Exploring the Investible Universe

Deep Tech, the Power Law, and Backing Kiwi Founders: with Mitali Purohit, Venture Capital Allocator

In this episode of Snowball, host Tom Morton sits down with Mitali Purohit, a deep tech venture capital investor whose career spans working in venture studios, fund management, and championing female representation in New Zealand's investment ecosystem. In this episode, we discuss: * From Venture Studio to Cap Table: Why a biomedical science background is an unfair advantage in deep tech investing, and how Mitali went from wanting to cure cancer to funding the people who might. * The Stages Decoded: What seed, Series A, B, and bridge rounds actually mean in deep tech versus SaaS and why patience isn't a weakness, it's a prerequisite. * Team Over Idea, Always: Why the best investors bet on the person, not the pitch deck, and what an exceptional founder looks like six months after their first meeting. * The Power Law: How venture funds are built on the brutal reality that seven out of ten companies won't make it and why that doesn't make it a bad investment. * Bad VC Behaviour: The red flags every founder should know before they sign, from punishing valuations to control provisions that quietly kill innovation. * The Representation Gap: Why only 14% of global VC funds have a female partner, why that matters for returns, and what a more diverse decision-making table actually looks like in practice. * Backing Our Own: The contrarian view that New Zealand doesn't need international validation before it backs its own founders, and why local conviction should come first. About Mitali: Mitali is a venture capital investor with nearly two decades of experience across the full arc of New Zealand's deep tech ecosystem. Beginning her career in venture studios, helping teams commercialise innovative ideas and taking them to market, she has since held roles spanning incubation, fund management, and investment leadership across medtech, space, climate, and beyond. A passionate advocate for diversity in investment decision-making, Mitali raised New Zealand's first female founder fund and continues to champion the case that diverse capital allocators don't just reflect better values - they make better investments. Her deep scientific literacy, honed through a background in biomedical science, gives her a rare ability to evaluate technical risk with the same rigour she applies to market opportunity. About Snowball: Snowball is New Zealand's leading private equity and investment platform, dedicated to simplifying access to growth and alternative assets. Since 2014, the platform has helped over 100 high-growth Kiwi companies raise more than $200 million in capital, serving a community of over 55,000 investors. Beyond direct equity, Snowball provides self-directed access to a curated range of global alternative strategies, including private credit, infrastructure, private equity, and long-short funds, often with significantly lower entry points than traditional institutional channels. Learn more and explore the investible universe at www.snowballeffect.co.nz [http://www.snowballeffect.co.nz]

High Conviction, Patient 61, and the Future of CAR T-Cell Therapy: with JR, CEO of BioOra

In this episode of Snowball, host Tom Morton sits down with John Robson (JR), CEO of BioOra, to explore the intersection of high-conviction capital and ground-breaking science. In this episode, we discuss: * The "Dark Arts" vs. Hard Science: Why London’s macro-finance floors are a blend of math and "witchcraft," and how a background in biochemistry prepares you for high-stakes capital allocation. * High Conviction vs. "Spray and Pray": JR explains the "Be a bull, be a bear, but never be a pig" philosophy and why the most successful investors double down on their winners. * The "Lobster Pot" of NZ Capital: Why local venture funds often fear deep-tech and how the "Series A gap" is forcing Kiwi founders to look toward the US for valuation and validation. * Infrastructure as a Business Model: Why BioOra isn't just a "drug discovery" play, but a manufacturing foundry designed to build sovereign healthcare capability for the South Pacific. * The Economics of the "Safety Switch": How a technical breakthrough in CAR T-cell therapy removes the need for ICU care, turning a $1.5 million treatment into an economically viable solution for New Zealand. * The Mission of "Patient 61": The human side of the capital pathway, ensuring that the "Snowball" doesn't stop once the clinical trials end. ABOUT JOHN ROBSON (JR) & BIOORA: John Robson, widely known as JR, is a seasoned capital allocator and CEO with over 35 years of experience spanning London’s high-finance floors and New Zealand’s tech sector. From managing billions at Mercury Asset Management and Merrill Lynch to scaling Provoke Solutions from 30 to 160 people, JR brings a rare "allocator’s lens" to the world of deep-tech innovation. BioOra is a Christchurch-based biotechnology company born out of a collaboration with the Malaghan Institute. Backed by the Bridgewest Group, the firm is dedicated to democratising CAR T-cell therapy. By building the infrastructure to manufacture personalised cancer treatments locally, BioOra is securing New Zealand’s sovereign capability in the next revolution of immunotherapy, ensuring that life-saving treatments are both safe and accessible. ABOUT SNOWBALL: Snowball is New Zealand’s leading private equity and investment platform, dedicated to simplifying access to growth and alternative assets. Since 2014, the platform has helped over 100 high-growth Kiwi companies raise more than $200 million in capital, serving a community of over 55,000 investors. Beyond direct equity, Snowball provides self-directed access to a curated range of global alternative strategies, including private credit, infrastructure, private equity, and long-short funds, often with significantly lower entry points than traditional institutional channels. Learn more and explore the investible universe at www.snowballeffect.co.nz [http://www.snowballeffect.co.nz]

From Electrician to Asset Manager: The Art of Wealth Management with Jack Powell (PWA)

In the inaugural episode of Exploring the Investible Universe, host Tom Morton sits down with Jack Powell, Director at Private Wealth Advisors (PWA). Jack shares his unconventional journey from working as an electrician to managing over a billion dollars in assets, proving that sometimes the best financial insights come from a background in "complex schematics." Tom and Jack pull back the curtain on the wealth management industry, moving past the spreadsheets to discuss the psychology of investing and the reality of risk. IN THIS EPISODE, WE DISCUSS: * The "Art vs. Science" of Investing: Why a perfect academic portfolio often fails when faced with real-world human psychology. * Is the 60/40 Portfolio Dead?: Jack explains why traditional bonds and equities are correlating and what that means for your "sleep at night" factor. * The "Moral Hazard" of the Fed: Why market conditioning since the GFC might lead to a rude awakening for aggressive investors. * Alternative Assets & Absolute Returns: Moving away from "index hugging" and why the most important chart for any client is simply: "How much can I spend for the rest of my life?" * The Truth About Junk Bonds: How clever marketing rebranded high-risk debt as "high-yield" and the "fish hooks" investors need to watch out for. ABOUT JACK POWELL & PWA: Jack has been a fixture in the financial services industry since 1995. Bringing a rare blend of deep technical expertise (CFP, CLU) and the practical, "no-nonsense" problem-solving of a former electrician, Jack is a Director at Private Wealth Advisors (PWA). PWA was founded on a bedrock of absolute independence. Managing over $1 billion in assets, the firm distinguishes itself by refusing trail commissions, ensuring their advice remains un-conflicted. Jack’s approach focuses on capital preservation, holistic wealth strategy, and most importantly, ensuring clients have a plan that lets them sleep through even the most volatile market cycles. About Snowball: Snowball is New Zealand’s leading private equity and investment platform, dedicated to simplifying access to growth and alternative assets. Since 2014, the platform has helped over 100 high-growth Kiwi companies raise more than $200 million in capital, serving a community of over 55,000 investors. Beyond direct equity, Snowball provides self-directed access to a curated range of global alternative strategies, including private credit, infrastructure, private equity, and long-short funds, often with significantly lower entry points than traditional institutional channels. Learn more and explore the investible universe at www.snowballeffect.co.nz [http://www.snowballeffect.co.nz]