Our next guest is Gloria Bauerlein, founder and general partner at Puzzle Ventures. Puzzle Ventures is a new pan-European 21.5 million euro fund investing in super early stage B2B companies, and it's one of the solo female GP led funds. Before Puzzle, Gloria was a prolific angel investor, but that's not why we're speaking with her today. Uniquely, she has actually sat on all sides of the cap table. As an investment banker, as a VC at TCV and Index, as startup operator at Kry and Back, and as a prolific angel investor. And now, she’s built Puzzle to take her backing of Europe's top founders to the next level with larger checks but with the flexibility of an angel.
A testament to Gloria's prowess is her esteemed list of Limited Partners – seasoned founders and operators from renowned brands such as Kry, Stripe, Coinbase, and WhatsApp. These stalwarts not only fuel Puzzle Ventures with capital but also empower its portfolio with invaluable insights and a network that can catapult startups to stratospheric heights.
In our 188th episode, Sabina Wizander from Creandum dedicated her shout-out to Gloria - hear what she had to say below (spoiler: big words are used!)
Jump to the parts that matter to you 👀
00:00:00 - Introduction to Puzzle Ventures
00:01:33 - Creating a Culture of Giving in VC
00:03:08 - Gloria's Journey in Venture Capital
00:04:51 - Finding Passion in the Workplace
00:07:46 - From Curiosity to Puzzle Ventures
00:09:21 - Learning from Risk Takers and Energy
00:11:04 - Focusing on What You're Good At
00:12:29 - Understanding the Persona Drives
00:14:15 - Angel Investing Journey
00:15:41 - The Journey of Puzzle Ventures
00:17:06 - Filling the Gap in the Market
00:18:38 - Raising Funds for Investment Strategy
00:20:14 - Optimizing for Entrepreneurs and Collaboration
00:21:44 - Pulling Me In: Being a Trusted Advisor
00:23:17 - How a Fundraising Advisor Can Help Founders
00:24:51 - The Importance of Board Relationships and Reserves
00:26:24 - Importance of Ownership in Investment Funds
00:27:54 - Prioritization and Managing Time
00:29:27 - Fundraising Strategy and The Importance of Experienced Advisors
00:32:31 - The Importance of Understanding Market Cycles
00:34:15 - The Importance of Experienced LPs in Venture Capital
00:35:55 - Building a Strong Fund Network
00:37:38 - The Role of Luck in a Career
00:39:25 - Creating Conditions for Luck and Serendipity
This episode was kindly made possible by our friends over at Tactyc - the leading forecasting and scenario-planning software for venture capital funds combining portfolio construction, portfolio management, forecasting and reporting into a unified platform.
ACT #225 Gloria Bauerlein, Puzzle Ventures