Association Series #8: Taryn Pieterse, Principal @ Rampersand
Uncovering how interesting minds entered Venture Capital and new aspects of their personality, experiences and processes to light.
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#8: Taryn Pieterse, Principal @ Rampersand
1/6 Career overview before joining Rampersand
Starting Out in Investment Banking
I first began in investment banking, spending two years at Goldman Sachs in Sydney, and then another two years at their London office. Looking back, I can see how important this time was in shaping my later move to tech VC.
First interaction with Venture Capital
One of the first big things I worked on was helping the founders of Campaign Monitor, an email marketing and automation tool, secure investment back in 2013. This was a pretty big deal in the Australian tech scene at the time, as all the VCs we worked with were from the US (the industry was just forming in Australia). Working closely with those founders, helping them tell their story of growth, and securing a good funding round was a great experience that I really enjoyed.
Moving Into Mergers and Acquisitions
After moving to London, I got the chance to work on a really big M&A deal in the Beer sector. It was actually one of the top five biggest M&A deals ever (at the time). I guess everyone in investment banking dreams of working on a transaction that big. But after reflecting on it, I realised that I'd rather work on a hundred more projects like Campaign Monitor, where I worked closely with the founders, than another big M&A deal. With smaller tech deals, I got to see the whole picture, not just be a small part of a much bigger puzzle.
Working at Light Warrior
I've always enjoyed working with founders, so when I was thinking about my next job, I decided to join a family office called Light Warrior. This is the family office of Radek Sali, the former CEO of Swisse vitamins, who is very entrepreneurial. At Light Warrior, we invested in early stage businesses, but not in the tech space. Instead, we focused on consumer, retail, health and wellness products. This gave me another chance to invest in early stage businesses, work with founders, and help them grow, but in a different industry.
Joining Rampersand
I enjoyed my time at Light Warrior, but I was ready for a new challenge. I've always enjoyed trying new things in my career, so I decided to move into the tech space. I've been at Rampersand for three years now, where I'm still working closely with founders and focusing on tech investing.
👋 Hey! Before you continue reading the rest of this article….we have a special announcement just for you.
Our founder, Vidit Agarwal has recently joined a newly formed VC fund, Ecotone Ventures focused on Climate Tech. They are actively investing in Pre-Seed, Seed and Series A startups committed to making a lasting positive impact on our environment.
Reach out at vidit@ecotonepartners.com.au for a conversation today!
2/6 What was the interview process to join Rampersand?
This is super topical, given we are currently recruiting for an investment analyst. Here's how it works for us, and it has actually stayed pretty consistent to date. We start with an online application form where we ask five questions, some about your previous experience. The most interesting one is, "tell us about a startup that you love, and why." We really try to dig into people's motivations for working in the space and what gets them excited. Then we see how that aligns with Rampersand as a team and where we focus. We then review all the applications and shortlist who we'll be taking for a phone interview.
Initial Interview - The first interviews are probably with one or two people from the team. We really just go through those same five questions and understand the thought processes behind the answers. It's not really about finding the right answer, but more about how you think. We want to know about that startup you told us about and what you love about it. We dig a bit deeper, understanding your passions and motivations.
Subsequent Interviews - Things probably get a bit less structured from there. From that first in-person interview, we shortlist a few candidates. If we've still got many we love, which often happens, we put them through another interview with someone else from the team. This way we can get a variety of perspectives. The next formal step is typically a case study.
Case Study - Historically, we give candidates a pitch deck of a company that we've just invested in or passed on for investment—something we've seen recently. We ask them for their thoughts: “what do you love? What don't you love? Would you invest?” Again, we're looking at their thought processes and how they assess a startup. They complete the case study, we review it, and our top three or four candidates present it back to us so we can ask some follow-up questions.
Culture Fit Interview - The final, but most important step, is a culture fit interview with anyone from the team they haven't yet met. Usually, our Head of Operations, Sunday Berry, who's been with Rampersand a long time now, conducts the culture fit interview to make sure they'll be an awesome part of our team.
Personal Interview Experience
That was the same interview process for me. A thing I'd like to add is that I got my job during COVID. I was lucky to have been introduced through my network to Paul and we met once before we launched the formal interview process. The funny part about my experience was that we did a case study on a startup, and my recommendation was "do not invest". It turned out to be a portfolio company of Rampersand that they hadn't yet announced to the market.
The key takeaway here is it's not about being right or wrong in these processes. It's about sharing your perspective, rationale, and thought process. If it were just about getting the right answer, I definitely wouldn't have gotten this job!
3/6 Looking back on the past 12 months of being an investor, what two skills have you found most valuable?
I hope that in the next 12 months, I'll have a different answer because I'm always striving to develop new skills.
One skill I'm still honing, which is difficult given my analytical background in investment banking, is being comfortable making decisions amidst uncertainty. We don't make a lot of decisions in this job. We invest in a handful of new startups every year, so we're not making decisions constantly. However, when we do make them, they're often based on a lot of uncertainty and risk. Becoming comfortable and putting in a bold recommendations for a risky startup you love is challenging.
The second skill I'm working on involves stepping out of my comfort zone, engaging with founders, dealing with rejection, and building relationships. This requires me to be vulnerable and authentic, pushing my boundaries more, and putting myself out there
Have you had to evolve any particular technical skill set to transition from investment banking to venture capital?
Actually, not really. I came from a technical background, so I was accustomed to assessing financial models and reading legal documents to determine what was important for us. The skills I needed to build were more related to taking risks and embracing uncertainty.
4/6 Three specific things you do directly after meeting a founder for the first time?
I believe the preparations I make before meeting a founder are most critical. The best meetings result from thorough preparation - I like to write down the top three areas I want to cover on a call rather than having the founder just walk through their pitch deck. After a meeting, I always reflect on what was truly magical or unique about the startup. If we decide to move forward, I jot down the five most pivotal questions that we need to answer to progress further.
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5/6 What is your top tip for getting into VC?
My top tip would be to showcase your unique skills and perspective. We want someone who can add new skills to our team or provide a different viewpoint.
6/6 What separates the best investors from the rest?
The best investors are those who sincerely care about what you're building and want to help you succeed. They're genuinely in your corner.
Should founders conduct their own due diligence on potential investors?
Absolutely. It's surprising how many founders overlook this. We strongly recommend our founders to reach out to our existing portfolio founders and ask them about their experiences with us.
Thanks for reading this instalment of the Association Series! Get in touch with us anytime here — to share your thoughts, suggest other questions and/or people we should feature.
Fly high,
Vidit, Alfie and the Curiosity Center team