Subscribe
Share
Share
Embed
Talking through the big questions defining private capital.
Brought to you by Affinity Presents. Public conversations in private capital.
The Cap Table Ep. 2 - VC Platform in the AI Age | Melissa Montan & Madeline Pope, March Capital
English (US)
[00:00:00] Melissa Montan: I'm Melissa [00:00:01] Montan.
[00:00:01] Madeline Pope: And I'm [00:00:02] Madeline Pope. [00:00:03] And this is The Cap [00:00:04] Table.[00:00:05] [00:00:06] [00:00:07] [00:00:08] [00:00:09]
[00:00:09] Okay, [00:00:10] let's get into [00:00:11] it [00:00:12] Question [00:00:13] one, tell [00:00:14] the viewers a bit about [00:00:15] yourself, [00:00:16] your professional [00:00:17] background, and the [00:00:18] mission of March Capital [00:00:19] in 2026. [00:00:20]
[00:00:20] Melissa Montan: So I [00:00:21] run platform and [00:00:22] marketing at March [00:00:23] Capital. I've been a [00:00:24] venture capital [00:00:25] platform [00:00:26] professional for a [00:00:27] decade now. Wow. [00:00:28] So [00:00:29] back in [00:00:30] 2016, I [00:00:31] started my venture [00:00:32] career.
[00:00:32] I was [00:00:33] at Deloitte over in [00:00:34] London, [00:00:35] and I started [00:00:36] working with Deloitte [00:00:37] Ventures. We were an [00:00:38] incubator, kind of [00:00:39] building new concepts [00:00:40] and taking them to [00:00:41] market. So I ran the [00:00:42] go-to-market function [00:00:43] there, and that really [00:00:44] sparked my interest in this [00:00:45] kinda startup venture [00:00:46] capital world. I [00:00:47] moved over to Los [00:00:48] Angeles, joined [00:00:49] Clocktower Ventures, [00:00:50] early-stage [00:00:51] fintech fund, [00:00:52] so seed Series A [00:00:53] investments.
[00:00:53] [00:00:54] That was a phenomenal [00:00:55] experience. Fund [00:00:56] one, and so [00:00:57] as a platform [00:00:58] person, I was a bit [00:00:59] of a jack of all [00:01:00] trades, a generalist, kind of [00:01:01] did whatever [00:01:02] needed to be [00:01:03] done to get the [00:01:04] firm off the ground. [00:01:05] So learned a lot [00:01:06] about the nuts and bolts of [00:01:07] venture capital. [00:01:08] Ultimately moved [00:01:09] into [00:01:10] platform, which is kind of the [00:01:11] catch-all term [00:01:12] for portfolio [00:01:13] support and growth.[00:01:14]
[00:01:14] Used [00:01:15] that to move over [00:01:16] to a Series [00:01:17] A fund called [00:01:18] M13, also [00:01:19] based between LA and New [00:01:20] York, [00:01:21] and that firm did [00:01:22] platform at scale. [00:01:23] So [00:01:24] really leaned [00:01:25] into our portfolio [00:01:26] companies as [00:01:27] a bit of a [00:01:28] consultancy, super [00:01:29] hands-on, very [00:01:30] operational, so got to do it [00:01:31] in a really [00:01:32] large-scale way. [00:01:33] And now [00:01:34] I'm at March Capital.
[00:01:34] [00:01:35] Joined last [00:01:36] summer, [00:01:37] um, heading the platform [00:01:38] and marketing team. [00:01:39] We [00:01:40] are a team [00:01:41] of [00:01:42] four, [00:01:43] um, with a couple [00:01:44] of interns joining us [00:01:45] next week, [00:01:46] and we [00:01:47] do all the marketing for the [00:01:48] firm, [00:01:49] um, all the [00:01:50] portfolio support. We [00:01:51] interact with all of our founders [00:01:52] and help them grow their [00:01:53] businesses, [00:01:54] and the big thing we do [00:01:55] every year is the [00:01:56] Montgomery Summit, [00:01:57] which is a two-day [00:01:58] summit we hold every [00:01:59] March in Santa [00:02:00] Monica.
[00:02:00] How about you? [00:02:01] What's your background?
[00:02:01] Madeline Pope: [00:02:02] I'm Maddy. [00:02:03] Um, I have the pleasure [00:02:04] of working [00:02:05] alongside Melissa. [00:02:06] I've been with March [00:02:07] Capital for almost [00:02:08] four years now, [00:02:09] and I lead, [00:02:10] um, [00:02:11] content and [00:02:12] programming [00:02:13] for, um, March [00:02:14] Capital and [00:02:15] for the Montgomery [00:02:16] Summit. It's [00:02:17] exciting to work [00:02:18] alongside you on all of our [00:02:19] platform [00:02:20] initiatives and [00:02:21] whatever platform [00:02:22] means that [00:02:23] day.
[00:02:24] Melissa Montan: Exactly, and we'll [00:02:25] get into that. [00:02:26]
[00:02:26] Madeline Pope: Melissa, [00:02:27] explain a little bit more [00:02:28] about March [00:02:29] Capital and its [00:02:30] mission.
[00:02:30] Melissa Montan: So [00:02:31] March Capital [00:02:32] invests in frontier [00:02:33] technology companies [00:02:34] at the leading edge [00:02:35] of the AI [00:02:36] revolution. [00:02:37] We've been around for 13 [00:02:38] years, four [00:02:39] funds, about [00:02:40] $1.65 [00:02:41] billion in [00:02:42] AUM. Um, [00:02:43] across those four funds, we [00:02:44] actually have a really tight [00:02:45] portfolio, and that's by [00:02:46] design.
[00:02:46] We [00:02:47] have about 30 [00:02:48] active companies, so [00:02:49] very [00:02:50] concentrated. We [00:02:51] invest, we double [00:02:52] down, uh, we end up with [00:02:53] really large positions [00:02:54] at the end of the day. [00:02:55] Um, and that's really [00:02:56] important to our [00:02:57] roles and [00:02:58] platform in that [00:02:59] we can [00:03:00] focus. Every company in [00:03:01] the portfolio [00:03:02] is a focus area [00:03:03] for us. Um, [00:03:04] we have the [00:03:05] capacity as [00:03:06] a firm to spend [00:03:07] time with them and really [00:03:08] dig in and truly [00:03:09] partner with them over the [00:03:10] long run.
[00:03:10] [00:03:11] We lead rounds, we [00:03:12] take board seats. We're [00:03:13] very actively [00:03:14] involved with these companies [00:03:15] over the course [00:03:16] of, um, the [00:03:17] relationship we have with [00:03:18] them. And so when we [00:03:19] say we invest in [00:03:20] frontier technology companies in [00:03:21] the AI revolution, [00:03:22] I think the [00:03:23] through line, obviously, the [00:03:24] AI revolution hasn't [00:03:25] been around as long as the [00:03:26] firm has, which is [00:03:27] 13 years.[00:03:28]
[00:03:28] Um, but I [00:03:29] think the through line there [00:03:30] is we've always been [00:03:31] investing at the [00:03:32] frontier of the [00:03:33] technology revolution that [00:03:34] is occurring alongside [00:03:35] us. VCs have to [00:03:36] respond to the worlds [00:03:37] around them, and [00:03:38] that's true for us as [00:03:39] well. In the [00:03:40] early days, we made a [00:03:41] name for ourselves in [00:03:42] enterprise and in [00:03:43] particular in [00:03:44] cybersecurity and in [00:03:45] software.
[00:03:45] [00:03:46] CrowdStrike is one of our biggest [00:03:47] names, um, [00:03:48] and a handful of other [00:03:49] household names. [00:03:50] Now, in an [00:03:51] AI era, [00:03:52] we [00:03:53] still remain true to [00:03:54] this, [00:03:55] um, this idea that [00:03:56] the enterprise wave [00:03:57] is really, really [00:03:58] big and we can get [00:03:59] into that, but we're really [00:04:00] excited about [00:04:01] AI for enterprise. So [00:04:02] agentic [00:04:03] enterprise is still a very [00:04:04] large focus area for [00:04:05] us.
[00:04:05] [00:04:06] Um, we're [00:04:07] investing in net new [00:04:08] companies that are [00:04:09] AI native from day [00:04:10] one. We [00:04:11] have worked really closely [00:04:12] with our [00:04:13] portfolio to [00:04:14] transition [00:04:15] from, you know, a [00:04:16] SaaS-based model to being [00:04:17] truly AI native [00:04:18] as well. [00:04:19] Um, we've seen a lot of really [00:04:20] good success with our [00:04:21] companies that have done that. [00:04:22] And then [00:04:23] what we're really excited [00:04:24] about going forward [00:04:25] is [00:04:26] AI [00:04:27] for some new [00:04:28] domains, so some areas [00:04:29] that are really [00:04:30] emerging, um, [00:04:31] as a result of this [00:04:32] moment that we're in.[00:04:33]
[00:04:33] So, for [00:04:34] example, physical AI is [00:04:35] an area we're really [00:04:36] excited about. [00:04:37] Um, and we actually [00:04:38] just wrote a blog post about [00:04:39] this, two of our [00:04:40] investors, Lucas [00:04:41] Pino and Johnny [00:04:42] Hooper. We just [00:04:43] put it out, um, it's [00:04:44] on our channels. But [00:04:45] [00:04:46] what's unique about this [00:04:47] moment [00:04:48] is, you know, [00:04:49] software was [00:04:50] always in the digital [00:04:51] sphere, right?[00:04:52]
[00:04:52] Um, it was [00:04:53] always what you experienced [00:04:54] through your screen. So [00:04:55] naturally, that hit [00:04:56] knowledge work [00:04:57] and the [00:04:58] enterprise. And so [00:04:59] now we're at this moment where [00:05:00] you can look at the physical [00:05:01] world, you can look at [00:05:02] manufacturing, [00:05:03] um, [00:05:04] construction, aerospace, [00:05:05] defense, all these [00:05:06] areas that [00:05:07] have lagged in terms [00:05:08] of innovation.[00:05:09]
[00:05:09] And what we're [00:05:10] seeing is AI has [00:05:11] an opportunity [00:05:12] to [00:05:13] reinvent, [00:05:14] um, this physical [00:05:15] world that has [00:05:16] kind of fallen [00:05:17] behind. Um, and that's [00:05:18] because the cost of [00:05:19] compute has gone [00:05:20] down, the [00:05:21] cost of hardware, [00:05:22] uh, the [00:05:23] rise of [00:05:24] manufacturing in the [00:05:25] United States in [00:05:26] particular, [00:05:27] um, and [00:05:28] government's leaning in, [00:05:29] government signing huge [00:05:30] contracts, um, [00:05:31] investing a lot of [00:05:32] capital.
[00:05:32] The capital [00:05:33] stack has caught up to this [00:05:34] world. So, [00:05:35] you know, a bit of a [00:05:36] sidebar, but just to say [00:05:37] [00:05:38] Agentic [00:05:39] [00:05:40] AI is not just for [00:05:41] the enterprise [00:05:42] anymore, it's expanding [00:05:43] beyond, [00:05:44] and that's the really, [00:05:45] really exciting [00:05:46] part of this [00:05:47] moment that we're in, is [00:05:48] there's gonna be [00:05:49] companies built and [00:05:50] business models [00:05:51] developed that [00:05:52] were never [00:05:53] possible until now.
[00:05:53] And [00:05:54] so- Yeah ... we're, we're really [00:05:55] just thrilled [00:05:56] about the future of- [00:05:57] Mm-hmm ... of what's being built. [00:05:58]
[00:05:58] Madeline Pope: And you can feel it [00:05:59] at the firm, too, the [00:06:00] excitement. Yeah. [00:06:01] And it's, you [00:06:02] know, our roles [00:06:03] are very fun. [00:06:04] Get to meet these [00:06:05] founders who are building [00:06:06] incredible things [00:06:07] that were [00:06:08] impossible [00:06:09] 10 years ago, [00:06:10] five years ago, two [00:06:11] years ago.[00:06:12]
[00:06:12] Um, so [00:06:13] when you say it's [00:06:14] an exciting time [00:06:15] to be a technology [00:06:16] investor, it's, [00:06:17] it's, it's [00:06:18] brilliant. It's the
[00:06:18] Melissa Montan: most exciting time-
[00:06:18] Madeline Pope: [00:06:19] Yeah ...
[00:06:19] Melissa Montan: as far [00:06:20] as I'm concerned.
[00:06:20] Madeline Pope: [00:06:21] Yeah. It's fun to support [00:06:22] them. All [00:06:23] right, moving on to [00:06:24] question three. [00:06:25] What does [00:06:26] a normal day [00:06:27] look like leading the [00:06:28] platform and marketing [00:06:29] team at March [00:06:30] Capital?
[00:06:30] How do you [00:06:31] balance supporting [00:06:32] 30-plus portfolio [00:06:33] companies while [00:06:34] also preparing for [00:06:35] major global [00:06:36] events like the [00:06:37] Montgomery Summit?
[00:06:37] Melissa Montan: Well, [00:06:38] I don't know what a normal [00:06:39] day is.
[00:06:39] Madeline Pope: Yeah. [00:06:40] There is no normal [00:06:41] day.
[00:06:41] Melissa Montan: There is no normal day, [00:06:42] and I think a lot of [00:06:43] people would say that, and [00:06:44] particularly in the [00:06:45] venture startup world.
[00:06:45] Madeline Pope: [00:06:46] And in platform. [00:06:47]
[00:06:47] Melissa Montan: And in platform in [00:06:48] particular.
[00:06:48] Madeline Pope: Yeah.
[00:06:48] Melissa Montan: I think [00:06:49] what's really unique about [00:06:50] this world that we [00:06:51] exist in, so, you [00:06:52] know, 10 [00:06:53] years ago, [00:06:54] platform was a much [00:06:55] more nascent [00:06:56] term. It was... [00:06:57] Some firms [00:06:58] had a person kind [00:06:59] of filling this role, and [00:07:00] it was, it was [00:07:01] like, "Do whatever the [00:07:02] investors aren't doing."
[00:07:02] Madeline Pope: [00:07:03] Yeah.
[00:07:03] Melissa Montan: You
[00:07:03] Madeline Pope: know? A one-man [00:07:04] team.
[00:07:04] Melissa Montan: A one-man [00:07:05] team- Mm-hmm ... was very [00:07:06] common. Um, [00:07:07] you look at platform [00:07:08] today, and it's a real [00:07:09] differentiator for [00:07:10] firms, and I know we'll get into [00:07:11] that in a little bit, [00:07:12] but [00:07:13] this role [00:07:14] is something that's [00:07:15] evolved [00:07:16] because companies [00:07:17] now look to their [00:07:18] VCs for additional [00:07:19] support. [00:07:20] So what [00:07:21] companies need from [00:07:22] us evolves [00:07:23] day to day.
[00:07:23] [00:07:24] Um, I [00:07:25] think over the last two [00:07:26] years, it's evolved [00:07:27] substantially. [00:07:28] I can look over the [00:07:29] course of my career of the [00:07:30] last 10 [00:07:31] years in this venture [00:07:32] platform world, [00:07:33] and [00:07:34] you have to [00:07:35] [00:07:36] consistently evolve with [00:07:37] the moment. [00:07:38] Whether, you [00:07:39] know, it's a zero [00:07:40] interest rate [00:07:41] environment and [00:07:42] capital's abundant, or [00:07:43] capital's really [00:07:44] scarce makes a difference [00:07:45] to how your [00:07:46] companies are building and [00:07:47] growing, and [00:07:48] the opportunities they're [00:07:49] seeking, and [00:07:50] the, the [00:07:51] chances that they're taking [00:07:52] versus, you know, [00:07:53] preserving their cash.
[00:07:53] And so as a [00:07:54] platform person, [00:07:55] you react to [00:07:56] that. Maybe you're in a [00:07:57] moment of growth and [00:07:58] you're helping to pour [00:07:59] gas on the fire, [00:08:00] and bring [00:08:01] customers into the [00:08:02] fold, and introduce [00:08:03] partnerships, [00:08:04] and it's high [00:08:05] growth, and that's great. [00:08:06] Or maybe it's a [00:08:07] position where it's [00:08:08] survival. [00:08:09] Less fun- [00:08:10] Mm-hmm ... [00:08:11] but sometimes you go through [00:08:12] those periods.
[00:08:12] So that's a bit of the macro [00:08:13] view. When you boil it [00:08:14] down to [00:08:15] the day-to-day, [00:08:16] you know, we [00:08:17] have to be [00:08:18] reactive Who's [00:08:19] in the portfolio? [00:08:20] What are they looking to [00:08:21] do in that [00:08:22] moment? How can we [00:08:23] support them? [00:08:24] Work... Our [00:08:25] companies are early [00:08:26] growth into [00:08:27] growth stage, and some of [00:08:28] them are eyeing up an [00:08:29] IPO in the next [00:08:30] couple of years.[00:08:31]
[00:08:31] [00:08:32] So you meet them where [00:08:33] they are, [00:08:34] right?
[00:08:34] Madeline Pope: Mm-hmm.
[00:08:34] Melissa Montan: [00:08:35] And that [00:08:36] changes. Um, I [00:08:37] will also say, and we can [00:08:38] get into the Montgomery [00:08:39] Summit, [00:08:40] we do have [00:08:41] seasonality to what we do. [00:08:42] So we host this event, [00:08:43] two days, [00:08:44] March, [00:08:45] Santa Monica. [00:08:46] We bring [00:08:47] 1,200 people together. [00:08:48] So it's both, [00:08:49] you know, a [00:08:50] decently large scale [00:08:51] event, but also [00:08:52] hyper-curated.[00:08:53]
[00:08:53] We, [00:08:54] um... It's [00:08:55] invite-only. [00:08:56] Everybody's VP and above, [00:08:57] often C-suite, [00:08:58] founder level. [00:08:59] That's by [00:09:00] design. It's meant to [00:09:01] be two days of [00:09:02] business development, thought [00:09:03] leadership, [00:09:04] um, and we have a [00:09:05] real pilgrimage of people [00:09:06] that come. This will be [00:09:07] our [00:09:08] 24th year- 24th year ... in 2027. [00:09:09] [00:09:10] Mm-hmm. So it's a bit [00:09:11] of an institution at this [00:09:12] point, and people make the [00:09:13] pilgrimage because they [00:09:14] trust [00:09:15] that the people in the [00:09:16] room, um, are [00:09:17] really high quality.
[00:09:17] [00:09:18] As a platform [00:09:19] team at March [00:09:20] Capital, most of [00:09:21] what we do originates from [00:09:22] network. [00:09:23] Um, and that [00:09:24] makes a lot of sense at the [00:09:25] early growth, growth stage [00:09:26] 'cause these are [00:09:27] real companies with real [00:09:28] revenue and real cl- [00:09:29] real customers, [00:09:30] real traction. We're not [00:09:31] necessarily, like, teaching [00:09:32] them how to do [00:09:33] or what to do.
[00:09:33] They know, [00:09:34] right? Mm-hmm. They've gotten to [00:09:35] a certain scale. [00:09:36] [00:09:37] We're more, [00:09:38] to use the term [00:09:39] again, pouring gas on the [00:09:40] fire. We're getting the [00:09:41] right people in the [00:09:42] room to interact with [00:09:43] them. We're making the right [00:09:44] introductions. [00:09:45] A lot of that happens in the [00:09:46] two days at the Montgomery [00:09:47] Summit, but it also [00:09:48] happens throughout the course of the [00:09:49] year.
[00:09:49] So we put our [00:09:50] portfolio companies on [00:09:51] stage. We [00:09:52] introduce them to [00:09:53] customer prospects, to [00:09:54] go-to-market [00:09:55] partners, to [00:09:56] hyperscalers like [00:09:57] AWS and Microsoft and [00:09:58] Google, [00:09:59] um, to [00:10:00] infrastructure players like [00:10:01] Nvidia, who [00:10:02] are, have also been a really [00:10:03] active investor. [00:10:04] Um, but [00:10:05] over the course of the year, we [00:10:06] manage those [00:10:07] corporate [00:10:08] relationships and [00:10:09] bring those into [00:10:10] the fold for the [00:10:11] portfolio.
[00:10:11] Madeline Pope: Yeah. [00:10:12] And we try and produce [00:10:13] content that, you [00:10:14] know, is relevant [00:10:15] for a [00:10:16] founder at any stage [00:10:17] in their, their [00:10:18] journey. [00:10:19] So, you [00:10:20] know, whether [00:10:21] that's what was [00:10:22] the issue at the time [00:10:23] when they were a Series A [00:10:24] company, how are they [00:10:25] building out their [00:10:26] team, versus now [00:10:27] they're a Series D [00:10:28] company, they've come back to [00:10:29] the Montgomery Summit, [00:10:30] they're now [00:10:31] looking more [00:10:32] into how [00:10:33] they are going [00:10:34] to, um, [00:10:35] you know, hire their [00:10:36] next CMO as they [00:10:37] prepare for their [00:10:38] IPO journey.
[00:10:38] So [00:10:39] that's been a fun, [00:10:40] you know, [00:10:41] task [00:10:42] and project [00:10:43] to work on, [00:10:44] is appealing [00:10:45] to our broader [00:10:46] audience, [00:10:47] um, and the founders at [00:10:48] any stage. All [00:10:49] right, moving on [00:10:50] to question [00:10:51] four. [00:10:52]
[00:10:52] Melissa Montan: We're making our way. [00:10:53] Oh, this [00:10:54] one's for you,
[00:10:54] Madeline Pope: [00:10:55] Maddy. Okay.
[00:10:55] Melissa Montan: Good. [00:10:56] Okay. So we're gonna start [00:10:57] talking about [00:10:58] signal versus [00:10:59] noise. With the [00:11:00] explosion of [00:11:01] VC-led podcasts, [00:11:02] newsletters, and [00:11:03] LinkedIn thought [00:11:04] leadership, how do you ensure [00:11:05] March Capital's voice [00:11:06] actually cuts through the [00:11:07] noise?
[00:11:07] Madeline Pope: Yeah. [00:11:08] This is the [00:11:09] conversation that I [00:11:10] think every [00:11:11] platform team [00:11:12] at a VC firm is [00:11:13] having right [00:11:14] now. The [00:11:15] question about how [00:11:16] do we create [00:11:17] quality content? [00:11:18] How do [00:11:19] we distribute that to [00:11:20] our audience? [00:11:21] Where do we put [00:11:22] it? You know, [00:11:23] what's important, what's [00:11:24] not? [00:11:25] Um, and you know, we [00:11:26] personally at March [00:11:27] Capital have spent a lot of time [00:11:28] thinking about this lately.[00:11:29]
[00:11:29] You know, our, [00:11:30] um, brand [00:11:31] presence [00:11:32] and how we show up on [00:11:33] LinkedIn. [00:11:34] Um, I think [00:11:35] that- [00:11:36] When we [00:11:37] [00:11:38] create, [00:11:39] um, [00:11:40] LinkedIn [00:11:41] content or when [00:11:42] we speak about [00:11:43] our March Capital [00:11:44] investment philosophy [00:11:45] externally, [00:11:46] you know, we [00:11:47] keep [00:11:48] authenticity as, [00:11:49] you know, the guiding [00:11:50] light. And [00:11:51] also, no one wants to [00:11:52] read another [00:11:53] AI hot [00:11:54] take. Um, [00:11:55] and so we [00:11:56] found, you know, [00:11:57] success with [00:11:58] speaking through [00:11:59] our investment [00:12:00] team and having [00:12:01] them bring in their [00:12:02] personal voices and [00:12:03] their personal [00:12:04] takeaways and learnings [00:12:05] [00:12:06] into everything that we write [00:12:07] and everything that we put [00:12:08] out.
[00:12:08] [00:12:09] Um, it's been really fun, [00:12:10] you know, to work [00:12:11] under our co-founder and [00:12:12] managing partners, [00:12:13] Jamie [00:12:14] Montgomery and Sumant [00:12:15] Mandal, who have been [00:12:16] technology [00:12:17] investors for decades, [00:12:18] who have seen [00:12:19] multiple [00:12:20] waves of, [00:12:21] um, you know, the [00:12:22] technology [00:12:23] cycles, have invested in [00:12:24] many companies who [00:12:25] have been quite [00:12:26] successful, and some [00:12:27] who maybe haven't been [00:12:28] as [00:12:29] successful.
[00:12:29] And it's [00:12:30] been a [00:12:31] great [00:12:32] opportunity as a platform and a [00:12:33] marketer, [00:12:34] platform team and as [00:12:35] a marketer to, [00:12:36] you know, [00:12:37] tell their [00:12:38] story via [00:12:39] this LinkedIn [00:12:40] content, and we've seen that [00:12:41] that's resonated really [00:12:42] well with audience [00:12:43] and with the community. [00:12:44] Um, and [00:12:45] it's been fun to help them [00:12:46] prepare for, you [00:12:47] know, their own speaking [00:12:48] opportunities at [00:12:49] different conferc- [00:12:50] conferences in the [00:12:51] ecosystem or [00:12:52] podcasts like this, [00:12:53] um, [00:12:54] 'cause they have [00:12:55] a wealth of [00:12:56] knowledge and, you know, are [00:12:57] great mentors to [00:12:58] all of us and to the [00:12:59] companies that they- Mm-hmm
[00:12:59] you [00:13:00] know, support.
[00:13:00] Melissa Montan: And [00:13:01] I'll say we've, we've [00:13:02] leaned into long [00:13:03] form, and that's [00:13:04] worked well for our [00:13:05] voice. It [00:13:06] matches our brand. [00:13:07] Mm-hmm. We can really kinda get [00:13:08] thought leadership across [00:13:09] both ours and, you [00:13:10] know, content that comes out [00:13:11] of the summit from [00:13:12] our community. [00:13:13] But then we also [00:13:14] packed it up into short form.
[00:13:14] [00:13:15] Mm-hmm. So you can get those quick sound [00:13:16] bites, you can absorb some of [00:13:17] the message, and then take a [00:13:18] deeper dive if you want.
[00:13:18] Madeline Pope: [00:13:19] We have a very young [00:13:20] team, [00:13:21] and I think that [00:13:22] some-- that [00:13:23] result has been [00:13:24] short [00:13:25] form content.
[00:13:25] Melissa Montan: Yep. [00:13:26]
[00:13:26] Madeline Pope: Yeah. It's [00:13:27] been fun. [00:13:28] Okay, [00:13:29] moving on to [00:13:30] question [00:13:31] five. [00:13:32] Moving to speak [00:13:33] about AI in the [00:13:34] marketing stack.
[00:13:34] [00:13:35] March is [00:13:36] heavily focused on [00:13:37] AI. What is [00:13:38] one way AI has [00:13:39] fundamentally [00:13:40] changed how you [00:13:41] manage firm [00:13:42] operations or portfolio [00:13:43] support in [00:13:44] 2026? [00:13:45]
[00:13:45] Melissa Montan: I don't know if there's [00:13:46] one way. The one [00:13:47] way is [00:13:48] everything. [00:13:49]
[00:13:49] Madeline Pope: Yeah.
[00:13:49] Melissa Montan: Right? [00:13:50] So [00:13:51] our team in [00:13:52] particular has been heavy [00:13:53] users of AI, [00:13:54] um, at least for the [00:13:55] last year. [00:13:56] We do a lot of [00:13:57] content creation, [00:13:58] so you know- Yeah
[00:13:58] [00:13:59] you in particular use some [00:14:00] tools to-
[00:14:00] Madeline Pope: There's [00:14:01] great content [00:14:02] creation tools. Mm-hmm. [00:14:03] We use [00:14:04] Opus Clip at the, [00:14:05] at the firm [00:14:06] for our short form [00:14:07] content. [00:14:08] We use one of [00:14:09] our portfolio [00:14:10] companies, Canva, [00:14:11] every single day, which [00:14:12] has allowed us to [00:14:13] create- Mm-hmm ... you know, [00:14:14] design at [00:14:15] scale [00:14:16] quickly. They're coming out with [00:14:17] new AI [00:14:18] capabilities every day.
[00:14:18] It's [00:14:19] amazing. Yeah. [00:14:20] And it's been a huge [00:14:21] differentiator for our [00:14:22] team. Yeah.
[00:14:22] Melissa Montan: And then I [00:14:23] think [00:14:24] beyond the [00:14:25] marketing piece, [00:14:26] we, you know, we [00:14:27] started with [00:14:28] Perplexity [00:14:29] and ChatGPT, and more recently rolled [00:14:30] out Claude firm-wide, [00:14:31] and that has [00:14:32] absolutely been a game changer. [00:14:33] So we are [00:14:34] day in and day out [00:14:35] in Claude [00:14:36] Cowork, [00:14:37] um- [00:14:38] Throughout everything we do.
[00:14:38] [00:14:39] I don't know what I [00:14:40] do now where I don't use [00:14:41] AI, which is pretty [00:14:42] phenomenal. [00:14:43] And Claude's [00:14:44] been so good because [00:14:45] of all of its connectors. We [00:14:46] use it, [00:14:47] um, with [00:14:48] Affinity in particular. A [00:14:49] lot of what we do around [00:14:50] network, that [00:14:51] data lives in Affinity, and [00:14:52] so having that [00:14:53] interface where we can [00:14:54] query and [00:14:55] update and, like, [00:14:56] pull insights from our [00:14:57] CRM [00:14:58] really easily has been [00:14:59] amazing.
[00:14:59] Madeline Pope: Yeah. [00:15:00] Our team jumped up and [00:15:01] down when the [00:15:02] Affinity MCP [00:15:03] was released.
[00:15:03] Melissa Montan: We [00:15:04] literally did.
[00:15:04] Madeline Pope: Yeah.
[00:15:04] Melissa Montan: [00:15:05] We literally did. [00:15:06] So that's been great. [00:15:07] We've also learned how [00:15:08] to create our own [00:15:09] MCPs to [00:15:10] connect our [00:15:11] various [00:15:12] databases and, um, [00:15:13] make sure that data is [00:15:14] flowing appropriately. [00:15:15] But I'd [00:15:16] say one thing we [00:15:17] adopted, and we learned this from [00:15:18] another venture fund.
[00:15:18] [00:15:19] We were at the VC [00:15:20] Platform Summit in San [00:15:21] Diego, and we, we kind [00:15:22] of adopted this [00:15:23] approach, is [00:15:24] we kicked off in our [00:15:25] team an AI [00:15:26] sprint where-- [00:15:27] And we're about to finish it this [00:15:28] week. We spent [00:15:29] six weeks. [00:15:30] Each person was owner of [00:15:31] one workflow, [00:15:32] and [00:15:33] week in and week out, [00:15:34] we'd have touchpoints [00:15:35] to touch base on [00:15:36] progress, if we were hitting any [00:15:37] blockers, if we needed to [00:15:38] pivot.[00:15:39]
[00:15:39] And at the end of the [00:15:40] six weeks, we can look [00:15:41] back and see some [00:15:42] really substantial [00:15:43] changes our team has [00:15:44] made to the way we [00:15:45] operate, whether [00:15:46] it's, you [00:15:47] know, [00:15:48] re-platforming because we found a [00:15:49] better- Yeah ... [00:15:50] platform that has better [00:15:51] integrations, fixing our [00:15:52] infrastructure, [00:15:53] and ultimately [00:15:54] changing the way [00:15:55] we output, [00:15:56] um, you know, things [00:15:57] that we do [00:15:58] repeatedly throughout the year.[00:15:59]
[00:15:59] It's been awesome. [00:16:00]
[00:16:00] Madeline Pope: Okay. [00:16:01] Next question.
[00:16:01] Melissa Montan: [00:16:02] Okay.
[00:16:02] Madeline Pope: The [00:16:03] Montgomery Summit [00:16:04] strategy. [00:16:05] March Capital [00:16:06] runs the Montgomery Summit, [00:16:07] which is a massive [00:16:08] undertaking. [00:16:09] From a marketing [00:16:10] perspective, what [00:16:11] is the [00:16:12] ROI of a [00:16:13] world-class event that [00:16:14] people in private [00:16:15] capital often [00:16:16] overlook?
[00:16:16] Melissa Montan: [00:16:17] Yes. This is something I feel [00:16:18] very strongly [00:16:19] about, that [00:16:20] there's no substitute for [00:16:21] in, [00:16:22] in-life interaction, [00:16:23] right?
[00:16:23] People [00:16:24] crave that in [00:16:25] person, and especially [00:16:26] as we move more and more [00:16:27] into an AI world, [00:16:28] I think that's just gonna [00:16:29] increase. [00:16:30] So the [00:16:31] ROI, [00:16:32] I think what people [00:16:33] miss is they [00:16:34] expect to see an outcome [00:16:35] immediately. [00:16:36] And sometimes that does happen, [00:16:37] which is wonderful.
[00:16:37] Madeline Pope: [00:16:38] Yeah.
[00:16:38] Melissa Montan: But sometimes it really [00:16:39] takes a while. And [00:16:40] so the [00:16:41] Montgomery Summit is all about [00:16:42] relationships, [00:16:43] and those are really [00:16:44] authentic [00:16:45] relationships that we [00:16:46] build over a long [00:16:47] period of time.[00:16:48]
[00:16:48] So one, you [00:16:49] know, one example, [00:16:50] we have a series of [00:16:51] presenting companies that [00:16:52] come to the summit every year. [00:16:53] Uh, [00:16:54] this year, we looked [00:16:55] at 700 [00:16:56] companies. We [00:16:57] ended up putting [00:16:58] 120 on stage, [00:16:59] and those are groups [00:17:00] like Gamma, [00:17:01] Lovable, [00:17:02] Field AI, [00:17:03] Together AI, Lila [00:17:04] Sciences, [00:17:05] names you may or may not [00:17:06] have heard of, but really [00:17:07] kind of emerging [00:17:08] category leaders in the [00:17:09] private world.[00:17:10]
[00:17:10] Those 120 [00:17:11] companies, [00:17:12] some of them are immediate [00:17:13] opportunities for us. Some of [00:17:14] them are portfolio [00:17:15] companies. So it's a big [00:17:16] part of the sourcing [00:17:17] effort we do every year with [00:17:18] the investment team. [00:17:19] So maybe we have a [00:17:20] half dozen [00:17:21] active opportunities [00:17:22] that are [00:17:23] immediate follow-ons, and [00:17:24] maybe some of those [00:17:25] companies become portfolio [00:17:26] companies.
[00:17:26] Great. [00:17:27] Immediate ROI. [00:17:28] But I think [00:17:29] what's even more [00:17:30] interesting is the long term. [00:17:31] So- [00:17:32] The best example [00:17:33] there, [00:17:34] 2005, [00:17:35] way before [00:17:36] me or you at [00:17:37] March Capital- Yeah ... [00:17:38] we put George Kurtz on [00:17:39] stage. He [00:17:40] pitched. [00:17:41] He kicked off a [00:17:42] long-standing relationship [00:17:43] with March, and in [00:17:44] particular, our managing [00:17:45] partner, Jamie Montgomery.[00:17:46]
[00:17:46] That [00:17:47] was before George Kurtz [00:17:48] ever founded the [00:17:49] company we now know as [00:17:50] CrowdStrike. [00:17:51] [00:17:52] George starts [00:17:53] CrowdStrike. [00:17:54] We end up [00:17:55] investing in the Series D [00:17:56] in 2017, [00:17:57] the [00:17:58] Series E the year [00:17:59] after. And the year [00:18:00] after, in 2019, [00:18:01] CrowdStrike goes [00:18:02] public. That [00:18:03] was a [00:18:04] $66 million investment [00:18:05] that we made all [00:18:06] in. [00:18:07] It generated billions [00:18:08] in wealth for our [00:18:09] LPs.
[00:18:09] [00:18:10] We didn't know that back in [00:18:11] 2005. We didn't know where [00:18:12] that [00:18:13] relationship would go. We just knew George [00:18:14] was great, and so [00:18:15] we wanted to keep him [00:18:16] close. [00:18:17] You look at that today, [00:18:18] our investment has [00:18:19] 75 [00:18:20] times-d where we [00:18:21] started. The [00:18:22] value of that stock [00:18:23] is in the neighborhood [00:18:24] of 5 billion today. [00:18:25] It went up [00:18:26] 70% in the last month.[00:18:27]
[00:18:27] You just can't predict that [00:18:28] kind of thing, right? Yeah. [00:18:29] But that's, [00:18:30] that's the ultimate [00:18:31] ROI, but it, it [00:18:32] takes lots of different [00:18:33] shapes.
[00:18:33] Madeline Pope: [00:18:34] Completely. [00:18:35] And, you know, the Montgomery [00:18:36] Summit has served as [00:18:37] a, you know, [00:18:38] environment [00:18:39] that the whole [00:18:40] ecosystem, you [00:18:41] know, gathers [00:18:42] around. [00:18:43] And one thing [00:18:44] that, you know, we [00:18:45] as a firm at [00:18:46] March Capital, [00:18:47] you know, view [00:18:48] as [00:18:49] success [00:18:50] is the learnings [00:18:51] [00:18:52] from, you know, [00:18:53] gathering [00:18:54] our corporate [00:18:55] partners, other [00:18:56] VCs in the [00:18:57] space, the [00:18:58] top founders of [00:18:59] the, you [00:19:00] know, latest [00:19:01] technology company, [00:19:02] and put them on, you [00:19:03] know, stage and, [00:19:04] um, [00:19:05] in panels and [00:19:06] fireside chats.
[00:19:06] [00:19:07] We're, you know, [00:19:08] also [00:19:09] collecting [00:19:10] information and [00:19:11] learning from [00:19:12] our peers [00:19:13] that ultimately [00:19:14] informs March [00:19:15] Capital's investment [00:19:16] theses, [00:19:17] that leaves [00:19:18] founders with [00:19:19] lessons learned for how they [00:19:20] can, you know, [00:19:21] scale their company, [00:19:22] and also [00:19:23] welcomes, you know, [00:19:24] investors to learn about a [00:19:25] technology [00:19:26] vertical that they [00:19:27] haven't, uh, yet [00:19:28] invested in but, [00:19:29] but might.
[00:19:29] Melissa Montan: Mm-hmm.
[00:19:29] Madeline Pope: [00:19:30] So, you know, we [00:19:31] learn a lot that [00:19:32] informs our [00:19:33] thought leadership [00:19:34] for the entire [00:19:35] year over these two [00:19:36] days. [00:19:37] All [00:19:38] right. Moving on [00:19:39] to [00:19:40] the team [00:19:41] investment [00:19:42] philosophy. March [00:19:43] Capital's philosophy [00:19:44] says, "When we [00:19:45] invest, we invest as [00:19:46] a team." [00:19:47] How do you translate [00:19:48] that internal [00:19:49] culture into an [00:19:50] external brand that [00:19:51] makes the founder feel [00:19:52] like they have an [00:19:53] entire army behind [00:19:54] them instead of just [00:19:55] one GP?
[00:19:55] Melissa Montan: [00:19:56] Yeah. We [00:19:57] do operate as a [00:19:58] team, and I think [00:19:59] VCs that operate [00:20:00] this way [00:20:01] perform better in the [00:20:02] long term. So as [00:20:03] a platform team, we're [00:20:04] super integrated with the [00:20:05] investing team. [00:20:06] We have a Monday [00:20:07] meeting where we talk about the [00:20:08] portfolio all [00:20:09] together. There's a lot [00:20:10] of information flow [00:20:11] across the firm, [00:20:12] and that matters [00:20:13] because you have a [00:20:14] board member who [00:20:15] is in the flow of [00:20:16] information from a portfolio [00:20:17] company.
[00:20:17] You [00:20:18] think of us as the [00:20:19] execution layer, [00:20:20] so maybe they share their [00:20:21] top prospects for the [00:20:22] quarter. We're gonna [00:20:23] execute on that. Mm-hmm. We're [00:20:24] gonna make sure those people are [00:20:25] in the right room sitting [00:20:26] next to the [00:20:27] founder.
[00:20:27] Madeline Pope: Mm-hmm.
[00:20:27] Melissa Montan: We're gonna make sure [00:20:28] we reach out directly to [00:20:29] form it, you know, [00:20:30] to make an [00:20:31] intro for our company.[00:20:32]
[00:20:32] So founders know [00:20:33] us, and [00:20:34] beyond that, I would say [00:20:35] we have [00:20:36] a many-to-many [00:20:37] relationship, so we [00:20:38] don't just... It's not [00:20:39] just the board member talking to [00:20:40] the founder, [00:20:41] but [00:20:42] we're... I'll pick on our [00:20:43] team again. [00:20:44] We're talking to the head of [00:20:45] sales, the [00:20:46] CRO, the CMO, the [00:20:47] head of [00:20:48] partnerships, the head [00:20:49] of comms. [00:20:50] We're amplifying their [00:20:51] news.
[00:20:51] We're helping them with their [00:20:52] sales and their business [00:20:53] development. We're getting [00:20:54] creative about how they can [00:20:55] talk about [00:20:56] themselves in the marketplace [00:20:57] and go to market, [00:20:58] and that's super [00:20:59] helpful. It's really [00:21:00] efficient. Right. We learn a lot [00:21:01] about the companies. [00:21:02] They get more direct support [00:21:03] from us, and- Right
[00:21:03] you [00:21:04] know, that's, that's better [00:21:05] for everyone involved.
[00:21:05] Madeline Pope: Yeah. [00:21:06] Platform and [00:21:07] marketing at March Capital [00:21:08] is not a [00:21:09] backup house [00:21:10] job. It's [00:21:11] front and center and at [00:21:12] the table with the [00:21:13] investment team.
[00:21:13] Melissa Montan: Yep. [00:21:14]
[00:21:14] Madeline Pope: Yeah. Okay, [00:21:15] moving on. [00:21:16] [00:21:17] [00:21:18] Marketing to the [00:21:19] LPs. [00:21:20] How does a strong [00:21:21] firm brand help [00:21:22] with capital [00:21:23] formation and LP [00:21:24] trust?
[00:21:24] What is [00:21:25] the brand of a [00:21:26] durable firm?
[00:21:26] Melissa Montan: [00:21:27] So I think our approach [00:21:28] to [00:21:29] interacting with our [00:21:30] LPs and [00:21:31] working with our capital [00:21:32] formation team is just one [00:21:33] of [00:21:34] transparency [00:21:35] and honesty, [00:21:36] right? [00:21:37] So our [00:21:38] LPs [00:21:39] come to our annual [00:21:40] meeting. It's at the Montgomery [00:21:41] Summit. [00:21:42] We try to show them, not [00:21:43] just tell them about our [00:21:44] network, show them the [00:21:45] companies, not just tell [00:21:46] them on paper how they're [00:21:47] performing.
[00:21:47] So they [00:21:48] hear from the founders [00:21:49] directly. They get to sit down [00:21:50] after the meeting and have lunch [00:21:51] with them. They get to go [00:21:52] to their panel. They get to [00:21:53] have a drink with them in the [00:21:54] evening. They get [00:21:55] that hands-on, [00:21:56] you know, [00:21:57] firsthand experience. [00:21:58] Right. And that goes a long [00:21:59] way. I think [00:22:00] another thing we pride [00:22:01] ourselves on is [00:22:02] on [00:22:03] that honesty [00:22:04] point.
[00:22:04] You know, [00:22:05] we tell our LPs [00:22:06] when things are up and to the [00:22:07] right, and things are going great, [00:22:08] but we also tell them when they're [00:22:09] not, [00:22:10] and we're [00:22:11] upfront about that. We [00:22:12] don't try to hide it. [00:22:13] And so [00:22:14] our LPs look at us, and they [00:22:15] know that when [00:22:16] we tell them our [00:22:17] stories, we're telling [00:22:18] them the honest [00:22:19] stories. I think that [00:22:20] goes a long way.
[00:22:20] [00:22:21] Startups [00:22:22] don't always go up [00:22:23] and to the right in a [00:22:24] linear fashion. [00:22:25] It's a journey, [00:22:26] and if you're in this world, you [00:22:27] know that. [00:22:28] And so we, we share the [00:22:29] whole journey with our [00:22:30] LPs- Right ... and [00:22:31] they're along for the [00:22:32] ride with us. They're [00:22:33] phenomenal. Yeah. In terms of [00:22:34] durable, [00:22:35] 13 years in, [00:22:36] four funds, [00:22:37] you can [00:22:38] see the cycles we've [00:22:39] gone through and how we've [00:22:40] continued [00:22:41] to, [00:22:42] you know, stick to our [00:22:43] discipline around [00:22:44] pricing and our, our [00:22:45] focus areas, but also [00:22:46] be able to evolve with the [00:22:47] times, as we touched on [00:22:48] earlier.[00:22:49]
[00:22:49] Many of our partners have been [00:22:50] at the firm for the long [00:22:51] term. [00:22:52] Um, you look at the [00:22:53] portfolio, there's [00:22:54] now a ton of [00:22:55] household names in [00:22:56] that, from [00:22:57] CrowdStrike, as we [00:22:58] mentioned, to Together [00:22:59] AI, Lila [00:23:00] Sciences, Uniphore. [00:23:01] Snowflake,
[00:23:01] Madeline Pope: [00:23:02] Canva.
[00:23:02] Melissa Montan: Exactly. [00:23:03] That's [00:23:04] durability. You, you look [00:23:05] at the team, what we [00:23:06] invest in, what the [00:23:07] portfolio looks like, that's kind of [00:23:08] the first layer of [00:23:09] durability, and then you come [00:23:10] into the fold, [00:23:11] and you get to [00:23:12] experience [00:23:13] March Capital [00:23:14] and the summit with [00:23:15] us, and then you [00:23:16] actually, you know, you're on the [00:23:17] ground floor with, with [00:23:18] the network.
[00:23:18] Madeline Pope: Right. [00:23:19] And adding on to [00:23:20] that, I would say that our [00:23:21] LPs are [00:23:22] integrated into [00:23:23] every, you know, thing [00:23:24] that we do at March [00:23:25] Capital or every [00:23:26] event. We've, [00:23:27] um, [00:23:28] have a really strong [00:23:29] partnership with [00:23:30] McKinsey & Company, [00:23:31] their [00:23:32] QuantumBlack AI [00:23:33] arm, [00:23:34] um, [00:23:35] and we've hosted, [00:23:36] you know, a [00:23:37] couple of [00:23:38] series of [00:23:39] dinners with them [00:23:40] where we've invited, [00:23:41] you know, [00:23:42] founders in our [00:23:43] portfolio, other [00:23:44] companies, you know, [00:23:45] that [00:23:46] we at March [00:23:47] Capital wanna, [00:23:48] um, foster the [00:23:49] relationship with, [00:23:50] corporate [00:23:51] partners and [00:23:52] clients of [00:23:53] McKinsey's, but then [00:23:54] also our [00:23:55] investors and LPs.
[00:23:55] Mm-hmm. [00:23:56] So everyone is [00:23:57] at the, the dinner [00:23:58] table together [00:23:59] and, um, [00:24:00] mingling [00:24:01] Okay. [00:24:02] Moving [00:24:03] on to the [00:24:04] next question [00:24:05] [00:24:06] about measuring platform [00:24:07] success. [00:24:08] For the [00:24:09] skeptics in private [00:24:10] capital, how do you [00:24:11] quantify the [00:24:12] value of platform? [00:24:13] Is there a metric [00:24:14] or a signal [00:24:15] you track [00:24:16] that proves marketing [00:24:17] efforts are actually [00:24:18] moving the needle on a [00:24:19] company's terminal [00:24:20] value?
[00:24:20] Melissa Montan: I feel [00:24:21] like this is an age-old [00:24:22] question in [00:24:23] platform [00:24:24] So what I would [00:24:25] say [00:24:26] is, you know, [00:24:27] as a platform [00:24:28] person, there's, like, [00:24:29] 1,000 things you can [00:24:30] do.
[00:24:30] Madeline Pope: [00:24:31] 1,001.
[00:24:31] Melissa Montan: [00:24:32] Probably.
[00:24:32] Madeline Pope: Mm-hmm.
[00:24:32] Melissa Montan: So [00:24:33] every day you kind of have to [00:24:34] decide, like, what is the [00:24:35] most important thing to [00:24:36] do today, [00:24:37] and that's driven by what your [00:24:38] portfolio needs, [00:24:39] right?
[00:24:39] So we, [00:24:40] we, we stop and have [00:24:41] that conversation all the [00:24:42] time. [00:24:43] So do we track metrics? [00:24:44] Like, yes. [00:24:45] We... [00:24:46] You know, we have an OKR [00:24:47] structure, objectives [00:24:48] and key results, and [00:24:49] that's, that's really to keep [00:24:50] us on track. So we [00:24:51] have defined the [00:24:52] four or five [00:24:53] objective, the [00:24:54] big-picture [00:24:55] things that matter. [00:24:56] Those are typically [00:24:57] qualitative, like what's [00:24:58] important to the firm [00:24:59] and the portfolio, [00:25:00] like what is our North Star, and [00:25:01] the idea is that everything we [00:25:02] do should ladder [00:25:03] up to that.
[00:25:03] [00:25:04] Fine. That's to keep us [00:25:05] on track. [00:25:06] And then we have [00:25:07] quarterly goals, [00:25:08] which are the key [00:25:09] results, so the metrics, [00:25:10] and those can be [00:25:11] quantitative. So [00:25:12] yes, we [00:25:13] track the number of [00:25:14] introductions we make for our [00:25:15] portfolio companies. We [00:25:16] track the number of [00:25:17] executive briefings we [00:25:18] do with [00:25:19] corporate partners. We [00:25:20] track the number of [00:25:21] events we go to.
[00:25:21] [00:25:22] Fine. But that's [00:25:23] not the [00:25:24] goal, right? [00:25:25] That's not... Just [00:25:26] because you made [00:25:27] 60 introductions for a [00:25:28] company-
[00:25:28] Madeline Pope: Right ... [00:25:29]
[00:25:29] Melissa Montan: doesn't mean that moved the [00:25:30] needle. [00:25:31] That's just an indicator [00:25:32] for us to know that [00:25:33] we're on track. [00:25:34] We're, we're, we're, [00:25:35] we're doing the work that will [00:25:36] ladder up to the [00:25:37] thing that does [00:25:38] matter. [00:25:39] So, you know, at the [00:25:40] end of a founder's [00:25:41] journey, they've [00:25:42] hopefully had a wonderful [00:25:43] IPO, and [00:25:44] the founder's had their [00:25:45] exit, and they're sitting back and [00:25:46] reflecting on their [00:25:47] journey.
[00:25:47] They're not [00:25:48] gonna remember the 60 [00:25:49] different introductions [00:25:50] we made, but they're [00:25:51] gonna remember that one or [00:25:52] two or three things [00:25:53] that did- Right ... move the [00:25:54] needle. And so [00:25:55] that's what we're always striving [00:25:56] for. [00:25:57] It's not [00:25:58] individual, [00:25:59] tiny little metrics. [00:26:00] That's not the end [00:26:01] goal. [00:26:02] But the end goal is [00:26:03] when we make [00:26:04] that big [00:26:05] introduction that makes a [00:26:06] difference.
[00:26:06] Madeline Pope: Right.
[00:26:06] Melissa Montan: Right?
[00:26:06] Madeline Pope: [00:26:07] Our goal as a [00:26:08] platform team is [00:26:09] to, you know, [00:26:10] bring the community [00:26:11] together, continue [00:26:12] to expand the [00:26:13] network, work with our [00:26:14] investors to [00:26:15] bring new people into the [00:26:16] fold, so that when [00:26:17] our founders do call [00:26:18] us, we [00:26:19] have, you know, [00:26:20] our Rolodex [00:26:21] we, we can [00:26:22] open up for them.
[00:26:22] Melissa Montan: [00:26:23] Yes. [00:26:24] Oh, okay. One for you. [00:26:25] [00:26:26] What's a marketing [00:26:27] trend that you once thought [00:26:28] was a gimmick, but [00:26:29] you now realize is an [00:26:30] essential tool for [00:26:31] VC firms?[00:26:32]
[00:26:32] Madeline Pope: Yeah. There's a [00:26:33] lot of marketing [00:26:34] trends and fads [00:26:35] out there. [00:26:36] Um, but I will [00:26:37] say [00:26:38] that I think [00:26:39] LinkedIn is more [00:26:40] impor- important [00:26:41] now than it ever has [00:26:42] been, and it's [00:26:43] a conversation that we're [00:26:44] having almost every [00:26:45] day, [00:26:46] um, on the [00:26:47] team. And, you know, [00:26:48] when I started at March [00:26:49] Capital four years [00:26:50] ago, it, it [00:26:51] was not, you [00:26:52] know, in [00:26:53] our, you know, [00:26:54] top three [00:26:55] objectives a- as a, as a [00:26:56] marketing team.[00:26:57]
[00:26:57] There's a lot of, you [00:26:58] know, gimmicky [00:26:59] content out there. People [00:27:00] are really good at putting [00:27:01] out, you know- [00:27:02] news and [00:27:03] their thoughts and [00:27:04] their hot takes [00:27:05] on, you know, the news [00:27:06] of the day. [00:27:07] But [00:27:08] as mentioned earlier, I [00:27:09] think, you know, [00:27:10] we want to [00:27:11] show up as [00:27:12] authentic [00:27:13] and, you know, true to [00:27:14] our [00:27:15] philosophy, and really [00:27:16] thoughtful in anything [00:27:17] that we put out [00:27:18] there.
[00:27:18] [00:27:19] But people [00:27:20] are going [00:27:21] to our LinkedIn [00:27:22] page to see what we're [00:27:23] about. They're going to [00:27:24] our LinkedIn page [00:27:25] to learn about [00:27:26] our portfolio, [00:27:27] and so we've [00:27:28] taken a lot of time to [00:27:29] reflect even this [00:27:30] spring. If anyone [00:27:31] goes to the March Capital [00:27:32] LinkedIn, they get [00:27:33] to see [00:27:34] about, um, [00:27:35] an event that we put [00:27:36] on with our [00:27:37] founders- Mm-hmm
[00:27:37] and our [00:27:38] network and our [00:27:39] LPs, you know, [00:27:40] most recently, [00:27:41] like at the [00:27:42] Milken Global [00:27:43] Conference. They also get [00:27:44] to see, you [00:27:45] know, our [00:27:46] portfolio [00:27:47] news amplified [00:27:48] on our page. So [00:27:49] it's a good mix of, [00:27:50] you know, what our world [00:27:51] looks like. Mm-hmm. [00:27:52] Um, and it can [00:27:53] actually really, you know, [00:27:54] help [00:27:55] keep the [00:27:56] [00:27:57] connection warm [00:27:58] in between meetings.
[00:27:58] [00:27:59] You know, if we're, we're [00:28:00] trying to, you know, [00:28:01] [00:28:02] continue to, [00:28:03] you know, [00:28:04] engage with our [00:28:05] LP base or [00:28:06] prospective LP base, [00:28:07] you get to meet with [00:28:08] them, you [00:28:09] know, once a year [00:28:10] if they're global. [00:28:11] Um, [00:28:12] but you get to connect [00:28:13] with them every single day on [00:28:14] LinkedIn. [00:28:15]
[00:28:15] Melissa Montan: Yeah.
[00:28:15] Madeline Pope: Yeah.
[00:28:15] Melissa Montan: Is [00:28:16] X dead?
[00:28:16] Madeline Pope: I [00:28:17] think X is [00:28:18] dead.
[00:28:18] Melissa Montan: Hot take.
[00:28:18] Madeline Pope: [00:28:19] Yeah. [00:28:20] [00:28:21] Um, okay, moving on.
[00:28:21] Mm-hmm. [00:28:22] [00:28:23] What [00:28:24] is a habit from [00:28:25] your previous [00:28:26] role, like [00:28:27] when you were at [00:28:28] Clocktower or [00:28:29] M13, that has been [00:28:30] surprisingly [00:28:31] effective at March [00:28:32] Capital? [00:28:33]
[00:28:33] Melissa Montan: I think it's this [00:28:34] philosophy [00:28:35] that [00:28:36] you [00:28:37] need to remain [00:28:38] nimble. Like, kind of don't, [00:28:39] don't stick to your [00:28:40] guns too much, [00:28:41] right? You have to [00:28:42] continue to evolve with [00:28:43] the world around [00:28:44] you.
[00:28:44] So d- I think [00:28:45] just being fluid in [00:28:46] the role is really [00:28:47] important [00:28:48] and, [00:28:49] you know, at the pace [00:28:50] of the news [00:28:51] cycle and [00:28:52] [00:28:53] innovation, like, you know, [00:28:54] things we're doing in Claude [00:28:55] Cowork weren't [00:28:56] possible three months [00:28:57] ago. [00:28:58] And with the [00:28:59] series of mega [00:29:00] IPOs coming [00:29:01] up, [00:29:02] the [00:29:03] [00:29:04] capital world around us is [00:29:05] going to completely [00:29:06] change again, [00:29:07] right?
[00:29:07] We don't know what's gonna [00:29:08] happen with- Right ... Anthropic and OpenAI and [00:29:09] SpaceX and [00:29:10] [00:29:11] Databricks [00:29:12] and Cerebras. Like, [00:29:13] it's gonna be a banner [00:29:14] year, and it'll be [00:29:15] exciting to see. So [00:29:16] I guess [00:29:17] it's just [00:29:18] remaining fluid.
[00:29:18] Madeline Pope: [00:29:19] Right.
[00:29:19] Melissa Montan: And [00:29:20] [00:29:21] rolling with the [00:29:22] punches.
[00:29:22] Madeline Pope: [00:29:23] The role of [00:29:24] platform [00:29:25] also [00:29:26] shifts as, you know, [00:29:27] the firm makes [00:29:28] new and different [00:29:29] investments, and those [00:29:30] companies and [00:29:31] founders [00:29:32] need different things [00:29:33] from us at March [00:29:34] Capital.
[00:29:34] Melissa Montan: [00:29:35] Mm-hmm.
[00:29:35] Madeline Pope: Um, [00:29:36] so [00:29:37] nimble-
[00:29:37] Melissa Montan: Mm-hmm ...
[00:29:37] Madeline Pope: is the right [00:29:38] word.
[00:29:38] Melissa Montan: That's the right [00:29:39] word.
[00:29:39] Madeline Pope: [00:29:40] All right. And [00:29:41] moving on. [00:29:42] What's a piece [00:29:43] of advice [00:29:44] that's changed how you [00:29:45] think about [00:29:46] community in the business [00:29:47] world?
[00:29:47] Melissa Montan: [00:29:48] Yeah. Similar to the [00:29:49] story I told [00:29:50] about CrowdStrike at [00:29:51] the summit, [00:29:52] um, and I've [00:29:53] experienced this a lot [00:29:54] personally in my [00:29:55] career, [00:29:56] is that [00:29:57] you just never know where [00:29:58] relationships are gonna [00:29:59] go.
[00:29:59] Madeline Pope: Right.
[00:29:59] Melissa Montan: Right? [00:30:00] So you and [00:30:01] I work together today. [00:30:02] I don't know what our [00:30:03] relationship's gonna look like [00:30:04] eight years from now. [00:30:05] Hopefully, we're still doing this. [00:30:06] Yeah.
[00:30:06] Madeline Pope: We're still [00:30:07] doing this.
[00:30:07] Melissa Montan: Um, but people [00:30:08] come around, and so I [00:30:09] would say [00:30:10] when you approach [00:30:11] relationships, take them very [00:30:12] seriously, right? [00:30:13] Um, everyone [00:30:14] in your community is [00:30:15] important.[00:30:16]
[00:30:16] Really get to know [00:30:17] them on, on [00:30:18] authentic [00:30:19] human level. [00:30:20] Understand who they are, what [00:30:21] their interests are, what their [00:30:22] ambitions are, [00:30:23] what they care [00:30:24] about, 'cause you just never [00:30:25] know. Maybe it's someone [00:30:26] you're gonna work directly [00:30:27] with immediately, and [00:30:28] maybe it's someone that [00:30:29] will come [00:30:30] around several years down the line [00:30:31] in a way you didn't [00:30:32] expect.
[00:30:32] Right. [00:30:33] And that's happened several times, [00:30:34] especially in this kind of [00:30:35] venture startup world where [00:30:36] people [00:30:37] circulate around each [00:30:38] other. You never know [00:30:39] when [00:30:40] A chief [00:30:41] of staff that just [00:30:42] started one of your companies [00:30:43] is gonna [00:30:44] be the CEO of the [00:30:45] next company you invest [00:30:46] in. Completely. So [00:30:47] just [00:30:48] keep [00:30:49] relationships strong.
[00:30:49] It [00:30:50] should be an active part [00:30:51] of what you do day to [00:30:52] day.
[00:30:52] Madeline Pope: We've seen [00:30:53] that time and time [00:30:54] again at the [00:30:55] Montgomery Summit with [00:30:56] entrepreneurs that [00:30:57] have attended [00:30:58] over, [00:30:59] over the 24 [00:31:00] years, that's [00:31:01] like George Kurtz, [00:31:02] that started at [00:31:03] one company, [00:31:04] that came back to the [00:31:05] summit to present with a [00:31:06] different company, [00:31:07] that then sold that [00:31:08] company, are starting a [00:31:09] new thing.
[00:31:09] You know, these [00:31:10] are [00:31:11] serial [00:31:12] entrepreneurs that you never [00:31:13] know what's next for [00:31:14] them. Mm-hmm. And it- [00:31:15] they're really [00:31:16] exciting to keep within the [00:31:17] network and keep [00:31:18] within the fold. [00:31:19] I would say, [00:31:20] you know, a piece of [00:31:21] advice that, [00:31:22] um, [00:31:23] has changed how I [00:31:24] think about community [00:31:25] in the business [00:31:26] world, [00:31:27] um, has actually come [00:31:28] from, you know, [00:31:29] spending a lot of [00:31:30] time in a, you know, [00:31:31] l- many hours of [00:31:32] meetings with Jamie [00:31:33] Montgomery, whose [00:31:34] own mentor [00:31:35] was Charlie Munger.
[00:31:35] [00:31:36] Mm-hmm. [00:31:37] The Charlie [00:31:38] Munger, and [00:31:39] he has [00:31:40] reiterated to our team [00:31:41] this idea of [00:31:42] building, you know, a [00:31:43] seamless [00:31:44] web of [00:31:45] trust, [00:31:46] and that is [00:31:47] really our role [00:31:48] as [00:31:49] platform. You know, we [00:31:50] are the [00:31:51] stor- [00:31:52] stewards of, you know, the [00:31:53] network of [00:31:54] March Capital. [00:31:55] Um, [00:31:56] and we've [00:31:57] created a community [00:31:58] via the [00:31:59] Montgomery Summit that [00:32:00] is really strong, [00:32:01] that shows up [00:32:02] time and time again, and is [00:32:03] truly like one [00:32:04] of the hearts of the [00:32:05] innovation economy.
[00:32:05] Mm-hmm. [00:32:06] So that's, [00:32:07] that's one that I, [00:32:08] I, [00:32:09] um, come back to. [00:32:10]
[00:32:10] Melissa Montan: Yeah, I [00:32:11] like that. A [00:32:12] seamless web of trust.
[00:32:12] Madeline Pope: [00:32:13] Yeah. [00:32:14] All right, Melissa, I [00:32:15] heard that it's time for the [00:32:16] lightning round.
[00:32:16] Melissa Montan: [00:32:17] Okay.
[00:32:17] Madeline Pope: So here we [00:32:18] go.
[00:32:18] Melissa Montan: Here we [00:32:19] go.
[00:32:19] Madeline Pope: All right. [00:32:20] Events or [00:32:21] newsletters, which is [00:32:22] more effective for [00:32:23] deal flow in [00:32:24] 2026?
[00:32:24] Melissa Montan: [00:32:25] Events.
[00:32:25] Madeline Pope: [00:32:26] Events. Hands [00:32:27] down.[00:32:28]
[00:32:28] LinkedIn [00:32:29] or X, [00:32:30] where is the real [00:32:31] VC [00:32:32] conversation happening right [00:32:33] now?
[00:32:33] Melissa Montan: You know I'm a [00:32:34] nerd, and I love LinkedIn. [00:32:35]
[00:32:35] Madeline Pope: We said it [00:32:36] earlier, X is [00:32:37] dead.
[00:32:37] Melissa Montan: X is dead. [00:32:38] Sorry. [00:32:39]
[00:32:39] Madeline Pope: The [00:32:40] CMO of a [00:32:41] startup, [00:32:42] is it the most [00:32:43] difficult job in the [00:32:44] C-suite? [00:32:45]
[00:32:45] Melissa Montan: I don't know if it's the most [00:32:46] difficult, but it [00:32:47] definitely has the potential to [00:32:48] be super [00:32:49] impactful, and we see that in [00:32:50] our portfolio.[00:32:51]
[00:32:51] The CMO of [00:32:52] ThoughtSpot [00:32:53] completely integrated [00:32:54] AI into everything they do, [00:32:55] and it's having a huge [00:32:56] impact. [00:32:57]
[00:32:57] Madeline Pope: AI-generated [00:32:58] content, a massive [00:32:59] time-saver [00:33:00] or brand killer? [00:33:01]
[00:33:01] Melissa Montan: [00:33:02] Time-saver when done well. [00:33:03]
[00:33:03] Madeline Pope: Yes. Has to [00:33:04] be done well, but [00:33:05] we've seen it save [00:33:06] hours of our team's [00:33:07] time. [00:33:08] Um, [00:33:09] and the final [00:33:10] question, what [00:33:11] do you want [00:33:12] founders who have never [00:33:13] heard of March Capital [00:33:14] to walk away with [00:33:15] after listening to [00:33:16] this episode?[00:33:17]
[00:33:17] Melissa Montan: That we're a [00:33:18] great partner, [00:33:19] and you'd love to work with [00:33:20] us.
[00:33:20] Madeline Pope: Yeah, [00:33:21] and to come to [00:33:22] the Montgomery [00:33:23] Summit [00:33:24] 2027 [00:33:25] on March 9th and [00:33:26] 10th.
[00:33:26] Melissa Montan: [00:33:27] Thanks so much to [00:33:28] Affinity for having us. This [00:33:29] was really fun. [00:33:30]
[00:33:30] Madeline Pope: And if you like this [00:33:31] content, make sure [00:33:32] to subscribe to [00:33:33] Affinity Presents [00:33:34] on YouTube. [00:33:35]
[00:33:35] Melissa Montan: Thank [00:33:36] [00:33:37] [00:33:38] [00:33:39] [00:33:40] [00:33:41] you.