In this episode, Andreas Munk Holm talks with Gloria Baeuerlein, founding partner of Puzzle Ventures, about building a solo GP model rooted in high-conviction, ultra-early B2B investing. From AI-native SaaS pricing to capital-efficient pre-seed strategies, Gloria breaks down how she’s crafting a differentiated firm in one of Europe’s most competitive venture environments.
They unpack why capital is commoditized, how solo GPs can outperform larger seed funds, and what it takes to design a fund around personal strength, not industry templates. If you’re building a fund, raising one, or just want an inside look into how modern venture firms are architected, this one’s for you.
Here’s what’s covered:
03:20 How AI Is Reshaping SaaS: Delivery, Pricing, and UX
07:30 Pricing Models in Construction Tech and Outcome-Based Sales
09:45 The Shifting VC Landscape: Seed, Multi-Stage, and Angels
12:30 Differentiation in VC: Finding Your True Value-Add
14:40 Building a Fund Around Strengths, Not LP Preferences
22:50 The Competitive Landscape: Seed Funds vs. Solo GPs
24:15 Operational Differences: Solo GPs vs. Multi-Stage Funds
30:00 Fund Model, Ownership, and Return Expectations
38:20 Firm Building as a Solo GP: Who to Lean On
42:26 Will Puzzle Always Be a Solo GP Fund?
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation on the Spotify/Apple episode🎧
✍️ Show Notes
SaaS Isn’t Dead—It’s Just Getting Smarter
Gloria explains how AI-native workflows are reshaping how SaaS is delivered, priced, and sold, especially in traditional industries like construction. From invoice reconciliation to customer support agents, value-based pricing is taking center stage.
Designing a Fund Around Founder Fit
Puzzle Ventures is built to back founders at inception, especially those overlooked by multi-stage funds. Gloria shares how her background at Index Ventures and as an active angel investor shaped Puzzle’s collaborative and conviction-driven model.
The Commoditization of Capital
"Capital is a commodity. Your euro is the same as mine." Gloria breaks down why differentiation in venture now comes from brand, founder resonance, and targeted value creation, not check size.
Solo GP ≠ Solo Journey
Being solo doesn’t mean going it alone. Gloria shares how she collaborates with other funds, leans on mentors and LPs, and co-leads with peers—all while building Puzzle in a way that scales her authenticity.
Will Puzzle Always Be Solo?
“Being a solo GP is a bug, not a feature.” Gloria unpacks what it would take to bring in a true partner—and why Puzzle will never grow beyond the high-conviction model she’s designed.
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