Ignite VC: De-Risking Startups with Customers Before Capital with Collin Groves | Ep189

Ignite: Conversations on Startups, Venture Capital, Tech, Future, and Society

Collin Groves is a venture capitalist and Managing Partner at BDev Ventures, a fund backed by software powerhouse BairesDev. With experience launching five corporate venture capital arms during his time at Ernst & Young Parthenon and leading 50+ B2B SaaS investments across the Americas, he blends data-driven rigor with hands-on customer acquisition strategies. In this episode, Collin shares how BDev Ventures de-risks startups by delivering real customers before investing, why founder–market fit and team leverage matter most, and how Latin American startups can break into U.S. markets.

In Today’s Episode We Discuss:

00:01 Collin Groves’ Oklahoma roots and early career

03:07 Breaking into venture through corporate VC at EY

06:57 What BairesDev is and how it powers BDev Ventures

08:50 Why BairesDev launched a venture arm

10:13 Blending corporate VC, family office, and traditional VC models

11:53 Evergreen fund structure and GP/LP setup

12:48 Incentives, carry, and the evolution of CVC compensation

16:27 Liquidity timing: DPI vs. TVPI in venture capital

19:19 Exiting too early vs. holding for fund-returners

21:27 Scar tissue and lessons from corporate VC

22:44 Importance of speed in diligence and value articulation

24:27 Lead investor vs. co-investor strategies

25:54 Evaluating churn, NRR, and GRR in early-stage SaaS

26:31 Four key areas of diligence: value add, market, financials, and team

28:58 The 90-day pilot model for testing startups

30:56 Metrics that signal conviction during pilots

32:56 Check sizes, co-investing approach, and capital efficiency

34:44 Red flags, trust, and founder/investor alignment

38:18 Latin America vs. US market dynamics and valuations

41:21 AI-native go-to-market tools and enterprise readiness

43:39 The limits of corporate VC-as-a-service

46:31 Counterintuitive diligence metrics: why spam rate matters

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