Investor Office Hours w/ NEA & Slauson & Co.

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Darrel Frater ✝️
@DarrelFraterNov 22, 2025

The Spaces brought founders together across X and Chatter for two investor office-hour sessions: first with Madison, a Partner at NEA, then with Jesús from Slauson & Co. Daryl hosted with Chatter’s Leah supporting simulcast logistics and community onboarding. Madison outlined NEA’s 50-year lead-investing approach, her focus on infrastructure/dev tools/data/AI agents, and a thesis around the reinvention of the SDLC, observability, unified “memory lake” for agents, and proactive cybersecurity. She described NEA’s customer-driven diligence, outbound sourcing via internal multi-agent systems, and the importance of “why now,” founder–market fit, and technical moats. Founders pitched across home repair logistics (AI Pro 360), personal agent memory/search (Ingest), SMB AI workforce enablement, healthcare platforms in Africa, and an AI longevity coach; Madison offered targeted feedback on go-to-market, partnerships, deep technical architecture, and distribution. Jesús introduced Slauson’s inclusive thesis (SMB tech and culturally aligned consumer), check sizes, and Friends & Family accelerator. He shared selection criteria, the “round is always about the next round” framing, problem-love over solution-lock, and coachability. Founders then pitched credit-building (Credit Genius), map-based job search (JobScout), STD-tested dating, AI commerce OS, stablecoin wallets for banks, relationship OS (Typing AI), and personal finance (Sello). Jesús emphasized differentiation, two-sided marketplace dynamics, initial wedges, post-pilot commercial structuring, and choosing the right path between accelerator and fund.

Investor Office Hours (Chatter x X Simulcast) — Full Session Notes

Format and logistics

  • Host: Daryl (weekly Investor Office Hours host; simulcasting on X and Chatter). Supported by Leah (Chatter team) and Nelson (Chatter; brief greeting).
  • Structure: Two back-to-back investor sessions (≈1 hour each). Each session featured a brief investor intro, then 1‑minute founder pitches followed by a single question to the investor.
  • Platforms:
    • Chatter: video + audio (recommended for pitching with visuals).
    • X (Twitter): audio‑only simulcast; links pinned to join the Chatter room via mobile apps.
  • Community: Attendees were encouraged to join the “Startup Founders Community” on Chatter (join link under the room title) and to network with other founders in the session.
  • Tools mentioned: MeetAnyone.co (Daryl’s new intro platform for founders/investors; directory to connect post‑event); rapid-building with Lovable and Claude.
  • Programming note: Next week off (Thanksgiving); resumes in two weeks.

Guest 1: Madison (Partner, NEA)

Background

  • Role: Partner at NEA (New Enterprise Associates). Leads internal data and engineering efforts.
  • Focus: Infrastructure, developer tools, data platforms, AI/agents; primarily enterprise SaaS (developer- and data-oriented tooling). Occasionally explores applications with support from colleagues specializing in specific verticals.
  • Prior experience: Stanford; AI engineering at Meta (Facebook), deep learning infrastructure with FAIR; then head of Data Science & AI in industry before moving into venture to drive technical, high-conviction investments.
  • Representative portfolio (as referenced):
    • Factory (autonomy for software development).
    • Foresight (private markets data infrastructure).
    • Backflip (AI for CAD/mechanical engineering).
    • Ceramic (compute acceleration).
    • Mindtrip (AI consumer travel planning).
    • FixFi (IT routing and AI-enabled help desk).

About NEA (as presented)

  • Age/AUM: ~50 years; ≈$30B AUM. One of the original Sand Hill Road firms; HQ Menlo Park.
  • Stage/role: Lead investor from seed up to pre‑IPO; typically enters early and supports through multiple rounds, often with board roles.
  • Notable investments mentioned: Databricks, Perplexity, Cloudflare (incubated at NEA; NEA’s head of investing sits on the public board), Uber, Coursera, Beehive (consumer).

Investment thesis and areas of interest

  • Reinvention of the SDLC: Code generation and autonomy will expand—not replace—engineering roles by lifting abstraction, accelerating delivery, and broadening participation.
  • Developer platform evolution: Abstractions around CI/CD, DevOps, and observability that truly work (signal over noise) and reduce toil.
  • Data in the agent era: “Memory lake” concepts; unifying structured (and unstructured) enterprise data for autonomous workflows and agentic apps; enabling SaaS to plug in and autonomously create and consume data.
  • Security: Proactive, agent‑native cybersecurity and safety tooling for agent apps.
  • Meta‑level motivation: Frustration with the state of data infra, observability, warehouses, and cloud services outside big‑tech; desire to bring FAANG‑caliber tooling to the rest of the world.

How Madison/NEA sources and evaluates

  • Thesis‑led, customer‑driven: Extensive time with heads of engineering/AI/data to understand concrete pain points; develops theses and then maps the landscape “top‑down,” meeting all serious teams in a space before placing a bet.
  • Outbound over inbound: Builds proprietary, partner‑personalized sourcing via internal multi‑agent data/AI systems that scan channels (e.g., Twitter, GitHub) with channel‑specific algorithms; reduces network bias and broadens access beyond SF-centric networks.
  • Diligence approach: High urgency with rigor. 2–4 weeks typical; deep expert/customer calls; often introduces early customers and prefers to see a customer land during diligence; multi‑angle analysis and materials synthesis.

What Madison looks for in founders/companies

  • Founder‑market fit: Why you, why this problem, and why now—beyond a trendy hypothesis.
  • Storytelling and context:
    • In a 1‑minute pitch: the compelling problem; the size/urgency of the market; “why now”; why your team is uniquely qualified; what today’s tools look like; and a crisp, technical underpinning that sustains a durable moat.
  • Technical moat: Especially in infra/devtools/AI, clarity on architectural advantages (e.g., data/model scale, embeddings/knowledge graphs, systems reliability) that can persist as competition heats up.
  • Distribution realism: Enterprise vs SMB tradeoffs (SMBs often have higher churn, lower budgets; GTM efficiency becomes paramount).

Selected founder pitches and feedback (Session 1)

  • Pamela — AI Pro 360 (90‑minute tradesperson “rescue” on Lightning rails; offline inference on RTX 4090 swarm; Genius Bar in Home Depot; crypto rails/payment; drone/ground parts delivery).

    • Madison: Strong “why now” once crypto architecture’s relevance was clarified (resilience in outages). Marketplace dynamics are hard—focus on distribution (e.g., Home Depot partnerships) and go‑to‑market mechanics to balance supply/demand. Over time, pursue margin expansion.

  • Ben — Ingest (unified, semantically searchable personal/enterprise memory: email, Slack, files, notes; agent‑ready).

    • Madison: This is “agent memory/context layer.” Competitive cluster: Letta, Mem0, Zeb; also YC’s Hyperspell; big tech will offer memories but are limited by data silos—startup opportunity exists. Prioritize memory architecture (embeddings, graph design), scale‑ready infra, deep technical hires, and consumer GTM/virality.

  • Stella Arsu — AI workforce infra for SMBs + jobseekers (copilot, upskilling, sourcing; $20/user/mo; SMB focus).

    • Madison: Recruiting/job space needs reinvention; LinkedIn/Indeed over‑optimize paid listings vs true matching. Look at Hiring.cafe. Differentiate with a 10x UX; plan distribution (potential enterprise channels/benefits). Caution: SMBs churn more and have budget constraints—optimize GTM efficiency.

  • Jerry Mubaru — Presibo (Nigeria): AI‑powered teleconsultation, remote monitoring, digital records; chronic illness burden is large.

    • Madison: Founder‑market fit is strong. Think deeply about local community needs and go‑to‑market partnerships; marketplaces are difficult (two‑sided supply/demand). Assess incumbents’ policy/government entrenchment. NEA’s health investments are handled by a specialized team.

  • Abby — Conversation‑driven health guidance (streamlit/voice prototypes; solving clinical conversation quality).

    • Madison: Do a “massive market research crawl” across providers, patients, insurers, hospital admin. Identify explicit pain in current tools; design a 10–100x experience to overcome distribution lock‑in and regulatory verticalization.

  • Jay (team) — Flora (AI longevity coach; unifies wearables/labs/calendar; knowledge graph + voice; proactive advice).

    • Madison: Strong technical posture (knowledge graph); consider causal methods (e.g., causal SHAP) for interpretability and separating correlation from causation. On hype vs reality: storytelling matters but relentless, rapid product improvement wins; moats are emergent in this fast‑moving landscape.

Close (Madison)

  • Shares technical content on LinkedIn and Twitter; open to feedback. Will be at NeurIPS (referred to as “one of the biggest AI conferences in Europe”); hosting events—encourages attendees to say hi. Appreciates the difficulty and courage of founding; invites continued exchange.

Guest 2: Jesús (Slauson & Co.)

Background and firm overview

  • Jesús: Texas‑born; based in the Bay Area. Background in management consulting, impact investing (LATAM/East Africa), debt investing at a nonprofit impact investor; MBA; VC internships (edtech). Post‑MBA: Omidyar Network (Pierre Omidyar) focusing on data privacy/security. Joined Slauson & Co. at inception.
  • Slauson & Co.: Early‑stage (pre‑seed/seed), mission around economic inclusion. Two primary areas:
    • SMB Tech/SaaS with product‑led growth (serving the long tail of small/medium businesses).
    • Culturally aligned consumer products (scalable products targeting overlooked/underserved customers; founders define the underserved segment and gap).
  • Fund and program: Fund II, ≈$160M AUM; ≈50 portfolio companies; team ≈9; LA‑based (office on Slauson Ave); invests in US‑based companies (US market focus). Check sizes ≈$500k–$3M. Friends & Family accelerator (6 months; small checks into ~10 companies per cohort; next cohort starts March; annual application cycle).

How Slauson evaluates and what stands out

  • Macro reality: It’s a numbers game—<1% of startups Slauson meets can be funded. Founders should expect many passes and manage a high‑volume, targeted process.
  • Fit matters: Pitch investors aligned to your stage/sector (e.g., don’t pitch consumer to B2B‑only firms).
  • Founder quality (especially at pre‑seed/seed):
    • Clear lived experience or deep domain exposure driving product insight (example shared: a founder with SMB family roots building fintech for SMBs; Slauson pre‑seed → strong progress to seed).
    • Coachability and adaptability (fall in love with the problem, not the solution).
  • Milestone mindset: “This round is always about the next round.” Be explicit about: use of funds, milestones, timelines, and the ambition level required to unlock subsequent institutional rounds. Learn metrics and expectations by talking to founders 1–2 stages ahead.
  • Differentiation: Slauson seeks more than incremental improvements; prefers products that can reshape behavior/operations and compound to venture‑scale outcomes.

Friends & Family accelerator selection (what helps you stand out)

  • Founder engagement: Optimized for founders who value community, programming, and shared resources (not just a check). You get out what you put in.
  • Product readiness: MVP is table stakes; the program maximizes value when teams can immediately apply insights (GTM, growth, ops) instead of spending the program just building a first version.
  • Ambition + insight: Authentic founder‑market connection, clarity on an innovative wedge, and credible path to scale.

What to include in a 1‑minute pitch (Jesús’ guidance)

  • Goal: Leave the investor wanting another meeting.
  • Content: What you’ve built and for whom; why you/your team are uniquely suited; proof points/traction; and a compelling glimpse of what’s next (roadmap, pipeline) that suggests 10x acceleration with capital and support.

Selected founder pitches and feedback (Session 2)

  • Antwan — Credit Genius (AI‑powered credit building: analyzes profile, adds tradelines, step‑by‑step plan; recent growth 2,100 users/30 days, 100–200 installs/day; gamified “credit games”).

    • Jesús: Big SMB tailwinds generally but here focus is consumer credit. Three critical questions: (1) differentiation vs numerous prior credit‑building apps; (2) business model durability; (3) efficient distribution (many perceive credit apps as “nice‑to‑have”—how do you reach/retain users cost‑effectively?).

  • David Gallara — JobScout (map‑based, 3D/LiDAR‑like job search; visual search by neighborhood attributes; targets Gen Z/younger workers).

    • Jesús: It’s a marketplace—solve both sides. Differentiation must translate to materially better placement rates vs Indeed/Glassdoor, etc., not just a novel UI. Monetization likely pay‑per‑placement or similar; burdens of proof: employer acquisition, seeker acquisition, and superior match outcomes.

  • Founder — Dating app with integrated verified STD testing (global lab API partnerships; post‑pandemic positioning; claims unique advertisers and non‑replicable features).

    • Jesús: Dating is crowded; incumbents can add verification features. Must define the true addressable segment that values this strongly (and quantify it). Persistence risk: why can’t large players replicate? Show moats beyond a single feature (distribution, partnerships, brand, network effects).

  • Purshara + teammate — “Superdos(e)” (AI‑native universal commerce OS/“operating system” for B2C/B2B: omnichannel catalog/inventory/pricing/logistics automation; also quick‑launch tools for small sellers).

    • Jesús: Narrow the initial wedge sharply. The scope is vast; identify the first high‑need ICP and problem with a crisp product that can win and expand from there.

  • Founder — Stablecoin infrastructure for African banks (inside core banking via Oracle; enables banks to offer USD‑stablecoin “accounts” to end customers; pilot underway).

    • Jesús: Clarify buyer (bank), user (consumer/business), and top initial use cases. On post‑pilot commercialization: think contract design and value capture. Consider 1‑year early contracts for flexibility, value‑based pricing, and using early wins to catalyze additional bank pilots.

  • Gabriel — Typing AI (AI‑native relationship OS; helps decision‑makers/communities manage network context beyond Dunbar’s number; freemium + paid AI/integrations; 7 LOIs; raising ~$1M).

    • Jesús: Accelerator vs direct fund depends on raise size and stage. More important is the current inflection story: what you’ve achieved recently, the growth curve, and how this round 10x’s momentum. Either path is viable if the narrative and metrics support it.

  • Founder — Personal finance app (budgeting + investing with AI voice; targets entry budgeters/investors; goal: frictionless, shame‑free flows).

    • Jesús: Clarify “before vs after” user journey and the 10x improvement vs Mint/Acorns/etc. What exactly becomes easier/more effective, and how do outcomes (savings/investment behavior) change because of your product?

Close (Jesús)

  • Best contact: LinkedIn (most responsive) and email via Slauson & Co. site.
  • Programs/events: Friends & Family accelerator applications are closed for this cycle; reopens annually. Slauson hosts events in LA; check firm socials. Founders invited to review portfolio for partnership synergies.

Highlights and takeaways

  • Systematic sourcing and reduced bias: NEA’s internal multi‑agent sourcing (Twitter/GitHub/etc.) tailors leads by partner thesis—an emerging best practice to discover founders beyond existing networks.
  • Thesis‑driven, customer‑validated investing: Both investors emphasized thesis formation through direct customer pain discovery, then mapping spaces top‑down to identify the likely winners.
  • Diligence with skin in the game: NEA often aims to land early customers during diligence—an uncommon but strong signal standard. Founders should be prepared to engage prospective customers quickly.
  • One‑minute pitch, done right: Tell a tight story—compelling problem/market, why now, why you, context vs incumbents, and the technical moat. Leave the investor wanting the next meeting.
  • Distribution first, especially for marketplaces and SMB/consumer: Multiple pitches hit common pitfalls—marketplaces are hard; SMB churn is real; consumer acquisition costs are unforgiving. Design for efficient, scalable channels early (partnerships, product‑led growth, embedded distribution).
  • Moats in AI: Architecture and data matter (memory/knowledge graphs, embeddings, causal methods). Given fast cycles and thin moats, relentless iteration and customer value compounding are crucial.
  • Fundraising mindset: “This round is always about the next round.” Articulate milestones, timelines, ambition, and how this capital unlocks the next stage. Learn benchmarks from founders 1–2 stages ahead.

Action items and resources

  • Founders:
    • Join the Chatter Startup Founders Community (link under room title) and network with peers.
    • If you pitched: follow up with concise materials that address the specific feedback (differentiation, GTM, metrics, contracts/pricing, 10x UX).
    • Consider MeetAnyone.co (Daryl’s directory) to connect with guests (Madison, Jesús) and prior investors featured in these sessions.
  • Builders: Explore rapid‑build tools (Lovable, Claude) for fast product iteration as suggested by Daryl.
  • Next sessions: No session next week (Thanksgiving). Series resumes in two weeks; monitor the Chatter community for go‑live notifications.