFO of Sugar Bowl Resort in Lake Tahoe and former VP at Workday and SAP, shares her unique journey from being an executive at Silicon Valley tech companies to becoming the CFO of a ski resort. Valerie talks about her philosophy on building the dream team, the importance of understanding business acumen in a CFO role, and strategies for achieving long-term liquidity. She also reflects on hard won lessons from multiple M&As and corpdev.
--
Apply to join over 400 Founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/
--
RECOMMENDED PODCAST:
🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics.
Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937
Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz
YouTube: https://www.youtube.com/@ThisWontLastpodcast
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SPONSORS:
More than 37,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. If you're looking for an ERP platform, get a one-of-a-kind flexible financing program on NetSuite: https://netsuite.com/102
Metaview is the AI assistant for interviewing. Metaview completely removes the need for recruiters and hiring managers to take notes during interviews—because their AI is designed to take world-class interview notes for you. Team builders at companies like Brex, Hellofresh, and Quora say Metaview has changed the game—see the magic for yourself: https://www.metaview.ai/heretics
BRAVE: Get first-party targeting with Brave’s private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “Turpentine” when signing up for a 25% discount on your first campaign.
Omneky is an omnichannel creative generation platform that lets you launch hundreds of thousands of ad iterations that actually work customized across all platforms, with a click of a button. Omneky combines generative AI and real-time advertising data. Mention "Cog Rev" for 10% off https://www.omneky.com/
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X/SOCIAL:
Sasha on X: @sashaorloff
Valerie's LinkedIn: https://www.linkedin.com/in/burmanval/
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TIMESTAMPS:
(00:00) Introduction
(01:45) Valerie Berman: From tech to Tahoe
(03:00) Transitioning to Sugar Bowl
(05:21) Day one as CFO: Skiing and listening
(07:02) Unique aspects of Sugar Bowl
(08:13) Balancing fun and financials
(13:05) Sponsors: Netsuite | Metaview
(14:54) Measuring success and setting goals
(24:27) Navigating seasonal business challenges
(30:00) Building a dream team at Sugar Bowl
(32:24) Sponsors: Brave | Omneky
(33:46) Insights on M&A and corporate development
(36:24) Decision making in private companies
(42:02) Significant role of cultural alignment
(46:07) Advice for aspiring CFOs
(48:06) Closing remarks and outro
E20: Rishi Garg’s M&A Playbooks from Twitter and Square
Season 1 · Episode 20
Thursday, August 22, 2024 • Duration 01:04:52
In this episode, Rishi Garg, former Head of Corporate Development at Twitter and Square, shares insider knowledge on tech acquisitions. He explains when companies should start considering M&A and the three key approaches: tops down, bottoms up, and strategy influence. Rishi reveals how he managed up to 15 deals in 12 months and why integration is crucial for M&A success. He debunks common M&A misconceptions and discusses the "sins of omission" - deals he regrets not making. The conversation shifts to his current role as a VC at Mayfield Fund, offering a unique perspective on both sides of acquisitions.
LINKS:
https://www.twitter.com/rishigarg
https://www.mayfield.com/
RECOMMENDED PODCAST:
🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics.
Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937
Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz
YouTube: https://www.youtube.com/@ThisWontLastpodcast
SPONSORS:
More than 37,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. If you're looking for an ERP platform, get a one-of-a-kind flexible financing program on NetSuite: https://netsuite.com/102
Metaview is the AI assistant for interviewing. Metaview completely removes the need for recruiters and hiring managers to take notes during interviews—because their AI is designed to take world-class interview notes for you. Team builders at companies like Brex, Hellofresh, and Quora say Metaview has changed the game—see the magic for yourself: https://www.metaview.ai/heretics
The Brave search API can be used to assemble a data set to train your AI models and help with retrieval augmentation at the time of inference. All while remaining affordable with developer first pricing, integrating the Brave search API into your workflow translates to more ethical data sourcing and more human representative data sets. Try the Brave search API for free for up to 2000 queries per month at https://brave.com/api
Omneky:
Omneky is an omnichannel creative generation platform that lets you launch hundreds of thousands of ad iterations that actually work customized across all platforms, with a click of a button. Omneky combines generative AI and real-time advertising data. Mention "Cog Rev" for 10% off https://www.omneky.com/
X/SOCIAL:
@sashaorloff
@rishigarg (Rishi)
TIMESTAMPS:
(00:00:00) Introduction
(00:02:53) How companies should think about M&A and corp dev
(00:06:58) Signs that a company is ready to consider M&A
(00:11:37) Different approaches to M&A: tops down, bottoms up, and strategy influencing
(00:16:52) How to start building an M&A team
(00:18:16) Sponsors: Netsuite | Metaview
(00:22:15) Misconceptions about M&A in Silicon Valley
(00:26:53) Valuation considerations in M&A deals
(00:34:31) Current state of M&A market and opportunities
(00:38:24) Sponsors: Omneky | Brave
(00:39:47) How M&A deals happen and relationship building
(00:45:55) Reasons why M&A deals don't work out
(00:51:50) Transition to Rishi's experience as a venture capitalist
(00:57:50) Advice for founders considering M&A
(01:02:09) Rishi's current interests in investing, particularly in AI and new platforms
E11: CFO Whisperer Jim Cook of Netflix, Intuit, & Mozilla: "Stop Trying To Be Precise"
Thursday, June 13, 2024 • Duration 56:41
In this episode, Sasha sits down with Jim Cook, dubbed the CFO Whisperer, after 30 years in Silicon Valley as CFO at Netflix, Intuit, and Mozilla. Jim shares CFO hiring mistakes and the misunderstandings most board members and investors have about the CFO role, why being precise is the finance professional’s Achilles heel, tactical advice for impactful communication in board meetings, and more.
🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
This show is a part of the Turpentine podcast network. Learn more: https://www.turpentine.co
RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
SPONSORS:
ATTIO
📊 Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
NETSUITE
📈 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen - NetSuite has extended a one-of-a-kind flexible financing program for a few more weeks.
BEEHIIV
🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code “MOZ” for 20% off your first three months
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LINKS:
Jim's Linkedin: https://www.linkedin.com/in/cookflix
Benchboard: https://www.benchboard.com/
X/SOCIAL:
@sashaorloff (Sasha)
@cookflix (Jim)
TIMESTAMPS
(00:00) Preview and Intro
(03:19) Early lessons from Intuit
(05:28) Evolution of finance teams
(09:06) Customer-centric finance
(11:14) Effective stakeholder management
(12:47) Strategic decision making in finance
(15:39) Board meetings preparation
(19:04) Sponsor: Netsuite | Attio
(21:07) Meaningful discussions on board meetings
(24:07) How to be a successful CEO
(31:38) Sponsor: Beehiiv | Babbel
(34:11) Early days of Netflix
(37:05) Monetization strategies
(44:14) Hiring the right CFO
(47:26) Interview question for a CFO candidate
(49:35) Introducing BenchBoard
(53:38) Common skills and advice
(57:19) Wrap
E10: How OpenAI Controller Sowmya Raganathan Uses AI to Superpower Accounting
Season 2 · Episode 10
Thursday, June 6, 2024 • Duration 47:40
OpenAI Controller Sowmya Ranganathan sits with Sasha Orloff to share accounting insights from her experience at Square, Rippling, and OpenAI. She discusses automation and using AI in accounting, how difficult software motivated her to make the move to Controller at Rippling, and how she’s streamlining the accounting workflow at OpenAI, where she is currently Controller. Sowmya also explains how AI is making accounting easier and why future accounting teams may be small and broadly skilled.
🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
RECOMMENDED PODCAST:
Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
This show is a part of the Turpentine podcast network. Learn more: https://www.turpentine.co
---
SPONSORS:
ATTIO
📊 Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
NETSUITE
📈 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen - NetSuite has extended a one-of-a-kind flexible financing program for a few more weeks.
BEEHIIV
🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code “MOZ” for 20% off your first three months
BRAVE
🎯Get first-party targeting with Brave’s private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “Turpentine” when signing up for a 25% discount on your first campaign.
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
X/SOCIAL:
https://twitter.com/sashaorloff (Sasha)
https://twitter.com/heysowmya (Sowmya)
---
TIMESTAMPS:
(00:00) Preview and Intro
(02:51) Soumya's Journey: From Square to Rippling
(03:14) Challenges and Learnings in Public Accounting
(07:30) Automation in Accounting: A Necessity
(10:02) Joining Rippling: Building from the Ground Up
(11:47) Balancing Controls and Growth in Startups
(14:52) Sponsor: NetSuite | Attio
(16:52) Putting On the Auditor's Hat
(18:24) What If There's No Buy-in from Management?
(21:02) Stepping into OpenAI and Embracing AI in Accounting
(24:12) Transforming Accounting with ChatGPT
(25:35) Real-World Applications and Success Stories
(26:29) Future of AI in Accounting
(29:44) OpenAI's Accounting Team and Processes
(30:02) Sponsor: Beehiiv | Brave
(33:12) Innovative Tools and Systems
(37:36) Advice for Future Accountants
(45:30) Addressing Fear of AI in Accounting
(47:41) Wrap
E9: An Insider's Guide After $2B of M&A with Serial CFO Steve Love of Sift, Dialpad, and Heap
Thursday, May 30, 2024 • Duration 01:04:31
In this conversation, Steve Love, a seasoned CFO with over $1 billion raised from VCs and $2 billion in M&A transaction experience, pulls back the curtain on high-stakes M&A. Love shares his insights from overseeing complex acquisitions like Heap's purchase of a complementary "session replay" company and Heap's eventual sale to ContentSquare. He candidly discusses navigating challenges, aligning stakeholders, prepping for diligence, and making strategic M&A decisions as a CFO. Whether you're a CFO, finance professional or simply M&A-curious, Love's tactics for evaluating targets, modeling forecasts, negotiating terms, and executing integrations provide a rare behind-the-scenes look at what it really takes to architect successful transactions.
🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
RECOMMENDED PODCAST:
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
SPONSORS:
📊 Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
NETSUITE
📈 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite: http://netsuite.com/zen - NetSuite has extended a one-of-a-kind flexible financing program for a few more weeks.
BEEHIIV
🐝 Power your newsletter with Beehiiv, the newsletter platform built for growth. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Head to https://Beehiiv.com and use code "MOZ" for 20% off your first three months
BRAVE
🎯Get first-party targeting with Brave’s private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “Turpentine” when signing up for a 25% discount on your first campaign.
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
LINKS:
https://sift.com/
X/SOCIAL:
@sashaorloff (Sasha)
@SteveLoveCFO (Steve)
TIMESTAMPS:
(00:00:00) Intro and preview
(00:01:24) Steve Love's impressive background
(00:02:39) Diving into M&A: When and why to acquire
(00:03:34) Case study: Heap's product acquisition
(00:05:17) Evaluating market players and integration challenges
(00:13:29) Integration and transition best practices
(00:17:43) Sponsor: NetSuite | Attio
(00:20:21) The biggest surprise after acquisition
(00:22:33) The first thing CFOs do after signing
(00:32:29) Sponsor: Beehiiv | Brave
(00:33:02) Negotiating severance packages
(00:37:34) Executing a sell-side transaction
(00:37:55) Handling market checks and bankers
(00:49:52) Differences between private and public company sales
(01:02:13) Biggest misconceptions about a CFO's role
(01:03:03) Wrap
E8: When Your Biggest Competitor Crashes, with Mercury CEO Immad Akhund
Thursday, May 23, 2024 • Duration 47:58
How do you navigate the tide turn when your competitor collapses during one of the biggest banking crises in recent history? In this conversation, Sasha Orloff sits down with Immad Akhund, founder and CEO of Mercury*. Immad pulls back the curtain on the chaos and critical decisions made when Silicon Valley Bank fell. From mobilizing an all-hands effort to rapidly onboard new customers to developing new product features virtually overnight to instill confidence, Immad provides an unvarnished look at crisis management and steadfast leadership during turbulent times. He also shares insights on Mercury's customer-first approach to building, how rising interest rates transformed their business model, and how he thinks about investing in new product initiatives by allocating internal resources like venture investments.
*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC.
🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
---
SPONSOR:
Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
---
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. Profiled this season: Databricks, Reddit, Twilio, Copart + more.
Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ
Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
LINKS:
https://mercury.com/
---
X/SOCIAL:
@sashaorloff (Sasha)
@Immad (Immad)
---
TIMESTAMPS:
(00:00) Preview
(01:15) Intro
(02:23) Immad’s Journey to founding Mercury and being a serial entrepreneur
(02:37) Immad’s learnings after founding three startups
(06:54) Learnings from being a YC partner and angel investor
(08:54) What gets Immad excited about investing
(10:17) Why Series A vs seed stage investing
(12:18) Building the banking solution
(13:49) The moment when Immad knew Mercury was the right thing
(16:12) How interest rates affect Mercury
(18:48) Silicon Valley Bank collapse and what was happening at Mercury
(23:50) SVB failed, why is Mercury safe?
(24:00) Mercury Vault’s inception and increasing FDIC insurance to 3 million
(25:56) Would Immad do anything differently going back to the SVB collapse?
(27:41) How Mercury’s team was able to remain calm and adapt
(29:21) Launching new products within a startup: product innovation
(31:12) Having a longterm mindset when launching new products
(33:49) Thinking about product launches internally like they’re startups
(36:37) Breadth vs depth in a market
(40:30) Something about Mercury a lot of people don’t know today
(43:50) Number one piece of advice for founders
(44:26) Wrap
E7: The Dealmaker’s Secrets: Steve McLaughlin on Crafting a Fundraising Story Worth $33B, CEO of FT Partners
Thursday, May 16, 2024 • Duration 48:05
In this conversation, Sasha Orloff sits down with Steve McLaughlin, CEO and Managing Partner of FT Partners. Steve provides an insider’s look into the high-stakes world of capital raising and dealmaking for high-growth private companies. From being Goldman Sachs’ Former Head of Fintech to founding FT Partners, a global fintech investment firm, McLaughlin shares his strategies for crafting compelling narratives that unlock massive fundraising rounds - like the $33 billion valuation for Revolut and a $100 million plus raise for Sam Altman’s Worldcoin. They dive deep into storytelling, the importance of product over marketing spend, founder red flags, and much more.
🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj
This show is a part of the Turpentine podcast network. Learn more: www.turpentine.co
---
RECOMMENDED PODCAST:
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
SPONSORS:
Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
---
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
LINKS:
https://ftpartners.com/
X/SOCIAL:
@sashaorloff (Sasha)
@FTPartners (Steve)
TIMESTAMPS:
(00:00:00) The art of storytelling in high-growth company valuations
(00:01:31) A capital whisperer's journey
(00:02:26) Inside FTPartners: Shaping the fintech universe
(00:04:33) The intricacies of capital raising and M&A
(00:07:39) Crafting the perfect capital raise story
(00:14:13) The complex world of investor networks
(00:16:41) Maximizing value beyond valuation
(00:19:05) A deep dive into successful storytelling and strategic selling
(00:22:57) The philosophy of business growth and valuation
(00:23:33) Understanding the founder's journey and ambitions
(00:24:32) The role of investment bankers in raising capital
(00:25:46) The importance of choosing the right banker
(00:28:17) Revolut's success story: A case study
(00:36:07) Strategic advice on growth vs. profitability
(00:39:01) Reflecting on capital raising experiences and red flags
(00:41:06) The evolution of FT Partners
(00:46:12) Closing thoughts and acknowledgements
E6: Behind the Scenes of General Catalyst: The VC Firm's Financial Operations with CFO, Mark Allen
Friday, May 10, 2024 • Duration 44:56
Ever wondered what the financial operations look like when you have billions in AUM at a top-tier VC firm?
In this episode, Sasha sits down with Mark Allen, CFO at General Catalyst. Mark discusses the non-obvious complexities of managing billions in assets across hundreds of portfolio companies, from capital reserve strategies, geographical breakdowns, to reporting requirements. He shares candid insights on navigating intense moments like the Silicon Valley Bank collapse, tech innovations being adopted by VC firms, how being a fund’s CFO comprises two roles of being CFO of a fund and a firm, advice for CFOs coming to pitch at General Catalyst, and much more.
This show is a part of the Turpentine podcast network. Learn more: www.turpentine.co
---
SPONSORS:
Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
---
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
LINKS:
https://www.generalcatalyst.com/team/mark-allen
X/SOCIAL:
@sashaorloff (Sasha)
@generalcatalyst
TIMESTAMPS:
(00:00) Preview + Intro
(02:37) Mark Allen’s Journey to Being CFO of General Catalyst (GC)
(06:23) How the VC business model works
(08:44) Power law and reserves
(08:44) FP&A at a fund and capital reserve strategies
(11:20) Investment mix / geographical jurisdictions
(14:05) How GC maintains line of sight into their portfolio companies
(14:51) Sponsor: Attio
(17:04) Tools that Mark uses and revolutions in tools for CFOs
(19:12) Using AI for DDQs
(21:23) Inflection points in GC’s history
(24:19) Transition from hundreds of millions to billions of dollars in AUM
(26:01) Critical decision points for GC and Mark
(30:14) Sponsor: Turpentine
(30:58) Advice for CFOs on building trust with their leadership
(33:03) The importance of relationships as a CFO
(36:20) How General Catalyst’s work culture has changed after the pandemic
(39:18) Biggest misconceptions about being CFO at VC fund
(41:26) Advice for CFOs pitching to VCs
(42:26) Wrap
E5: Bringing Fun Back to Finance: Redesigning Business Modelling with Runway’s Siqi Chen, CEO
Thursday, May 2, 2024 • Duration 49:22
Get an inside look at Runway - the visually stunning finance platform that's breaking conventions and captivating users with its approach to making finance fun again.
In this interview, founder and CEO Siqi Chen shares the arduous 3-year journey of iterating on the product from its inception during a meeting with the a16z team, working alongside early design partners, and the key inflection points that transformed Runway into what it is today. He emphasizes the importance of storytelling, having the data from different company functions centralized and in communication with each other, and fostering a culture where work, and finance in particular, is genuinely fun. Whether you're in finance or appreciate great product design, this is a must-watch episode.
This show is a part of the Turpentine podcast network. Learn more: www.turpentine.co
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SPONSORS:
Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
---
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
LINKS MENTIONED:
Runway Financial: https://runway.com/
Sandbox VR: https://sandboxvr.com/
X/SOCIAL:
@sashaorloff (Sasha)
@blader (Siqi)
@runwayco (Runway)
TIMESTAMPS:
(00:00) Introduction to Runway and Siqi Chen
(01:30) Background and Inspiration for Runway
(08:25) Challenges and Pivot during COVID-19
(12:29) Raising Capital and Product Iteration
(14:57) Sponsor: Attio
(16:25) Balancing Feature Parity and Novelty
(17:30) arly Design Partners and Customers
(19:36) Building an Audience and Storytelling
(23:01) Mission and Vision of Runway
(26:13) Convincing Users to Leave Excel
(38:05) Demo of Runway
(41:45) Development and Design Process
(42:49) Product Features and Future Plans
(44:43) Company Culture and Team
(46:45) Future of Runway
E4: Can Turning Down a Huge Upround Lead to a Greater Outcome? FloQast CFO Razzak Jallow Proves It Can
Thursday, April 25, 2024 • Duration 46:30
In this episode, Sasha sits down with Razzak Jallow, CFO at FloQast, to discuss the evolving role of the modern CFO as a strategic partner across the organization. They dive into how he builds trust with the CEO, his approach to fostering product innovation responsibly, and why he turned down a financing round that would have doubled FloQast's valuation. Razzak also offers advice for aspiring CFOs on evaluating their first CFO role, skills like "precision Q&A", and hiring great talent
This show is a part of the Turpentine podcast network. Learn more: www.turpentine.co
---
SPONSORS:
Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join ElevenLabs, Replicate, Modal and more at https://bit.ly/attioturpentine
---
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
📈 ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.
Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH
Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812
---
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
---
X/Twitter:
@sashaorloff (Sasha)
@floqast (Floqast)
@turpentinemedia
TIMESTAMPS:
TIMESTAMPS:
(00:00) Preview
(02:22) How Razzak would describe the role of CFO
(02:55) Razzak’s superpowers: hiring and working with different people
(04:28) Building trust with different colleagues across different functions and cultures
(06:31) How to be the office of “how to” rather than “no”
(08:47) Having an effective discussion when there isn’t a right answer
(11:47) Changing the culture from being a no shop to a let’s be a partner shop
(14:26) Precision Q&A
(15:24) Sponsor: Attio
(17:22) What is FloQast
(19:34) Taking on the first CFO role and evaluating fit
(21:45) Deciding not to raise at a higher valuation and why
(25:20) Having a cash war chest
(27:02) Balancing product innovation and financial discipline as CFO
(30:00) The early milestones in a new product that unlock more capital
(31:32) Getting alignment on what payback on a new product should be
(38:16) Advice to future CFOs and an underrated skill people should work on more
(41:39) Building trust with your CEO
(45:27) Wrap
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