Today's episode explores three ideas that caught my attention:
The venture market reset is healthy - Alycia embraces the current volatility as necessary medicine. It challenges the trope that stability is always preferable - perhaps occasional chaos forces better investment discipline.
Angel group models are evolving - After 20+ years in existence, Alycia questions if the traditional angel group structure still works. I’ve had a lot of conversations recently about the model, and this one definitely got me thinking.
Data tracking is hard – Hearing Alycia’s commentary on how even professional fund managers often struggle to locate basic investment documentation was a shock, and reminds me that the venture industry is still, in many ways, in its adolescence.
I explore these ideas and more with Alycia Doxon, CEO of Seraf Investor.
Alycia Doxon is the CEO of Seraf, a comprehensive deal flow and portfolio management platform serving angel groups, VCs, and family offices across the private investment ecosystem. After leading high-growth tech companies and raising significant venture funding as a founder, she acquired Seraf in 2023 through her holding company Harriet Ventures. Alycia brings a unique dual perspective - combining hands-on operating experience with deep insight into the mechanics of private market investing - giving her a practical view of what's working and what's broken in early-stage capital allocation.
During our conversation, Alycia shares:
Data-driven insights on geographic investment trends that challenge the post-COVID narrative about distributed entrepreneurship and explain why physical proximity to innovation hubs still dramatically impacts returns.
A primer on "safe stacking" where founders can potentially raise multiple rounds without ever converting to equity—highlighting a critical vulnerability in one of the startup ecosystem's most popular investment vehicles.
Critical due diligence questions most LPs never ask including how fund managers handle administration, accounting, and the surprising number who manage these functions internally despite the operational strain.
What We Cover:
00:00 Introduction
02:05 The Current State of Venture Markets
07:02 The Future of Angel Investing
10:31 Regional vs. Centralized Startup Ecosystems
17:34 Vision for Seraf's Future
21:07 Data-Driven Investment Decisions
22:24 The Importance of Portfolio Tracking
23:33 The Long-Term Nature of Angel Investing
26:52 Gut Feeling vs. Data in Investment Decisions
29:10 Key Questions for New Investors
Listen now on Spotify, Apple Podcasts, and YouTube.
Connect with Alycia
LinkedIn: https://www.linkedin.com/in/alyciadoxon/
Connect with Andrew
Newsletter: https://thediligentobserver.substack.com
Website: https://pitchfact.com/
Stuff We Reference
Seraf: https://www.seraf.io/
Ron Weissman: https://www.buzzsprout.com/2459970/episodes/17152952
Christopher Mirabile & Ham Lord: https://angelcapitalassociation.org/blog/blog-hambleton-lord-and-christopher-mirabile-are-changing-the-face-of-angel-investing/
Harriet Ventures: https://www.harrietventures.com/
Launchpad Venture Group: https://www.launchpadventuregroup.com/
Keiretsu Forum: https://keiretsuforumsee.com/
OpenAI: https://openai.com/
Pharmavite: https://www.pharmavite.com/
National Institutes of Health (NIH): https://www.nih.gov/
PitchBook: https://pitchbook.com/
Crunchbase: https://www.crunchbase.com/
LinkedIn: https://www.linkedin.com/
Pegasus Venture Group: https://www.pegasustechventures.com/
TechCrunch: https://techcrunch.com/
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All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice.
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