Welcome to a new episode of our special series, At The Cap Table Series, where Sarah Finegan, Senior Investor at Antler, talks with Emma Phillips, Investment Partner at LocalGlobe. Local Globe is one of Europe’s most respected early-stage venture firms. Founded by Robin and Saul Klein, Local Globe has backed nearly 300 companies, including 17 unicorns and five IPOs, focusing on B2B software, applied AI, and the future of work.
With deep entrepreneurial DNA and a commitment to investing in founders at the earliest stages, the firm plays a crucial role in shaping Europe's startup ecosystem. Since joining Local Globe nearly a decade ago, Emma has transitioned from an operating partner to a leading investor, bringing hands-on experience in scaling companies and navigating operational challenges.
In this conversation, she shares her insights on what makes a great founder, the importance of first-principles thinking, and why exceptional talent can come from anywhere. We also dive into Local Globe’s unique approach to venture investing, the major trends shaping the future of work & AI, why founders should embrace unscalable solutions early on, and why Europe needs to build a more open and accessible venture ecosystem.
Watch it here or add it to your episodes on Apple or Spotify. 🎧 Chapters for easy navigation are available on the Spotify/Apple episode.
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✍️ Show notes
1. Emma’s Career Journey
Emma Phillips started her career in chemistry, completing a master’s in environmental chemistry before transitioning into mining operations at Veolia. She initially worked on methane gas extraction projects before moving to Australia, where she managed industrial services for major mining companies like Woodside and BHP. Over time, she shifted from a chemistry-focused role to a broader operational and general management position, overseeing large-scale projects and teams. However, she found the industry highly regulated, limiting innovation and rapid change, which led her to explore opportunities in the tech sector.
Her transition into venture capital was unconventional. She joined Local Globe as an operating partner, helping to establish its operational infrastructure, including legal, finance, and office management. Over six years, she worked closely with founders on go-to-market strategies, operational scaling, and business development. This hands-on experience naturally led her into an investment role, where she now focuses on B2B software, applied AI, and future-of-work startups. Her journey highlights how venture capitalists can come from diverse backgrounds, leveraging past experiences to support founders in unique ways.
2. Local Globe & Investment Approach
Local Globe, originally a family office founded by Robin and Saul Klein in 1999, has grown into one of Europe’s most respected early-stage VC firms. It specializes in pre-seed and seed-stage investments, focusing on technology, enterprise applications, and consumer services. Over the years, Local Globe has backed nearly 300 companies, including 17 unicorns and five IPOs. In 2022, the firm rebranded as Phoenix Cores Group, expanding its investment thesis and incorporating an impact-driven approach to investing. The firm prides itself on working closely with founders, offering operational expertise alongside capital.
Emma’s role at Local Globe centers on investing in B2B software with applied AI, with a particular interest in automation, business productivity, and climate-focused solutions. She emphasizes that early-stage investing requires more than just financial backing—it’s about hands-on support, helping founders navigate challenges from product development to market entry. By focusing on a founder-first approach, Local Globe has built a reputation as an investor that provides strategic value beyond just capital, ensuring startups have the best chance of long-term success.
3. Key Learnings from Being an Operator
Emma’s time as an operator in the mining industry provided valuable insights that she now applies to venture investing. One of the biggest lessons was the importance of testing ideas in unscalable ways before investing heavily in infrastructure. In mining operations, her team often relied on manual processes, spreadsheets, and workarounds to validate business models before implementing large-scale systems. She sees the same principle in early-stage startups—founders should focus on validating demand and customer needs with simple, scrappy solutions before perfecting their product.
This mindset helps avoid the common pitfall of founders over-engineering their initial product without first securing market fit. Emma encourages startups to prioritize learning from early interactions with customers rather than spending excessive time building polished solutions upfront. Her experience also taught her the significance of adaptability, resourcefulness, and structured execution—all critical traits she looks for when assessing founders. The ability to navigate uncertainty and iterate based on real-world feedback is often a stronger predictor of success than technical perfection.
4. Evaluating Founders at the Seed Stage
Emma and Local Globe evaluate founders based on a structured framework, emphasizing intellectual rigor, adaptability, and execution ability. Strong founders demonstrate deep curiosity, first-principles thinking, and an ability to make decisions based on data rather than assumptions. They also display a strong growth mindset, constantly learning from mistakes and iterating on their approach.
Another key trait is storytelling—founders must be able to communicate their vision, inspire teams, and attract investors. Even if their communication skills aren’t perfect at the start, the best founders improve rapidly.
On the flip side, Emma is wary of red flags such as founders who blame others for execution failures or lack personal accountability. She also looks for signals of resilience—those who have a deep personal motivation driving them forward tend to outperform others. While no founder is perfect, the best ones have a combination of self-awareness, relentless persistence, and an ability to rally people around their vision. Emma’s role as an investor is to assess a founder’s strengths and their potential to grow into a great leader.
5. Local Globe’s Entrepreneurial DNA
Local Globe’s entrepreneurial DNA is deeply embedded in its origins. Founded by Robin and Saul Klein, both former entrepreneurs, the firm has always aimed to do more than just invest—it seeks to actively shape the startup ecosystem. Initially, Local Globe functioned as a family office, investing in over 150 startups before institutionalizing its operations a decade ago. Saul, in particular, was intent on creating a VC firm that operated differently, focusing on adding value beyond just capital. The firm has built a strong reputation for providing hands-on operational support to founders, helping them scale effectively.
Beyond investing, Local Globe also places a strong emphasis on social impact. Its headquarters are based in Somers Town, one of London’s most underserved areas, intentionally chosen to keep a societal lens on their work. A portion of the firm’s profits is allocated to a foundation that funds local community projects, reinforcing their belief that venture capital should integrate financial returns with social good. This unique approach differentiates Local Globe from traditional VCs, aligning profits with purpose while maintaining a sharp investment focus.
6. Diversity and Inclusion in VC
Local Globe actively champions diversity within its own team and in the founders it backs. Emma highlights that hiring people from different professional and cultural backgrounds naturally broadens the firm’s investment perspective. Their team includes ex-founders, ex-bankers, former operators from industries like mining, and even individuals from government roles. This diversity of experience helps Local Globe spot opportunities that traditional finance-driven VCs might overlook.
When evaluating founders, the firm avoids rigid criteria based on pedigree, focusing instead on intellectual capacity, emotional intelligence, and drive. Many of the best founders don’t fit the traditional mold—some are high school dropouts, while others have non-traditional career paths. Emma points to Mike Hudack, an ex-CTO of Deliveroo and Monzo, who left school early and taught himself to code. His unconventional background didn’t limit his potential, and Local Globe believes exceptional talent can emerge from anywhere if given the right opportunities.
7. Founder-Investor Relationships
Emma believes that the most important aspect of a founder-investor relationship is trust. At the pre-seed and seed stages, investors and founders are deeply intertwined, often making difficult decisions together. Open communication, honesty, and alignment on long-term goals are crucial. Local Globe invests only at the pre-Series A stage, ensuring they remain aligned with founders without controlling later funding rounds. This approach fosters a collaborative rather than transactional relationship.
Founders should also conduct due diligence on investors before accepting capital. Emma advises founders to reference-check VCs, not just in good times but also in how they’ve supported companies through challenges. A strong investor is not just one who writes a check but one who actively helps a startup navigate obstacles. At Local Globe, they aim to build long-term partnerships, knowing that real startup success requires ongoing strategic guidance.
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