My guest for Ep164 of The Startup Playbook Podcast, was Chris Hitchen the Co-founder & Managing Partner of Possible Ventures.
Possible Ventures is an early stage venture capital fund that invests in frontier technology. Their approach in investing early, with a high cadence and investing globally has resulted in an incredible portfolio of over 100 startups which includes the likes of Sport NFT trading card startup Sorare.
Possible Ventures was one of the earliest backers of the company writing a $50K cheque into company that had 5 people and 1 team signed on hailing from the 3rd division of the Belgian League with a company valuation of 2.3M Euros pre-money. Fast forward 2.5 years and Sorare is now worth over $4B Euros, providing an incredible return on their initial investment.
In this episode we cover a lot ground diving into topics like:
Chris’s background as a founder and operator
His journey as an investor from writing angel cheques to running syndicates to their co-operative fund model
Possible’s investment strategy on betting early and with high cadence into frontier tech
Lessons from investments and his belief in backing founders that have an authenticity of mission
Investing in what’s possible, not just what’s probable
and much more!
3:44 – Chris’s background
4:40 – Lessons from Chris’s background in sports science
8:47 – Chris’s early career as a founder and operator
11:14 – The advantage of the Micro fund model
13:33 – Chris’s early investments
21:21 – What’s changed from Chris’s days as an Angel Investor to running Possible Ventures
26:41 – How Chris’s approach to early stage and high cadence investing affects their approach to ownership in companies when they invest
29:40 – Speed and backing your gut when making decisions on hiring and investing
35:23 – Lessons from investing mistakes and why resilience and authenticity of mission is important when investing
40:01 – Chris’s approach to building conviction in early stage frontier tech startups like Psylo
47:30 – The story behind Possible Venture’s seed stage investment in Sorare
52:13 – Possible’s investment model and structure
57:02 – Investing in the possible and how founders can articulate their values and mission
A big thank you to Simon Betschel and Josh Ismin for their help with this interview. Also a big thank you to our partners for this episode.
Lawpath’s Legal Advice Plan gives you access to lawyers on demand for one low monthly fee. Create legal documents, sign online and have a lawyer on-call to help you through any legal need for a fraction of the cost. Lawpath has helped Australian businesses save over $100 million in legal fees, and are offering Startup Playbook listeners up to 20% off their most popular legal plans. Visit lawpath.com/playbook for your exclusive discount and discover an easier way to get your legals sorted.
We’re Scendar, an accounting and advisory practice better described as Finance as a Service (FaaS). We’re focused on founders, funders and startups. Clients that are ever-changing and adapting. We like fast movers. And as you might have guessed, we’re not your basic accountancy. We can take care of tax and the books whilst building a syndicate fund and a multimillion dollar exit strategy. At Scendar, we’re empowered by our client’s potential. Find out more at Scendar.com
Dovetail Studios operates a venture studio and VC to transform ambitious ideas into unstoppable businesses. On top of being a renowned product development partner for startups like Afterpay, they also operate a VC fund to invest in early-stage companies that go through their venture studio program. So if you’re a non-technical, early-stage founder looking for a talented team to help supercharge your success, check out dovetailstudios.com