# VC10X - What Is A Continuum Fund? - Michelle Urben, Managing & General Partner, Synergos Fund

An episode of [VC10X - Investing, Venture Capital, Asset Management, Family Office, Wealth Management](https://invisiblenetwork.ai/podcast/1632806986), 4 Nov 2025, 36 min.

Audio: https://anchor.fm/s/a453ddd4/podcast/play/110668048/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-10-4%2F410566295-44100-2-639e3b4250e25.mp3

In this episode, we sit down with Michelle Urben, Managing & General Partner of the Synergos Fund, an innovative firm that is challenging the traditional VC model. They've launched a "continuum fund," a new structure designed to support transformative companies through their entire lifecycle, from seed to commercialization. We dive deep into why they "don't invest for an exit," their mission to build "very durable companies that we want to own forever," and how they are tackling some of the world's biggest problems, from the global energy demand to recycling spent nuclear fuel. ⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com Synergos Fund - https://www.synergosholdings.com/general-7 Michelle Urben on LinkedIn - https://www.linkedin.com/in/michelle-boquiren-urben-0538852 🎙️ Hosted by Prashant Choubey Follow Prashant on LinkedIn - https://www.linkedin.com/in/choubeysahab Topics discussed: - The Continuum Fund Model - Conscious Capitalism and Impact Investing - Long-Term Investment Strategy vs. Quick Exits - Nuclear Energy and Spent Fuel Recycling - The Evergreen Fund Structure and Investor Flexibility & lots more Timestamps: (00:00) Introduction to Michelle Urben and Synergos Fund (02:22) What makes a Continuum Fund different from traditional VC funds (06:55) Solving the critical problem of access in late-stage startups (07:30) Structure of the Continuum Fund compared to typical venture capital funds (10:12) Defining conscious capitalism and ensuring returns for investors (11:27) Investment deployment and flexibility for investors (14:45) Transparency and meaningful stakes in portfolio companies (18:02) Balancing patient capital with investor expectations (19:04) Advantages of Washington, D.C. for the companies they're backing (22:02) Navigating political uncertainty around clean energy and funding (25:19) Electricity demand from AI and clean energy solutions (27:31) Balancing active investing with community building in Washington, D.C. (31:06) Investor reception to the new investment model (33:02) Biggest learning from investing in startups (34:27) Rapid fire round begins - sectors, stages, and investment approach For sponsorship or guest appearance requests, write to prashantchoubey3@gmail.com Subscribe to VC10X on Youtube, Spotify, Apple Podcasts.

## Transcript

[0:00] We're not out for a quick exit, we're out to build.
[0:03] We're here to support building very durable companies that we
[0:08] want to own forever. Our mission doesn't just aim to
[0:11] deliver financial return. We really want to make an
[0:13] impact, create legacy, create new jobs.
[0:16] The reason why excellent companies have failed, it's
[0:22] because there hasn't been that follow on capital, which is what
[0:25] we're addressing with the Synergos fund.
[0:27] It's almost like a both management tool, like once
[0:30] you're invested in it, this is your go to venture fund.
[0:37] Hey everyone. This is Prashant and I'll be
[0:38] host for the VC10X podcast. And today we have Michelle Urban
[0:41] with us. Michelle is the founding and
[0:43] Managing Partner at Synergos Fund, an innovative firm that is
[0:47] challenging the traditional VC model.
[0:50] They have launched A Continuum Fund, a new structure designed
[0:53] to support transformative companies through their entire
[0:56] life cycle, from seed to commercialization.
[0:59] We dive deep into why they don't invest for an exit, their
[1:03] mission to build very durable companies that they want to own
[1:06] forever, and how they are tackling some of the world's
[1:09] biggest problems from global energy demand to recycling spend
[1:13] nuclear fuel. So without wasting any time,
[1:15] let's dive straight in. This episode is sponsored by my
[1:18] own podcasting agency called Podcast NX, where I help venture
[1:22] capitalists, asset managers, allocators and family offices
[1:26] and starting their own podcast and building a strong brand.
[1:29] Podcast NX is designed in a way to work well with the busy
[1:33] schedule of investors where we handle every aspect of podcast
[1:36] production so you can focus on investing.
[1:39] If you're looking to build a strong investor brand, starting
[1:42] a podcast should be right up your priority list.
[1:46] It's the only form of marketing where you can showcase your
[1:49] strong network. In other words, access to
[1:51] limited partners and founders and grow that network further.
[1:55] And contrary to what most people here, it's still very early to
[1:59] start a podcast. There are at least 10X more
[2:01] newsletters and thousand X more blogs than there are podcasts in
[2:05] this world. You can learn more about our
[2:08] podcasting services at Podcast ten-x.com.
[2:11] I'll make sure to add the link in the description below.
[2:14] Enjoy this episode. Hey Michelle, so good to have
[2:17] you on the VC10X podcast. How you doing?
[2:19] I'm good. Thanks for having me Prashant.
[2:22] Yeah. It's a pleasure having you on.
[2:23] To start things off, can you please break down for us what
[2:28] makes a continuum fund different from traditional VC funds or
[2:32] Evergreen funds? Sure.
[2:35] Again, thank you for having me here.
[2:37] We launched the Synergos funds fairly recently and we have
[2:43] launched a very interesting structure that I think addresses
[2:47] a lot of the pain points that venture investors have had or or
[2:53] limitations or hesitations, addresses hesitations that
[2:56] potential investors have had with venture, which is why they
[2:59] haven't allocated capital to venture.
[3:03] Firstly on the Synergos fund before I address your question
[3:05] on the continuum of funds, The Synergos Fund invests in
[3:10] transformative companies that are addressing energy, food and
[3:14] health manufacturing challenges that that are persistent.
[3:19] As we know, the demand of AI and data Centers for energy is
[3:25] massive, so base load energy is required.
[3:29] But there are other countries that actually just need energy,
[3:32] period. Not even for data centers,
[3:34] right? I'm Filipino American, in the
[3:36] Philippines, you know we don't have enough electricity, let
[3:42] alone power up data centers, right?
[3:45] So these are not necessarily new technologies or new companies.
[3:52] What we try to do is solve foundational problems.
[3:56] And you know, I'm, I'm joined at the fund with the the founders,
[4:01] Rabbi and Nikita Moskowitz. I'm based in Washington, DC.
[4:07] So we do a lot of work here, but we invest in U.S. companies that
[4:10] have the possibility of commercializing abroad.
[4:14] Now on the Continuum Fund, not to be confused with other with
[4:20] with a continuation fund, we have trademarked the same.
[4:23] We're in the process of trade marking on this name.
[4:26] And a continuum fund really allows for us to invest across
[4:30] the cap structure, right. So we invest in companies in
[4:34] their seed stage, in their scaling stage, in their
[4:37] commercializing stage, because our intent is to help these
[4:41] companies, impactful companies have successful journeys.
[4:48] The late stage aspect of it, investing in that, you know,
[4:52] typically these are all separate, these are all
[4:54] different types of funds, right? You got your late stage fund,
[4:57] you have your growth stage, C stage one.
[5:00] But investing in late stage allows us to attract a broader
[5:05] group of investors, right, that would be more willing to invest
[5:11] their capital in impactful companies in their seed stage
[5:16] because they know that we're also investing their valuable
[5:20] assets, their their cash in late stage companies that have a
[5:25] shorter time frame to a distribution.
[5:28] We don't necessarily invest for Shawn for an exit.
[5:33] We we want to invest and create durable companies.
[5:37] So that's what a continuum fund is.
[5:41] We always say continuum fund with conscious capitalism.
[5:47] That's another part of our strategy that is is very dear to
[5:51] us, which is because of this structure, we really can invest
[5:56] capital for successful outcomes into companies that have an
[6:01] impact that increase electricity.
[6:04] We have investments in Agrotech, right, that in predictive
[6:09] technology in in technology that helps diffuse sunlight to allow
[6:17] for better growth going of of specialty crops and also
[6:24] reducing water, right. So we're all about the Synergos
[6:27] fund is all about impact, we're all about sustainability and the
[6:30] way we've structured the fund reflects that.
[6:33] So that continue continuum fund, we hope we're not the first we
[6:38] are currently, but I think this is a way to get quantum of
[6:42] capital to really support lice not just here in the US Again,
[6:49] we have an eye to bringing these technologies outside of the US.
[6:55] So Michelle, how are you solving the critical problem of access
[6:59] in late stage start-ups? Sure.
[7:04] One, we take the, the, the we, we try to lead these rounds and
[7:08] typically late stage investments are expensive, right, because
[7:11] these are the most risk managed pockets of investment.
[7:16] But because we're leading the round, we can then allow for
[7:19] LP's to participate in these types of companies.
[7:21] And again this is what provides that liquidity because these
[7:26] will will will have a a faster time to a distribution.
[7:30] Absolutely. Yeah, that's quite interesting.
[7:32] And about the structure of the Continuum fund, does it follow
[7:35] the same structure of a typical venture capital fund, which is a
[7:39] 2 and 20 model with a 10 year cycle?
[7:42] So is that different from what's there in venture capital funds?
[7:46] Thanks for clarifying that. Because we are Evergreen, right?
[7:50] But we're an Evergreen fund that essentially has built in
[7:55] distributions, right, because we invest in projects as they come
[7:59] along. We keep fundraising so that we
[8:01] can continue to support these companies and identify new
[8:04] companies and call it you know 55 to six companies as a first
[8:08] cohort and then the next few companies.
[8:12] But again, because we have that built in investments in late
[8:17] stage and scaling, we're able through time in different stages
[8:21] and in in in different time frames deliver distributions,
[8:25] whether it be dividends or actual exits to our investors,
[8:29] right. So this becomes a more palatable
[8:31] or a more acceptable product where you're going to see your
[8:36] dollar back versus not seeing any of your assets back in such
[8:41] a long time frame, right. So we aim to have distributions
[8:44] call it in that three to four year time frame from the late
[8:47] stage investments. And the other thing is what
[8:51] we've done to make the fund more accessible is we know that
[8:55] investors, that many investors are fee sensitive, right.
[8:59] So what we do, we're a 2 and 20 fund and we stick to the 2 and
[9:04] 20%. There are no other fees to this
[9:07] fund. The 2% is where we pay for our
[9:10] administrator, our legal and we limit it to that right, which is
[9:16] also why we want to continue raising capital.
[9:19] We have no limits in terms of how much you raise and and
[9:23] really that's the gap, right. There are all of these
[9:25] interesting technologies that solve real life problems, but
[9:29] they don't get that support throughout their lives.
[9:33] So it's a 2 and 20 structure. But for some investors who are
[9:36] fee sensitive, we allow them to let us know and we can invest
[9:44] call it 10%. Again, it's not quarter of the
[9:47] strategy. But for investors that don't
[9:50] that want to cover that fee, we invest these in income
[9:53] generating strategies so that they can help defray some of
[9:58] those management costs. But even then the management fee
[10:01] is is 2%. In fact it's the fund fee, it's
[10:04] completely within that 2%. There are no other, call it
[10:10] nuisance fees. Yeah, absolutely.
[10:12] Makes sense. Quite interesting.
[10:15] How do you define conscious capitalism and ensure it
[10:18] translates into actual returns for investors?
[10:21] Again, because we are investing in companies throughout their
[10:27] life, our objective is to establish health support durable
[10:33] companies, right? So we're not just out to invest
[10:39] to make a quick exit. That's not our our mission.
[10:43] Our mission is to solve electricity hunger needs,
[10:47] reducing carbon emissions right with with with our our
[10:51] investments. Yeah, absolutely.
[10:52] And with this model that you have at Synergos Fund, how do
[10:59] investors, you know, get used to it?
[11:02] Is it like they have to spread out their commitment over let's
[11:07] say different quarters or different years instead of what
[11:10] they would put in AVC fund, they would deploy all their decided
[11:14] capital at once maybe in a, in a fund versus in your fund which
[11:19] is taking recording commitments or subscription what you call
[11:24] it, right. So how does that work?
[11:27] Sure. We deploy fully.
[11:30] So we call the capital completely and we deploy fully,
[11:33] right, because it's first come first serve, right?
[11:35] If, if once the the the investing rounds are complete,
[11:40] then we move on to the next projects, obviously creating a
[11:43] buffer for on for follow on rounds, right.
[11:47] So it's really flexible. The administrative tool that we
[11:53] use allows us to track each LP's portfolio because everyone's
[11:58] coming at a different entry point, right?
[12:00] We're investing at different times as the the funds come in.
[12:03] Obviously we wait for a certain quantum so that we can deploy
[12:06] effectively to the underlying companies.
[12:08] But otherwise it's very, very flexible.
[12:11] Our clients have one subscription document if they
[12:14] want to invest, another if they're expecting dividends or
[12:17] or what not from their other businesses, other investments,
[12:20] they can always pop up their investments again.
[12:23] We're an Evergreen fund. I think honestly it's a wealth
[12:26] management tool because throughout the life of this fund
[12:31] there's going to be interesting in new companies to invest in.
[12:36] Absolutely. And when you say the life of
[12:38] this fund that the duration of that is not defined, right.
[12:44] So it's going to keep going on. Yeah.
[12:46] So I, I should say that the, the life of the, the, the, the, the
[12:49] current portfolio, right? Because investor one comes in,
[12:54] Prashant LP comes in today. We deploy the $1,000,000, the
[12:57] million, the, the, the minimum for the fund is actually
[12:59] $1,000,000. And after $1,000,000, I should
[13:02] say that we then allow for those clients or LP's that are allowed
[13:06] by their investment policy to increase their exposure in, in
[13:11] specific technologies. They can choose to ramp up their
[13:14] investments or add investments into Agrotech, into nuclear
[13:19] energy, right. This is the flexibility of this
[13:21] fund that we that we provide to the LP's.
[13:26] Got it. So you mean that you can also
[13:28] tailor investment strategies to specific LP's?
[13:32] Are you saying that? Yes, the first million is
[13:35] discretionary, right, because we want to make sure we fund these
[13:39] companies. But again, depending on who the
[13:42] investor is, they might already be overexposed to a certain
[13:46] sector or under exposed to a certain sector or just really
[13:49] desire to be more invested in, in a sludge to energy company,
[13:56] reprocessing company or a nuclear company, right.
[14:00] So again, because we are using an administrator that is
[14:05] strongly powered, you know, to handle data essentially each of
[14:10] our LP's have their own portfolio throughout their
[14:14] experience and journey with, with the Synergos Fund.
[14:17] It's really cool. I mean, I know we haven't
[14:19] exchanged information about it, but I'm sure you've seen a lot
[14:22] of you've, you've met a lot of us, but we're very, very happy
[14:27] and excited to, to, to show people what we're doing at the
[14:31] Synergos Fund. Got it.
[14:33] Yeah, quite interesting. So it's more like a wealth
[14:36] management firm versus a blind pool of capital that a venture
[14:40] capital firm is. Is that correct?
[14:45] I just say it's quite transparent, right, Because I
[14:47] think a pain point that venture investors have had particularly
[14:50] with, with these with, with the way they've been investing in
[14:54] venture before is that they don't know everything that's in
[14:58] it, right? For us, we, we provide a, a
[15:01] level of transparency that I myself have not seen before
[15:06] using the, the, the tool for our portfolio management.
[15:09] Our LP's essentially have real time access to whatever latest
[15:13] available information there is on the portfolio companies.
[15:16] And I think it's also important to emphasize Prashant that we
[15:19] take meaningful stakes in these companies, right?
[15:22] We're leaders in these companies.
[15:23] The minimum equity that we would own in, in, in, in quality
[15:27] commercializing our late stage company is 20%.
[15:30] So that's still quite meaningful.
[15:32] And then for, for the seed, we could go up to, I mean call it
[15:37] 60 between 60 to 80%, right? So it's very meaningful.
[15:41] We want to support our founders, let them do what they do best.
[15:47] And then you know that the the the Synergy Fund has a bench or
[15:50] a network of experts that can help nurture and navigate these
[15:55] companies depending on the industry to deliver to to
[16:00] humanity. Right, absolutely.
[16:01] And let's say a deal comes to you and you have your different
[16:06] LP's with their different requirements and different
[16:09] target allocations in different sectors, etcetera.
[16:12] It fits the thesis of some LP's but not some other LP's, right?
[16:18] So what do you do in that case? Who holds the final decision on
[16:22] making an investment in a company?
[16:24] Is it with you, the GPS at the farm or do you ask the LP's
[16:30] individually that would you like to deploy into this fund or not,
[16:34] this company or not, Sorry. So again that, that first
[16:37] million and again it's a low, sorry, that is the minimum for
[16:41] the fund and that $1 million is discretionary.
[16:46] But again, for those LP's that I'd say are, you know, more
[16:49] sophisticated or have a strong interest in a particular area
[16:52] where we, we flex to what their, their needs might be.
[16:55] And obviously we track it. And then obviously there's a,
[16:58] there's a fiduciary responsibility to discuss all
[17:01] aspects of the investments. But, but typically those that
[17:03] want to gain exposure in something that call it newer
[17:07] industries like nuclear, they, they, they, they know, right.
[17:11] And again, because of of the power of the administrator, the
[17:15] administrator tool that we use their portfolio can their
[17:21] portfolio within the Synergos fund can be easily reviewed or
[17:25] analyzed against or combined with their overall portfolio
[17:30] allocation. So we flex flex to LP many some
[17:34] LP's full discretion. They love the strategy and you
[17:38] know, for for for others that have other have specific
[17:42] interests. They believe they believe in the
[17:44] mission of the fund and and are open to supporting some of the
[17:49] underlying port coast more aggressively.
[17:53] Yeah, absolutely. And how do you balance the need
[17:56] of patient capital in energy and manufacturing with investor
[18:00] expectations? That's why we invest in the late
[18:03] stage, right? They, they get a portion of
[18:07] their 1,000,000 minimum investment becomes patient
[18:10] capital without it being necessarily that for them
[18:14] because we are exposing them to companies where we expect to
[18:18] achieve a, a, an exit or a distribution shorter than a you
[18:23] know, call it a 7 to 10 year period.
[18:25] Absolutely. And are.
[18:27] Are you, are you excited about this structure for science?
[18:31] Yeah, I'm actually quite intrigued and more curious right
[18:34] now because I'm not very familiar with this structure.
[18:39] I've encountered all the different sorts of structure.
[18:41] So my goal here today, he's to kind of unpack it as much as I
[18:45] can for myself and our audience to understand it more fully,
[18:48] right. So yeah, quite interesting for
[18:51] sure. Great.
[18:53] And what advantages do you think does Washington DC, where you're
[18:59] you're living right now, offer for the different types of
[19:02] companies you're backing? Sure.
[19:05] I'm based in Washington, DC. There are interesting founders
[19:08] here. I think we're in at the seat of
[19:10] the Capitol. I think where where we can help
[19:15] is elevate DC as a destination for capital to support some to
[19:20] support critical technology, right?
[19:23] And and I don't think that's anything new, at least on the
[19:26] defense space. This has been an area, at least
[19:29] the DC, Maryland, Virginia area has been a recipients of, of
[19:35] private monies and not just taxpayer supported federal
[19:38] grants, right. But honestly, our allies are
[19:42] here. Our, our our friends come here.
[19:44] Everyone has an embassy in, in, in the capital.
[19:48] And you know, this is this is not, although we invest in U.S.
[19:52] companies for that just to help strengthen supply chains here in
[19:56] the USI think it still remains true that there is technology
[20:02] here that can be exported abroad, you know.
[20:08] Wastewater treatments, again, AG, the tech, other ways of
[20:12] manufacturing, better usage of of of carbon material.
[20:19] So DC is a nice combination of business and policy that I've
[20:25] never seen. And particularly with the
[20:27] industries that we invest in, this is a good space to kind of
[20:31] just have that access to information.
[20:35] And again, we have good founders here, right?
[20:38] I, I think the district has an opportunity to position itself
[20:43] as an Innovation Center to rival and then perhaps surpass, maybe
[20:51] not surpass, but at least rival the likes of Silicon Valley and
[20:54] other parts of the US. But I, I think there's a, a
[20:57] great mix of people here. It, it is to me quite
[21:00] international. And we love exchanging ideas,
[21:03] right? Similar to other I guess
[21:09] innovation districts, the district is working on
[21:12] incentives to properly invite and attract founders to set up
[21:19] their companies here. Interestingly enough that the
[21:22] gem, the crown jewel of our portfolio, which is Curio, which
[21:25] is the company in the nuclear spent fuel recycling was, is
[21:33] headquartered here, was created here and headquartered here in
[21:36] DC. So we, we kind of have that leg
[21:37] up in terms of establishing our, ourself in DC.
[21:41] And yeah, another the, the sensors company, that predictive
[21:46] technology that I was telling you about agrology is also based
[21:49] here in DC. So that was that was a company
[21:53] that came across that I came across again during, you know, a
[21:58] gathering of of founders and funders here in the District.
[22:02] Absolutely. Quite interesting.
[22:04] And how are you navigating the current political uncertainty
[22:07] around clean energy and funding? Sure, Cure itself has won quite
[22:12] a number of of federal awards, right?
[22:16] It's been the recipients of of Department of Energy awards and
[22:21] others. The fund itself really focuses
[22:26] on solving basic problems and for us it requires
[22:31] bipartisanship. And this is how we get things
[22:35] done is by collaborating, by solving issues.
[22:42] I know there could be a lot of noise, but at the Synergist
[22:45] Fund, we're just come always. We're just always making sure
[22:50] or, or doing what we can to, to align ourselves with human
[22:56] priorities, right? It's it's not even just AUS
[22:59] government priority, right? Like again, I I, and I'm, I'm
[23:03] sorry, persona, if I'm sounding repetitive, but we don't have
[23:06] enough electricity, right? We don't have enough base load.
[23:10] You know what the synergos fund is doing is essentially
[23:15] investing in new technologies and existing technologies and
[23:19] creating jobs, right? Our, our mission doesn't just
[23:24] deliver financial return, doesn't just aim to deliver
[23:27] financial return. We really want to make an
[23:29] impact, create legacy, create new jobs, right?
[23:33] Align ourselves and, and support universities in their
[23:37] curriculums, right? We want to create industry and
[23:42] set up that stage or that pathway for, for talent to be
[23:47] able to enter the work or, or these roles that are needed,
[23:51] right. And DC has a lot of
[23:53] universities. What can I say?
[23:55] We've got, we've got more than a handful of, of, of, of top
[23:59] universities. And then, you know, we, we're,
[24:01] we're, we're getting to know them.
[24:04] But indeed, you know, there are a lot of technologies across the
[24:08] US that we are investing in. Absolutely.
[24:13] Quite interesting. And talking about the energy
[24:15] space, especially the electricity demand of technology
[24:20] like AI is massive, at least what we see currently, right?
[24:25] The demands of generating these LLMS and all these things, they
[24:29] require a lot of electricity, right?
[24:32] And there's also a counter perspective to this wherein
[24:35] people are saying that, OK, with time things are going to get
[24:38] more efficient and so much electricity might not be
[24:41] required. Different perspectives there.
[24:43] But the general mandate is that OK, the electricity consumption
[24:47] with AI is going to go up. And we have some massive deals
[24:49] that these big companies, Google, Meta, they have
[24:52] contracted with energy providers for multiple years of contracts
[24:57] to provide electricity and especially from from clean
[25:01] sources, right. So how are you looking at that
[25:03] particular segment especially and how do you think it is going
[25:08] to be solved? What are the clean energy ways
[25:12] of producing this and satisfying the surplus demand and that is
[25:17] going to arise out of AI? So 1 I think as humans will
[25:21] always find a need or a way to use the energy.
[25:23] So I don't think the, the, the I, I don't think oversupply is
[25:26] going to be a, a, a, a problem, right?
[25:29] There are other parts in the world that actually still need,
[25:31] need quite a bit of energy. You know, nuclear is part of
[25:36] that mix, right? And I think it allows for
[25:41] delivery of bigger MW base load, right that that we need as as
[25:52] consumers of the energy. So what I would wish for is a
[25:58] faster permitting. People always talk about the
[26:03] bottleneck of permitting a nuclear.
[26:05] I I think if, if we could have the permitting and you know,
[26:09] obviously with the proper safeguards, safety is always
[26:14] necessary is to allow for these designs to become reality.
[26:19] You know, we're talking, you know what, when, when we build
[26:22] solar, you know, it's, it's a, it's a conversation between one
[26:26] MW versus 250 MW, right. So again, it's all part of the
[26:31] energy mix. I think recycling the spent
[26:35] nuclear fuel, I think that's utilizing what is waste and
[26:42] making it our, our secure fuel source source, right?
[26:46] Because the end goal at least for our, our, for that specific
[26:49] company, not the end goal, but like what the beauty of it is
[26:53] that we would provide, you know, call it in the next 8 to 10
[26:57] years a closed loop solution, right?
[27:01] We deliver a reactor with fuel. So we're we're strengthening our
[27:07] supply chains in this process and then and we're very excited
[27:10] about that. Again, in terms of usage, I
[27:12] think there there will be other ways that we will use this
[27:16] energy if at all we satisfy the needs of of the data centers.
[27:21] Yeah, absolutely. And how do you balance being an
[27:24] active investor with being a community builder while in while
[27:29] being in Washington, DC? So I've been in DC 5 1/2 years
[27:34] and I have to say that having worked in New York and in
[27:37] London, relationships here are, I'd say, easier to make if, if
[27:43] that makes sense, People sit down to coffee.
[27:47] I think it is truly about relationship building.
[27:50] I, I feel that it's, it's, it's easier to schedule that next
[27:55] meeting, you know, and, and to connect other people Here in the
[27:59] District, We have the DC Tech and Venture Coalition on.
[28:03] I, I'm proud to be a founding board member.
[28:06] We convene a lot of, a lot of gatherings.
[28:10] In fact, today we have DC Tech meet up and, you know, some
[28:14] technology companies will be demonstrating their work, right?
[28:19] And I think we're, we're on track to have 500 to 600 people
[28:23] attend that. And, and this is something we do
[28:25] that this is the 92nd convening of DC Tech meet up.
[28:29] So if you ever find yourself in DC, please schedule it around
[28:33] the times that we're, we're doing this right?
[28:35] And, and, and that we, we work with the ecosystem, right?
[28:38] We're, we're very open. We have a partnership with
[28:42] district angels that we support. They identify interesting
[28:48] start-ups. We, we come together, we spin
[28:50] off SPVS to support these start-ups.
[28:54] So there really is a lot of information transparency in
[28:57] exchange and support of each other.
[29:00] What else can I say on on the non profit side, like, you know,
[29:06] even our non profit I I'm unsure of a non profit district bridges
[29:10] even our one of our our our capabilities is a tech tool.
[29:13] It's called access point, which really allows for small
[29:18] businesses to help navigate how to set up their company, how to
[29:21] set up the company, what training they might need.
[29:26] So I think this all goes hand in hand, right?
[29:31] As a fund, as an investor, we need to support everyone at
[29:36] every level. And you know, the faster we
[29:39] address these persistent problems of not enough energy,
[29:45] expensive food, right, the faster we can help elevate
[29:51] people's lives and, you know, in terms of wealth, right?
[29:55] So that's what we're excited about at the Synergos funds.
[29:59] I think our, our, our, our portfolio companies are, are
[30:04] quite impactful, easy to understand.
[30:08] I, I should also share because we're not just investing in SAS,
[30:16] right? This is, this is not, this is
[30:18] not that fun. This fund is is foundational.
[30:26] Absolutely, completely agree. I think you're investing your
[30:29] dollars with most impact and created on on the lives of
[30:33] people, right. So it's amazing.
[30:36] I'm talking about a building Synergos fund, right?
[30:41] You're taking a unique approach to it, right.
[30:44] How has your experience been in trying to, you know, make people
[30:49] firstly understand what what is the model that you're trying to
[30:53] approach it with and how it works and how it is actually
[30:56] good for the LP's as well? And how receptive have the LP's
[31:01] been to a newer model of investing?
[31:05] I think LP's have been hungry for it, right, which is what has
[31:10] made the conversations very engaged and it appeals to all
[31:17] investors in their investing journey, whether they're newer
[31:21] investors or later investors. Again, because we're in, we're
[31:24] in because of this continuum structure of the fund, right?
[31:30] As I said, it's, it's almost like a wealth management tool
[31:33] like once you're invested in it, this is your go to venture fund,
[31:39] right? We've, we've included collapsed
[31:42] all of that into one structure that really balances out the
[31:48] need for liquidity and the need for investing in critical
[31:56] industries. So we're, we're, we're getting a
[31:59] a good response from our investors.
[32:01] We'd we'd love to meet more investors.
[32:03] So we send them our way for Shawn's and and truly like the,
[32:10] the faster we can fund these companies, the faster that, you
[32:16] know, the ecosystem can, can grow even further, right and the
[32:21] faster we can support new companies as we fund these into
[32:25] completion. Absolutely, completely agree.
[32:29] And I think in your previous answer you mentioned that people
[32:32] should go check out the even that happens in DC around this
[32:36] time when we are recording. So since this will be actually
[32:39] going out somewhat later than when it is being recorded.
[32:42] So I'll just inform our people that it is recorded in early
[32:46] September, so you can check out the event.
[32:50] It should be there, I believe every year at the same time,
[32:52] right? So great, awesome.
[32:56] Michelle, what would be your biggest learning while investing
[33:00] in startups all these years? The founders support the
[33:05] founders, right? Come to a happy agreement on
[33:11] what the engagement is, right, How you work together.
[33:15] And really the reason why excellent companies have failed
[33:21] is because there hasn't been that follow on capital, which is
[33:25] what we're addressing with the Synergos fund, right?
[33:28] So it's supporting the founders with the capital they need
[33:34] through the life of their company.
[33:36] And, and this is not easy, right, because we're used to
[33:39] having quick exits. And this goes back to how we
[33:41] define conscious capitalism. We're not out for a quick exit.
[33:45] We're out to build. We're here to support building
[33:51] very durable companies that we want to own forever, right,
[33:55] which is why we don't necessarily invest for an eye to
[33:58] an exit, but we could own those in a private equity structure
[34:02] layer down the road that can then still continue to deliver
[34:07] distributions to our investors. Absolutely.
[34:10] Quite interesting. Awesome.
[34:12] It's been amazing talking to your machine.
[34:14] Now we move to the rapid firearm, wherein I'll ask you 6
[34:17] quick questions about the investing you're doing and you
[34:21] have to give 6 quick answers. All right.
[34:23] So the first one is one of the sectors and regions you invest
[34:26] in. Energy, manufacturing, food and
[34:31] health. US.
[34:33] Awesome. What's the typical stage you
[34:34] invest in? Across all the stages, that's
[34:39] the beauty of the Senators Fund. Right, starting from seed I
[34:42] guess not pre seed. Do you do super early stage as
[34:45] well? Seed.
[34:47] OK, seed. Great.
[34:49] Do you lead rounds? All the time.
[34:53] Awesome. What's the typical check size
[34:55] you put in? Whatever the company needs.
[34:59] Awesome vacant founders. Get in touch in case there is a
[35:02] directory. Sure, I'm at
[35:06] mourbenmurben@cindertoastfund.com. Awesome, last one, where can our
[35:12] listeners follow you? I have yet to create my own
[35:16] podcast. Let's talk about that, Prashant.
[35:19] Absolutely. We'll talk about it.
[35:22] Great. And I'll make sure to put your
[35:24] link in in there shown on so our listeners can also get there
[35:26] easily. And I look forward to a future
[35:29] podcast hopefully. Awesome.
[35:32] Thanks so much for doing this. Michelle, I have you.
[35:34] Have a great day ahead. Thank you.
[35:36] Thanks Prashant.

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