Ignite VC: De-Risking Startups with Customers Before Capital with Collin Groves | Ep189

Collin Groves is a venture capitalist and Managing Partner at BDev Ventures, a fund backed by software powerhouse BairesDev. With experience launching five corporate venture capital arms during his time at Ernst & Young Parthenon and leading 50+ B2B SaaS investments across the Americas, he blends data-driven rigor with hands-on customer acquisition strategies. In this episode, Collin shares how BDev Ventures de-risks startups by delivering real customers before investing, why founder–market fit and team leverage matter most, and how Latin American startups can break into U.S. markets.In Today’s Episode We Discuss:00:01 Collin Groves’ Oklahoma roots and early career03:07 Breaking into venture through corporate VC at EY06:57 What BairesDev is and how it powers BDev Ventures08:50 Why BairesDev launched a venture arm10:13 Blending corporate VC, family office, and traditional VC models11:53 Evergreen fund structure and GP/LP setup12:48 Incentives, carry, and the evolution of CVC compensation16:27 Liquidity timing: DPI vs. TVPI in venture capital19:19 Exiting too early vs. holding for fund-returners21:27 Scar tissue and lessons from corporate VC22:44 Importance of speed in diligence and value articulation24:27 Lead investor vs. co-investor strategies25:54 Evaluating churn, NRR, and GRR in early-stage SaaS26:31 Four key areas of diligence: value add, market, financials, and team28:58 The 90-day pilot model for testing startups30:56 Metrics that signal conviction during pilots32:56 Check sizes, co-investing approach, and capital efficiency34:44 Red flags, trust, and founder/investor alignment38:18 Latin America vs. US market dynamics and valuations41:21 AI-native go-to-market tools and enterprise readiness43:39 The limits of corporate VC-as-a-service46:31 Counterintuitive diligence metrics: why spam rate mattersSubscribe on Spotify: https://open.spotify.com/show/6Ga6v0YUsHotLhjap67uu5Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/ignite-conversations-on-startups-venture-capital-tech/id1709248824Follow Collin Groves on LinkedIn: https://www.linkedin.com/in/collingrovesFollow Team Ignite on X: https://x.com/teamignitevcFollow Brian on X: https://x.com/brianrbellFollow Brian on Linkedin: https://www.linkedin.com/in/bblinkedin/Visit Our Website: https://www.teamignite.venturesSubscribe to Our Newsletter: https://insights.teamignite.ventures/👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast🔥 Club Ignite is booking fast — our next gathering of top founders, investors, and operators will be our biggest yet. Apply now before spots fill: https://teamignite.decilehub.com/e/club-ignite-25