Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228

Cem Sertoglu is one of the great venture investors of the last decade. Cem is famed for writing the first check into UiPath and over several rounds turning $16.5M into $2.1BN. Cem recently started Bek Ventures, a $250M fund that was 3x oversubscribed. ----------------------------------------------- Timestamps: (00:00) Intro (00:48) Entry Into Venture World (05:43) How Venture Capital Evolved into a Low-Margin Business (13:41) How Cem Prioritizes Founder, Market, and Traction (18:11) Signalling Does Exist? (20:24) When & How to Address Concerns with a Founder (25:32) Advising Founders on Early-Stage Valuations (27:01) Where Founders and VCs Often Diverge (28:52) Do High Prices Lead to High-Quality Investments? (31:32) Are Richer Investors More Successful? (36:06) Making $2.1BN on UiPath (52:39) Cem’s Biggest Loss (56:41) Concerns Over Current Liquidity Markets (01:00:00) Quick-Fire Round ----------------------------------------------- In Today’s Show with Cem Sertoglu We Discuss: 1. Has Venture Capital Been Commoditised: Why does Cem believe that VC has not been commoditised? Why does Cem believe many VCs today are not even VCs anymore? How does Cem advise founders who have offers from large multi-stage firms? What questions should they ask them pre-working with them? How do the best founders select the VC they choose to work with? 2. Price, Reserves, Loss Ratios: Why does Cem believe that price does not matter? How does Cem approach reserves and reserves management? What does Cem know now about reserves that he wishes he had known when he started investing? Does Cem care about loss ratio? Does he do scenario planning when making investments? 3. Making $2.1BN on UiPath: How did Cem meet Daniel for the first time? Was it obvious he was incredible? Why did they only write a $1M check and not take the whole round with $1.5M? Why did 40 of the best investors in Europe all turn down UiPath for the Series A? What did doing the bridge round for UiPath teach Cem about reserves? When was it obvious UiPath was going to be a mega hit? How…