Raise & Exit

Raise and Exit is the podcast for founders navigating the path to raising capital and selling their company. Host Edgar Baum sits down with investors, operators, and dealmakers to unpack the real stories behind successful raises, exits, and the lessons learned along the way. Whether you're planning to fundraise, considering an exit, or just want to think like an acquirer or investor, this show gives you the insider knowledge to make smarter decisions and avoid costly mistakes.

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Raise & Exit

Raise & Exit Podcast: Episode 23: Jalak Jobanputra - Investing in the Next Internet: Crypto, AI & IoT

December 04, 2025 • Edgar Baum

0:00 | 31:10

🎙️ Episode 23 is live! This week, we sit down with Jalak Jobanputra, founder and managing partner of Future Perfect Ventures, to unpack how she identifies opportunities in emerging technologies and backs companies shaping the next internet.

If you’re building or investing in crypto, AI, IoT, or other deep tech, this episode is packed with actionable insights on spotting potential, navigating uncertainty, and timing your exits.

What do we cover?

Investing in nascent sectors: Early-stage crypto, blockchain, and AI require founders who are nimble, resilient, and able to tune out market noise.
Competitive landscape & technological longevity: Why understanding competitors and building moats in fast-moving tech is critical.
Missed opportunities & old mind viruses: Lessons from the past decade on underestimating global demand and emerging technologies.
Exit strategy & founder alignment: How to balance long-term growth with personal and fund goals.
New investing hypotheses: Funding deep tech without a fully formed business model and the rise of AI acqui-hires.

🎧 Tune in for a candid discussion on positioning startups for growth, funding, and successful exits.

[00:00:48] Edgar Baum: Welcome to the latest episode of the Raise and Exit podcast. Today we have Jalak Jobanputra, who is going to provide us with insights as a seasoned investor. Jalak, maybe you can introduce yourself and your fund?

[00:01:16] Jalak Jobanputra: Sure. I’m Jalak Jobanputra, founder and managing partner of Future Perfect Ventures, focusing on blockchain, crypto, AI, and IoT. After nearly 20 years in VC and investment banking, I launched my own fund to fill gaps in the market.

[00:03:05] Edgar Baum: How do you work with your portfolio companies on handling pivots and market noise—especially in these extremely nascent sectors?

[00:03:24] Jalak Jobanputra: Early-stage investing in nascent sectors involves huge uncertainty. Founders need to be nimble, cash-conscious, and resilient, navigating regulatory and market uncertainty.

[00:05:22] Edgar Baum: Can you unpack a bit more how founders tune out the noise in these nascent technologies?

[00:05:38] Jalak Jobanputra: We look for entrepreneurs with a macro perspective, passionate but aware of long periods of naysayers, and able to partner with investors through challenges.

[00:07:34] Jalak Jobanputra: The founder and team come first, followed by a deep understanding of the competitive landscape. Saying “we have no competitors” is a red flag.

[00:10:33] Edgar Baum: How do you think about technological longevity when the stack can become obsolete in months?

[00:11:12] Jalak Jobanputra: The pace of tech is accelerating, compressing moat-building windows. Moats must come from expertise, networks, sticky enterprise relationships, or tech edge.

[00:13:27] Jalak Jobanputra: Some experienced VCs once dismissed Bitcoin, missing global demand and mobile-native users wanting borderless value transfer.

[00:16:58] Edgar Baum: How do you and your founders know when it’s time to sell or keep building?

[00:17:14] Jalak Jobanputra: It’s an art, not a science. We discuss personal goals early and aim for at least 10× potential. Missed exits often happen when funds grow and companies stay private too long.

[00:20:32] Jalak Jobanputra: AI companies with little revenue are selling for billions—building internally can exceed acquisition cost.

[00:25:15] Edgar Baum: What’s a new investing hypothesis that is valid today that wasn’t 5–10 years ago?

[00:25:51] Jalak Jobanputra: Deep tech can be funded without a full business model; friction removal and new market creation matter most.

[00:28:36] Edgar Baum: Quick plug—who should reach out to you right now?

[00:28:36] Jalak Jobanputra: We’re investing from Fund III, looking at blockchain infrastructure, open-source AI, DeFi, tokenized assets, and AI/IoT/blockchain convergence. Founders building here, I’d love to talk.

[00:30:51] Edgar Baum: Jalak, it’s been a pleasure. Thanks for being on the show.

[00:31:06] Jalak Jobanputra: Thanks for having me!