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Tank Talks By Ripple Ventures

Tank Talks By Ripple Ventures

By: Ripple Ventures
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Join your host, Matt Cohen, Founder & Managing Partner at Ripple Ventures for weekly conversations with leaders in the startup ecosystem discussing the truth about investing, building and running startups.

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Episodes
  • The Money Behind Money in VC | Julia Maltby

    The Money Behind Money in VC | Julia Maltby
    Jul 30 2026
    In this episode of Tank Talks, host Matt Cohen sits down with Julia Maltby, a Principal at Fengate Asset Management who has lived the full venture capital lifecycle. Julia started as the first employee at Plum Alley Investments, ran partnerships at WeWork during its hyper-growth phase, spent over five years rising from Associate to Principal at Flybridge Capital, and even ran her own seed fund, Deco Ventures, before moving to the LP side at Fengate in 2025. Today, she invests in early-stage VC funds and direct opportunities across North America.Julia offers a brutally honest perspective on what she wishes every emerging manager knew about fundraising. She explains why LPs value process over outputs, why founder references from failed companies are more valuable than those from winners, and how GPs can stop leaving first meetings as a “polite maybe” and start qualifying LPs like a sales funnel. She also pulls back the curtain on LP-to-LP communication (which she says is 10X stronger than GP gossip), shares tactical advice on building data rooms that actually get read, and reveals how Fengate pre-approves co-investments to move at startup speed.Whether you’re a GP in the middle of a raise, an LP sorting through an endless stack of emerging manager pitches, or just curious what venture looks like from every seat at the table, this episode is for you.From Liberal Arts to Venture Capital (02:07)* Julia’s unconventional path from studying architecture and social inequality to becoming one of venture’s most respected emerging investors.* How a cold LinkedIn message landed her first job in venture capital.* Why having no finance background became an advantage instead of a limitation.Learning Venture from the Ground Up (04:13)* Building crowdfunding platforms and SPVs before venture became mainstream.* Why early-stage investing means wearing product, operations, and fundraising hats.* Lessons learned from saying “yes” before knowing exactly how to do the work.Inside WeWork’s Hypergrowth Machine (05:11)* Joining WeWork during its explosive expansion and learning from one of startup history’s fastest growth stories.* What Adam Neumann got exceptionally right about building mission-driven teams.* The leadership lessons worth keeping and the scaling mistakes worth avoiding.The Flybridge Investing Framework (10:39)* Why durable venture investing starts with disciplined systems rather than intuition alone.* The importance of pricing integrity and staying focused on core business strengths.* How evaluating customer urgency shaped Julia’s investment philosophy.Becoming a Solo GP (14:14)* Launching Deco Ventures with Flybridge’s support.* The challenges of making investment decisions without partners.* Why every solo GP needs trusted people whose job is to challenge—not validate—their thinking.What Makes a Venture Manager Truly Different? (18:00)* Why there isn’t just one formula for becoming a successful GP.* Understanding your competitive advantage instead of copying other managers.* How LPs think about portfolio fit beyond fund performance.The Data Room Mistakes GPs Keep Making (23:18)* Why withholding information often slows fundraising rather than helping it.* Julia’s advice: send everything instead of drip-feeding documents.* How GPs should reference-check LPs before sharing sensitive materials.Looking Beyond Markups and Valuations (27:16)* Why portfolio KPIs matter more than inflated funding rounds.* How disciplined reserve strategies separate thoughtful investors from reactive ones.* Using follow-on decisions as a measure of investment discipline.The Power of Great References (31:45)* Why founders from failed companies often provide the strongest references.* How LP references reveal governance, transparency, and communication quality.* Why perfect references can actually make LPs more skeptical.Stop Leaving Meetings as a “Maybe” (34:35)* The questions every GP should ask before ending a fundraising meeting.* Understanding the difference between genuine interest and structural misalignment.* How qualifying LPs like a sales pipeline saves months of wasted fundraising.Building Better Co-Investment Relationships (37:06)* How proactive communication makes co-investments move faster.* Why LPs build internal pipelines long before deals officially launch.* The importance of giving institutional investors time to prepare.The Future of Early-Stage Venture (39:27)* Why Julia remains optimistic despite today’s challenging fundraising environment.* The growing divide between mega-funds and smaller venture firms.* Why smaller funds continue delivering meaningful returns that often go unnoticed.Using AI to Build Better LP Portfolios (41:17)* How Fengate uses AI to understand portfolio exposure across hundreds of startups.* Moving beyond broad fund branding into detailed market analysis.* Why better portfolio intelligence leads to better future investment decisions.About Julia MaltbyJulia ...
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    46 mins
  • Why Software Lost Its Moat and Deep Tech Is Winning with Jacob Jackson of Julian Capital

    Why Software Lost Its Moat and Deep Tech Is Winning with Jacob Jackson of Julian Capital
    Jul 23 2026
    Everyone Has the Same AI Tools Now. So where’s the Moat?In this episode of Tank Talks, host Matt Cohen sits down with Jacob Jackson, partner at Julian Capital and founder of Deep Checks. A physicist turned SaaS founder turned deep tech investor, Jacob brings a unique perspective on the shifting landscape of venture capital. He shares his personal journey from developing MRI techniques at UBC to founding MedStack, and why he made the full-circle pivot back to backing companies building real, hard technology.Jacob offers a frank assessment of the defensibility crisis in software, explains why AI is democratizing superpowers across every industry, and makes the case that deep tech offers faster exits and higher unicorn density than its reputation suggests. He also breaks down how Julian Capital supports founders with growth and go-to-market muscle, and why the team behind the idea matters more than ever in today’s market.Whether you’re a founder building hardware, an investor looking for the next generation of venture returns, or just trying to understand where technology is headed, Jacob Jackson delivers the kind of straight talk that cuts through the hype.Why Software’s Moat Is Gone (04:00)* Jacob’s firsthand experience building MedStack, where Amazon, Google, and Azure built competing products almost overnight* Why the defensibility crisis in SaaS is making it harder than ever for new companies to get off the ground* The shift from competing on product to competing on capital and go-to-marketRedefining Deep Tech: What Everyone Gets Wrong (06:44)* The biggest misconception: that deep tech requires 20-year fund cycles* How SpaceX-style private market liquidity proves milestone-based exits work* Why the hottest sector of the year is never where the biggest company gets seededHow AI Accelerates Hardware Development (08:23)* AI as a democratizing force that makes everything faster and more competitive* From CAD design to patent strategy: how AI is becoming a founder’s essential tool* The commoditization of vertical robotics and what it means for defensibilityBuilding Moat in Deep Tech: Talent, Networks, and Network Effects (10:30)* Why network effects and talent density matter more than patents alone* How to pull the “ladder up” behind you as you scale* Incumbents vs. upstarts: why everyone has access to the same tools nowThe Rise of Deep Checks (18:01)* How Deep Checks became the world’s largest network of deep tech founders and VCs* The platform that helps founders run a tight, accelerated fundraising process* Over $100 million deployed and 5,000+ founders submitted in just two yearsWhat Jacob Looks for in Founders (24:50)* The 50/50 split between team and idea* Why obsession and speed matter more than business experience* How to spot the founders who will learn to sell, recruit, and negotiateFrontier Tech vs. Deep Tech (29:20)* Why Julian Capital backs “picks and shovels” companies in spaces like fusion and quantum* The importance of market pull and meaningful near-term milestones* Why a 20-year fund cycle makes financial math nearly impossibleThe Data That Surprised Everyone (32:58)* Deep tech exits are 25% faster with more unicorns per dollar invested* Why historical data shows deep tech outperforming software* The role of capital flooding and dilution in venture returnsAbout Jacob JacksonJacob Jackson is a partner at Julian Capital and the founder of Deep Checks, the world’s largest network of deep tech founders and VCs. A physicist by training, Jacob pivoted from academic research to founding MedStack, a privacy and security SaaS platform, before returning to his engineering roots as an investor. He now backs founders building hardware and tackling the world’s hardest problems. Jacob is known for his data-driven approach, obsession with team quality, and candid takes on the future of venture capital.Connect with Jacob Jackson on LinkedIn: https://www.linkedin.com/in/jonlovekingsett?originalSubdomain=caVisit Julian Capital’s website: https://www.julian.capital/Submit to Deep Checks: https://www.deepchecks.vc/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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    45 mins
  • The Rundown 7/20/26: TouchBistro’s Collapse, Meta’s $13B AI Bet, and Canada’s Defence Boom

    The Rundown 7/20/26: TouchBistro’s Collapse, Meta’s $13B AI Bet, and Canada’s Defence Boom
    Jul 20 2026

    Matt Cohen is joined by John Ruffolo for another hard-hitting Tank Talks: The Rundown, covering the biggest stories shaping Canadian technology, venture capital, defence, and artificial intelligence. They break down TouchBistro’s dramatic fall from Canadian tech darling to a roughly $100 million exit, examining how inflated valuations, founder transitions, and restrictive financing can leave a company with nowhere to go.

    The conversation also explores Dominion Dynamics’ major defence technology funding round, Meta’s $13 billion AI data centre investment in Alberta, and the growing open-weight AI movement that could threaten the business models and valuations of OpenAI, Anthropic, and other leading AI companies. John explains why foreign-owned infrastructure alone will not create true AI sovereignty or lasting economic value for Canada.

    Finally, Matt and John discuss Mark Carney’s efforts to attract Saudi investment and whether renewed international interest in Canada will translate into real capital and economic growth. Listen to the full episode of Tank Talks: The Rundown for candid insights on startup valuations, Canadian defence technology, AI infrastructure, venture capital risk, and the decisions founders and investors must make before the market forces their hand.

    TouchBistro’s $100M Exit: When Valuation Becomes a Trap (01:57)

    John breaks down how TouchBistro went from a promising Canadian tech company to a sale far below its expected value. He explains how inflated valuations, founder changes, and restrictive financing can leave a business with no room to recover.

    Canada’s Defence Technology Gold Rush (10:06)

    Dominion Dynamics’ major Series A signals growing investor interest in Canadian defence technology. John warns that the sector requires deep expertise, trusted government relationships, and strategic investors, not just capital chasing the latest trend.

    Meta’s $13B Alberta AI Bet: Infrastructure or Sovereignty? (14:24)

    Meta’s massive Alberta data centre could bring billions in investment, jobs, and energy demand to Canada. But John argues that the highest-value assets, the models, chips, data, and intellectual property, will still be owned outside the country.

    Open-Weight AI Could Change the Entire Market (18:14)

    Powerful open-weight AI models are giving startups alternatives to expensive closed platforms. Matt and John discuss whether this shift could weaken the business models of OpenAI, Anthropic, and other frontier AI companies.

    The AI Valuation Reckoning Is Getting Closer (20:32)

    John argues that many leading AI and technology companies are priced far ahead of their current economics. A public market correction could quickly drag down private startup valuations and force founders to accept difficult resets.

    Carney’s Saudi Capital Push: Interest Is Not Investment (24:01)

    Mark Carney is working to attract Saudi and international investment into Canada. John believes Canada’s global credibility has improved, but warns that meetings and interest mean little until they produce actual deals and committed capital.

    Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffolo

    Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

    Visit the Ripple Ventures website: https://www.rippleventures.com/



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
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    27 mins
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