The Startup Playbook

Connecting you to the best entrepreneurs, investors and resources from around the world

Ep151 – Kylie Frazer (Co-founder & Partner – Flying Fox VC) on term sheets, rolling funds and founder runway

My guest for Ep151 of The Startup Playbook Podcast was the Co-founder & Partner of Flying Fox Ventures, Kylie Frazer.

Kylie started her career as a lawyer before leaving her legal career to first start an innovation lab for professional services and then a health tech business called Scancheck.

After exiting out of Scancheck, Kylie then transitioned over to the other side of the table as an angel investor through her angel syndicate, Eleanor Ventures.

She has now teamed up with Rachael Neumann to become the Co-founder and Partner at Flying Fox Ventures.

Unlike traditional VC funds, Flying Fox has a unique cohort based model, where they will have a rolling $5M fund that will invest in 10 companies per fund. 

Once the capital is deployed, new and existing angel investors are able to buy into the next $5 million fund for the next 10 companies that Flying Fox Ventures will invest in.

In this interview we discussed:

  • The difference between the angel investor and VC mindset
  • The terms on term sheets that you should pay attention to (and what not to spend time on)
  • The importance of founder runway
  • The benefits behind Flying Fox Ventures unique rolling fund model
  • & much more!

Timestamps 

  • 2.25 – Introduction to Kylie and her background 
  • 3.03 – The positive outcome from her first business failing 
  • 5.14 – How Kylie met her business partner in business school which lead to her next business ScanCheck
  • 6.39 – Why it’s important to learn about being an investor as a founder to better understand what investors are looking for
  • 9.40 – Kylie’s learnings as an investor and how they have evolved over time
  • 11.19 – What angel investors are looking for in startups to invest in
  • 17.38 – How Kylie supports the businesses and investors in her syndicates
  • 21.27 –  An investors role in coaching founders and why it is constantly changing 
  • 25.18 –  Why raising isn’t always about getting as much capital as possible, but the right amount for what is needed
  • 28.09 – The importance of being comfortable investing smaller amounts or through a syndicate 
  • 30.25 – The right number of  investors and when to clean up your cap table 
  • 32.05 – What Kylies focus is on and what she avoids when investing based on her legal background
  • 35.27 – Kylie’s relationship with her co-founder Rachael and why it was important to make sure they were a good match early 
  • 37.35 – The safety, support and learning benefits of investing with Flying Fox VC
  • 39.41 – What Kylie and Flying Fox VC is looking for in founders and businesses to invest in
  • 41.02 – How having an obsession and understanding of customers, can trump reputation or experience in an industry
  • 42.18 – The importance of a founders ‘personal runway’ 
  • 44.05 – What to expect when applying for Flying Fox VC
  • 44.55 – How long the process takes from application to investment with Flying Fox VC
  • 46.03 – Building a relationship with investors and why you have to be careful on how you present yourself and your company to investors
  • 48.39 – Making an effective pitch deck 
  • 49.38 – How to connect with Kylie and Flying Fox VC

Links Mentioned 

Kylies’ Links:

People Mentioned:

Companies Mentioned:  

Past Episodes Mentioned

Special Thanks:

Special thanks to Ben Williamson and Rachael Neumann for their help with research for this interview! 🙏

Feedback/connect/say hello:

Rohit@startupplaybook.co
@RohitBhargava7 (Twitter)
/rohbhargava (LinkedIn)
@rohit_bhargava (Instagram)
My Youtube Channel

Credits:

Music: Joakim Karud – Dreams

Other channels:

Don’t have iTunes? The podcast is also available on SpotifySoundcloud & Stitcher Audio Player.

Find all links to the podcast here.

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