Fund/Build/Scale

Investor Insights for African Startups with Capria Ventures’ Mobola da-Silva

Building a startup in Africa isn’t the same as doing it in Silicon Valley.
Some challenges overlap, but many don’t, like currency volatility, limited early-stage funding, and investors who expect you to scale faster than the market allows.
So how do you grow beyond your home market? How do you raise funds when VC is scarce? And what do African founders need to do to make their startups more venture-backable?
To find out, I spoke with Mobola da-Silva, a partner at Capria Ventures who’s based in Nairobi, Kenya. She’s been investing in Africa and other emerging markets for nearly two decades and knows exactly what separates startups that thrive from those that stall.
She shares practical insights on navigating currency risk, securing funding, and preparing for Series A — even if you don’t have a deep-pocketed network to lean on.
If you’re an African founder trying to build a company that investors take seriously, this episode is for you.
RUNTIME 46:19
EPISODE BREAKDOWN
(2:03) How Mobola got her start in VC and the path that led her to Capria Ventures.
(4:09) Capria Ventures' investment thesis.
(5:32) The regions and sectors where generative AI is creating real value.
(10:41) The best way to pitch Capria Ventures — and what investors want to see.
(12:26) “A venture-backable business has to be able to achieve significant scale.”
(15:13) “We're getting a bit more creative in Africa around funding for startups.”
(16:20) How currency volatility impacts valuations — and strategies for mitigating risk.
(22:18) “To pitch successfully, you have to be able to tell a story, right?”
(23:51) Why Capria Ventures avoids solo founders and what investors look for in teams.
(28:33) “Many investors don't think of product-market fit as a binary thing.”
(31:29) The key metrics that signal true product-market fit.
(33:49) “Make sure that you have a strong business before you try to start to move it to another market.”
(37:49) “Silicon Valley looms larger than life in Africa.” How founders should interpret this influence.
(42:46) Mobola’s top advice for early-stage founders in Africa looking to scale and raise capital.
LINKS
Mobola da-Silva
Capria Ventures
Investment inquiries
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Thanks for listening!
– Walter.

KarmaCheck CEO Eric Ly on Customer Discovery + Early Product Development

Eric Ly is the CEO of KarmaCheck, where he’s tackling a problem he first noticed years ago as a co-founder of LinkedIn:
People don’t always tell the truth about themselves.
To address this, KarmaCheck — launched in 2019 — automates key aspects of the background check process. By reducing complexity, employers can speed up hiring, while job applicants experience less friction along the way.
“This is one of the first touch points with the employer: experiencing pain and frustration having to go through this process,” said Eric.
“For us to show up with something new and different and better was frankly a breath of fresh air for the employers, the customers that we work with.”
In this episode, we discuss:
Jumping into a highly regulated industry with no prior domain expertise
Why customer discovery should focus on patterns, not one-off insights
The benefits of selling new features before they exist
How to balance customer requests without losing focus
We also talk about stepping out of LinkedIn’s shadow, resisting the temptation to build for a single customer, and knowing when to say “no” to feature requests.
RUNTIME 40:20
EPISODE BREAKDOWN
(1:37) “Several years ago, I became really interested in this whole concept around trust and trust online.” — How Eric first recognized the problem that led to KarmaCheck.
(3:22) Entering a highly regulated industry without prior experience — where Eric found the confidence to take the leap.
(5:30) A look back at KarmaCheck’s first hires — who they brought in early and why.
(6:47) How KarmaCheck convinced early customers to take a chance on an unproven solution.
(10:36) “Where employers don't even meet the people that they interview in person, there's an opportunity for the wrong things to happen.” 
(12:21) “We identified a pain point in corporate America that people often experience frustration with.” 
(14:34) How Eric used early customer feedback to shape KarmaCheck’s product strategy.
(16:11) The role of proof-of-concept programs in building customer trust.
(21:16) “Make sure that whatever you commit to in your product is going to be applicable for more than one customer.” 
(24:47) When customer feedback leads you down the wrong path — how to recognize it and recover.
(27:46) Why it’s important to keep track of rejected product ideas. 
(29:49) The lessons from LinkedIn that Eric chose not to apply at KarmaCheck.
(32:54) Advice for founders who want to step out of a shadow and build something completely new.
(35:54) How to find a mentor when you don’t have a built-in network — Eric’s tips for making meaningful connections.
(38:24) The one question Eric would ask a CEO if he were interviewing for a job at an early-stage startup.
LINKS
KarmaCheck
Eric Ly
KarmaCheck Raises $45 Million Series B to Modernize Background Checks and Credentialing (Press release. 6/27/2024)
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Thanks for listening!
– Walter.

Inside Acceldata: CEO Rohit Choudhary on Building a Leading Data Platform

Most early-stage founders I talk to are focused on getting their first customers, hiring their first employees, or maybe, if they’re lucky, closing their first round of funding. But what happens after that?
For Rohit Choudhary, the answer was building a whole new category.
Rohit is the CEO and co-founder of Acceldata, a data observability platform that helps companies manage the complexity of modern data infrastructure. Before starting the company, he spent years inside the problem — working on data engineering challenges at Hortonworks and other enterprise tech firms.
Like a lot of technical founders, Rohit didn’t start out dreaming of being a CEO — but the problem was too big to ignore.
In this episode, we talk about:
Why data engineering lacked the right tooling and how that led to Acceldata
How his team validated the concept with real-world customer pain points
The trade-offs of building in stealth mode vs. in public
What he’s learned about hiring, scaling, and making the leap from engineer to CEO
If you’re trying to figure out how to go from technical insight to scalable business, this one’s for you.
RUNTIME 37:37
EPISODE BREAKDOWN
(2:16) “ There are four of us co-founders, and we were all part of the same engineering team at Hortonworks.”
(4:33) “ We felt that here was a unique opportunity for us to be able to build something really, really large and big.”
(6:16) How Acceldata approached proof-of-concept programs in its early days.
(8:23) “ How did you decide which one of you would become the CEO?”
(11:31) Rohit’s seed-stage recruiting strategy: “ we had to excite them with the long-term vision.”
(14:35) “ People like me, we learned how to sell despite coming from an engineering background.”
(16:46) Why the co-founders “took a leap of faith” by formalizing their sales process early.
(18:46) “ We were familiar with how business is conducted in the U.S.,” which made expansion easier.
(21:08) Early challenges they faced after closing a Series A.
(23:08) How “a big mistake” from a previous startup still influences Rohit’s choices today.
(25:30) Wondering if it’s time to throw in the towel? Do a self-assessment.
(28:31) Three core skills engineers need to acquire if they want to become effective CEOs.
(31:39) “ I used to interview almost everyone until we were at about, you know, 170-180.”
(33:82) How creating a 10-year strategy informed their day-to-day decision making.
(36:27) The one question he’d have to ask the CEO in an interview before he could accept an offer.
LINKS
Acceldata
Rohit Choudhary, co-founder/CEO
Ashwin Rajeeva, co-founder/CTO
Gaurav Nagar, co-founder/Senior Architect
Raghu Mitra Kandikonda, co-founder/Director of Engineering
Lightspeed Venture Partners
Acceldata Announces $50 Million in Series C Funding to Expand Market Leadership and Product Innovation in Data Observability (press release)
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Thanks for listening!
– Walter.

Vouch CEO Sam Hodges on Mitigating Startup Risk and Maximizing Growth

Startups face unexpected risks every day — cyberattacks, lawsuits, market shifts —but many entrepreneurs don’t think about risk management until it’s too late.
In this episode of Fund/Build/Scale, Vouch co-founder/CEO Sam Hodges explains why risk management should be top of mind for early-stage founders. We discuss:
Why risk management matters for early-stage startups  
How Vouch validated, built, and launched Corix as a new business unit  
The biggest mistakes founders make when managing risk  
Why work-life balance is a myth for startup leaders  
Key insurtech trends that early-stage founders should watch in 2025  
Sam also shares insights on team structuring, branding, and time management—plus the one question he’d ask an insurtech CEO before taking a job.
RUNTIME: 44:36
EPISODE BREAKDOWN
(2:27) “ Risk management is something that a lot of founders don't think about a lot, but when it matters, it really matters.”
(3:26) How Sam connected with co-founder Travis Hedge.
(5:53) Why Vouch’s first team member was a design lead.
(6:35) What sets Corix apart from Vouch’s core offerings.
(9:05) The process behind starting up a new business unit.
(12:42) “ At some point in scale, almost every company is going to organize around products, geographies, or market segments.”
(15:05) “ There are three very specific stakeholder groups that we talk to all the time.”(16:26) How the team balanced quantitative metrics against qualitative insights while planning.
(18:50) Inside their messaging, branding and rollout strategy for Corix.
(21:59) “ The roots of Corix are ‘core’ and ‘risk,’ and we really do think that's what this is all about.”
(25:47) How Sam’s day-to-day work is different since launching a new BU.
(28:25) A few thoughts about time management and self-care.
(30:32) “ I am not a big fan of the term ‘work-life balance.’”
(33:22) “ When you make a decision like this, it is going to always feel like it is too early or too late.”
(35:48) Insurtech trends early-stage founders should look out for in 2025.
(40:14) The biggest risk-management mistakes Sam sees founders making.
(43:14) The one question he’d have to ask an insurtech CEO if he were interviewing for a job.
LINKS
Vouch
Sam Hodges, co-founder/CEO
Travis Hedge, co-founder/CRO
Introducing Corix: An MGA from Vouch, Empowering Brokers with Tailored Insurance Products (PR Newswire)
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Thanks for listening!
 
– Walter.

Navigating Blue Oceans: Key Insights for Emerging Founders from Vectara CEO/co-founder Amr Awadallah

Amr Awadallah is the CEO and co-founder of Vectara. Previously, he co-founded Cloudera, which went public in 2017 and was acquired for $5.3 billion, and also served as VP of Developer Relations at Google Cloud. His first startup, Aptivia, was acquired by Yahoo, where he later became VP of Product Intelligence Engineering.
I talked to him about his experience as an immigrant in Silicon Valley, the frameworks he’s built to articulate vision and credibility, and what he’s learned about pitching investors and recruiting top talent over the years.
Runtime: 52:43
EPISODE BREAKDOWN
(3:39) “ The more technical definition of what we do is ‘RAG as a service.’”
(5:38)  ”You ask your car, ‘why is this icon showing, what's wrong with you?’ And the car will tell you, hey, you need to go change my oil.’”
(8:07) What makes Vectara a blue-ocean company.
(10:05) How to win an investor’s confidence when your current TAM is zero.
(12:04)  ”There's three things anybody looks for when they're going to join any job, and you need to at least win two of the three.”
(15:06) How Amr connected with the other Vectara co-founders.
(17:24) Why he’s “a very big opponent to building in stealth.”
(21:50) Attending Stanford helped Amr visualize himself as an entrepreneur. 
(24:34) “ Many entrepreneurs think that the idea is what's going to make a company succeed or not.”
(28:54) How he cultivated an appetite for risk again after spending eight years at Yahoo.
(32:44) “ Only get the PhD in one case, and one case only: if you want to be a professor.”
(37:35) “ By definition, more immigrants will be more willing to take risks.”
(41:33) “ There's so many VCs out there pretending they're amazing.”
(43:54) There are two types of salespeople: “coin operators” and “innovators.”
(48:20) You can start up outside Silicon Valley, but “ if you can move here, move here.”
(50:27) Two questions he’d ask the CEO if he were interviewing for a job with a new startup.
LINKS
Amr Awadallah
Vectara
Cloudera
Google Cloud
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Thanks for listening!
 
– Walter.

2025 Cybersecurity Trends, Insights and Storytelling Advice from YL Ventures' Andy Ellis

In this episode of Fund/Build/Scale, I talked with YL Ventures Partner Andy Ellis (a former CISO) about his approach to storytelling, tactics for founder-led sales and marketing, and why he thinks the cybersecurity hiring challenge isn’t a talent shortage, but a market misunderstanding.
We also discussed refining product-market fit, customer discovery methods and pitfalls like believing in one's own narrative too strongly. The conversation also touched on hiring strategies, managing design partnerships, and maintaining humility as a founder. “The basic entry level skill of reading the room is knowing when somebody already agrees with you,” said Andy.
RUNTIME 44:15
EPISODE BREAKDOWN
(1:44) Andy describes his day-to-day work at YL Ventures with founders.
(4:08)  "It's like you now have an infant, and your only job as a parent is to create a competent adult.”
(6:33) How he prefers to be pitched.
(7:52)  ”The art of storytelling is taking a message and putting it in a narrative vehicle.”
(14:38) The biggest storytelling mistakes early-stage founders make.
(17:08) “ The basic entry level skill of reading the room is knowing when somebody already agrees with you.”
(18:50) “ Fear is a hard, hard sale… It's so transparent and CISOs do this every day.”
(19:36) Common cybersecurity GTM missteps.
(21:40)  ”The moment that you can sell the same product to two different companies, you should have a sales rep.”
(23:45) How Andy helps founders read the room when they’re trying to make a sale.
(27:20) “ You're hiring really out of a very different pool when you're in the cybersecurity space.”
(29:08) “ Stealth is sort of a misnomer, but we're still sort of stuck in it.”
(30:54) What to say if you want someone to quit their cushy job and join your risky startup.
(32:46)  Rock-star hires are “fantastic if they stumble into your lap, but you can't go look for them.”
(35:08) “ That first marketer you hire needs to be able to do a lot of things.”
(39:05) “People with massive egos have a lot of humility.”
(41:20) Trends in cybersecurity and AI he’s excited about in 2025.
LINKS
Andy Ellis
1% Leadership: Master the Small, Daily Improvements that Set Great Leaders Apart
csoandy.com
YL Ventures
YL Ventures’ The State of the Cyber Nation 2024 (PDF)
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Thanks for listening!
– Walter.

Lessons from Operant AI's Startup Journey: “ We're not wasting time on wheel spinning.”

Two of the three co-founders of Operant AI — CTO Dr. Priyanka Tembey and CMO Ashley Roof — joined me to talk about building the first runtime application protection platform and navigating the challenges of cloud-native security. The company announced a $10M Series A in September 2024 — In October, we discussed taking the leap into entrepreneurship, the lessons they learned through customer discovery and education, making early hires count, and the importance of early-stage team dynamics.
RUNTIME: 48:14
EPISODE BREAKDOWN
(2:28) “ I think it was within six months that we were able to have our first customer conversation.”
(3:46) What can customers do with a runtime application protection platform?
(9:38) “ What is interesting about our team is we don't come from prior security vendor companies.”
(12:59) Ashley explains how her first “real job” at Google eventually led her to Operant AI.
(15:51) “ I had many years of imposter syndrome to get over.”
(17:57) Why working with design partner teams is key, particularly for stealth startups.
(20:43) Priyanka discusses the company’s early customer education efforts.
(24:23) Ashley on why previous runtime application protection products hit “the trough of despair pretty fast.”
(28:26) Turning design partners into paying customers was part of their seed-to-Series A transition.
(31:04) Priyanka explains how Operant AI runs proof-of-concept programs for customers.
(34:28) Why they decided to start up in stealth.
(36:29) “ I honestly don't know how any consumer company could possibly start in stealth.”
(38:35) “ We have the technical leadership in place now… to scale the product further.”
(41:02) Inside their recruiting strategy and process.
(44:35) What’s changed since closing the Series A?
LINKS
Operant AI
Dr. Priyanka Tembey co-founder, CTO
Ashley Roof, co-founder, CMO
Operant AI Secures $10M Series A to Protect the Modern Cloud Across APIs, Applications and AI
SOC 2 compliance
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Thanks for listening!
– Walter.

Mercury Raise 2024 Survey: Founder Challenges, Fundraising Trends, and the AI Hype Cycle

Startups are built on grit, vision, and — surprisingly — a lot of peer advice. In this episode, I sat down with Mallory Contois, Head of Community at Mercury and leader of Mercury Raise, their founder success platform. Drawing from their latest survey, Mallory shares eye-opening insights about how early-stage entrepreneurs navigate challenges like fundraising, hiring, and customer acquisition.
Why do founders rely more on peer networks and podcasts like this one than their VCs for operational advice? Mallory explains the unique psychology that makes it hard for founders to admit uncertainty to their investors and why angel investors often provide more operational value than institutional funds.
We also discuss key survey findings, including the evolving AI landscape, the benefits of accelerators, and how lean teams are reshaping what’s possible in a startup. 
Whether you’re building your first company or gearing up for the next funding round, this episode offers actionable insights and a fresh take on founder dynamics in today’s startup ecosystem.
Subscribe now to Fund/Build/Scale and learn how to turn your idea into a sustainable business.
RUNTIME: 44:44
EPISODE BREAKDOWN
(2:19) A brief overview of Mercury and Mercury Raise.
(3:42) Mallory describes a day in the life of Mercury’s Community team.
(6:18) Do mature startups worry about the same things as seed-stage teams?
(8:41) “ We have a pretty good pulse on what people are talking about and what people are struggling with.”
(9:26) Nearly a quarter of all survey respondents applied to accelerators but were rejected.
(11:05) Why founders are more likely to get advice from this podcast than their VCs.
(13:39) “ The peer connection that founders have is almost trauma bonding.”
(15:02) “ We're seeing founders and investors giving the advice to be much more constrained in spend management.”
(17:43) Mallory describes different founder archetypes who are attracted to Mercury Raise.
(21:07) “ AI investments now are a lot more calculated than they were in the last couple of years.”
(24:45) For AI founders, building in a hype cycle “ can be simultaneously demoralizing and exciting.”
(27:17) How Mercury Raise creates value through community.
(29:54) Mercury’s Investor Connect program helps founders sharpen pitches.
(32:54) “Fundraising in general is just a black box.”
(36:13) Vibe check: “solo founders are actually becoming a little bit more common and a little bit more accepted.”
(37:19)  ”Co-founder breakups — it's worse than the real thing.”
(38:02) Mallory’s advice for founders who are planning to fundraise in 2025.
LINKS
Mallory Contois
Mercury
Mercury Raise
Mercury Investor Connect
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📥 LinkedIn:https://www.linkedin.com/newsletters/7249143254363856897/
Thanks for listening!
– Walter.

Rusty Ralston and Jay Patil of Swell VC: A Hands-on Approach to Building Startups

In October 2024, New York-based Swell VC announced its second fund with $11.5 million in commitments. 
Co-founded by general partners Jay Patil and Rusty Ralston in 2011, the firm now manages two seed-stage funds and a special purpose vehicle with $19 million in assets.
Compared to larger firms, they’re small potatoes — but that’s intentional. Swell VC is all about being hands-on: helping founders with critical early hires and go-to-market strategies.
I invited them on Fund/Build/Scale to discuss their investment thesis, why diversity matters for building innovative teams, and how to know when it’s finally time to stop thinking about your startup idea and start building.
RUNTIME 42:09
EPISODE BREAKDOWN
(1:36) Rusty explains how he and Jay met.
(4:08) “ People determine the outcome of a company.”
(5:36) “ You start the search when you're ready to hire. And then you build momentum.”
(8:27) When Swell VC gets involved with founders, where they’re looking to invest.
(11:24) Jay talks about the firm’s portfolio strategy and its second fund.
(14:38) When it comes to early hiring, “ over the last 15 years, we've codified like all of our learnings.”
(17:16) Where do  founders make the most mistakes in the hiring/interview process? 
(21:43) “A  big blind spot is thinking diversity is just about hitting certain metrics.”
(23:15) “ We're all about finding founders to live on what we call ‘the edge of the inside.’”
(26:39) “ No solo founder can do everything forever.”
(29:14) “ You don't need to build a full team right away. Your network is kind of your first line.”
(31:55) Signals that indicate a founder’s ready to take the leap into entrepreneurship.
(34:40) Why Swell VC is looking for category-creating startups to invest in.
(37:34) Questions Jay and Rusty expect founders to ask during the discovery meeting.
(40:25) How they prefer to be pitched.
LINKS
Jay Patil
Rusty Ralston
Swell VC
info@swell.vc
Swell VC Closes $11.5M Fund II, Proving Small Funds Can Deliver Big Wins (PR Newswire)
Distributed to Paid-In Capital (DPI) definition
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Thanks for listening!
– Walter.

Seed-stage Valuation Insights from Lightspeed's Nnamdi Iregbulem

If a team hasn’t built a minimum viable product, secured paying customers, or demonstrated strong unit economics, what exactly are seed-stage investors betting on?
To get some answers, I sat down with Nnamdi Iregbulem, a partner at Lightspeed Venture Partners, to discuss what drives seed valuations, the traits of successful founders, and his perspective on AI startups.
“A lot of the pitches that I get are basically two people, a PowerPoint deck, and their dog,” Nnamdi told me during our conversation in October 2024.
Nnamdi shared his journey from coding as a kid to investment banking at JP Morgan, growth-stage investing at Iconiq Capital, and now helping early-stage founders at Lightspeed. He explains why seed valuations often reflect the opportunity cost of the founding team more than traditional factors like interest rates or public market comps, and highlights the rising costs of GPUs and AI talent as critical considerations.
We also explored the traits that set exceptional founders apart — like strong domain expertise, adaptability, and demonstrated excellence — and why inference-based AI startups may have an edge over those focused on training new models.
For aspiring VCs, Nnamdi offers practical advice on developing domain expertise, building a network, and honing the skills needed to evaluate companies effectively. Whether you’re a founder, investor, or simply curious about the startup ecosystem, this episode is packed with actionable insights.  
RUNTIME 33:24
EPISODE BREAKDOWN
(2:24) “ I was the first-born son of two Nigerian immigrants who really badly wanted me to be a doctor.”
(6:17) “ I was sort of like, ‘what do I know about early-stage companies?’ I never worked in a startup.”
(8:50) The day-to-day work Nnamdi does with the founders in Lightspeed’s portfolio.
(11:13) He explains why seed valuations aren’t valuations.
(13:31) “ The only characteristic… that had any real predictive value was the opportunity cost of the founder.”
(16:43) “ Coming from a large and stable big tech company is not the positive signal that it used to be.”
(17:32) The weights and measures he uses to assess seed-stage founders.
(19:33) When domain expertise is (and is not) useful.
(20:53) How he evaluates technical vs. non-technical founders.
(24:16) “A lot of the pitches that I get are basically two people, a PowerPoint deck, and their dog.”
(25:18) How to pitch Nnamdi directly.
(26:21) Setting valuations is “ more driven by the founders than it is by us.”
(29:33) His advice for anyone who wants to break into venture capital.
LINKS
Nnamdi Iregbulem
Seed Valuations Aren’t Valuations, whoisnnamdi.com
email Nnamdi
Lightspeed Venture Partners
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📸 Instagram: https://www.instagram.com/fundbuildscale/
 
Thanks for listening!
– Walter.