20VC Special: The Real Estate Fintech OGs on Why This Is Not The End For The Bay Area and What Can Be Done To Solve It, The Pros and Cons of Working with Corporate Investors and How Leading Their Teams Has Fundamentally Changed in a COVID World
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 18 February 2021
⏱️ 44 minutes
🧾️ Download transcript
Summary
Assaf Wand is the Founder & CEO @ Hippo Insurance, with over $700M in funding Hippo are setting a new standard for home insurance and offer protection for what’s important to today’s homeowner.
Nima Ghamsari is the Founder & CEO @ Blend, with over $665M in funding they are the digital platform streamlining the journey from application to close — for every banking product.
Max Simkoff is the Founder & CEO at States Title, with $229M in funding States Title are using machine intelligence to create a vastly more simple and efficient closing experience for lenders, real estate professionals, and homebuyers.
Brendan Wallace is a Co-Founder and Managing Partner at Fifth Wall, with over $1.3Bn in commitments and AUM across multiple different vehicles, they are the largest venture firm focused on the real estate industry and property technology for the Built World.
In Today’s Episode You Will Learn:
1.) 3 of the largest and most successful founders in the financial real estate market, what have been their biggest learnings from their friendship over the last 5 years? What have been some of the most hotly debated topics they have had as a group? How did their opinions and views change as a result?
2.) How do they think and feel about the tech exodus from Silicon Valley, temporary movement due to COVID or fundamental shift? How closely correlated is the move out of California with the explosion of liquidity from IPOs and acquisitions? What pisses Max off most about people leaving CA currently?
3.) How have their roles as leaders changed in the time of COVID? What have been the most challenging elements? What have they had to embrace? What have they had to disregard or stop? What advice do they give to other founders scaling into hyper-growth in a remote format?
4.) What do they believe is the fundraising strategy that allowed them to raise over $1.5Bn as a group? How do they think about what they look for in each stage of investors? How does it change when entering growth stages? How has their experience been having corporates play a large role in their financing? What are the biggest challenges of working with corporates? What does one need to do to extract the most value from them?
Item’s Mentioned In Today’s Episode
Max’s Favourite Book: A Heartbreaking Work of Staggering Genius
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Transcript
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| 0:00.0 | You are listening to 20VC with me, Harry Stebbings, and we have a first on the show today. |
| 0:03.7 | For the first time ever, we have four guests in one episode, and these founders are all absolute OGs of the financial real estate market. |
| 0:10.3 | Building companies that I believe will represent hundreds of billions of dollars in enterprise value over the coming years. |
| 0:15.6 | And so with that, I'm thrilled to welcome our first, ASAF WAND. |
| 0:18.9 | Now, ASAF is the founder and CEO at HIPPO Insurance. |
| 0:21.7 | With over $700 million in funding, Hippo are setting a new standard for home insurance and offer protection for what's important to today's homeowner. |
| 0:29.6 | Next we have Nima Gamsari. |
| 0:31.6 | Nima is the founder and CEO at Blend. |
| 0:33.6 | With over 665 million in funding, they are building the digital platform, streamlining the journey |
| 0:38.2 | from application to close for every banking product. Finally, on the founder side, we have |
| 0:43.0 | Max Simcoff, founder and CEO at State's title, with $229 million in funding, states title are |
| 0:48.6 | using machine intelligence to create a vastly more simple and efficient closing experience |
| 0:53.1 | for lenders, real estate professionals and home buyers. |
| 0:55.9 | And then what 20 VC episode is complete without a phenomenal VC? And so with that, I'm thrilled to welcome |
| 1:01.0 | Brandon Wallace, co-founder and managing partner at Fifth Wall, with over $1.3 billion in commitments and |
| 1:06.4 | AUM across multiple different vehicles. Fifth Wall of the largest venture firm focused on the real |
| 1:11.2 | estate industry and property technology for the built world. But before we dive into the show |
| 1:15.6 | state, did you know that more than 80% of US public stock is owned by just 10% of Americans? |
| 1:20.8 | This divide is even greater in the private markets. Carter makes it as easy to issue equity to |
| 1:25.4 | your employees as it is to issue payroll, and for |
| 1:28.0 | employees, as easy to accept it too. More than 16,000 companies issue equity to their employees |
| 1:33.8 | through Carter, whether you're just getting started or getting ready to go public, the team |
... |
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