Pod Insights Equity Podcast When it comes to startups’ flight to quality, have we swung too far in the other direction? About this episode This is our interview show, where we sit down with a guest, think about their work, and unpack the rest. This week, we talked to Jenny Fielding, co-founder and managing partner at Everywhere Ventures, a founder collective and early-stage (think pre-seed) venture firm. Jenny and I discussed a wide variety of topics, including startups’ flight to quality in 2024 and how smaller firms are competing with larger firms in the current investment landscape.
We also dug into the “great VC resignation” so stay through to the end for that. Jenny was a great guest – not afraid to speak her mind and share valuable insights.
Besides founding her own venture firm, Jenny previously worked as a managing director for accelerator Techstars and founded several companies including mobile software company Switch Mobile, which was acquired by Via One.
Equity will be back next Tuesday due to a U. S. holiday on Monday. See you then!
For episode transcripts and more, head to Equity’s Simplecast website.
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Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.
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Transcript 0:11 Speaker 00 Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. I'm Mary Ann Azevedo, and this is our interview show where we sit down with a guest, think about their work and unpack the rest. Today, we're talking to Jenny Fielding, co-founder and managing partner at Everywhere Ventures, about startups' flight to quality in 2024, how smaller firms are competing with larger firms in this current investment landscape, and we'll also dig into the great VC resignation. So stay through to the end for that. Jenny, welcome to the show.
0:42 Speaker 01 Thank you so much for having me. Really looking forward to this.
0:45 Speaker 00 Yeah, me too. I'm really excited. I've enjoyed reading your posts on X over the past year or so. They're just refreshingly candid and authentic, and we just thought you'd make a great guest that would have a lot of valuable insights for our founders listening to the show and just listeners in general. So first of all, you started Everywhere VC in January of 2018, but prior to that, you worked as a managing director for Techstars for about seven years, and you also founded several companies. Can you share a little bit more about your background before we dig into your current workload?
1:16 Speaker 01 Yeah, I actually call myself an accidental entrepreneur because I started very traditionally. So I went to law school, I worked in finance, and then I had an idea for a company. I hesitate to even call it a startup because I was just trying to solve a problem I saw in the world, right? It was a personal problem that I had. And so nights and weekends while I was working at a big bank, I started kind of hacking on this and ended up starting my first company while I had this full-time job. And so that's been kind of the theme throughout my career is trying things, experimenting, iterating, and then launching them. And so a similar thing happened while I was at Techstars. I was running the New York program.
2:01 Speaker 01 I'd been there a number of years, and I had this thesis for a fund that was kind of buy founders for founders. I started It in 2018, kind of with the blessing of the fund I was working at as a nights and weekends project. And like many people, nights and weekends, side hustle sometimes becomes the main hustle. So after about three and a half years of running it as a side hustle, kind of spun out and decided to go full time with my co-founder. And then last year, we raised, call it our first real fund.
2:32 Speaker 00 Oh, okay. And how much did you raise in that fund?
2:35 Speaker 01 Our last fund was about 25 million. And we had had funds before, and I like to call them kind of proof of concept funds. So we were both working full time. Again, we were experimenting with this model of buy founders for founders based in local geographies and kind of activating communities on the ground. We learned a lot of things, what worked, what didn't work, and then decided to kind of take the plunge in 2022.
2:59 Speaker 00 So you invest in pre-seed companies. So do you invest only at the pre-seed stage or seed stage as well?
3:06 Speaker 01 It's an interesting question. A few years ago, I would have said we only invest in pre-seed. But as you know, some of these terms are fungible and have changed, right? And so pre-seed in our mind was the first kind of institutional round of capital, call it, you know, 500 to about 2 million. And I think for many years, that felt very pre-seed thesis. I'd say in the last year, with kind of the reset happening in venture, we're seeing more proper seed deals that kind of fall into maybe that bucket. And so it's a little more blurred in my mind. But I consider myself that first institutional check.
3:45 Speaker 00 Okay. And so you've invested in the pre-seed rounds of over 250 companies over the past five years. That's a lot.
3:53 Speaker 01 It is. Keeps us busy, for sure.
3:57 Speaker 00 Have you had any wild success stories that you can share?
4:00 Speaker 01 Yeah, you know, while I was at Techstars, I really developed this muscle around investing early-stage kind of at scale. And so I think that was the thing that I learned, reviewing thousands of applications and taking kind of a leap of faith with these early-stage founders. In a way, my job is really more around talent development than digging into financial models or any of those things. Yeah, we've had some great companies in our portfolio that many people in the audience potentially have heard of. A company that announced a really large round past summer is called Headway, and it's in the mental health space. They announced their unicorn round. We were in their first pre-seed round many years ago, and that's a company that's doing great.
4:43 Speaker 00 One of the things I've noticed, well, first of all, we know it's been a really bumpy past few years. We had craziness happening in 2021 with investors going wild, valuations just skyrocketing to some crazy levels that were not necessarily realistic. And now we've been dealing with, I guess, what a lot of people are calling a reset over the past year and a half or two almost now. And it's been kind of interesting watching that play out from my perspective as a journalist. And so I've enjoyed reading about your perspective on the investor's side. So one of the things you recently posted on X about is that you're seeing this flight to quality, and you're seeing that more startups are actually not necessarily trying to raise a lot of capital. Like, they just want to raise some early funds and then try to just keep going,
5:28 Speaker 00 which feels like counter to what we'd seen in the past few years, where it was like, the more money we can get, the better. Can you share a little bit more about that trend?
5:36 Speaker 01 Yeah, I mean, as you mentioned, you know, 2020, 2021 were just the years of excess. Now we're dealing with like the hangover of that excess, or for the last probably 18 months, we've been dealing with it. And I think that that's seeped into the psyche of many founders, right, of raising as much as you can at really high valuations doesn't always make sense for your business. And we've seen many companies shut down and just kind of the pitfalls of that strategy. And so I think there's this almost movement now of founders kind of going the other way, saying, listen, we can be austere, we can be efficient, and we can actually Do a lot with a little, and I think it's kind of an amazing new ethos that we're seeing.
6:16 Speaker 01 I sometimes wonder if we've gone a little bit too far because now I'm having founders pitch me at the pre-seed. Hey, this money is going to get us to profitability and I'm not sure that's really what venture investors are looking for either. So I think we probably need some middle ground, which is like run your business with good unit economics. Think about building towards some type of sustainable profitable model. But probably at the pre-seed, you need that rocket fuel, you need that capital to grow. With every extreme, we see an overcorrection and I feel that that might be what we're seeing. But I'm definitely hearing a lot of that, the founders that just want to build different types of businesses.
6:58 Speaker 00 Well, that's interesting and I also have read that you think that we'll see some big rounds still in 2024, but also a lot more shutdowns, which I also agree with because unfortunately I feel like every week I'm writing about another company that is shutting down its operations for one reason or another. I know you said that's it's kind of like a weird dichotomy, but can you elaborate on that?
7:17 Speaker 01 Yeah, I think that's what I mean by flight to quality where if you think of your portfolio, you kind of have your top performers in the portfolio. I mentioned one company in our portfolio or another one's a company called Pair that raised a monster round in the summer as well. And those companies had multiple term sheets and more investors actually wanted to pour in it. And they raised at very attractive valuations that were up rounds from their last rounds. And you might think to yourself, well, what's happening? All we keep on hearing about is how growth is in trouble and all the valuations are being cut. But there's this kind of top tier class of founders of companies that all the capital is rushing to. Then you have like the mid-tier and I think that's where people are really getting stuck.
8:01 Speaker 01 And that's unfortunate because those are the companies that are good companies. They're just not great companies yet and they need a little more time. And unfortunately, right now, venture capitalists are not funding time. We're kind of done with that modality and they are just looking for companies that already have figured it out. And so that mid-tier of companies are the ones that are kind of getting caught. No one wants to fund them. They've done multiple bridge rounds already. And if they haven't gotten to profitability, those are the ones that are really in trouble.
8:30 Speaker 00 Yeah, I think that's worrisome for them. And like you said, it's a challenge to try to raise capital. So they're in this kind of weird limbo phase, it sounds like.
8:38 Speaker 01 And it's really sad for me because as I said, these are good companies for the most part. I think these are companies, some of them have been overcapitalized, some of them have taken too high valuations and there's just, there's nowhere to go for them. And this is really sad for us. We see this in our portfolio, as does every venture capitalist. But I really feel for those founders, right? Because the game has changed and it feels a little bit unfair.
9:01 Speaker 00 Yeah, I see what you mean. And if we could just quickly bounce back to what we were just talking about a moment ago, about how more founders seem to be less eager to raise a lot of cash compared to years prior. Another one of your posts, you mentioned that you coached a day zero startup to raise half the amount of cash, but keep the same 18-month runway. And you mentioned you have a feeling that this particular team, because they had some pretty experienced enterprise leaders, would move faster if they had less cash available. And then your quote was, "If this tech reset taught me anything, it's that capital efficient teams win the long game." I do think that's been a prevalent theme over the past year and a half or so. But can you talk to me a little bit more about, what do you mean by coaching them to raise half the amount of cash, but keep the same runway?
9:44 Speaker 00 And is that something you would advise for every startup, or just only certain ones like this one that had experienced leaders?
9:50 Speaker 01 Well, you know, my co-founder and I always have this kind of joke between us where founders, you know, tell us their runway. And then we look at the model and we say, well, actually, that isn't what your monthly burn is. Your monthly burn is however much cash you have in the bank divided by 18 to 24 months, right? So it's this idea of not saying, this is how much we need, but repositioning that as this is how much we have. And so what I was saying to this team, who actually have the ability to raise a large amount because of who they are, actually, what if you raise less, but you keep the same amount of runway? So you keep that 18 to 24 months, but you just make your monthly burn go down. And how are you going to do that? You're going to have to be capital efficient. You're going to have
10:33 Speaker 01 to not hire all those nice to have hires. It's just must have hires. It's going to really take kind of a more austere look at your business. And so I guess that's what we mean is that you can do more with less now.
10:47 Speaker 00 Yeah. Well, I think also curious though, would you say though, that that is easier for a company that does have like experienced leaders as opposed to like a first time founder?
10:56 Speaker 01 I think it's the opposite.
10:57 Speaker 00 Oh, interesting.
10:58 Speaker 01 So in this particular case, these founders had come out of a brand name company and they were used to having a lot of resource available. And so they could spend on things that I don't consider necessities and many kind of first time founders wouldn't have the luxury of at their fingertips, right? So what I was saying is that you're not at that big company anymore. So we need to think like a startup in everything we do, right?
11:22 Speaker 00 Yeah.
11:22 Speaker 01 It's a little bit more of like a mental shift. And so we're seeing tons of talent flood out of places like Google and all these companies, Amazon, but do they really have kind of the grit and the DNA to act like a startup? And I think in these times, you really have to prove that you can. Not that you can't raise that first round and maybe it's a large amount, but then where do you go from there? And is that the precedent that you're setting with your company?
11:46 Speaker 00 Well, next I'd like to talk a little bit more about some of the sectors that you're investing in and also some of the VC practices that we're seeing going into the new year. But first, a quick break.
12:02 Speaker 00 So Jenny, I understand that you invest quite a lot in the fintech space, which is an area that I'm pretty familiar with, having covered it pretty extensively over the past three and a half years. What other sectors interest you and where do you see most of your investment dollars going this year?
12:17 Speaker 01 As I mentioned, you know, I've been investing from essentially out of our everywhere thesis since 2018. And I'd say at the beginning, we were real generalists. We wanted to go where the opportunity was. And so as we got ready to raise kind of the second fund, we looked across our portfolio, which at that point was like almost 200 companies. And we said, where are the outliers in the portfolio and where do we think the world is going? And let's kind of reconcile that with a little bit more of a thesis. And so we kind of came up with this term, which I call the table stakes economy. What do you actually need to live? And that falls directionally into three buckets, which are large buckets, but we call that money. So essentially fintech, health, digital health for the most part, and then work, which is future of work and automation.
13:01 Speaker 01 So those are the areas that everywhere is focused on. We're business model agnostic, although we do tend to do more B to B. But we're really looking for kind of foundational companies that want to make the world a better place in those three areas.
13:15 Speaker 00 And your average check size is about 50,000 to 250,000, is that right?
13:20 Speaker 01 Yeah, I'd say 200 is our sweet spot for a core check.
13:23 Speaker 00 And so if I understand correctly as well, 50% of your new fund is invested into fintech or fintech adjacent companies?
13:30 Speaker 01 Yeah, so we're looking at those three areas, but coincidentally, we have kind of over indexed on fintech. And we think what's happening right now is that the public markets obviously have not been kind to fintech.
13:44 Speaker 00 Not at all.
13:45 Speaker 01 As you know, and the big picture is just down rounds and fraud and shutdowns.
13:52 Speaker 00 I know, a lot of fraud, right?
13:54 Speaker 01 Yeah, a lot of the stuff that you're hearing about. And then, you know, obviously the public market comps. And many people are saying that fintech was very overvalued, and so it's really out of fashion. Well, what that means is that we have a lot more opportunities right now as more people kind of rush out of the space. And so the reason I think we're kind of overweight in fintech right now is that we're actually seeing opportunities that we think are great, and we can now afford them again. So that's just being really candid, right? As everyone rushed into fintech, the prices just got completely marked up. There were these kind of large funds. I remember in 2021, one of the large funds, you know,
14:35 Speaker 01 West Coast based, was basically going to founders that were still working at other companies, but that could potentially be founders and saying like, we'll give you a million dollars on a $16 million valuation. And they didn't even have an idea yet. And so the reality is-
14:51 Speaker 00 Yeah, it was crazy. It's like, just too much.
14:53 Speaker 01 Yeah, small funds like us can't compete, even if they were going to make room for a small fund, like investing at that type of valuation doesn't fit in our business model. So now that the feeling around fintech has cooled a little bit, it's a nice wedge for us to be able to kind of reinvest in a sector that I personally have been excited about and have been investing heavily since 2015, but was really priced out for a number of years.
15:17 Speaker 00 Well, you raise another interesting point. So last week, one of our reporters, Aria, broke the news about Countdown Capital having to shut down. And this was an early stage venture capital firm, for those who don't know. And it was focused on hard tech, hard tech industrial startups. And I know that the founder was really disappointed about having to shut down. But one of the things he said that really caught our attention was the fact that he felt like as a smaller fund, it was just too hard to compete with the bigger players, that when he was trying to get into deals, it was just too competitive. And would often- Lose out to larger multi-stage firms. So this is something that really stood out. We were talking about it and what does this mean for other smaller firms? So what are your thoughts on that?
16:02 Speaker 00 I mean, how challenging is it as a, I guess, smaller player dealing with such a competitive landscape with different firms that have, you know, these multi-billion dollar funds? Like, how do you compete? And what do you think other firms in this that are smaller, such as Countdown Capital or yourselves, what is your competitive advantage? Like, how do you win over a founder that's getting glitzy offers from one of these flash year? And I don't mean that in a derogatory way at all, but you know, like a flash year firm that just has like really deep pockets and this name.
16:33 Speaker 01 So in the example I gave of the fintech multi-stage fund that was giving term sheets to everyone for 16 posts, it actually wasn't that we couldn't slip a check in because we're small and nimble. We have a really large founder community that people appreciate and people are generally, founders are generally excited about having us on the cap table. It was a little bit more that we couldn't afford it, right? So to the point of the founder who shut down his fund, potentially, I don't know his situation. It wasn't that he couldn't wedge a check in. It was that if the multi-stage funds are kind of going earlier and really doing it for optionality, they're price insensitive. And so they can just do a pre-seed deal at a 20 million because it doesn't matter for
17:15 Speaker 01 them because what they're really looking for is when that company raises the $20 million Series A or the $50 million Series B, they're just using this as an option. So in that case, we're priced out because it doesn't work with our business model. Personally, I thought this was rampant in 2020, 2021, and it seems to be getting a little bit better. Meaning what I was seeing in those years was the multi-stage, you know, call them the big sandhill road investors coming into rounds, pre-seed rounds, which is our sweet spot, maybe a million or 1.5 and writing a small check, a 250K check and basically either letting the founder price it or just saying, sure, we can do that at a 12 or a 15. And then everyone else is
18:00 Speaker 01 Kind of stuck. So we either kind of come in at with this group who hasn't even, they're not even leading, right? We either take it or we try to convince the founder of something else or we leave it. In our case, we just walked away from many of them. Right now, as we see this kind of pullback in venture, it seems to be that the big folks are kind of staying in their swim lane a little bit more. So if they're Series A, they're really focused on finding those great Series A deals and doing a little bit less of the spray and pray, like I'll have optionality in a million companies. So from my perspective, that part seems to be a little bit better. And founders have gotten the message that if a multi-billion dollar fund gives me 150K check, they're not actually leading and setting the terms.
18:45 Speaker 01 And so running around to everyone else and saying like, yes, this round is at a 15 is just not doable. So I think it's getting a little bit better, actually.
18:54 Speaker 00 Well, that's good to hear because, I mean, it feels like to me that that really was not necessarily very helpful for founders or these startups because then they lost out on some really potentially valuable investors such as yourselves, right? Not that the others weren't valuable, but it's different. I think we know that, it sounds like to me you're pretty hands-on, right?
19:13 Speaker 01 Yeah, I think you can say that we were priced out, so you know, you don't get our expertise. But really, the truth is, they didn't do themselves much service because when they go out to raise their next round, they've already priced their pre-seed at a 15. Where do you go from there if you don't have the metrics? So now you've had this reset. And so then they go to the seed funds and say, okay, well now, now we need to raise at a higher valuation. And the seed funds are saying, well, you don't have much to show for it. So it's going to be a down round, it's going to be a reset. I think there's been a lot of that kind of come to Jesus moment. It's sad for founders because quite frankly, we were trying to coach them, not just so we could get our check in, so it wasn't just a selfish thing. It was really like, hey, I've been there, I've run two companies. Is this the best thing for your company?
19:57 Speaker 01 And can you kind of three to five X your multiple, your valuation in every round? And I think we've seen now the answer is no.
20:05 Speaker 00 You mentioned earlier that your business model agnostic. So a couple of quick questions I have is, A, how do you mostly source your deals? I mean, I know you're very well connected, but do you get a lot of pitches? Or is it more by introductions? Or do you seek them out? And also, like, what really draws you to invest in a company then? If it's not the business model, is it the founder? Or exactly the problem they're going after? Like, what excites you the most?
20:29 Speaker 01 So in terms of sourcing, the truth is, although most funds say they invest pre-seed through whatever round, the real pre-seed funds are not that many. We're kind of few and far between, and we all know each other quite well. We all share deals, and we're on the cap table. I mean, the pre-seed funds that are out there, that are names that you know, I might be on the cap table with them literally 50 times. So we really get to know these people, and so there's a lot of sharing. And that's one of the beautiful things, I think, about early stages, that we can all get along, we can all syndicate, and it's a kind of a closed group. So that part is great. In our case, our deal flow comes from the community of 500 founders that are RLPs.
21:11 Speaker 01 So we, over the last five years of running the fund, have hand-selected a group of folks to give us money that are all running their own businesses. And they're located around the world. And those folks, sometimes they're their own angel investors, sometimes they're just happy to be part of our community. But as they see deals on the ground, and this might be a founder in Sao Paulo, Brazil, or a founder in Canada, or in Nigeria, as they're seeing interesting deals, they're surfacing them to us because they're really aligned with us. They're investors in our fund, they want to see our fund succeed, and they want to kind of help their own ecosystems and communities. So we call this kind of this founder flywheel that we've built, and it's quite large at this point, with about 500 of our founder LPs.
21:55 Speaker 00 Wow, I love that. That's pretty unique. So are all of your LPs founders? Or are there any institutions, or just strictly founders?
22:02 Speaker 01 Yeah, the first kind of two proof of concept funds that we raised, it was all founders and operators, so 100%. And then the last fund, which was a little bit larger, we layered in a few family offices and some fund of funds. But the kind of core integrity of the community and what really makes the fund crank along is this community of founders. Yeah, that's really how our deal flow comes. We're a very small team and so we don't really believe that you can have kind of a pyramid at the early stage and that like we can't really have associates and all these people doing calls with our founders because so much of precede is really this kind of visceral reaction of do you feel like this founder can go the distance, is resilient, has a secret about the market, all these types
22:47 Speaker 01 of things. I think what founders appreciate is like when they pitch us like they're pitching myself or my co-founder.
22:53 Speaker 00 Something else that we've been seeing, so when we recorded our predictions show, one of the things that I predicted borrowing from a post on X that I had read from another VC was that we're going to see fewer VCs in general in the coming year or so. And I think that's, I believe that, I believe that we're going to see fewer VCs. And I know I've written about layoffs at one fund, for example, we've written about others shrinking. And I think some people are calling it the great VC resignation. So what are your thoughts on that? Do you feel like that more investors at big funds are going to move to operating roles or GPs at emerging or smaller funds might, you know, think about doing something else?
23:31 Speaker 01 Yeah, we are seeing this all over the place right now. It's kind of incredible. But I think there's two things happening. One is like a business model mismatch and then one is kind of a partner mismatch. So on the business model front, I think you've covered some of the big funds closing, right? And really what that was about was like the business model wasn't potentially working anymore, right? If you're a billion dollar fund, how are you going to return a billion dollars in capital with the market also shrinking, right? So if we're saying that the potential for how big these companies can get has now come down, how are we going to return that? If you don't have the unicorns, if you don't have the up rounds, I think that it was a business model mismatch on the larger
24:12 Speaker 01 On the smaller fund size, if you think of the micro funds and the kind of the solo capitalists, I think there was a realization that wow, this job is hard. Yeah. They say it's just a very hard way to kind of make money or have success. As people kind of contact me as they're getting into this business, I always tell them, I actually almost gave up. So I was working at Techstars, I was five years in, and I hadn't returned a dollar of capital to my LPs. And I called my mentor at the time, Brad Feld, and I said, Brad, I actually don't think I'm good at this. And he asked me why, and I told him, you know, I hadn't returned any capital. And so I just didn't think I, you know, probably should just go back to running a company. And he said, Jenny, like, this is a long game. Put your head down and like, things will move along.
24:57 Speaker 01 And at five and a half years, like to the day, one of my companies was acquired and returned our whole fund. And I was like, Oh my gosh, your whole fund? Brad was right. And so, but you have this kind of crisis of confidence. Now, that was for me, five and a half years in. Many of the people that started funds think about when they started it, just a few years ago. So where are they in this cycle, right? They haven't returned money to LPs, they're living on emerging manager salaries, which is not much, and they're hustling, and yet they're not feeling kind of the fruits of that. So I think we have to assume that many people, many managers are not going to have kind of the resilience or the drive to keep on going because it does take a long time. Absolutely.
25:39 Speaker 01 And then just the last thing that I would add is there are a lot of partner blowups. So there are a lot of funds, you're going to hear about more in 2024, where the partners have decided to part ways and we hear kind of in the shadows, the back channel of what's going on. But if you think about it, in the good times, when everything is up and to the right in your portfolio, you're much more likely to, you know, my partner's annoying, but I'm just going to deal with him.
26:06 Speaker 00 Yeah, we can just figure it out. Get along because things are going well.
26:10 Speaker 01 But when there's a lot of pressure and LPs are calling you and founders are upset and like your fund might not be doing well, you really look in the mirror and you say, wow, like, do I want to do this for another 10 years with these people? And so I think that's another thing that's happening in this great VC resignation is just people realizing that partnerships are hard. As many startup founders that don't work out as partners, there's just as many fund partners. So it's a real problem.
26:37 Speaker 00 That's a really interesting point. I know I'm not going to name names, but I did hear about something like that happening last year. Well, the whole firm didn't blow up, but there was, there was some tension between partners and one was left under, I understand, some pretty rocky circumstances. So I'm sure there's a lot more of that going on that I don't know about. So I believe you there and it makes sense because yeah, when times are great, it's easier to get along. And it's just like any relationship, right? When things are going well, it's a whole lot easier to get along when you're facing troubles or challenges. That's when the true test comes. But anyway, Jenny, I am so glad it worked out that you can make it on this show. I very much enjoyed talking with you and I'm sure our listeners are really going to enjoy hearing your insights. So thank you so much again for joining us. Where can people find you online so they can keep up with you and all the fabulous
27:22 Speaker 00 things you have to share?
27:23 Speaker 01 Well, thank you for having me. I'm a huge fan of the show. Folks can obviously follow me on X where I definitely have some punchy takes on, on the industry, or they can email me directly, you know, at [email protected] . So yeah, always happy to meet great founders.
27:39 Speaker 00 Okay, great. Listeners can catch up with us at EquityPod on X and Threads and at TechCrunchPods on TikTok. You can follow me at BayAreaWriter on X. Thanks again for listening. Hope you enjoy the show and we'll see you next time.
27:55 Speaker 02 Equity is hosted by myself, editor in chief of TechCrunch Plus, Alex Wilhelm, and TechCrunch senior reporter, Mary Ann Azevedo. We are produced by Teresa Locan Solo with editing by Kel. Bryce Durbin is our illustrator and a big thank you to the audience development team and Henry Pickavet, who manages TechCrunch Audio Products. Thank you so much for listening and we'll talk to you next time.
Previous CES, Circle-ing back to IPOs and why we're over the moon about Overmoon Next See? Fintech isn’t doomed, it just needs more time Page updated October 26, 2026 · transcript and summary are machine-generated
