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Renata Quintini and Roseanne Wincek

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2022-03-21
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2022-03-21
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  1. “Dollars and they're still so raw. Yes, they have revenues. The business engine has evolved, but as organizations, they're still so raw. And we really kind of grocked into that notion of there was something changing in the way organizations evolve. And we actually internally endearly call it the teenage years of companies. You have your customers, you're having this pool and you're really building that people infrastructure to continue to scale. Once we rocked onto that, we couldn't let it go.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “We really wanted to answer the question why does the war need another venture capital firm very, very well before creating our jobs and investing our careers in building renegade, right? And so I've come more from earlier stage companies as compared to Roseanne, right? And she comes more from growth. And what we're seeing is there was so much help around the ventricle system to help companies figure out their product market fit. And when it came to really building out their organizations and building out their teams, this was a defining moment for companies. Everyone sees that capital availability is tremendous. And when we look at, okay, where does that money go? It goes into team and it goes into marketing. And this idea of how do we build the teams and organizations that scale was really differentiating the companies that would get large amount of funding down the line and would really continue to be outliers. And chatting with Roseanne, she would go and say, these companies are raising hundreds of millions of”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “So I think the focus base is like what is going to make founders talk to you? What is top of mind for founders? And then the flexibility is around portfolio construction and the way how can you create as many opportunities to work with these companies as you can, right? So one is around how do you attract those opportunities? And that's the focus. And then the flexibility is, okay, as many ways as possible to say yes to those great opportunities.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Also, like just the benefits of being a stage focused investor because the truth of the matter is at IDP, we're stage specific sector agnostic. And so I noticed that my consumer companies and my enterprise companies, like yes, they had different customers, but the company building and growing issues that they were dealing with were the same. And that's one of the lessons that we've really taken into renegade. And I really am a staunch believer in around you're best able to help companies when you know what they're going through and also know what it has to look like on the other side.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “So Felisa and Lux are these new kids on the block, IVP, and I'm pretty sure Kaden are like both older than I am. They've been around for a long time. And the big things that I really learned at Canaan were really about portfolio construction. Like they have a really interesting strategy that they do tech and healthcare out of the same fund and have like these really diverse teams around the table. And I was there for the fund that had they lent the series A Lenten Club and I was in the fun that Lending Club was in. And when the company went public and just watching how allocation of reserves and right and how you think about putting big dollars behind your winners and how that can actually just really change the fund dynamics was such a valuable lesson and something that we talk about a lot here. And then at IVP also for me was a big inspiration in this category creation around like being stage specific because”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “We know the ventures of power law business. And as long as you invest in companies that will return a significant amount of the fund, you can have a wider aperture of the types of companies you target. And then the first investment that we kind of did that broke the mold was Angry Birds. We had this big thesis in mobile, and mobile is a new computing platform. And okay, what are people doing with mobile? They're messaging. They're reading news and they're playing games. And we identified Angry Birds as a target. And the round that we participated in Angry Birds was bigger than the fund size that we were investing at the time. The check size was order of magnitudes bigger than the check size we've written before, but this idea of like, okay, if you can invest in those power law type of companies, you're fine on a cash on cash basis. And then at a Lux, it was really the power of the brand and how do you get founder mindshare, right? So like if you're a founder building things in frontier in tough space, like Lux is a top three firm that you talk to.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Something that's really cool and complementary about our backgrounds is that my venture career has been at New Kids on the block, right? So Felice's, it was the first institutional fund, this whole idea of a startup and building a startup venture firm and developing a brand and everything that that entails. And then Lux, which right now they're on their Fund 6, but also a new kid on the block relative to the big institutions. So I had this experience of what really resonates with entrepreneurs and how to really build unique and appealing franchises. So with what Philis says, the biggest lesson for me was around flexibility, right? So when we started the firm, seed rounds were called a 500,000 to a couple million dollars. And there were so many adages around, okay, fixed ownership, or some people that were very dogmatic about investing certain dollars amount, et cetera. And we actually took a broader approach to early stages. I said, you know what?”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “In the beginning of 2015 and kind of had this front row seat to watch the growth market change, which that was the summer of the unicorn, right? Like everybody wanted a billion pre and that seemed so crazy and just watching the trajectory of those companies. And it was just such a great seat. But in my heart of hearts, like I'm an early stage investor. And every deal I wanted to do was like just too early for us at IVP. And as Rhana mentioned, like we've known each other for a long time and we were at one of those dinners in 2018, just kind of like a VC dinner and by the end of the night, like everybody's had a lot of wine and we're all just kind of talking about like, well, if I started my firm, I would do this and I would do that. And we're not really kind of finishing each other's sentences. And we'd worked on a bunch of stuff together in the past and had this great friendship. And I like pulled her aside. And I was like, maybe we should talk about this for real, like with less wine. And that's kind of how Renegade started. It was like nights and weekends that year.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “parents looked at us like we're all just out of school and our parents were like you need to get jobs like what are you doing so i actually went to a venture back company after that one of the board members asked me he's like what are you thinking about doing when you were up and and i was like i'm thinking about maybe went to business school and he said have you ever thought about venture and i remember going home and reading everything i could and thinking like oh my god this is my dream job because it was everything i loved about academia right like the building mental models and trying to create a vision of how i thought the world works but instead of pipetting is my experiments i got to talk to people and that was just a much better fit for my personality and so i went to stanford just kind of gung ho wanting to go into venture i joined canan partners early stage firm out of business school which was awesome i'm still super close with that team it was like really great training and then a couple years into that ivp approached me asking if i'd ever thought about growth and frankly i had it i feel like i was so lucky because i joined ivp”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “My background is like super similar to Renata's. I grew up in Ohio. I was a chemist. I actually started a PhD in biophysics and about halfway through my PhD, I realized I like thinking about science and talking about science, but I didn't really like doing science. And I was here in the Bay Area. I went to Berkeley and was living in San Francisco and saw tech taking off. So I did what everybody with half a PhD in biophysics does, which is start a company that made Facebook apps back in the crazy Facebook app days, which was really fun until it wasn't like I was kind of that entrepreneur that Renata was talking about where like companies are 10x cheaper, right? Like we were, you know, using AWS and Facebook and we had scraped some money. Like, you know, we raised a tiny bit of money and we're off to the races. And that was really fun until it wasn't, right? Like Facebook A shut everybody down because everybody was making money on their platform and they weren't. And it was also September 2008 happened right after that.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Which is a very rare event and then the materials and we stayed friends and co-investor since. And I went to Lux to help build and invest companies of frontier space. And while at Lux, I've known Roseanne for more than 10 years now. That's what led me to the path to renegade.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “And all of a sudden, the instantalization of seed and micro VC starting funds in Stanford was a natural stop. And I ended up realizing, wow, there's something changing here for founders. And I ended up building a basket for Stanford at the endowment. And then in another lucky move, got to know I had an at Phelis's and Sandeep and in a give and take situation, that belief of investors can come from many background. I've been at Stanford Endowment for three years and have allocated and understood about portfolio construction reserves and have seen the best in the business from the inside as an LP. So I brought that to the table and they said, you know, we invested before, so why don't we join forces? And that's how it went from the LP side to the GP side. And was that Felicia's for almost seven years and was an amazing ride? And then from there, I went to Lux Capital. I met Josh and Peter at the Stanford Endowment. Saw Josh in a suit”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Actually, I started my career as venture investing in funds, the male pie for the Stanford Endowment. I used to be a lawyer, moved from Brazil to the US to get a postgrad in law. I wanted to be a lawyer into VC in two thousand four that's how it all started for me. Got my MBA at Stanford one day. I looked up, oh, Stanford put venture funds in business. Let me actually find a way to see how that all works. And I was very lucky that right place at the right time. And that was 2007 when I got into Stanford.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Story to share and something to prove. That said, this field moves quickly so as the disclaimer goes, past accessibility is not a guarantee of future capacity. My guests on the 11th episode of Venture is Eating the Investment World are Renata Quitini and Rosanne Winseck, the co-founders and managing partners of Renegade Partners, a venture capital firm they launched in two thousand nineteen after each experienced life inside top notch venture firms, Renata at Felicis and Lux and Roseanne at Canan Partners and IVP. They raised a first fund of one hundred million dollars to focus on the supercritical stage of a company's development. Our conversation discusses the dynamics of a venture capital spinout and the nuances of a stage-focused strategy. First, we dive into their backgrounds, lessons learned from their experience, forming a partnership and strategy together, and going to market. And then we discuss renegades investment process across sourcing, filtering, winning deals, and working with companies.”

    2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source