The Venture Capital Podcast with Fexingo: VCs, Term Sheets, and Startup Investing

Lucas and Luna sit across from each other at a Sand Hill Road conference table, a term sheet between them, dissecting the mechanics of venture capital. Each episode of The Venture Capital Podcast with Fexingo is a real-time examination of startup investing: the arithmetic of liquidation preferences, the nuance of anti-dilution clauses, the signal in a down round. They never opine for the sake of opinion. Instead, they pull live data — deal flow from PitchBook, valuation trends from Carta, IPO filings from the SEC — and ask the questions a thoughtful investor would ask: What does this cap table tell us about founder alignment? How do these LP terms shift the fund's risk profile? Is this market multiple justified by the unit economics? Lucas, with his journalist's precision, sets the scene: a round closes, a unicorn flatpacks, a new fund announces. Luna, the engaged interlocutor, challenges assumptions, pokes at the fine print, and connects the numbers to the people behind them. They nam