The Next 10 Years

This is part 10 of 10 of our 10 Years of Laconia Series.

As we look back on our first decade at Laconia, we find ourselves reflecting not just on where we've been, but where we're headed. The venture capital landscape has evolved dramatically since that first conversation over drinks, and the pace of change shows no signs of slowing. So what does the future hold for Laconia and for others in the ecosystem?

Embracing Our Core Identity

If there's one thing our journey has taught us, it's the importance of staying true to who you are. When we started Laconia, we didn't try to replicate other venture firms—we built something that reflected our own experiences as operators and our values as people. As we look to the next decade, we're doubling down on what makes us unique.

Our focus will remain on seed-stage B2B software companies bringing systematic order to traditional industries. This approach has led to successes like TripleLift, AutoFi, and Ocrolus, and we’re excited to back the next wave of innovative companies. By maintaining clarity in our investment thesis while remaining open to opportunities across sectors—from healthcare with Yuvo Health to LLM marketing optimization like Bluefish AI, we've built a portfolio that reflects both conviction and adaptability.

The venture industry has seen growing concentration of capital, with dollars flowing to fewer decision-makers and deals. This consolidation creates both challenges and opportunities. For founders with the right connections or working on trendy problems, capital is more abundant than ever. But for those building in overlooked areas or without established networks, the funding gap has widened.

This is where our independence becomes a strategic advantage. We're not beholden to larger funds or a small group of institutional LPs with rigid mandates. We're free to back founders we genuinely believe in, regardless of whether they fit a typical pattern. Building a sustainable capital base takes grit and determination, but it creates the freedom to make decisions based on conviction rather than conformity.

Systematic Order + Human Partnership

Our anti-chaos framework will continue to guide us in the next decade. Bringing systematic order to the inherently chaotic process of early-stage investing creates a powerful advantage. We'll continue to:

1. Identify Underrated Opportunities: Target industries where lack of systematic processes creates inefficiency

2. Apply Consistent Evaluation: Utilize structured assessment frameworks and data-driven decision-making

3. Drive Exceptional Execution: Implement structured operational support and measure specific value-creation metrics

But what makes Laconia special isn't just our systematic approach—it's how we balance this with genuine human partnership. As we've grown, we've never lost sight of the fact that venture capital is fundamentally about people. The serendipitous meetings that brought our team together remind us that human connection remains at the heart of what we do.

This balance of systematic process and human connection will become even more important in the coming decade. As AI and other technologies transform how we work, the firms that can harness the efficiency of systematic processes while preserving the irreplaceable value of human judgment and relationship will have a distinct advantage.

Building an Ecosystem, Not Just a Portfolio

Perhaps our proudest achievement has been building something bigger than just a portfolio of companies. Through our engaged LP network and initiatives like the Venture Cooperative, we've created an ecosystem that extends our impact far beyond our direct investments. This approach creates multiple advantages:

• It expands our market footprint and deal flow

• It builds a pipeline of potential investors who deeply understand our approach

• It strengthens our network and brings diverse perspectives to our work

• Most importantly, it extends access to venture capital education and opportunity

In the next decade, we'll continue to scale this ecosystem-first approach. We believe that by opening doors for others, we don't diminish our own opportunities—we multiply them. The 1,300+ fellows in our cooperative have identified hundreds of startups, many of which have entered our diligence pipeline and portfolio. Without the constraint of prohibitive minimums, Venture Cooperative participants have made their first LP investments in our funds. They've connected us with talented team members who now strengthen our firm.

This approach stands in contrast to the increasingly closed networks that characterize much of venture capital today. While we recognize the efficiency of relying on trusted connections, we've seen firsthand how expanding beyond the usual suspects can uncover extraordinary opportunities that others miss.

Lessons for the Path Ahead

As we look to the future, we carry forward key lessons from our first decade that will serve us—and perhaps others in the ecosystem—well in the years ahead:

1. Focused Flexibility: A clear investment thesis doesn't mean rigid constraints. By focusing on B2B software companies solving critical operational challenges while remaining open to diverse sectors—from finance to healthcare to climate tech—we maintain both expertise and optionality.

2. Value Independence: Building a sustainable capital base from diverse sources preserves decision-making freedom. Our LP base allows us to make investment decisions driven by conviction rather than external pressure.

3. Balance Rigor with Empathy: Systematic processes create competitive advantages, but only when balanced with genuine human connection. Our due diligence process combines rigorous analysis with relationship-building, turning what is typically transactional into an opportunity for partnership.

4. Create Virtuous Cycles: The Venture Cooperative demonstrates how giving back creates powerful flywheels that expand impact while strengthening core business. By training over 1,300 fellows (80% from underrepresented backgrounds), we've created a community that enhances our sourcing, diligence, and portfolio support.

5. Stay Curious: Our serendipitous beginnings and team formations highlight the importance of maintaining curiosity and openness to unexpected opportunities. This curiosity has led us to back diverse founding teams—not because of quotas, but because our networks and perspectives are broader.

The venture landscape will undoubtedly continue to evolve. Market cycles will turn, technologies will transform industries, and new models of funding innovation will emerge. But these fundamental principles—focused flexibility, independence, balanced rigor with empathy, virtuous cycles, and curiosity—will remain relevant regardless of how the external environment changes.

Our Commitment

As we look toward the next ten years, we're committed to building on these foundations. We'll continue to lead seed rounds in B2B software companies bringing systematic order to traditional industries. We'll maintain our high-conviction strategy while expanding our geographic reach. We'll deepen our repeatable investment processes while strengthening our human partnerships with founders.

Most importantly, we'll stay true to our values of transparency, collaboration, and community. We'll continue opening doors for founders and investors, demystifying venture capital through education and accessibility, and building a firm that creates value for all stakeholders.

Ten years from now, we hope to look back and see that we've built more than just a successful venture firm. We aspire to have contributed to a healthier, more diverse, and more innovative ecosystem—one that better serves founders, investors, and ultimately society as a whole.

Here's to the next decade of systematic order and human partnership.

Geri Kirilova

What We Would Tell Our Fund I Selves

This is part 9 of 10 of our 10 Years of Laconia Series.

“Don’t become a VC!”

Just kidding. But seriously, understand that the learning curve in venture capital is steep and often unforgiving. It’s practically nothing like angel investing. While angel investing may give you a taste of deal-making and the thrill of early-stage success, starting a VC fund is an entirely different endeavor. It’s a mix of excitement, strategy, and long-haul commitment that requires navigating uncharted waters.

Starting a venture fund is both similar to and distinct from launching an operating company. On the surface, the similarities are evident. You need to establish foundational elements: a clear value proposition, a go-to-market strategy, customer insights (in this case, your LPs), access to capital, a capable team, and a strong support system of accountants, lawyers, software tools, and operational infrastructure. But here’s where the differences emerge: in venture capital, all these systems and processes serve a performance outcome that may take years—even a decade—to reveal itself.

In this business, the timeline is both your ally and your nemesis. While founders and operators may measure success through quarterly revenue milestones or yearly growth metrics, venture capitalists operate in a realm where patience and perspective are everything. A portfolio company that seems to skyrocket early on can just as quickly plummet, while a laggard may discover product-market fit years later and become the crown jewel of the portfolio. Seed-stage VCs, on average, hold investments for nearly eight years before a liquidity event—a reminder that in venture capital, you “get rich slowly.”

The Reality of the Job
Between the high-stakes bets and the long timelines lies the gritty reality of venture capital. Glamorous as it might seem from the outside, the day-to-day involves a series of challenges and responsibilities:

• Board Meetings: These are not mere formalities but critical touchpoints for guiding portfolio companies. They require preparation, insight, and the ability to balance oversight with support.

• Founder Conflicts: You’ll often find yourself playing the role of mediator, therapist, or sounding board for founders navigating high-pressure situations.

• Capital Raising: This is a near-constant activity. Building and maintaining relationships with LPs, pitching new funds, and justifying your strategy can feel like an endless loop.

• LP Relations: Effective communication with your limited partners is crucial. This includes regular updates, quarterly reports, and the occasional crisis management call.

• Compliance and Administration: Quarterly reporting, audits, and issuing K-1s are essential yet often underappreciated aspects of the business.

• Portfolio Company Support: Fires will happen, whether it’s a missed product launch, a talent exodus, or a funding shortfall. Your ability to help steer companies through these crises can make or break outcomes.

So much for the Hollywood portrayal of VC life! The reality is a mix of strategic thinking, operational execution, and plenty of hard work.

The Path to Competency
Over the past decade, we’ve learned that you can get good at this game. While there is no single textbook or foolproof formula, venture capital is more art than science—or, more accurately, a craft that combines elements of both. The path to competency involves:

• Discipline: The ability to make sound investment decisions, stick to your thesis, and avoid chasing shiny objects is critical.

• Resilience: Investments will fail. There’s no avoiding it. The key is learning from those failures and applying those lessons to future decisions.

• Humility: Beware of the smartest person in the room. Overconfidence is often the precursor to poor decisions. Instead, seek out diverse perspectives and remain open to new ideas.

• Curiosity: Lifelong learning is a non-negotiable. The market evolves, industries transform, and new technologies emerge. Staying curious keeps you relevant and effective.

We use the term “competency” rather than “expertise” deliberately. In venture capital, there are no permanent experts. The landscape is constantly shifting, and success requires a commitment to perpetual learning and adaptation. Without a passion for growth and curiosity, you’ll quickly find yourself outpaced.

Final Thoughts
If we could go back and talk to our Fund I selves, we’d offer this advice: Embrace the grind, be patient, and approach the journey with humility and curiosity. The glamour of VC might be a myth, but the rewards—financial, intellectual, and emotional—come from the craft itself and the impact you make over time. This isn’t a sprint; it’s a marathon. And if you’re willing to put in the work, the learning never stops, and neither does the opportunity to grow.

David Arcara

Bringing On Mirit

This is part 8 of 10 of our 10 Years of Laconia Series.

Sometimes the best talent finds you. That's exactly what happened when Mirit Lugassi sent me a cold email after an Included VC workshop (thanks to our Venture Fellow, Ross Haleliuk, for the invite!). Little did we know that this email would lead to one of our most important team additions.

Here's the thing about Mirit: once you meet her, you start seeing her everywhere. She showed up at non-profit roundtables discussing LP perspectives. She appeared at Venture Cooperative AMAs. She participated in VC Unleashed events and practice pitch sessions. Usually, it’s hard for people outside VC to end up in the VC rooms, but it was like she had already broken into the industry. 

It wasn't just about showing up. Mirit brought something special to every conversation: a unique blend of operational expertise, strategic thinking, and genuine curiosity about transforming venture capital. With more than a decade of experience building B2B software companies across the US, UK, Israel, and Europe, she had the kind of global perspective we valued. She had transformed companies as Head of Growth & Customer Success at DueDil (acquired by Artesian) and VP of Customer Operations at a high-growth edtech startup. When we say she drives results, we mean it—we're talking about 10x ARR increases and 5x monthly customer acquisition acceleration.

Mirit’s work extended beyond traditional operations. She helped build 51 Unicorns, an investment club focused on female retail investors, and SeedImpact, connecting mission-driven angel investors with underrepresented founders. As an Included VC fellow, she was actively working to diversify the face of our industry.

The more we got to know Mirit, the more obvious it became: we needed her on our team. Her operational background meant she could offer founders practical, been-there-done-that advice. Her strategic mindset helped her spot promising opportunities others might miss. And her commitment to changing venture capital aligned perfectly with our mission.

In true Laconia fashion, this wasn't just about adding another investor to our team. It was about finding someone who would make us better—someone who brought new perspectives, challenged our thinking and shared our values of transparency, collaboration, and community.

As we celebrate our 10th anniversary and look toward the future, bringing Mirit onto our team stands out as one of our best decisions. She embodies everything we look for in a partner: whip-smart execution, genuine empathy, sharp judgment, and unwavering optimism about what venture capital can be.

You can reach Mirit at mirit@laconiacapitalgroup.com. But fair warning: once you meet her, don't be surprised if you start seeing her everywhere too. That's just the Mirit effect.

Geri Kirilova

Giving Back: From Internships to our Co-op Program

This is part 7 of 10 of our 10 Years of Laconia Series.

When we launched Laconia, we knew education and mentorship would be central to our mission. Our first step in cultivating the next generation of venture talent was practical: As a small, growing firm, we needed help with everything from updating our CRM to conducting due diligence. We started an internship program, bringing on two to three paid interns throughout the year.

From the beginning, we approached our internship program differently than most firms. These bright, curious students and young professionals brought fresh perspectives, challenged our assumptions, and made us better investors. We found ourselves dedicating significant time to mentoring them, including them in investment meetings, bringing them along to board meetings, and teaching them how to write investment memos.

Our interns went on to join portfolio companies, become full-time investors, and build their own startups. (One of them even ended up a Partner at Laconia!) Word spread, and soon we were receiving hundreds of high-quality applications for just a handful of spots, and I started to tear my hair out—how could it be that there are so many talented people who want to learn about venture capital and leverage their skills to help startups, and we only have 2 spots?

I couldn’t get these questions out of my head: What if we could scale this impact? What if we could create a program that would expand access to venture capital education while maintaining the hands-on, transparent approach that made our internship program successful?

In 2021, we transformed our internship track into a fellowship program and launched the Venture Cooperative with a clear mission: to create the most accessible path into venture capital. We took everything we learned from our internship program—the importance of real-world exposure, the value of transparency, the power of hands-on learning and built it into a scalable format that could reach hundreds of participants globally.

The program's impact has been significant. In just a few years, we've trained over 1,300 fellows from diverse backgrounds across the globe. Our fellows include successful founders, operators transitioning to investing, angel investors seeking institutional experience, aspiring fund managers, and career transitioners. Most notably, 80% of our fellows come from underrepresented backgrounds in venture capital.

The Venture Cooperative's strength lies in its depth of engagement. Fellows don't just learn theory; they participate in live deal flow, investment meetings, and due diligence. They get direct mentorship from our investment team and network with industry leaders. They also have skin in the game: if a fellow sources an investment that we make, they share in the upside.

The program's benefits flow both ways. Fellows expand our market footprint and deal flow—they've identified over 300 startups, leading to multiple companies in due diligence and completed investments. They become informed potential LPs—six program participants invested in Fund III, without the burden of the typically exclusionary high investment minimums. And they strengthen our network—we even met Mirit Lugassi, now an Associate at Laconia, through an event invitation from a Venture Fellow.

Our fellows' successes validate the program's approach. They've launched their own funds, started venture studios, created angel syndicates, and spun off their own fellowship programs.

The evolution from our internship program to the Venture Cooperative mirrors Laconia’s broader journey: we started small, stayed curious, and weren’t afraid to think differently about how things “should” be done. identifying opportunities, testing solutions, and scaling what works. We saw an opportunity to create impact at scale while staying true to our values of transparency, collaboration, and community.

As we approach our 10th anniversary, the Venture Cooperative represents one of our proudest achievements. It's a testament to our belief that venture capital can—and should—be more accessible, more diverse, and more collaborative. By giving back and opening doors for others, we've not only helped shape the next generation of venture talent but also become better investors and builders along the way.

Here's to the next decade of learning, teaching, and growing together.

Geri Kirilova

Our Unique LP Base and Fund Structure: An Entrepreneurial Approach

This is part 6 of 10 of our 10 Years of Laconia Series.

We just don't fit in. Our personality has always been that of outsiders. This outsider identification is likely what drove us to become founders in the first place, both as operators and as venture capitalists. We are drawn to entrepreneurial niches that pique our curiosity, where there’s a unique fit, and then we build something meaningful around that opportunity. This is precisely how we built Laconia.

Laconia is the culmination of this approach, consisting of three core seed funds, a fund of funds, a number of later-stage SPVs (special purpose vehicles) allowing us to capitalize on our pro-rata rights, and GP interests in two blockchain infrastructure funds. We call this a horizontal approach to building assets under management (AUM). It enables us to achieve scale without losing our early-stage founder spirit. While we recognize the incentives and advantages of growing AUM, we’re committed to doing so without sacrificing our core strengths in seed-stage investing, upside potential, or alignment with our LPs. Our philosophy is simple: we make money when they make money.

A Unique LP Structure

Our LP structure sets us apart. Instead of relying on institutional investors, we’ve cultivated a base comprised primarily of family offices and high-net-worth individuals. This structure allows us to foster a more personal and collegial relationship with and among our LPs. By prioritizing engagement and open communication across all of Laconia’s activities, we’ve made education, collaboration, and community central to our operations. These principles not only enhance the value we provide to our portfolio companies but also make our partnerships deeply rewarding on a personal level.

Balancing Scale with Foundational Values

Over the past decade, we’ve grown Laconia from a start-up to a diversified investment platform. Yet, we’ve never lost sight of our identity as founders and entrepreneurs first. This identity drives our curiosity-driven, outsider approach to investing. We’ve consciously rejected the traditional founder/VC dichotomy, recognizing that such a divide can undermine the trust and collaboration essential to building successful companies. For us, bridging this gap isn’t just practical—it’s also more enjoyable.

Our horizontal approach to AUM growth allows us to remain nimble and aligned with the founders we back. By maintaining this balance, we’ve created a model that serves both our investors and our portfolio companies while staying true to our entrepreneurial roots. Laconia’s success is built on this foundation of trust, alignment, and curiosity—principles that guide us as we continue to navigate and shape the venture capital landscape.

David Arcara