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From Newcomer to Partner: Jesse Bloom's Venture Success Blueprint

Jan 4, 2024

Gavin Freeman

Meet Jesse Bloom, Partner at SaaS Ventures. After beginning his career as a financial advisor, Jesse got his start in VC through a series of internships while getting his MBA from NYU. In August of 2022, Jesse joined SaaS Ventures as a Partner, leading their growth investing practice. Read on to learn about the complexities of investing in growth-stage companies and how SaaS Ventures uses SPVs to gain access to desirable rounds. Jesse also shares the secret behind building NewbieVCs, an online and IRL community that fosters connections and supports emerging talent in the venture capital space.


Sydecar (SC): What do you do at SaaS Ventures?
Jesse Bloom (JB):
I lead the growth investing practice at SaaS Ventures. We have two teams: an early-stage team that invests in pre-seed through seed and a growth team that invests in Series B through Series D. SaaS Growth invests particularly in oversubscribed rounds, where access is typically limited to only the lead investor and existing investors with legal pro-rata rights. We partner with these existing investors, providing them with the capital they need to fill their pro-rata allocations. 

 
SC: What was your path into venture and how did you end up at SaaS Ventures?
JB:
I started as a financial advisor at Morgan Stanley after college. Three years later, I pursued my MBA at NYU and interned at a venture fund called Alpha Partners, where I gained experience sourcing investments and performing due diligence on later-stage companies. After two years, I joined SaaS Ventures as a Partner to lead a new growth fund. Within 15 months at SaaS, we have successfully raised the fund and made two investments of which I am incredibly proud. 


SC: What challenges have you noticed in investing across both early and late-stage companies?
JB:
In my experience, the most difficult part of early-stage investing is having to be selective about which founders to invest in, because you want to support them all, but that’s just not feasible. On the growth side, it can be complicated to gain access to the types of deals that I want to invest in, which are oversubscribed Series B through Series D rounds, led by one of about 25 funds that we consider to be top-tier. Speed is of utmost importance here; there were only 6 of these rounds reported in all of Q4 2023, and once they have been reported, it’s already too late to participate.

Sydecar was key in overcoming these growth-stage challenges in our most recent investment. We set up an SPV, signed a carry-share agreement, funded it, and wired to the company all within 72 hours. This speed was crucial because top-tier pro-rata decisions often need to be made in hours, not days, and we can’t afford to spend a week setting up an SPV. We need to have the capital and infrastructure ready to seize that fleeting opportunity. Without Sydecar, making this investment might not have been possible.


SC: What is your approach to network building?
JB:
The bulk of a typical VC's job is to know every founder in their domain. However, my full-time job is getting to know every investor. My networking involves recurring meetings with investors and attending as many VC events as my schedule allows. I also started a group called NewbieVCs which brings newly minted investors together to collaborate, network, and navigate the world of venture capital together. 25 of us are attending the 3rd Annual NewbieVC Ski Trip in January! Throughout all of this, I emphasize being friendly and not overly transactional, hoping my business will grow proportionate to the number of investors who like me and know what I do. I’m also very clear on the type of deals I’m looking to participate in. Picking a niche is essential to stand out, and hopefully, my network knows exactly what I'm seeking.


SC: What role do SPVs play in your investing strategy? 
JB:
Our firm invests almost exclusively through SPVs because we theoretically exercise pro-rata rights on behalf of other funds. For the legal pro-rata owner to be represented on the cap table, we have to set up the SPV as an affiliate of the fund with the pro-rata right. This ensures genuine pro-rata execution and avoids adding complexity to the cap table. Our goal is to gain access to otherwise closed opportunities by supporting insiders who have earned valuable pro-rata rights but can’t fill them. The only method I know to achieve this swiftly and effectively is through SPVs. 


SC: Do you ever use the SPV to bring in co-investors to the round? 
JB:
Absolutely. If our pro-rata source has more allocation than we can fill and they are okay with bringing in co-investors, we offer up additional allocation to our LP base. We often extend these opportunities to a small group of prospective LPs as well to demonstrate the quality of our deal flow.  


SC: What does your LP base look like? What is unique about them? 
JB:
Our LP base is made up primarily of family offices and high-net-worth individuals. They understand that the dynamics of venture are such that only the top firms typically get access to the best deals at the most favorable prices, especially at Series B, C, and D. The leading companies at these stages have the strongest traction, metrics, and teams, and therefore only want top-tier investors. Our LPs know that if they cannot invest directly in the top-tier funds, their next best move is to invest in the rounds these funds are leading to get a sample of their outperformance.


SC: It sounds like understanding LP preferences is important. Do you have any tools or processes besides Sydecar that are essential to your process?
JB:
My CRM, Affinity, helps me manage relationships with LPs who provide insights into ongoing deals. It's indispensable in understanding the dynamics of my network. PitchBook is another essential tool because it gives me access to cap table details, enabling me to identify potential fund partners. Affinity then comes back into play, helping me discern which of these cap table contacts our team knows best, giving us a strategic advantage. If we secure the deal, Sydecar becomes the go-to for subsequent closing.


SC: Tell us more about NewbieVCs and the inspiration behind it. 
JB:
NewbieVCs is primarily a Slack group where we exchange information, plan events, and talk about investments. I created it back in 2021 because venture newcomers expect training and guidance that partners and more experienced VCs rarely provide. So, I built a small community of ‘Newbies’ as a type of support group for VCs who have just joined the industry to make friends and learn the job. We're a tight group of 200 active members, and it's played a big role in my career. I found my job at SaaS Ventures through a Newbie, and some Newbies have been funded by others to start their own companies! It's a unique community with a ton of up-and-coming all-stars.


Jesse’s quick rise to Partner at SaaS Ventures shows how ambition can meet opportunity in the venture world. Launching SPVs with Sydecar's help, he quickly capitalized on important investment opportunities, while at the same time starting NewbieVCs, promoting knowledge sharing and networking in the venture community. His experience is a lesson for new investors: success comes from using efficient tools, building strong networks, and constantly learning.


To learn more about how Sydecar supports venture capitalists like Jesse, you can find additional information about SPVs on our website,
here.

Meet Jesse Bloom, Partner at SaaS Ventures. After beginning his career as a financial advisor, Jesse got his start in VC through a series of internships while getting his MBA from NYU. In August of 2022, Jesse joined SaaS Ventures as a Partner, leading their growth investing practice. Read on to learn about the complexities of investing in growth-stage companies and how SaaS Ventures uses SPVs to gain access to desirable rounds. Jesse also shares the secret behind building NewbieVCs, an online and IRL community that fosters connections and supports emerging talent in the venture capital space.


Sydecar (SC): What do you do at SaaS Ventures?
Jesse Bloom (JB):
I lead the growth investing practice at SaaS Ventures. We have two teams: an early-stage team that invests in pre-seed through seed and a growth team that invests in Series B through Series D. SaaS Growth invests particularly in oversubscribed rounds, where access is typically limited to only the lead investor and existing investors with legal pro-rata rights. We partner with these existing investors, providing them with the capital they need to fill their pro-rata allocations. 

 
SC: What was your path into venture and how did you end up at SaaS Ventures?
JB:
I started as a financial advisor at Morgan Stanley after college. Three years later, I pursued my MBA at NYU and interned at a venture fund called Alpha Partners, where I gained experience sourcing investments and performing due diligence on later-stage companies. After two years, I joined SaaS Ventures as a Partner to lead a new growth fund. Within 15 months at SaaS, we have successfully raised the fund and made two investments of which I am incredibly proud. 


SC: What challenges have you noticed in investing across both early and late-stage companies?
JB:
In my experience, the most difficult part of early-stage investing is having to be selective about which founders to invest in, because you want to support them all, but that’s just not feasible. On the growth side, it can be complicated to gain access to the types of deals that I want to invest in, which are oversubscribed Series B through Series D rounds, led by one of about 25 funds that we consider to be top-tier. Speed is of utmost importance here; there were only 6 of these rounds reported in all of Q4 2023, and once they have been reported, it’s already too late to participate.

Sydecar was key in overcoming these growth-stage challenges in our most recent investment. We set up an SPV, signed a carry-share agreement, funded it, and wired to the company all within 72 hours. This speed was crucial because top-tier pro-rata decisions often need to be made in hours, not days, and we can’t afford to spend a week setting up an SPV. We need to have the capital and infrastructure ready to seize that fleeting opportunity. Without Sydecar, making this investment might not have been possible.


SC: What is your approach to network building?
JB:
The bulk of a typical VC's job is to know every founder in their domain. However, my full-time job is getting to know every investor. My networking involves recurring meetings with investors and attending as many VC events as my schedule allows. I also started a group called NewbieVCs which brings newly minted investors together to collaborate, network, and navigate the world of venture capital together. 25 of us are attending the 3rd Annual NewbieVC Ski Trip in January! Throughout all of this, I emphasize being friendly and not overly transactional, hoping my business will grow proportionate to the number of investors who like me and know what I do. I’m also very clear on the type of deals I’m looking to participate in. Picking a niche is essential to stand out, and hopefully, my network knows exactly what I'm seeking.


SC: What role do SPVs play in your investing strategy? 
JB:
Our firm invests almost exclusively through SPVs because we theoretically exercise pro-rata rights on behalf of other funds. For the legal pro-rata owner to be represented on the cap table, we have to set up the SPV as an affiliate of the fund with the pro-rata right. This ensures genuine pro-rata execution and avoids adding complexity to the cap table. Our goal is to gain access to otherwise closed opportunities by supporting insiders who have earned valuable pro-rata rights but can’t fill them. The only method I know to achieve this swiftly and effectively is through SPVs. 


SC: Do you ever use the SPV to bring in co-investors to the round? 
JB:
Absolutely. If our pro-rata source has more allocation than we can fill and they are okay with bringing in co-investors, we offer up additional allocation to our LP base. We often extend these opportunities to a small group of prospective LPs as well to demonstrate the quality of our deal flow.  


SC: What does your LP base look like? What is unique about them? 
JB:
Our LP base is made up primarily of family offices and high-net-worth individuals. They understand that the dynamics of venture are such that only the top firms typically get access to the best deals at the most favorable prices, especially at Series B, C, and D. The leading companies at these stages have the strongest traction, metrics, and teams, and therefore only want top-tier investors. Our LPs know that if they cannot invest directly in the top-tier funds, their next best move is to invest in the rounds these funds are leading to get a sample of their outperformance.


SC: It sounds like understanding LP preferences is important. Do you have any tools or processes besides Sydecar that are essential to your process?
JB:
My CRM, Affinity, helps me manage relationships with LPs who provide insights into ongoing deals. It's indispensable in understanding the dynamics of my network. PitchBook is another essential tool because it gives me access to cap table details, enabling me to identify potential fund partners. Affinity then comes back into play, helping me discern which of these cap table contacts our team knows best, giving us a strategic advantage. If we secure the deal, Sydecar becomes the go-to for subsequent closing.


SC: Tell us more about NewbieVCs and the inspiration behind it. 
JB:
NewbieVCs is primarily a Slack group where we exchange information, plan events, and talk about investments. I created it back in 2021 because venture newcomers expect training and guidance that partners and more experienced VCs rarely provide. So, I built a small community of ‘Newbies’ as a type of support group for VCs who have just joined the industry to make friends and learn the job. We're a tight group of 200 active members, and it's played a big role in my career. I found my job at SaaS Ventures through a Newbie, and some Newbies have been funded by others to start their own companies! It's a unique community with a ton of up-and-coming all-stars.


Jesse’s quick rise to Partner at SaaS Ventures shows how ambition can meet opportunity in the venture world. Launching SPVs with Sydecar's help, he quickly capitalized on important investment opportunities, while at the same time starting NewbieVCs, promoting knowledge sharing and networking in the venture community. His experience is a lesson for new investors: success comes from using efficient tools, building strong networks, and constantly learning.


To learn more about how Sydecar supports venture capitalists like Jesse, you can find additional information about SPVs on our website,
here.

Meet Jesse Bloom, Partner at SaaS Ventures. After beginning his career as a financial advisor, Jesse got his start in VC through a series of internships while getting his MBA from NYU. In August of 2022, Jesse joined SaaS Ventures as a Partner, leading their growth investing practice. Read on to learn about the complexities of investing in growth-stage companies and how SaaS Ventures uses SPVs to gain access to desirable rounds. Jesse also shares the secret behind building NewbieVCs, an online and IRL community that fosters connections and supports emerging talent in the venture capital space.


Sydecar (SC): What do you do at SaaS Ventures?
Jesse Bloom (JB):
I lead the growth investing practice at SaaS Ventures. We have two teams: an early-stage team that invests in pre-seed through seed and a growth team that invests in Series B through Series D. SaaS Growth invests particularly in oversubscribed rounds, where access is typically limited to only the lead investor and existing investors with legal pro-rata rights. We partner with these existing investors, providing them with the capital they need to fill their pro-rata allocations. 

 
SC: What was your path into venture and how did you end up at SaaS Ventures?
JB:
I started as a financial advisor at Morgan Stanley after college. Three years later, I pursued my MBA at NYU and interned at a venture fund called Alpha Partners, where I gained experience sourcing investments and performing due diligence on later-stage companies. After two years, I joined SaaS Ventures as a Partner to lead a new growth fund. Within 15 months at SaaS, we have successfully raised the fund and made two investments of which I am incredibly proud. 


SC: What challenges have you noticed in investing across both early and late-stage companies?
JB:
In my experience, the most difficult part of early-stage investing is having to be selective about which founders to invest in, because you want to support them all, but that’s just not feasible. On the growth side, it can be complicated to gain access to the types of deals that I want to invest in, which are oversubscribed Series B through Series D rounds, led by one of about 25 funds that we consider to be top-tier. Speed is of utmost importance here; there were only 6 of these rounds reported in all of Q4 2023, and once they have been reported, it’s already too late to participate.

Sydecar was key in overcoming these growth-stage challenges in our most recent investment. We set up an SPV, signed a carry-share agreement, funded it, and wired to the company all within 72 hours. This speed was crucial because top-tier pro-rata decisions often need to be made in hours, not days, and we can’t afford to spend a week setting up an SPV. We need to have the capital and infrastructure ready to seize that fleeting opportunity. Without Sydecar, making this investment might not have been possible.


SC: What is your approach to network building?
JB:
The bulk of a typical VC's job is to know every founder in their domain. However, my full-time job is getting to know every investor. My networking involves recurring meetings with investors and attending as many VC events as my schedule allows. I also started a group called NewbieVCs which brings newly minted investors together to collaborate, network, and navigate the world of venture capital together. 25 of us are attending the 3rd Annual NewbieVC Ski Trip in January! Throughout all of this, I emphasize being friendly and not overly transactional, hoping my business will grow proportionate to the number of investors who like me and know what I do. I’m also very clear on the type of deals I’m looking to participate in. Picking a niche is essential to stand out, and hopefully, my network knows exactly what I'm seeking.


SC: What role do SPVs play in your investing strategy? 
JB:
Our firm invests almost exclusively through SPVs because we theoretically exercise pro-rata rights on behalf of other funds. For the legal pro-rata owner to be represented on the cap table, we have to set up the SPV as an affiliate of the fund with the pro-rata right. This ensures genuine pro-rata execution and avoids adding complexity to the cap table. Our goal is to gain access to otherwise closed opportunities by supporting insiders who have earned valuable pro-rata rights but can’t fill them. The only method I know to achieve this swiftly and effectively is through SPVs. 


SC: Do you ever use the SPV to bring in co-investors to the round? 
JB:
Absolutely. If our pro-rata source has more allocation than we can fill and they are okay with bringing in co-investors, we offer up additional allocation to our LP base. We often extend these opportunities to a small group of prospective LPs as well to demonstrate the quality of our deal flow.  


SC: What does your LP base look like? What is unique about them? 
JB:
Our LP base is made up primarily of family offices and high-net-worth individuals. They understand that the dynamics of venture are such that only the top firms typically get access to the best deals at the most favorable prices, especially at Series B, C, and D. The leading companies at these stages have the strongest traction, metrics, and teams, and therefore only want top-tier investors. Our LPs know that if they cannot invest directly in the top-tier funds, their next best move is to invest in the rounds these funds are leading to get a sample of their outperformance.


SC: It sounds like understanding LP preferences is important. Do you have any tools or processes besides Sydecar that are essential to your process?
JB:
My CRM, Affinity, helps me manage relationships with LPs who provide insights into ongoing deals. It's indispensable in understanding the dynamics of my network. PitchBook is another essential tool because it gives me access to cap table details, enabling me to identify potential fund partners. Affinity then comes back into play, helping me discern which of these cap table contacts our team knows best, giving us a strategic advantage. If we secure the deal, Sydecar becomes the go-to for subsequent closing.


SC: Tell us more about NewbieVCs and the inspiration behind it. 
JB:
NewbieVCs is primarily a Slack group where we exchange information, plan events, and talk about investments. I created it back in 2021 because venture newcomers expect training and guidance that partners and more experienced VCs rarely provide. So, I built a small community of ‘Newbies’ as a type of support group for VCs who have just joined the industry to make friends and learn the job. We're a tight group of 200 active members, and it's played a big role in my career. I found my job at SaaS Ventures through a Newbie, and some Newbies have been funded by others to start their own companies! It's a unique community with a ton of up-and-coming all-stars.


Jesse’s quick rise to Partner at SaaS Ventures shows how ambition can meet opportunity in the venture world. Launching SPVs with Sydecar's help, he quickly capitalized on important investment opportunities, while at the same time starting NewbieVCs, promoting knowledge sharing and networking in the venture community. His experience is a lesson for new investors: success comes from using efficient tools, building strong networks, and constantly learning.


To learn more about how Sydecar supports venture capitalists like Jesse, you can find additional information about SPVs on our website,
here.