S2E2: Capital-efficient growth and discovering diverse talent with Drew Glover of Fiat Ventures

Fiat Ventures General Partner and co-founder Drew Glover fits the textbook definition of an emerging investor, but we had so much to talk about, the term itself never came up during our interview.

Founded in 2022, Fiat Ventures is nearing the end of its $25M Fund One, which has focused on seed-stage fintech startups. “Seed is really the space that's optimized to our process, which is to work with them prior to investment,” said Drew.

In addition to Fiat Ventures, he also co-founded full-stack consultancy Fiat Growth, along with Fiat Advisory, a business marketplace that connects founders with experienced operators. Working separately, Fiat’s three arms strategically support early-stage founders from talent spotting to market entry in a capital-efficient manner.

In our interview, Drew unpacked the firm's philosophy of assembling a consortium of experts tailored to each stage of a startup's growth, rather than relying solely on an in-house marketing team.

We covered a lot of ground: Drew talked about his journey from football at UC Berkeley to venture capital. Because he's a person of color who navigated unconventional paths into the industry, he emphasized his commitment to accessibility and mentorship for underrepresented founders and fund managers. He also explained how and why Fiat Ventures actively seeks talent beyond Silicon Valley.

“As a Black VC that had to find a backdoor into the VC space, I understand how few folks that look like myself are out there both as a fund manager, as a venture capitalist, as well as a founder of color,” said Drew. “I'm typically looking for ways to make myself as available as possible.”

Episode breakdown

• Founding Fiat Growth, and how it evolved into Fiat Ventures
• Drew: “We believed we had a strategy around cost-efficient growth.”
• How Fiat Ventures is adapting to recent shifts in fintech?
• “Reverse-engineering venture” = working with companies prior to investment
• “Do not hire a growth team. Bring a team like us in who can build your entire growth foundation.”
• Common pitfalls in early-stage startup hiring and implementing growth strategy
• The criteria and process Fiat Ventures uses to select and support startups
• Fiat Advisors supports early-stage startups that aren’t yet ready for direct investment
• “There is a relationship foundation in the VC space that needs to be honored.”
• Fiat’s criteria for choosing investments and the importance of founder dynamics
• Drew reflects on navigating the VC world as a person of color
• Fiat Ventures’ plans for expanding services and the long-term vision for Fiat's ecosystem

Links

• Drew Glover, GP, Fiat Ventures
• 40 Under 40: Drew Glover, Fiat Ventures, San Francisco Business Times, 4/21/23
• Alex Harris, GP, Fiat Ventures
• Marcos Fernandez, co-founder/managing partner, Fiat Ventures
• Fiat Growth
• Fiat Ventures
• Fiat Ventures, with $25M for first fund, brings ‘insider’ approach to investing in early-stage fintechs, TechCrunch, 11/16/22
• Steady App
• Chime
• Oakland Citizens Committee for Urban Renewal (OCCUR)
• David E. Glover Emerging Technology Center
• Fintech Meetup
• Money 2020