Investor Office Hours w/ Sovereign's Capital & Atas VC

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Darrel Frater ✝️
@DarrelFraterAug 17, 2025

The Spaces brought together host Daryl Freighter, partner Phil from Sovereign’s Capital, and solo GP Andrew Chan of Atas VC for faith-forward office hours that mixed practical fundraising guidance with live founder pitches. Daryl framed the session around community, service, and faith, sharing a personal family health update and the Startup Community’s growth. Phil unpacked Sovereign’s Capital’s faith-driven thesis, the Bandwidth culture story (faith, family, work, fitness), and concrete investing parameters, then demystified process (referrals, fast initial feedback, diligence, relationship-building) and stressed that VC is not right for most businesses. He emphasized “investing in lines, not dots,” quarterly investor updates with clear asks, and warm introductions. Founders pitched across social, B2B SaaS, healthcare logistics, identity, crypto, and tooling; Phil outlined portfolio support (culture check-ins, prayer, $2.5K employee crisis grants). In session two, Andrew detailed Atas VC’s pre-seed focus on applied robotics, connected devices, and complex AI for agriculture, energy, and manufacturing, explained his solo-GP process and tooling, and shared tactical do’s/don’ts (raise when ready, avoid bringing cofounders to first calls). He also discussed authentic social content (TikTok/LinkedIn) and offered targeted advice on pilots, customer selection, marketplaces, family offices, and geo/tax nuances.

The Good News Office Hours: VC demystified with Sovereign's Capital and Atas VC

Who spoke and why it matters

  • Host: Daryl Freighter (Freighter Family Foundation; Tulsa, OK). Runs weekly office hours to bridge founders and investors, grounded in faith and community service.
  • Guest investor (Session 1): Phil (Partner, Sovereign’s Capital – early-stage venture). Focus: faith-driven entrepreneurs, market-rate returns, human flourishing.
  • Guest investor (Session 2): Andrew Chan (Founder/GP, Atas VC). Focus: complex tech at pre-seed (applied robotics, connected devices, “complex AI”) in core American necessities (agriculture, energy, manufacturing).

Opening context and community updates

  • Daryl shared a personal update: his infant daughter’s hip dysplasia showed unexpected healing on recent ultrasound; gratitude and encouragement to the community.
  • Startup Community on X surpassed 150,000 members. Office Hours is intentionally public to make investor access equitable and to sustain founder motivation and learning.

Session 1: Sovereign’s Capital with Phil

Phil’s background (brief)

  • Bay Area native; Berkeley grad; KPMG tech consulting (Fortune 100 software implementations).
  • Teach For America (via spouse) and launching a youth nonprofit in East Palo Alto shaped a mission-driven lens.
  • MBA in Washington, DC; learned VC; roles at Maryland’s state venture fund (direct + fund investments), Foundation Capital (fellow), TDF Ventures; then joined portfolio company Dual Health (mental health tech) as CFO, scaling to 300+ employees.
  • Last ~3.5 years: partner at Sovereign’s Capital, leading US early-stage venture.

Sovereign’s Capital: thesis, platform, scope

  • Firm evolution: from a $12M Fund I to investing Fund IV (~$60M) on the VC side; broader platform includes private equity, real estate, public equities, fund of funds, and a consulting/advisory arm.
  • Team/AUM: ~40 colleagues globally; ~$1B AUM across vehicles.
  • Core thesis: partner with entrepreneurs pursuing market-rate returns whose faith motivates redemptive building—caring for employees, customers, and communities in ways that can drive outperformance.
  • Origin story: Founder Henry Kaisner built Bandwidth with a culture centered on faith, family, work, fitness; closed the office at 6pm; prioritized employee flourishing. Rejected by ~40 VCs in the 1990s for this unconventional stance, Bandwidth later thrived—seeding the insight that faith-informed cultures can be durable advantages.
  • Investment scope and fit:
    • Stage/checks: Seed and Series A; initial checks $300k–$3M.
    • Typical traction at entry: often ~$500k–$1M ARR (early indicators of product-market fit).
    • Sector breadth: generalist within tech; typically not biotech/life sciences due to internal bandwidth.
    • What they seek: “moats” via deep domain insight, sticky customer relationships, core IP, distinctive GTM advantages—beyond pure execution-only plays.

Process and relationship-building

  • Access: warm intros preferred (founders they’ve backed, co-investors, service providers). Cold outreach is reviewed but prioritized lower.
  • Cadence: deck review + intro call; weekly partner meeting (Mondays) for quick directional feedback; if greenlit, focused diligence on 3–4 key areas; timelines from weeks to a couple of months depending on stage.
  • Values in practice: preference to meet teams in person, break bread, even meet families—underscoring long-term partnership and care.
  • “Lines, not dots”: Phil cited Mark Suster’s advice—investors prefer to see a founder’s progress across time (trend line) versus a single point-in-time meeting.

Fundraising demystified (Phil’s guidance)

  • VC is niche. Only a small percentage of businesses fit venture economics; bootstrapping or alternative financing may be better paths for many, and that’s okay.
  • What stands out:
    • Unique, founder-earned insights and unfair advantages.
    • Evidence of customer stickiness (renewals, embedded workflows, long sales-cycle mastery) and/or defensible IP.
  • One-minute pitch goal: earn the next meeting. Hook with the strongest differentiator—your unique insight, traction, or personal edge.
  • Keep investors engaged: send quarterly updates with wins, upcoming focuses, and explicit “asks” (key hires, intros, customers). This sustains the “line” that investors track and can even prompt preemptive offers when execution is clear.

Post-investment faith integration at Sovereign’s

  • Twice-yearly, dedicated sessions (outside of boards) on culture, founder mental health, and faith integration—laying foundations early so culture doesn’t simply “happen” later.
  • Portfolio care: they often pray with/for founders when appropriate.
  • Committed Partnership Fund: a pool voluntarily funded by Sovereign’s employees, enabling grants up to $2,500 per portfolio employee per year for crises (medical bills, bereavement, etc.). Founders communicate that investors care about employees’ inherent dignity—not just performance.

Founder pitches and tailored feedback (Session 1)

  • Ryan (Nuvala – campus super-app): MVP at University of Utah; 20,000 swipes/4,000 unique users in <8 hours; personal growth chops (150M organic IG views pre-ban). Question: How to keep VCs engaged for follow-ons? Phil: regular investor updates with clear milestones and specific asks; demonstrate execution vs. plan; nurture “lines, not dots.”
  • Jango (Focus on Words – vertically integrated AI ghostwriting + e-commerce): ghostwrites books capturing voice/values, then drives narrative-backed content and controls e-commerce; working on founder mental health title; helping Daryl’s book. Question: How to broker initial VC conversations? Phil: warm intros via mutuals/co-investors/founders are prioritized; in-person conferences work; avoid AI SDR spam.
  • Trabel Williams (Next Step – same-day surgery companion): converts CNAs into care companions for discharge, transport, and recovery; “no one goes through surgery alone”; pre-accelerator check. Question: How Sovereign’s enacts its thesis? Phil: structured culture/faith sessions, best-practice sharing, prayers as appropriate, Committed Partnership Fund support.
  • Toben Andersen (Icefox – identity/security vault): “master key to digital life” (identity, health, financial data), purple-square verification. Question: What to show in next 6–12 months? Phil: for consumer plays—adoption momentum (signups, activation, retention), CAC channel learnings; B2B wedges (e.g., digital agencies managing client credentials) can be more scalable.
  • Zishan/Dishen (Sprinter – product-engineer-centric PM): integrates customer calls → highlights → backlog features; 100+ internal users at current employer. Question: Product/next steps? Phil: doing the right things—iterate with design partners, keep capturing customer voice; founder domain expertise is the edge; DM him on X.
  • David (Gold plus coin – gold-backed RWA token for Christian commerce): targeting payments resilience amid CBDC concerns; claims gold under contract; raising next $8M for go-to-market. Question: Closing larger FO checks? Phil: ask active FOs for FO-to-FO intros; cultivate niche crypto communities; leverage author platform (podcasts, book) to deepen trust; FO networks are tight and referral-driven.

Session 2: Atas VC with Andrew Chan

Andrew’s background (brief)

  • Technical origin: NASA JPL (Europa Clipper) software. Moved into VC via Riot Ventures (LA; mining/natural resources) and Builders VC (SF). Took time off in 2024 for family, then launched Atas VC.
  • Atas = Malaysian for “upper/upper class,” reflecting Andrew’s Singapore ties and long-term cross-border ambition.

Atas VC: focus and style

  • Stage/checks: pre-seed only; ~$100k–$750k initial checks.
  • Themes: complex tech—applied robotics, connected devices, “complex AI” (beyond simple LLM wrappers).
  • Verticals: core American necessities—agriculture, energy, manufacturing; aims to back companies helping the 99%, not the 1%.
  • Examples under review: robotics for labor shortages; satellite imagery + proprietary AI for crop disease/risk; grid resilience and infrastructure.
  • First investment: offer out; pending close.

Solo-GP leverage, diligence, and decisions

  • Sourcing/scale: Andrew built internal software—AI to screen decks and log interactions; web-scraping for outbound—tools he also built for FOs after Builders. This gives the capacity of “2–3 people.”
  • Decision-making: still human-heavy—writes 7-page memos, runs expected value analyses, leans on advisors and trusted network; meets founders in person pre-check; process includes CTO tech review and onsite.

Fundraising do’s and don’ts (Andrew’s perspective)

  • Trends: pitches are more polished (YC-style narratives), but many founders raise too early—without validated problems or credible paths to build.
  • Don’t compare your process to TechCrunch headlines; every raise is unique. Some require 400+ meetings and milestone-by-milestone scrappiness.
  • First calls: avoid bringing cofounders (especially CTOs) initially; VCs are evaluating the CEO’s storytelling and fundraising ability. Bring technical leaders into second/third calls when product/tech deep-dives are appropriate.
  • Don’t screen-share a deck on the first call by default; build rapport and clarity first.

Getting investor-ready: what Andrew looks for

  • A compelling story: why you, why this pain is a need-to-have, why this is a platform (not a point solution), and why now.
  • Core materials: a clean deck, a thoughtful financial model, clear use of proceeds, and concrete milestones to unlock the next round.
  • Validation: early traction or scrappy customer discovery (interviews, LOIs), especially for deep tech where signed LOIs may be unrealistic pre-prototype.

Social media for dealflow and brand

  • Andrew posts on TikTok (AndrewChanVC) and LinkedIn (Andrew Chan) to build trust and peel back “VC secrets”; authenticity is the brand. Content scheduling helps consistency.
  • ROI so far: one LP converted and six in active conversations; strong pipeline for portfolio hiring; less direct fit for deep-tech dealflow (TikTok skews consumer), but still high value.
  • Advice to founders: pick platforms that fit you (TikTok, LinkedIn, Substack, etc.). Use “reach” content (broadly engaging) + “retention” content (core thesis/product). Embrace a little cringe; consistency compounds. Social content becomes an always-on “teammate.”

Founder pitches and tailored feedback (Session 2)

  • Oliver (rodent intelligence/monitoring): IR + camera-based rodent detection; pilots across NYC, Boston, Chicago, Vancouver; raising to deploy hundreds of devices. Question: Andrew’s process? Andrew: email [email protected]; intro call → deep dive → CTO tech review → onsite; still writes tear sheets/memos; prioritizes in-person connection.
  • Sambith (Cotton AI – enterprise fashion suite): aims to replace 5–7 tools with an end-to-end AI workflow; MVP live; two LOIs. Question: how to secure enterprise pilots? Andrew: start with micro-brands/SMBs (100–200k revenue) who can take risk, then parlay validation into enterprise; you don’t need an enterprise-grade platform to learn.
  • Thomas (Alpha Omega Energy – Cambodia): claims water-based fuel cell near commercialization; will sell power and mine bitcoin; $35k from commercialization. Question: Southeast Asia focus at Atas? Andrew: long-term brand includes SEA ties, but important note—this model may fit private equity/project finance better than VC (capex-heavy, margins/valuation dynamics). VC isn’t always the best capital.
  • Adeola (Rana – on-chain services marketplace on Solana): decentralized reputation (NFT-based), escrow, Solana payments; 3,000 on waitlist; Superteam-affiliated. Question: how to scale across communities, including offline? Andrew: avoid broad spray; identify targeted communities (forums, subreddits, offline hubs); build in public; use referrals and engagement loops to overcome cold start.
  • Esther Chika (Trico/Stone Wind – AI field-sports cardiac safety wearable): proactive detection, alerts, CPR guidance; seeks US/Asia funding. Question: raising outside Africa? Andrew: US VCs are influenced by QSBS (tax-advantaged US investments). Target US firms already investing in Africa (e.g., Mac Venture Capital), Singapore/India funds with cross-border appetite, or consider re-incorporation. Angels may accept tax disadvantages; expect a longer journey.
  • Kevin Bett (Kingfisher AG – Kenya; Kingfisher Genesis smart indoor aquaponics): modular fish + veggies, IoT/AI, solar off-grid, 95% water recycling; Africa TAM ~$65B; evaluating go-to-market (consumer vs “megafarms” near cities). Question: advice for hardware–software–ag intersection? Andrew: for VC fit, show software-like economics—either hardware unlocks a massive market (market creation) or is low-cost with a subscription/rapid payback profile; clarify target customer and model.
  • John Hoagland (AI project management): early traction (commercial interest pre-name/website); asked when to approach Atas. Andrew: as early as idea stage to build relationship; incorporation helps but isn’t a hard requirement.

Practical takeaways and highlights

  • Fit before funding: VC is for a minority of businesses. Be honest about your capital needs, margins, scalability, and timeline.
  • Build in public; nurture “lines”: founders who demonstrate progress with transparent, cadence-driven updates make investor decisions easier and faster.
  • Warm intros win: whether to VCs or family offices, referral networks accelerate trust—and signal resourcefulness akin to customer acquisition.
  • Culture is strategy: Sovereign’s shows how explicit cultural design (values, rhythms, caring infrastructure) can translate into retention, customer NRR, and long-term advantage.
  • One-minute pitch focus: the hook is your unfair advantage—unique insight, proof of pull, team superpower. The goal is the next meeting.
  • Social platforms compound: authenticity + consistent content = trust, intros, talent pipelines, even capital.

How to reach the investors

  • Phil (Sovereign’s Capital): DMs open on X/Twitter; warm referrals prioritized.
  • Andrew Chan (Atas VC): [email protected]; LinkedIn “Andrew Chan”; TikTok “AndrewChanVC”.

Closing

  • Daryl will host Fire Road Ventures and Wiv Ventures next week. Office Hours remain a public, faith-forward venue to learn, connect, and grow.