Investor Office Hours w/ Drive Capital & Bloom Co. Capital

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Darrel Frater ✝️
@DarrelFraterNov 9, 2025

The Spaces brought together host Daryl Freighter with two investor guests—Avalon Bingham (Drive Capital) and Chris Gonzales (Bloomco Capital)—for live founder pitches and candid investor guidance. After brief technical setup for simulcasting Chatter Social to X, Daryl introduced his background and upcoming fund-of-funds. Avalon detailed Drive Capital’s thematic approach, roots in cloud-enabled company formation outside the coasts, $2.25B AUM, and seed check sizes (~$500k), plus his own nontraditional path via Atlanta’s startup ecosystem. He emphasized technical founding teams, sharp communication, rapid iteration, defensibility beyond no‑code AI tools, and milestone-based fundraising. Founders pitched across fashion discovery, AI support agents, mental health, metaverse, SMB payments, and more, receiving targeted advice on round sizing, solo founders, defensibility, and customer-first execution. Chris outlined Bloomco’s venture-studio model (hands-on, sector-agnostic, seed to Series A), selection centered on team quality and metrics, and opportunities where AI modernizes legacy industries (supply chain, construction, fintech cost savings). Session two pitches spanned insurtech, sports fan apps, luxury retail AI, healthcare logistics, design ops, event planning, RIA/AI, health prevention, resale automation, and African MSME fintech, with guidance on ICP focus, traction, proprietary data, GTM, and investor terms.

Weekly Investor Office Hours: Drive Capital’s Avalon Bingham and Bloomco Capital’s Chris Gonzales

Session overview

  • Host: Daryl Freater (Investor since 2021: Visible Hands [pre‑seed], Direct Ventures [seed]; launching a new fund of funds). He’s been running these weekly Office Hours for ~2.5 years to help founders learn investor psychology, practice fundraising, and build relationships.
  • Format: 2 sessions with VC guests. Founders get a strict 1‑minute pitch followed by a single question to the VC. Emphasis on learning and feedback over immediate funding.
  • Platforms: Simulcast on Chatter Social (video) and X (audio). Early minutes involved audio I/O troubleshooting (Cable A/B and studio settings) before going live.
  • Next week: A family office and a corporate VC will join. Daryl is also seeking beta testers for a product he built.

Participants and roles

  • Daryl Freater — Host, investor, building a fund of funds; organizer/moderator.
  • Avalon Bingham — General Manager & Investor at Drive Capital (leads Atlanta market). Joined Drive exactly 3 years ago to the day.
  • Chris Gonzales — Investor at Bloomco Capital (Texas-based). Former operator; veteran; focuses on hands-on venture studio-style investing.
  • Chatter Social support: Nozzle (co-host/tech support), Leah (moderation assistance).
  • Founders who pitched or asked questions: Zachary Smith (Put You On), David (AI support agent), Clement (macro Q&A), Pat Mendez (Nashi Health), Gavin (creator/metaverse platform), Steve (Dollar App), Olu (shovin.com digital insurance), Sprinkle Matema (Fringes Sports), Oi (Fault), Precious (Formora; health-product logistics), Andrews (Frameverse), Feronemi (Party House), Ulas (Sonky), Jerry (Creator), Kurt “Dia” (Swagger Scan), Gur/Anirudh (Second), Trent/Trin Adams (OnePay). Names/transliterations reflect how they introduced themselves.

Session 1: Drive Capital — Avalon Bingham

Avalon’s background and path into VC

  • Non-traditional journey: former college radio DJ; retail; ATL ecosystem builder; supported early-stage startups starting in 2018; Russell Innovation Center founding stakeholder; community work at The Gathering Spot; portfolio manager at Goody Nation; head of sales at a B2B startup; attempted to start a fund (Vertical 404 with Antoine Woods) supporting underrepresented founders in B2B SaaS.
  • Recruited via LinkedIn by Silicon Valley Bank network; aligned with Drive Capital’s thesis on building outside coastal hubs; joined Drive and now leads early-stage investing in Atlanta. Drive opened its Atlanta office Nov 2023 at the Biltmore (Midtown/Tech Square).

Drive Capital overview and thesis

  • Scale: >$2.25B AUM; investing from Fund IV ($1B closed summer 2022).
  • Geography: Between the coasts, HQ Columbus, OH; now with market leadership roles in cities like Atlanta; invests across North America in selected markets.
  • Stage & checks: Invests across stages (pre-seed to growth). At seed, typical initial check ≈ $500K; YC‑like terms at the earliest stage; priced rounds beyond pre-seed/seed.
  • Thematic investing: Looks for market catalysts that create room for generational companies, not just sector silos. Example: the shift from SEO (search engine optimization) to GEO (generative engine optimization) as AI/LLMs change how search and content discovery work.
  • Areas of interest: Historically healthcare, fintech, B2B SaaS, legaltech, robotics. Current focus: AI application layer (platforms built atop LLMs), with selected AI enablement/infrastructure bets at seed.

What Drive (Avalon) looks for in founders

  • Technical capability: At least one hands-on-keyboard founder who can ship v1/MVP in-house; teams where multiple founders are technical are a plus.
  • Selling and storytelling: Founders must sell to investors, customers, and future hires. Ability to pitch clearly and build relationships is critical.
  • Market understanding: Clear insight into the problem space via lived/observed experience; informed POV that shapes product vision.
  • Speed and iteration: High “clock speed” in learning and response. Example: turning around substantive diligence answers (market size/defensibility) within an hour.
  • Communication and coachability: VC/founder relationships last 7–10 years; transparent communication, ability to accept feedback, and trust matter especially when things get hard.

Technical bar in the age of AI/no‑code

  • No‑code/AI coding tools (e.g., Cursor, Lovable) can get you to a demo, but durability and defensibility come from building beyond those tools. Quality of code, resilience to bugs, and product defensibility differentiate teams who can progress from “spun up” to robust platforms.

Fundraising guidance (Avalon’s view)

  • Round naming is flexible (Angel vs. pre‑seed). What matters: milestone-based fundraising tied to concrete, measurable targets (features shipped, users onboarded, version milestones). Ensure the amount raised fits those targets.
  • Budget optics: Over-indexing on “sales & marketing” in use-of-funds is a red flag. Favor organic channels and product-driven growth; marketing dollars can disappear quickly if fundamentals aren’t there.
  • Elevator pitch content: Lead with conviction and clarity. In ~60 seconds, communicate problem, solution, and why you are the right team — without unnecessary jargon.

Q&A and founder pitches (Session 1)

  • Zachary Smith (Put You On — AI fashion discovery + marketplace for emerging brands):

    • Ask: Whether to split raise (e.g., $300K angel, then larger pre‑seed).
    • Avalon: Round label matters less than milestone alignment. Tie capital to specific, measurable goals. $300K can be high for friends/angels; ensure it maps to concrete development and user targets. Avoid heavy sales/marketing spend line-items; focus on organic growth.

  • David (AI agent for live, screen-sharing technical support):

    • Ask: View on solo founders in the AI era.
    • Avalon: Solo founders are fine; Drive has invested in solo founders and founders who later became solo. Keep teams small early, iterate fast, and build culture. Team structure is not a barrier if the opportunity and founder quality are strong.

  • Clement (macro question on many “micro-SaaS” <$100M businesses enabled by AI):

    • Avalon: Drive’s fund math targets $1B+ TAM and 5–10x outcomes; micro-SaaS is typically too small. AI is transforming categories; SaaS is not dead, but business models and revenue realization are evolving.
    • Daryl: More startups can “seed‑trap” (raise one early round then build profitably). AI lowers build costs, reduces reliance on VCs, and increases founder agency — healthy for the ecosystem.

  • Pat Mendez (Nashi Health — agentic, voice AI mental health companion; culturally competent; trained on 200K counseling transcripts + 2,000 clinical texts; MVP under development; B2C subs then B2B with clinics/employers/universities; long-term vision for a clinical LLM):

    • Ask: Best way to reach Avalon/Drive.
    • Avalon: Use Drive’s Seed Program application (filters to the right market). Calendars are tight; use platforms like this to learn. Connect on LinkedIn (expect limited brainstorming bandwidth).

  • Gavin (creator/metaverse hub “Collab Studio” to unify creator profiles and community; integrated email; focus on creator ownership/royalties):

    • Ask: How to connect with large investors.
    • Avalon: Don’t optimize for investors — optimize for customers. Prove product-market fit; if you solve real pain, investors find you.

  • Steve (Dollar App — B2B SaaS to help SMBs survive; gamified reviews; reduce card fees via USDC rails; early adopters include a taco chain, yoga studio, barbershop; going live before Thanksgiving):

    • Ask: Trend of non-traditional, outspoken founders and whether Drive values that.
    • Avalon: Always open to great founders from overlooked geographies/paths. If the market is big and the product is compelling, Drive is interested.

Session 2: Bloomco Capital — Chris Gonzales

Chris’s background and firm model

  • Background: Veteran; son of immigrants; former startup operator (B2B SaaS). Prior experience across funds (e.g., SportsTech at 76 Capital, Web3 at 3x Capital, impact at Music VC). Passionate about supporting underrepresented founders.
  • Bloomco Capital: Venture studio–style model. Not just checks; hands-on in de‑risking, advisory, network, distribution, and driving revenue. Sector-agnostic; invests early (seed to Series A/B). Direct checks ~$50K–$250K; can syndicate larger rounds. Belief: The “write a check and walk away” VC era is over.

What Chris looks for

  • Team quality: Founders with domain experience in the sector they’re building for. Early team cohesion is key; frequent cofounder churn is a serious red flag.
  • Evergreen fundamentals: Team and metrics endure across cycles. If we enter a new hype era, these two won’t change.
  • Market selection: He favors AI that modernizes older industries (e.g., supply chain, construction), and AI that enables cost savings in fintech. AI capex is non-trivial; opportunities exist in lowering AI implementation/technical debt.
  • Stages/models: B2C, B2B, D2C, and enterprise are all investable; the decisive factor is the strength of the value proposition and traction.

GTM and product guidance

  • Go-to-market: Optimize organic GTM for each ICP first; then consider lean paid acquisition (AI can lower CAC if used wisely). Measure retention (D+30, D+60) to decide feature priority.
  • Product-led growth: Build a quarterly product roadmap; compound features based on KPI learnings from prior quarter. Don’t scale marketing before the product meets market standards.
  • Data/IP: Proprietary data is critical to IP defensibility. Plan for secure migration and training on new datasets.
  • Regulation in health/biotech: Plan early for HIPAA/compliance and the documentation (e.g., white papers) needed to avoid regulatory friction derailing product and revenue.

One-minute pitch content (Chris’s emphasis)

  • State the problem crisply, then the solution. Keep it simple and direct; avoid feature dumps. For early stages, a clear problem/solution with a strong team and initial traction is compelling.

Q&A and founder pitches (Session 2)

  • Olu (shovin.com — digital insurance platform to buy policies via mobile; live in market; raising pre‑seed):

    • Ask: Offer multiple products (insurance + digital loans) at pre‑seed?
    • Chris: Multiple revenue streams are valuable, but first prove traction in core ICP (insurance). Once metrics are strong, layer on loans. For lending/DeFi elements, ensure deep expertise and rigorous competitive analysis.

  • Sprinkle Matema (Fringes Sports — unified sports fan app with scores, predictions, chat; launch in Africa then Europe; MVP beta ~Nov 15):

    • Ask: Getting international investors to look beyond geography.
    • Chris: First, confirm the need to expand early. Prove locally with strong metrics (LTV/CAC/MRR). Then: (1) Acquire overseas customers; traction travels. (2) Target US/EU entities active in Africa (accelerators, angels, corporates) to bridge geographies.

  • Oi (Fault — “Taste Intelligence” for luxury retail; multimodal decision engine for demand forecasting, personalized styling, and inventory optimization; signed $125K paid design pilot in UAE; demos with marquee US/EU retailers; in NVIDIA Inception and Microsoft for Startups):

    • Ask: Scaling amid fragmented luxury retail systems.
    • Chris: You have a strong beachhead. Expand beyond digital to physical retail operations (e.g., franchise networks, in‑store integration) to widen distribution.

  • Precious (Formora — health-product logistics “Uber Eats for health”: supplements, skincare, medications; 50–60 pharmacy partners; 70 medical professionals; live orders; building voice/agentic AI; Nigeria/Delaware):

    • Ask: Early GTM — organic vs. ads.
    • Chris: Maximize organic GTM within ICPs first; once optimized, deploy lean, targeted ads. Use AI to keep CAC low.

  • Andrews (Frameverse — AI design assistant that provides real-time feedback on UI/UX; context via uploaded project briefs; 23 testers):

    • Ask: Market now or keep optimizing?
    • Chris: Optimize product first (PLG). Drive against a quarterly roadmap and KPIs; only scale marketing when retention metrics validate product-market fit.

  • Feronemi (Party House — collaborative event planning with interactive social games and memories; vendor coordination; AI idea generation):

    • Ask: With many features, which to emphasize in marketing?
    • Chris: Let data guide you. Analyze D+30/D+60 retention and feature usage; double down on what drives engagement; cut or refine the rest.

  • Ulas (Sonky — SEC-registered RIA building a multi-agent investment research/advice engine; closed beta with hundreds; team with unicorn‑experienced AI engineers):

    • Ask: Does Bloomco invest in B2C?
    • Chris: Yes. B2C/B2B/D2C/enterprise are all viable; focus on value proposition and traction in your chosen model.

  • Jerry (Creator — automated design management platform that captures design decisions/assets via multi-tool plugins; solves “portfolio rot”; 250 signups, testing with 10):

    • Ask: What triggers an early “yes” for a check?
    • Chris: This is a bridge application solving a real workflow gap. Traction signals (LOIs, waitlist conversion, early revenue) are decisive.

  • Kurt “Dia” (Swagger Scan — AI-driven dating/gaming platform centered on STI testing; ~200K followers; lab testing partner with worldwide local access; prior on-campus health fair execution; GTM via universities; raising $150K):

    • Ask: What would Chris need to see for a follow-up?
    • Chris: Clarify regulatory strategy (HIPAA/compliance, evidence base). Dia cited a medical governance team (incl. former senior CDC official) to validate content and oversight — directionally positive.

  • Gur/Anirudh (Second — AI agents for retail/resale to automate pricing, promotions, and multichannel inventory; pilots with top Toronto vintage/resale stores; integrates Shopify/Square/Lightspeed/Instagram/Depop; boosted listing throughput 30→120/hour):

    • Ask: Proprietary data vs. integrating existing ecosystems?
    • Chris: Both matter, but prioritize proprietary data for IP defensibility; also build robust data migration/training pipelines for new datasets.

  • Trent/Trin Adams (OnePay — Africa-focused platform for entrepreneurs with grants access, business aids, education, and banking; partnerships with government; MVP with ~1,000 entrepreneurs; raising $1M for 10%; received offers of $500K for 10%):

    • Ask: Navigating misaligned offers; how to evaluate.
    • Chris: Do a use‑of‑funds analysis to justify the raise size. Scrutinize term sheets (pro‑rata, rights). Assess investor value-add (distribution, product support). It’s a partnership — be willing to walk away if not a fit.

Cross-cutting guidance and highlights

Building in the AI era

  • Product defensibility: Move beyond no‑code/AI codegen prototypes; invest in code quality, reliability, and ownership of core IP/data.
  • Application-layer opportunity: Large markets are being reshaped (e.g., GEO vs. SEO, domain-specific AI copilots). Look for catalysts that create room for category leaders.
  • Modernizing legacy industries: Supply chain, construction, retail, and segments of fintech show asymmetric opportunities where AI can deliver step-change productivity.

Fundraising and investor relations

  • Milestone-driven raises: Define precise objectives per round (features/users/revenue). Size the raise to those outcomes.
  • Use-of-funds optics: Avoid heavy “sales/marketing” budget slices at earliest stages; favor organic/PLG until the engine works.
  • Relationship and communication: Be fast, clear, coachable, and transparent. A VC/founder relationship is long-term; trust and execution speed differentiate.
  • Solo founders: Not a deal-breaker for Drive or Bloomco if the founder quality is high and early execution is strong.
  • International expansion: Prove locally with metrics; then bridge to foreign investors/customers via shared entities or cross-border accelerators.
  • Term sheets: Don’t optimize solely for valuation; scrutinize terms and investor value-add. Walk away if misaligned.

GTM and traction

  • ICP-first focus: Nail a tight ICP before layering products or geographies.
  • Measure retention: D+30/D+60 usage guides feature prioritization and informs PMF.
  • Product-led growth: Build quarterly roadmaps; compound features with KPI feedback; scale marketing only when the product earns it.

Administrative and follow-ups

  • Drive Capital Seed Program: Apply via Drive’s website (Seed Program; routes by market). Avalon welcomes LinkedIn connects with expectation setting around time.
  • Bloomco Capital: Chris is responsive via LinkedIn and TikTok DMs; Bloomco operates a hands-on studio model.
  • Daryl’s notes:
    • Rocket tips on Chatter will be donated to founder initiatives.
    • Seeking beta testers for a new product he built — contact him directly.
    • Next week’s guests: a family office and a corporate VC.

Founder pitch roll-up (quick reference)

  • Put You On (Zachary Smith): AI fashion discovery + emerging brand marketplace. Raise strategy should be milestone-driven; avoid heavy marketing spend at pre‑seed.
  • AI Support Agent (David): Live agent for guided support via screen-share; solo founder OK if execution strong.
  • Macro (Clement): Micro‑SaaS likely too small for Drive; AI changing SaaS economics; founders have more non‑VC options.
  • Nashi Health (Pat Mendez): Agentic, culturally competent mental health AI; route to Drive via Seed Program; limited 1:1 brainstorming availability.
  • Collab Studio (Gavin): Creator social unification/community; prioritize customers over investors.
  • Dollar App (Steve): SMB engagement + USDC to cut fees; Drive is open to non-traditional founders building in big markets.
  • shovin.com (Olu): Digital insurance; add lending later after core traction; ensure DeFi expertise.
  • Fringes Sports (Sprinkle Matema): Unified fan app; prove locally, leverage US entities in Africa, or chase overseas customers.
  • Fault (Oi): Luxury “Taste Intelligence”; expand to physical retail ops to scale.
  • Formora (Precious): Health-product logistics; optimize organic GTM; then lean ads.
  • Frameverse (Andrews): Real-time AI design assistant; optimize product and retention before marketing.
  • Party House (Feronemi): Event planning + social games + memories; let retention/usage data pick feature focus.
  • Sonky (Ulas): SEC-registered AI RIA; B2C is investable; value prop/traction drive interest.
  • Creator (Jerry): Automated design management; early traction (LOIs/waitlist/revenue) is decisive.
  • Swagger Scan (Dia/Kurt): STI-focused dating/gaming; ensure HIPAA/compliance strategy and medical governance.
  • Second (Gur/Anirudh): AI agents for retail/resale ops; prioritize proprietary data; build strong data migration/training.
  • OnePay (Trent/Trin Adams): MSME banking + grants/business aids; align raise to use of funds; scrutinize terms; pick value-add investors.

These notes capture the core theses, diligence preferences, and tactical advice from both VCs, plus concise takeaways from each founder interaction so readers can understand the session end-to-end without the recording.