Money Moves with Neil Devani

024 Ashwin Pushpala on building/exiting a company before becoming a VC at Eclipse

In this episode of Money Moves, host Neil Devani talks with Ashwin Pushpala about his entrepreneurial journey from founding a medtech startup to his current role as an investor at Eclipse Ventures. Ashwin shares how early entrepreneurial experiences, like stringing tennis rackets in high school, evolved into a career focused on solving real-world medical challenges. He discusses building his company around non-invasive glucose monitoring technology, raising nearly $40 million despite significant hurdles, and eventually exiting through an acquisition by One Drop.  Ashwin reflects on lessons from pitching investors, handling rejection, and trusting his instincts. Finally, he dives into his work at Eclipse, explaining how the firm incubates and invests in companies that innovate across the physical industries, emphasizing how experience, networks, and structured early validation can accelerate founder success. Key Topics Discussed: * Ashwin’s early entrepreneurial experiences and his fascination with medical devices * Founding and scaling a company focused on non-invasive glucose monitoring technology * The challenges and strategies of raising venture capital without traditional revenue milestones * Lessons learned from pitching investors — including best and worst pitch moments * Transition to investing with Eclipse Ventures and their thesis-driven, industry-focused approach * How Eclipse's incubation process helps founders build faster with stronger validation and networks Connect with Ashwin Pushpala: https://www.linkedin.com/in/ashwinpushpala/ [https://www.linkedin.com/in/ashwinpushpala/] Connect with host Neil Devani: https://www.linkedin.com/in/neildevani/ [https://www.linkedin.com/in/neildevani/] For more information on Necessary Ventures, visit the website at: https://www.necessary.vc/ [https://www.necessary.vc/]

REPLAY - No Assholes with Tara Roth from the Goldhirsh Foundation and Minnie Ingersoll from TenOneTen

In this episode of Money Moves, we dive into the intricacies of venture capital, honest investing, and the importance of transparency in fundraising. Join Neil Devani, founder of Necessary Ventures, as he engages with Tara Roth and Minnie Ingersoll, experienced investors with decades of expertise across VC, startups, and angel investing. Together, they explore the impact of integrity and authenticity in business, how to align investments with values, and why truly understanding a company's fundamentals matters. Tara and Minnie share insights on having strong partnerships, how they assess potential investments, and what they look for in founders while discussing the importance of lifting underrepresented voices and supporting women-led ventures. They address the misconceptions women often face in venture capital and leadership roles, offering invaluable advice to those entering these spaces. From debunking myths about startup culture to emphasizing the long-term benefits of transparent communication, Minnie and Tara reveal how women are reshaping the VC landscape with their distinct approaches to investment, teamwork, and leadership and offer invaluable advice to founders and aspiring investors alike.  Whether you're in the early stages of building a company or interested in how VCs make decisions, this episode is packed with lessons on growth, risk, and the true value of trust in business. Topics Discussed in the Episode: * The role of transparency and direct communication in successful investing. * Addressing double standards and breaking stereotypes in venture capital. * The importance of values alignment in venture capital and partnerships. * How early experiences and mistakes shape professional growth. * Navigating difficult business moments, including hiring, firing, and scaling. * Balancing passion and pragmatism in high-stakes investment decisions. Connect with Tara Roth: https://www.linkedin.com/in/tara-roth-26a3a4/ [https://www.linkedin.com/in/tara-roth-26a3a4/] Connect with Minnie Ingersoll: https://www.linkedin.com/in/mingersoll/ [https://www.linkedin.com/in/mingersoll/] Connect with host Neil Devani: https://www.linkedin.com/in/neildevani/ [https://www.linkedin.com/in/neildevani/] For more information on Necessary Ventures, visit the website at: https://www.necessary.vc/ [https://www.necessary.vc/]

REPLAY - Raising a $30M Fund 1 to Combat Cancer with Ben Freeberg of Oncology Ventures

This week on Money Moves, Neil chats with Ben Freeberg, the founder of Oncology Ventures, a venture fund dedicated to driving innovation in the oncology space. They discuss Ben’s journey from cancer survivor to founder, exploring his personal motivations, industry insights, and the challenges of building a specialized fund.  Ben shares his unique approach to identifying and investing in groundbreaking startups that aim to improve cancer care and research, offering invaluable advice for founders and first-time fund managers. This episode also highlights the mechanics of fundraising, including Ben’s experience closing an oversubscribed $30 million fund, strategies for building a compelling pitch, and navigating the complexities of the healthcare industry. This episode offers an inspiring and educational deep dive into the world of oncology-focused innovation. Topics Discussed in the Episode: * Ben’s journey from cancer survivor to founding Oncology Ventures. * Strategies for pitching to VCs and understanding what investors want. * The nuances of fundraising as a solo GP in a specialized sector. * The importance of building a strong network in the venture capital ecosystem. * Tips for founders on preparing for commercialization and market entry. Connect with Ben Freeberg: https://www.linkedin.com/in/ben-freeberg/ Connect with host Neil Devani: https://www.linkedin.com/in/neildevani/ [https://www.linkedin.com/in/neildevani/] For more information on Necessary Ventures, visit the website at: https://www.necessary.vc/ [https://www.necessary.vc/]

REPLAY - How Mike Dempsey finds 100x+ MOIC Investments for Compound Featuring Kesar Varma from Upfront Ventures

In this episode of "Money Moves," host Neil Devani speaks with Mike Dempsey, Managing Partner at Compound, and Kesar Varma from Upfront Ventures about the unique strategies and philosophies behind Compound’s investment approach. The discussion covers the firm's commitment to research-centric, thesis-driven investing in high-risk, high-reward sectors like AI, robotics, biotech, and crypto.  Mike shares insights into the evolution of their investment strategy, particularly in the crypto space, and emphasizes the importance of maintaining conviction during market cycles.  The conversation also delves into the differences between Compound’s first two funds, their thoughts on portfolio construction, and the importance of challenging traditional venture capital practices to optimize returns. The episode offers a deep dive into how Compound identifies and evaluates emerging investment opportunities and the importance of aligning investments with the firm’s long-term vision. Key topics discussed in the episode: * Compound’s Investment Philosophy: Research-centric, thesis-driven approach focusing on emerging, high-risk sectors like AI, robotics, biotech, and crypto. * Evolution of Crypto Investments: The journey from early speculative investments to a more structured strategy in the crypto space and managing through market cycles. * Fund Management and Portfolio Strategy: Differences between Compound’s first and second funds, including portfolio construction, check sizes, and the strategic focus on capital concentration. * Challenging Traditional Venture Capital Practices: Critique of common VC practices such as pattern matching and the emphasis on larger fund sizes, advocating for a more thoughtful, customized approach. * Identifying Emerging Opportunities: The process of researching and identifying new investment opportunities through deep academic research and market immersion, with examples like their investment in AI startup Runway. Connect with Mike Dempsey: https://www.linkedin.com/in/michaelhdempsey/ [https://www.linkedin.com/in/michaelhdempsey/].  Connect with Kesar Varma: https://www.linkedin.com/in/kesar-varma-278a0b1aa/ [https://www.linkedin.com/in/kesar-varma-278a0b1aa/]. Connect with host Neil Devani: https://www.linkedin.com/in/neildevani/ [https://www.linkedin.com/in/neildevani/]. For more information on Necessary Ventures, visit the website at: https://www.necessary.vc/ [https://www.necessary.vc/].

023 Family Office Investing: Evolutions in Real Estate and Venture with Kristina Chang, CEO @ Westlake

In this episode of Money Moves, host Neil Devani speaks with real estate investor and CEO of Westlake, Kristina Chang. Kristina describes her journey from interning at a shopping center REIT to running and expanding her family’s real estate business. She explains how she integrates institutional discipline into a family-run operation, detailing her approach to acquisitions—especially in niche areas like self-storage and industrial outdoor storage—and emphasizing how meticulous execution is often as critical as the initial buy.  Kristina also candidly recalls her best and worst deals, illustrating the importance of attention to detail, and outlines the ways she and her firm raise money, diversify risk, and plan exits. Finally, she offers insights into structuring personal portfolios, stressing that real estate can provide valuable yield alongside other alternative assets. Topics Discussed in the Episode: * Transitioning to Real Estate: Kristina recounts her early exposure to her family’s real estate business and subsequent experience at institutional firms, highlighting how this background shaped her investment style. * Finding Alpha in Different Sub-Asset Classes: She discusses how she looks for alpha in areas like self-storage and industrial outdoor storage and the importance of monitoring where institutions are starting to place their capital. * Importance of Operational Excellence: Beyond just buying properties at the right price, Kristina underscores effective asset management and execution as vital to realizing strong returns. * Best and Worst Deals: She shares the story of a self-storage project in Sacramento that surpassed expectations after initial struggles, as well as a street-retail property in San Mateo where a critical miscalculation led to a lackluster outcome. * Fundraising and Alignment: Kristina reflects on raising outside capital for the first time, the value of having her own “skin in the game,” and how appropriate GP/LP alignment is essential for successful partnerships.                               * Portfolio Strategy and Tax Efficiency: She advises entrepreneurial investors on allocating across real estate and other alternatives, noting how depreciation, 1031 exchanges, and real estate professional tax status can be powerful levers for optimizing returns.                                                                         Connect with Kristina Chang: https://www.linkedin.com/in/kristina-chang-044b639/ [https://www.linkedin.com/in/kristina-chang-044b639/]. Connect with host Neil Devani: https://www.linkedin.com/in/neildevani/ [https://www.linkedin.com/in/neildevani/]. For more information on Necessary Ventures, visit the website at: https://www.necessary.vc/ [https://www.necessary.vc/].