The Mergers Podcast

Investment Banking for startups [Jason Kirby, Founder, Thunder.VC]

The Mergers

What happens when a founder exits multiple startups and then builds a start-up focused Investment Banking platform from scratch?

In this episode, Rory and Ken sit down with Jason Kirby — founder of Thunder VC, ex-founder of LiquidSky (acquired for $40M+), and an advisor on over $200M in startup transactions.

Jason shares the raw truths about venture capital, selling companies, the AI investment bubble, and how founders can protect themselves during M&A deals.

Key topics we cover:

  • The real story behind his $40M+ startup exit (and how a CEO going to prison almost ruined it)
  • Why most VCs stop calling when you’re no longer a fund returner
  • The biggest mistakes founders make during fundraising and M&A
  • What Thunder VC actually does — and how they unlock growth through acquisition
  • The rise of AI secondaries, and why Jason thinks we’re in a bubble
  • “Breakup clauses”, phantom leverage, and the dirty secrets of dealmaking

This is a must-listen for any founder thinking about venture capital, raising a round, or navigating exit options.


Disclaimer: This episode of The Mergers Podcast is sponsored by Cadro Technologies Limited, an FCA-regulated investment firm. Sponsorship does not imply endorsement of any views expressed in this podcast. The information discussed is provided for general informational and educational purposes only, does not constitute investment advice, and should not be relied upon as a basis for making investment decisions. The hosts and guests speak in a personal capacity. If you are considering investing, you should obtain independent financial advice tailored to your individual circumstances.