Aggressive Theme Investing

Shaan Puri shares his investment strategy, emphasizing the importance of relationships and thematic investing. He believes in aggressively pursuing opportunities once a theme is identified as promising, particularly through trusted networks and geographic specialization.

• Deal Flow Sources:

  • 40-50% comes from relationships with expert friends
  • Regular deal sharing with specific experts in niches
  • Partner relationships with established funds (like Kraft Ventures)

• Key Investment Philosophy:

  • Once a theme is validated, invest aggressively across multiple related companies
  • Focus on companies that are adjacent to successful models
  • Look for opportunities in specific geographies where you have strong relationships

• Example Theme: Neobanks

  • Target companies improving on traditional banking's poor customer experience
  • Look for digital-first approaches with good user experiences
  • Revenue model based on interchange fees from card swipes
  • Geographic expansion strategy:
    • Started with Nubank in Brazil
    • Invested in Keep for Canada
    • Backed Pluto in the Middle East

• Deal Access Strategy:

  • Build reputation to get invited into competitive deals
  • Maintain regular communication with deal sources (bi-weekly meetings)
  • Leverage different team members' relationships
  • Focus on specific geographies where team has strong networks (India, Southeast Asia)

• Investment Approach:

  • Look for proven business models in new markets
  • Focus on companies with clear revenue mechanisms
  • Seek opportunities where customer acquisition and satisfaction are key differentiators