EVCA Newsletter | March Edition - the latest VC jobs, news, and content
A recent trends report by Bain and Company offers a sobering reminder that venture capital is not immune to the broader shake-up in the world order. In the third quarter of 2024, the global VC industry was sluggish at a modest 2% quarter-over-quarter growth. Europe, battling inflation and rising interest rates, experienced a funding downturn. Meanwhile, the U.S. held on as a funding powerhouse, securing seven of the top ten billion-dollar deals. Corporate venture capital also pulled back, signaling caution in an uncertain landscape. Yet, new CVCs appeared in advanced manufacturing and energy—sectors critical to a shifting global order. This recalibration hints that venture capital, like the world itself, is navigating a delicate balance between maintaining the status quo and embracing an evolving landscape. Only time will tell whether this turbulence marks a temporary realignment or the beginning of a more profound transformation in the venture capital landscape—and by extension, the world itself.
And with that bit of introductory fanfare, welcome back to this month’s EVCA newsletter!
Meet Dave Mullen, Partner at Pinegrove Capital Partners
We had the chance to interview Dave Mullen, who is a Partner at Pinegrove Capital Partners, an investment platform focusing on serving the innovation economy. Dave shares his story—from starting his career in finance at JP Morgan, transitioning to the tech world, and investing in the next generation of founders and fund managers at Pinegrove Capital. He also shares his learnings on life and career.
Featured Investor
This month we highlight Jake Epstein of Canaan Partners as our featured investor of the EVCA community.
Jake Epstein is an investor at Canaan, a 37-year-old early-stage venture capital with over $7B in assets under management investing in companies from seed to series B. He focuses on enterprise software and deep tech investments, splitting time between, cybersecurity, infrastructure, AI apps, and various deep tech categories (robotics, energy, space, etc.). Prior to this, he was a product manager at Uber, most recently leading a team building Uber experiences & marketplace tech for emerging markets. Jake also spent time in product at legacy public enterprise technology companies, working at Pegasystems on low code / no code business process management systems and at Juniper Networks on internal supply chain management tooling. He graduated from Dartmouth where he majored in Computer Science, Engineering, and Economics.
EVCA Leaders: LA Chapter & Defense & Space Vertical Co-Lead, Rafaella Fontes
This EVCA Leadership Series is intended to help the broader community get to know what's going on behind the scenes at the EVCA and highlight the contributions of the over 50 leads across the venture capital industry who make the EVCA possible.
Rafaella Fontes is a Partner at Fulcrum Venture Group, an LA-based firm focused on critical technologies for dual-use and defense adjacent markets. As Head of Capital Formation, Rafaella plays a pivotal role in fundraising, strategic LP engagement, and ensuring the fund’s financial and operational foundations are poised for scalability. She also works closely with founders in the portfolio, offering hands-on support with their capital raises to secure the resources they need to grow and scale. Prior to Fulcrum, Rafaella was on the founding team as an investor at Supply Change Capital and an investor at SOUND Ventures’ climate strategy. She earned her MBA from MIT Sloan, with a focus on Sustainability and Entrepreneurship, and a dual Bachelor of Arts in Economics and Sociology from Columbia University. Rafaella is also an avid marathon/ultra-marathon runner, proud dog mom to her perfect mini goldendoodle, and in a previous chapter of her life, she was a sommelier, cultivating a love for fine wines, especially Champagne.
What We’re Reading
Here we share our favorite content produced from EVCA members across the world:
The Unicorn Boom Is Over: Why Startups Must Pivot to Culture to Survive - John-Miguel Mitchell of Ekipo, provides reasons for why he believes companies that win in this new era won’t be those with the biggest valuations — they’ll be the ones with the strongest cultures
Venture Buyouts - Harry Wruck of The Capitalist, delves into Jeremy Giffon’s investment strategy of restructuring venture-backed software companies which have unrealistic valuation targets
The 7 Deadly Sins of Venture Capital (with Dan Gray) - Kyle Harrison of Contrary, chats with Dan Gray on the 7 deadly sins of venture capital as well as a variety of other topics
The Future of Foundation Model Business Models - Eric Flaningam of Felicis Ventures, discusses the path to profitability for companies like OpenAI, Anthropic, xAI, and others
Events
Serving Breakfast to Incarcerated Firefighters| March 8 | Sylmar, Los Angeles | Please email rafaella@fulcrumvg.com if interested
Driving Business : Inspiring Purpose | March 10-13 | Washington, DC
➡️ For all EVCA events, which are private to EVCA members, please check the Slack community or your inbox for our monthly Member’s Digest.
Jobs
Associate at Princeville Capital in San Francisco, CA. Please email your resume to recruiting@princeville-capital.com with a short description of your professional background, with the subject line "San Francisco Investment Associate."
Investor at Osage University Partners in Philadelphia. Please email your resume to tolcott@spmb.com.
Associate/senior associate at Infinity Ventures in San Francisco or New York.
Connect with us: EVCA, Sam, Adam, Isaac, and Beatris
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