Matt Browne is the Co-founder and Managing Partner of Black Nova Venture Partners, one of Australia’s most active early-stage funds. Before becoming an investor, Matt founded multiple companies, including enterprise software firm Dunsafe, which sold to global corporates like Suncorp and Brickworks, and learned firsthand what it takes to turn “boring” B2B SaaS into beautiful business.

In this episode, Cheryl and Maxine sit down with Matt to unpack what “boring but mission-critical” really means, why operators often make the best early-stage investors, and what it’s actually like to co-found a venture fund. Matt shares his frameworks for identifying resilient software businesses, the economics behind long-LTV enterprise customers, and how his founder experience shapes the way Black Nova supports startups today.

They also dig into the differences between SMB and enterprise sales, why going from enterprise → small business is nearly impossible, and what it takes to build a fund that’s more startup than finance firm. And, in true Matt style, he caps it off with his Big Cojones moment, jumping off Auckland’s Sky Tower to win a customer.

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

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What happens when hundreds of the world’s biggest capital allocators get together behind closed doors to talk about venture, private equity, and where the next $30B is going? Maxine found out firsthand at Super Returns Asia, where she chaired the LP–GP relations stage.

In this episode, Cheryl turns the tables and grills Maxine on everything she learned, from why India and Japan are suddenly hot, to why Southeast Asia is struggling, and why Australia didn’t even make the winners or losers list.

They break down how institutional investors really think about funds, what “look-through ownership” means for angels and VCs alike, and why co-investing has LPs hot under the collar. Maxine also shares how family offices are thriving in the current market, what mega-funds like a16z’s $30B raise mean for everyone else, and why building long-term LP relationships is the only real way to get “super returns.”

01:00 – What Super Returns is, and why it matters for VCs and angels

06:43 – The LP landscape explained: super funds, sovereign wealth funds, and family offices

10:40 – Winners and losers in APAC: India, China, Japan… but not Australia

18:00 – Why Australia needs a better “brand story” to attract capital

19:54 – Hot topic: co-investing and why LPs love it

23:39 – Look-through ownership: why everyone’s just trying to own the outliers

26:43 – Why emerging managers are struggling in today’s fundraising market

33:49 – Family offices having “the time of their lives” in this cycle

34:23 – Mega-funds, evergreen funds, and the $30B a16z raise

39:30 – Will Sequoia and a16z ever lose their dominance?

42:19 – Why APAC liquidity markets matter more than ever

45:30 – The question nobody asked at Super Returns

49:22 – How to actually build LP relationships that work

53:55 – Maxine’s big takeaway: putting Australia on the winners list

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

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Sachin Bhanot leads Southeast Asia & ANZ investments at Prosus Ventures, a global fund with $100B+ in assets. Though based in Singapore, Sachin has become an “honorary Australian fund manager”, with nearly half of Prosus’s regional portfolio now in Australia and New Zealand.

In this episode, Cheryl and Maxine dive into why Prosus ramped up in Australia during a downturn, what paradoxical traits they see in winning founders, and how Singapore and Southeast Asia really compare as markets for expansion.

They unpack the playbook for Australian startups going regional, what Singaporean family offices are actually looking for, and why relationship-building is the real cheat code in Southeast Asia. Sachin also shares his biggest Big Chon moment, and how building coffee chains in the Philippines and Malaysia reshaped his view of what it takes to be an investor.

02:53 – Sachin’s first and most important investment (hint: not a startup)

07:31 – The paradoxical traits of winning founders

10:26 – Singapore vs Southeast Asia: the tale of two ecosystems

18:12 – Why Prosus doubled down on Australia in 2022

28:40 – Tips and traps for Aussie founders expanding regionally

34:44 – When is the “right” time to enter Southeast Asia?

42:11 – The rise of the Australia–India–Singapore innovation corridor

48:34 – Singapore family offices and the art of relationship-driven capital

51:59 – Sachin’s Big Chon moment: learning empathy by building businesses himself

Resources Mentioned

🙋🏻‍♂️ Sachin Bhanot - https://www.linkedin.com/in/sachin-bhanot-15551913a/

💰 Prosus Ventures - https://www.prosus.com/prosus-ventures

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows.

Tom Humphrey, Partner at Blackbird and former operator, joins Cheryl and Maxine to reframe the conversation around Australia’s AI ecosystem. While headlines paint a picture of Australia falling behind, Tom argues we’re quietly sitting on world-class talent, global-first AI companies, and a capital-efficient edge that’s being overlooked.

They unpack Tom’s recent AFR opinion piece on the AI talent landscape, why Australia’s university-to-startup pipeline is broken (and slowly improving), and how “boomerang” PhDs are returning from Anthropic, Meta, and DeepMind to build ambitious companies onshore. Plus, Tom breaks down how product-led growth is evolving in the AI era, why enterprise motions are happening sooner, and what the new GTM playbook looks like when AI agents are selling to AI agents.

02:21 – Tom’s first investment: BHP shares via his parents, now passing on the habit to his son

05:19 – Robinhood, meme stocks, and the shift to founder-led brands

07:06 – Why Tom wrote the AFR piece: Australia’s culture of doubt vs the US lens of opportunity

08:08 – Australia’s untapped AI talent advantage: 8% of APAC experts, top-tier unis, and PhD immigration

12:18 – Six model releases, global leaderboard wins… that no one in Australia talks about

14:03 – The dangerous cost of silence: how lack of domestic celebration dampens ambition and capital

17:33 – Why Australia is absurdly capital-efficient (and how we squeeze every dollar)

19:23 – Commercialisation bottlenecks at Aussie unis, and what’s slowly changing

25:39 – How this affects investors: AI engineering vs AI research, the boomerang effect, and talent arbitrage

30:56 – Time zones, USD revenue, and Australia’s secret weapon: the 43% R&D tax credit

33:17 – Role gaps and brand new roles: the rise of AI architects and forward deployed engineers

34:27 – What PLG really means, and why it’s not just a freemium sign-up form

39:31 – Spammy AI agents, SEO collapse, and why brand and community are back

45:15 – Why enterprise motions are showing up earlier (and how that changes GTM)

48:32 – Single-player AI value unlocks a different sales motion: fast, bottom-up adoption

51:15 – AI fits into your workflow, not the other way around

54:14 – Picking your motion: don’t force PLG if it’s not a natural fit

55:05 – Capital-starved ecosystems and why enterprise is still harder to fund in Aus

56:15 – Tom’s Big Cojones moment: three boys under six and a startup-founder partner

👤 Tom Humphrey LinkedIn – https://www.linkedin.com/in/tomhumphrey1/

🚀 Blackbird Ventures – https://blackbird.vc/

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows.

Mentioned in this episode:

November 2024 - Galah Cyber

Aussie Angels - the preferred fund and syndicate admin platform for emerging managers...

In this crossover episode of First Cheque and In The Blink of AI, Cheryl Mack (Aussie Angels) and Maxine Minter (Co Ventures) team up with host Georgie Healy to unpack how investors are thinking about AI, beyond the hype. From pitch decks to product demos, they reveal the frameworks and gut checks they use to spot real value in AI startups, even when they’re not technical experts themselves.

You’ll also get a behind-the-scenes look at how Cheryl and Maxine are integrating AI into their own workflows, not just as investors, but as operators. From using ChatGPT to summarise founder meetings, to leveraging Prompt Cowboy and NotebookLM for due diligence and research prep, they walk through real examples of how AI is saving them time, sharpening decision-making, and helping them stay ahead in deal flow. And yes, we finally answer the question: what is an agent… and does anyone actually have one?

02:15 – Are Cheryl and Maxine AI skeptics or advocates?

06:00 – What's actually fueling the AI hype?

10:45 – Are we in a bubble—or just early in the cycle?

16:20 – Valuations, FOMO, and how investors are pricing AI

21:00 – What angel investors should look for in AI startups

27:30 – AI’s biggest red flag: When it all just sounds like magic

31:00 – Are agents real or is everyone faking it?

36:40 – AI in venture workflows: What Maxine actually automates

41:30 – The real power of personal brand in VC

44:50 – How Cheryl preps for founder calls with Google NotebookLM

49:00 – Weekly AI hacks: From flat lays to voice-mode strategy sessions

52:10 – Founder FOMO: Prompt Cowboy, Juno, and other hot startups

54:00 – The case for non-technical founders in AI

58:00 – Are one-person billion-dollar startups real?

😇 Angel Academy: The most comprehensive angel investing course for Australia & NZ – www.venture.academy

🦘 Aussie Angels: Cheryl’s platform for angel investing – https://www.aussieangels.com/

💰 Co Ventures: Maxine’s venture capital firm – https://www.coventures.vc/

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows.

Mentioned in this episode:

November 2024 - Galah Cyber

Angel Academy - Best online angel investing course in Australia and New Zealand

Don't forget to check out the best online angel investing course in Australia and New Zealand, Angel Academy. It's fun, engaging, and packed full of insights from experienced investors to help you get started or level up your angel investing, visit www.venture.academy

February 2025 - Angels Academy

Some investor phrases sound helpful. Others feel like a riddle. In this episode, Cheryl and Maxine crack open the language investors use when talking to founders, and translate what’s actually being said behind phrases like “not a fit,” “too early,” or “let’s have one more meeting.”

They walk through the subtle (and not-so-subtle) cues that signal a pass, explain what “conviction” actually means in VC-speak, and share tactics founders can use to get clearer answers during fundraising. You’ll also hear the behind-the-scenes realities of ghosting, deal timelines, internal partner politics, and why “we’d love to stay close” usually means… they won’t.

Plus: a rapid-fire rundown of the weirdest (and most cringe) investor slang, from “due dilly” to “foundies.”

Whether you’re raising your first round or managing investor relationships post-close, this episode helps you spot the signals, ask better questions, and avoid wasting time.

01:45 – “Not a fit”: Why investors love this vague phrase

03:40 – What they mean when they say “you’re too early”

08:30 – “You’re too late”, how stage mismatches work both ways

15:30 – “We’ll circle back” and other signs of a slow no

17:10 – How long does VC diligence really take?

19:15 – Why June 30 is a terrible time to raise

24:10 – Optionality: The excuse behind “we love what you’re doing”

28:00 – “Let the lawyers sort it out”: A red flag or not?

30:15 – The weirdest investor slang (please don’t say “due dilly”)

33:30 – Term sheet vs. side letters: what’s actually worth negotiating

36:00 – Understanding info rights vs. investor updates

38:50 – How to share bad news without burning relationships

45:20 – The shifting goalposts of traction and growth metrics

47:00 – Spotting investor doubts through team questions

48:10 – Final thoughts for both founders and investors

😇 Angel Academy: The most comprehensive angel investing course for Australia & NZ – www.venture.academy

🦘 Aussie Angels: Cheryl’s platform for angel investing – https://www.aussieangels.com/

💰 Co Ventures: Maxine’s venture capital firm – https://www.coventures.vc/

Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

Galah Cyber: Galah Cyber are perfect for founder-lead and SAAS businesses. Galah provides advice, education, and training. Get in touch with Galah Cyber for a complimentary call to make sure you’re secured.

https://dayone.fm/galah

To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows.

Charles Hudson is the Founder and Managing Partner at Precursor Ventures, a solo GP fund that has backed over 450 startups across five funds, including dozens of category-defining companies led by underrepresented founders. In this episode, Maxine and Cheryl sit down with Charles to explore how he built one of the most successful high-volume venture strategies in the world, all while staying a solo decision-maker.

They dive deep into what being a “solo GP” actually means, how Charles balances scale with intimacy across a massive portfolio, and why trust, not likability, is his north star when supporting founders. You’ll also hear his first-ever investment, the courage it took to leave a top-tier firm to start Precursor, and how he still handpicks every company Precursor backs, often long before they’re obvious.

03:20 – Charles’s first investment: ExxonMobil shares… mailed by cheque

06:50 – What is a solo GP fund, and how Precursor operates with one partner and 14 staff

10:28 – The pros and cons of solo decision-making in venture

12:50 – How Precursor supports 450+ companies (and avoids “orphaned” portfolios)

15:44 – Why Charles shifted from unlimited founder support to intentional check-ins

19:18 – Trust vs likability, and why real feedback matters more than being liked

24:25 – How Charles handles saying “no” to follow-ons, and still earns trust

29:31 – The case for “challenger” VCs over cap-table cheerleaders

32:11 – What Precursor looks for in a founder: not great employees, but great CEOs

36:39 – High volume investing: Why meeting 2000+ startups matters

39:00 – Global allocation: why Charles bet early on African and LatAm FinTech

42:30 – The return of themes (like AI & Women’s Health), and why they can kill judgment

47:52 – When Precursor steps in (and when they don’t): being the “surgeon, not the bandaid”

54:04 – Charles’s biggest Big Cojones moment: leaving Uncork to build Precursor from scratch

56:15 – Why most fund managers are “post-employment” and proud of it

👤 Charles Hudson LinkedIn - https://www.linkedin.com/in/chudson/

🌎 Precursor Ventures – https://precursorvc.com/

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Mentioned in this episode:

Aussie Angels - the preferred fund and syndicate admin platform for emerging managers in Australia

Show Notes: If you’re an investor or keen to write your first angel check, please check out some of the syndicate tickets on www.aussieangels.com

February 2025 - Aussie Angels

Grab your copy of the Dealroom and SideStage Ventures report we talked about on the show with Cheryl Mack and Maxine Minter here - https://www.sidestage.vc/outliers-report-2025

Ben Grabiner is the Co-founder and General Partner at Side Stage Ventures, and the author of a landmark new report in collaboration with Dealroom and AWS. In this episode, Cheryl and Maxine sit down with Ben to unpack the data behind Australia’s rapid rise as one of the most efficient and exciting venture ecosystems in the world.

They explore how Australia produces more unicorns per dollar invested than any other country, what makes the ecosystem so resilient and capital-efficient, and why the next decade might belong to Aussie tech. From funding gaps to founder grit, from global capital flows to angel investor opportunities, this is essential listening for allocators, founders, and emerging fund managers alike.

You’ll also hear Ben’s story, from buying Tottenham Hotspur shares as a teenager, to moving across the world mid-COVID, to becoming a key builder in Australia’s startup ecosystem.

04:49 – Ben’s first investment: £250 in Tottenham Hotspur

06:34 – What makes Australian unicorns so capital-efficient?

09:14 – Unicorn efficiency vs gross unicorn creation: what matters more

13:15 – How Australia quietly matches Israel and India on decacorn creation

14:35 – Why foreign investors see the opportunity more clearly than locals

18:41 – The power of local exits like Afterpay, and how they inspire allocation

21:19 – Can Aussie startups scale globally from home? Or must they go abroad?

23:40 – Why this next wave of operators will be our ecosystem’s secret weapon

25:54 – What global LPs need to understand about Australian venture

30:17 – Why pre-seed funds and angel investors matter more than ever

🙋🏻‍♂️ Ben’s LinkedIn - https://www.linkedin.com/in/bengrabiner/

💳 Side Stage Ventures - https://www.sidestage.vc/

🦘 Aussie Angels makes it easy for accredited investors to back early-stage startups alongside experienced syndicate leads. With no platform fees and minimum cheques from $2,500, you can build a diversified portfolio of high-growth companies with confidence.

https://www.aussieangels.com/

To learn more, join our newsletter to be notified of new First Cheque episodes and upcoming shows.