"Turpentine VC" | Venture Capital and Investing · Erik Torenberg

E66: Why Inception Investing Beats Traditional Seed with Ed Sim of Boldstart

·52 min·2 clips

From $1 million inception fund to $800 million in assets under management.

Ed Sim shares journey building Bold Start Ventures from $1M inception fund to $800M+ AUM over 13 years. Explains 'inception stage' investing—engaging technical founders before incorporation, helping iterate ideas, pre-selling initial hires. Discusses why traditional Pre-Seed/Seed categories became confusing (companies too old, founders too developed). Details the move to bigger fund sizes to absorb 'jumbo inception rounds' ($8-25M) while maintaining board seats and long-term founder relationships. Defends dedicated seed firm strategy vs. multi-stage firms; argues purity and specialization in enterprise/infrastructure beats generalist approach. Contrasts consensus decision-making with consent-driven approach, which has improved portfolio company outcomes.

As heard by us

A sober look at inception investing, fund sizing, and AI-era venture math.

Ed Sim presents Bold Start as an inception investor, getting involved before companies incorporate, pressure testing ideas with technical founders, helping line up early hires, and then leading or co leading rounds once the pieces are in place.

Read the full review in PlayNext →

Why you'd press play

Want to hear how a VC firm gets there before the company exists?

Read the full recommendation in PlayNext →

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from "Turpentine VC" | Venture Capital and Investing