Hello and welcome back to 'At The Cap Table”, a podcast series here at EUVC, where we explore the journeys and insights of some of the most influential leaders in venture capital. Today, we’re thrilled to have Evgenia Plotnikova, General Partner at London HQ’d Dawn Capital.

From her start in investment banking during the financial crisis to her role now in VC, she talks about the challenges, successes, and what it takes to thrive in an ever-evolving industry.

We dive into her work at Dawn, what it means to be a B2B software specialist, and her thoughts on navigating today's exciting AI landscape. Let's get into it!

Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.

✍️ Show notes

Building Dawn Capital: Principles and Growth

Dawn Capital, as Evgenia highlights, has always stuck to its core focus: B2B software. Founded back in 2006, before software became a mainstream obsession, Dawn carved a niche that has since proven crucial to its success. The key differentiators include:

* Specialization from the Start: Unlike many funds, Dawn committed early to its focus on B2B software. This niche has allowed them to deeply understand their founders' challenges and deliver better support.

* A Team Culture of Growth: Dawn operates as a true meritocracy. Evgenia herself was promoted from principal to general partner, and this “grow from within” culture helps the firm attract and retain incredible talent.

Hard Truths About Venture Exits

Evgenia doesn’t shy away from the realities of venture, especially the exit process. Despite the hype, exits are often harder than they seem, especially when dealing with multi-round investments and high valuation expectations. She shares an important caution for founders:

* The VC Treadmill: Once you’re on it—raising from seed to Series A, B, C, etc.—it’s hard to get off. And each round is a "betting the farm" decision, one that founders should be mindful of.

* Raising with Prudence: Success shouldn’t just be defined by valuation but by customer love, real revenue growth, and a sustainable community. “Valuations are paper true, but not always reality true,” Evgenia wisely notes.

Lessons in AI and Staying Grounded

With AI being the buzzword of the moment, Evgenia shares her view on the balance between seizing opportunities and staying true to fundamentals:

* AI or Die?: Evgenia jokes about the "AI or die" mentality that seems to be sweeping the tech world. However, she insists on avoiding "AI for the sake of AI" and instead focusing on how it genuinely improves technology stacks and user experiences.

* Sticking to Fundamentals: Just like during the cloud boom or early days of social, technology should solve a real problem, not just be trendy.

Career Mentorship and Personal Growth

Evgenia attributes much of her growth to the mentorship culture at Dawn. Venture capital is, in her words, an "apprenticeship job," and she feels fortunate to have had supportive partners who allowed her to be true to herself while pushing her to excel. This authentic leadership style has helped her relate to a wide variety of founders and add value at the board level.

Resilience and Optimism

She also emphasizes the need for resilience in venture:

* Grit and Perseverance: The long timelines inherent in venture mean that investors, just like founders, need to persist through difficult periods without losing enthusiasm or optimism.

* Optimism Amid Hype: While there is undeniable hype around technologies like AI, Evgenia keeps an eye on fundamentals, always returning to the core metrics that define real business health.

If Not Venture, Then What?

If Evgenia hadn’t chosen venture capital, she would have pursued a career in diplomacy. Originally passionate about political science, she once imagined herself influencing global affairs through diplomatic channels. Ironically, she finds that VC also allows her to have a significant impact—through funding innovative companies, supporting cutting-edge tech, and ultimately shaping the economic landscape in ways she hadn’t initially imagined.

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