Tank Talks By Ripple Ventures

Originally recorded as Matt Cohen’s guest appearance on Mantle Mondays hosted by Amar Varma.In this special episode of Tank Talks, Matt Cohen joins Amar Varma on Mantle Mondays for a candid conversation about how to get VC funding in 2026, what early-stage investors actually look for, and where the next wave of breakout startups is being built. As the Founder and Managing Partner of Ripple Ventures, Matt shares his path from RBC trading desks and public markets to startup operating experience, angel investing, and eventually building one of Canada’s most active early-stage venture firms. He breaks down how founders can stand out in a crowded market, why validated problems and technical execution matter more than hype, and what separates companies that can raise from companies that get left behind.The conversation also dives into how Matt evaluates founders before product-market fit, why recruiting ability and fundraising skill matter as much as product vision, and how AI, deep tech, biotech, aerospace, and software-enabled physical systems are reshaping venture capital. Matt also opens up about Ripple Ventures’ own evolution, the firm’s investment philosophy, and how Ripple OS and internal AI agents are helping portfolio companies move faster.If you want an honest look at startup fundraising, venture capital in Canada, founder-investor fit, AI startup differentiation, and the future of early-stage tech, this Tank Talks episode, originally recorded as Matt Cohen’s appearance on Mantle Mondays with Amar Varma, is packed with practical insights.How Turnstile Pulled Matt Into the Startup World (03:07)The origin story of Turnstile, the wifi marketing and analytics company Matt co-founded, and how building and exiting that business gave him his first real startup education.Why Startup Struggle Matters More Than Investor Talk (05:11)Matt gets real about how hard it was to raise capital, why Turnstile had to grind toward profitability, and why lived operator experience matters when founders pick investors.How Ripple Ventures Started Before the Fund Existed (07:42)Matt explains how he built the Ripple brand before institutional capital was in place, why perception matters in venture, and how his early angel wins created momentum with family offices.The Long-Game Philosophy Behind Fund I (10:51)A great story about raising a first fund, proving commitment to LPs, and why first-time managers need to stop waiting for the “perfect” close and just get moving.What Gets a Founder’s Attention in 2026 (16:44)Matt breaks down what’s changed in venture, why deep tech and frontier ideas are more investable today, and why ambitious founders are tackling much bigger problems than they were a decade ago.The 4 Things Ripple Ventures Looks For in Founders (19:25)Matt lays out Ripple’s core framework: validated problem, technical founding team, recruiting ability, and fundraising skill.The Startup That Blew Matt Away (23:29)Matt shares the story of Clover and why seeing a young team scale to massive early traction changed how he thinks about speed, execution, and modern company building.What a Generational Company Actually Looks Like (33:59)Matt gets honest about what he can and can’t claim to know, then shares the founder traits he believes matter most when building something truly enduring.What Founders Should Look For in an Investor (38:05)A powerful section on support during hard moments, reputation in venture, and why investors are really tested when a company is struggling, selling, or stuck.Tank Talks, Community, and Playing the 25-Year Game (44:24)Matt reflects on building Tank Talks, surrounding himself with younger talent, and why staying close to ambitious founders keeps him sharp.Matt’s Best Advice for Founders and Builders (46:31)A strong closing section on paying it forward, reputation, and why the people you meet on the way up are the same people you’ll see on the way down.Mantle Mondays on YouTube: https://www.youtube.com/@withmantleConnect with Amar Varma on LinkedIn: https://www.linkedin.com/in/amar-varma-8041b9/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Venture debt might be the most misunderstood tool in startup finance. Ask ten founders to explain it, and you will get ten different answers, most of them wrong.In this episode of Tank Talks, Matt Cohen sits down with Marshall Hawks, a 16-year Silicon Valley Bank veteran who structured hundreds of venture debt deals, including for Airbnb, Twitch, and Fitbit. After SVB’s collapse in 2023, Marshall stepped away to write the playbook founders had been missing: Venture Debt Deals: How to Fund Growth with Less Dilution.He breaks down what is actually happening in the 2026 venture debt market, including bigger facilities, new players in private credit, and what terms really look like today. They also get into when debt actually makes sense and when it does not, the biggest mistakes founders make on term sheets, and why the right lending partner matters more than squeezing out the lowest rate.If you want to grow faster without giving up more equity, or just understand how the full capital stack really works, this one is worth your time.Marshall’s Early Lessons in Finance and Entrepreneurship (02:30)* Learning secured lending basics in his grandfather’s Arkansas pawn shop* Reading people, judging value, and knowing what you don’t know, including the cubic zirconia story* Growing up with a venture-backed CEO father who later became a VC, building empathy for foundersLife at SVB and the 2023 Collapse (08:24)* 16+ years, nine roles, including helping build SVB Canada* Inside the third-largest bank failure in U.S. history* The power of simply answering the phone during a crisisVenture Debt vs. Private Credit (15:58)* The key differences: venture banking (customer acquisition model) vs. private credit (deployed capital seeking returns)* Why banks offer smaller deals tied to revenue multiples, while private credit writes $50M–$150M+ checks* The role of warrants (equity kickers) in almost every venture debt dealWhat Lenders Actually Underwrite (20:58)* Why the cap table and investor syndicate matter more than financial models (models are always wrong)* How lenders assess whether a company can raise its next equity roundKey Case Studies and Lessons (23:53)* Airbnb: The energy you could feel walking into the office* Subtle signals Marshall looks for: office vibe, founder energy, and the “Airbnb Rhode Island office” effectClearco: A Cautionary Tale (28:03)* How Clearco used venture debt to scale rapidly and how over-leveraging nearly broke the company* The surprising role SVB’s own failure played in saving Clearco* Why revenue-based financing models can become burdensome when revenue becomes less predictableThe State of the Venture Debt Market in 2026 (35:30)* Recorded $62 billion in volumes, recovered faster than expected* More choices than ever, including Stifel, HSBC, J.P. Morgan, BlackRock, Apollo, KKR, and Blue Owl* AI companies largely do not need debt right nowBreaking Down Venture Debt Term Sheets for Founders (40:47)* Founders do not understand what motivates venture banks vs. private credit firms* Getting the right partner trumps any term sheet detail* Price and economics matter, but choosing the wrong lender is a disaster* The right lender can be meaningfully impactful as a company ramps up* Most founders think about terms first. They should think about their partner first.When to Start Building Lender Relationships (47:05)* It’s never too early, meet lenders 6–12 months before you need capital* Most venture debt deals happen after an equity round closes (serial, not parallel)* Send regular updates to lenders just like you would to investorsHybrid Rounds: Will Venture Debt and Equity Merge? (49:37)* Traditional SaaS players are stuck. They need to incorporate AI to survive.* Inside rounds with debt and equity stapled together feel like bridge rounds to buy time.* Marshall’s view: this will not become the norm.* Timing is wonky. Getting equity investors and lenders to work together is cumbersome.* Separate events work better: raise equity first, then raise debt.Marshall’s Closing Advice for First-Time Founders (51:22)* Treat venture debt as a tool, not a silver bullet* Prioritize finding the right long-term partner over optimizing every last termAbout Marshall HawksMarshall Hawks spent 16 years at Silicon Valley Bank, where he originated and closed hundreds of venture debt deals with companies like Airbnb, Twitch, and Fitbit. Following SVB’s collapse in 2023, he left banking to write Venture Debt Deals: How to Fund Growth with Less Dilution, the practical guide he wished every founder had before opening a term sheet. He now serves as an independent voice on venture debt, helping founders navigate the post-SVB landscape of banks, private credit, and alternative financing.Connect with Marshall Hawks on LinkedIn: https://www.linkedin.com/in/marshallhawks/Buy Venture Debt Deals: https://www.amazon.com/Venture-Debt-Deals-Growth-Dilution/dp/B0FZYQ53MWConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack a major week across Canadian venture capital, deep tech liquidity, sovereign investment strategy, and the rapidly shifting AI software stack. The conversation opens with Ontario’s newly announced $4 billion Protect Ontario Account investment fund, designed to back artificial intelligence, defence, manufacturing, and growth-stage businesses while shielding jobs from trade disruption. John breaks down the real strategic question beneath the headline: whether Ontario should centralize capital with one fund manager or use a multi-manager, co-investment model that mirrors the Canada Growth Fund and Quebec’s long-standing institutional playbook.The episode then shifts into a stacked run of liquidity events reshaping tech markets. Xanadu’s public debut becomes a lens into Canada’s capital formation challenges, while the looming SpaceX IPO raises bigger questions about how billions in founder and employee liquidity could flood back into deep tech, defence, and space infrastructure. The discussion sharpens further with CoolIT Systems’ $4.75B acquisition by Ecolab, a staggering private equity outcome fueled by AI data center demand, before closing on a real-time operating lesson from inside the Tank Talks fund: why Claude has overtaken OpenAI for enterprise workflows, coding agents, and operational leverage. From sovereign capital to AI agents, the throughline is clear: infrastructure, liquidity, and execution are redefining where value compounds.Ontario’s $4B Protect Ontario Fund & the Single-Manager Debate (00:44)Ontario unveils a $4 billion investment vehicle targeting AI, defence, manufacturing, and job protection. Matt and John unpack whether concentrating capital under one GP creates governance risk or strategic efficiency.Why Ontario Is Finally Playing Offense in Capital Formation (02:06)John explains why Ontario’s vulnerability to trade shocks and weak co-investment capacity made this move overdue, especially compared to Quebec’s institutional investing model.Xanadu Goes Public: A Canadian Deep Tech Financing Milestone (05:33)Xanadu begins trading on both TSX and Nasdaq, giving Canadian deep tech founders a new case study in alternative financing structures through SPACs.SpaceX’s IPO Could Trigger a Deep Tech Liquidity Supercycle (09:12)SpaceX’s rumored IPO filing and potential $1.75T valuation spark a discussion about how recycled liquidity may turbocharge space, defence, and physical AI startups.CoolIT’s $4.75B Exit & the AI Infrastructure Gold Rush (12:14)CoolIT Systems’ sale to Ecolab highlights how AI data center infrastructure is driving some of the fastest PE returns in Canadian tech history.The 15x Private Equity Return Nobody Saw Coming (13:17)KKR’s three-year hold turns into a stunning 15x equity return, proving that “feature businesses” can become platform-scale winners when AI demand rewrites infrastructure economics.Why Claude Is Beating OpenAI in Enterprise Workflows (15:32)Matt breaks down how Claude-powered agents now run finance audits, subscription cleanup, workflow automation, and internal ops, saving real dollars and flipping AI usage across the portfolio.Consumer AI vs Enterprise AI: The Real Claude vs OpenAI Story (18:20)The closing thesis: OpenAI may dominate consumer mindshare, but Claude is winning where workflows, coding, and high-value enterprise execution matter most.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen sits down with Ali Asaria, Co-Founder of Transformer Lab, to unpack the less visible side of the AI boom, from broken machine learning tools to the rise of autonomous research agents. Ali shares what it really looks like inside modern AI development and why the biggest opportunity isn’t just using models, but having the ability to train, control, and improve them.Ali also reflects on his journey building across multiple tech waves, from creating BrickBreaker on BlackBerry to scaling Well.ca and Tulip, and now tackling AI infrastructure with Transformer Lab. He breaks down the realities most founders don’t talk about, why great products lose deals, how long enterprise sales actually take, and why success often comes down to trust, timing, and people more than technology.Beyond AI, the conversation takes a broader turn into the future of innovation. Ali challenges the tech industry, especially in Canada, to think bigger, rebuild public trust, and focus on solving real-world problems through ambitious “mega projects.” If you’re trying to separate AI hype from reality and understand where the real leverage is being created, this episode gives you a much clearer lens.Building BrickBreaker on 150M Devices (00:02:41)How a side project at BlackBerry turned into a global phenomenon. The early lesson that distribution beats perfection. Ali shares how building something simple but widely adopted gave him an early taste of scale. It also shaped his belief that getting into users’ hands fast matters more than polishing endlessly in isolation.The Early Days of E-Commerce in Canada (00:05:36)Packing boxes manually, hacking payment systems, and why investors believed e-commerce would never work in Canada. From manually processing credit cards to building infrastructure from scratch, Ali walks through how scrappy the early days really were. It’s a reminder that many “obvious” markets today once looked completely unworkable.Scaling Well.ca and the McKesson Exit (00:08:18)How relationships with partners turned into acquisition opportunities. The messy reality behind “successful exits.” Ali explains how long-term partnerships quietly set the stage for acquisition, even before it was intentional. He also highlights how unpredictable and fragile deals can be, even when they seem done.Enterprise Sales Lessons from Tulip (00:11:19)Why great products don’t win deals. Trust, relationships, and the human side of multi-million dollar contracts. Ali breaks down how enterprise sales are less about features and more about credibility and relationships built over time. He also shares how incumbents win not because they’re better, but because they’re already embedded.The Hard Truth About Startup Life (00:13:52)“90% hell, 10% fun.” What founders don’t talk about publicly and how to choose the right investors. Behind the highlight reels, Ali emphasizes how difficult the journey really is and how rarely things go to plan. Choosing the right partners becomes critical when things inevitably get hard.The Moment AI Changed Everything (00:16:22)Why language models shattered the belief that human intelligence couldn’t be replicated. Ali describes the exact moment his worldview shifted after seeing what LLMs could do. What once felt impossible suddenly became inevitable, changing how he thought about both technology and opportunity.What Transformer Lab Actually Does (00:20:11)Simplifying AI model training, orchestration, and infrastructure across local machines and massive GPU clusters. Ali explains how fragmented and complex current AI workflows are, especially for researchers. Transformer Lab aims to remove that friction and make building models far more accessible and efficient.Scaling AI From One Machine to Thousands (00:23:14)The technical leap required to move from hobbyist experimentation to full-scale AI labs. Moving from a single machine to distributed systems introduces massive complexity most developers never see. Ali breaks down why solving this unlock is essential for the next generation of AI builders.AI Hype vs Reality (00:25:41)Why Ali believes we may already have AGI, and why valuations still don’t make sense. Ali challenges the common narrative by arguing we’re closer to AGI than people admit. At the same time, he questions whether the current market can realistically justify the valuations we’re seeing.Canada’s Startup Ecosystem: Challenges & Advantages (00:32:11)Why geography matters less than mindset, and why building is always hard everywhere. Ali pushes back on the idea that location is the primary constraint for founders. Instead, he argues that resilience and ambition matter far more than where you’re building from.Why Tech Has Lost Public Trust (00:34:12)From rebels to power players, and what founders must do to rebuild credibility. Ali reflects on how the tech industry’s image has shifted over time and why that matters. Rebuilding trust requires focusing on real impact, not just growth or financial wins.The Case for Mega Projects (00:38:09)Why Canada needs bold, visible innovation bets that actually improve everyday life. Ali argues that large-scale, collaborative initiatives could realign public perception and drive meaningful progress. The key is solving problems people actually feel in their daily lives.The Future of AI and Talent Sovereignty (00:41:28)Why owning talent matters more than owning infrastructure in the AI race. Ali emphasizes that long-term advantage comes from people, not just technology or compute. Countries that develop and retain top talent will ultimately shape the future of AI.About Ali AsariaAli Asaria is a serial entrepreneur and one of Canada’s most accomplished technology founders. He created the iconic BrickBreaker game on BlackBerry, founded Well.ca (later acquired by McKesson), and built Tulip into a leading enterprise retail platform backed by top-tier investors.He is now the co-founder of Transformer Lab, an open-source platform designed to simplify and scale AI model development. His work focuses on democratizing access to AI infrastructure, enabling developers and organizations to build advanced models without the complexity traditionally required.Ali is known for his bold thinking on AI, startup ecosystems, and the future of technology, often challenging conventional narratives around innovation and scale.Connect with Ali Asaria on LinkedIn: https://www.linkedin.com/in/aliasaria/Visit the Transformer Lab website: https://lab.cloud/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, host Matt Cohen sits down with Didier Lavallée, Founder and CEO of Tetra Digital Group, to explore one of the most important frontiers in Canadian fintech: regulated digital assets and the rise of a sovereign Canadian stablecoin.Didier shares his journey from more than a decade in capital markets and custody roles at RBC to founding Tetra following the collapse of QuadrigaCX, an event that exposed the need for secure and regulated digital asset custody in Canada. His experience in trading desks, foreign exchange, and global custody infrastructure helped shape his vision for building institutional-grade digital asset infrastructure.Didier also discusses Tetra’s growing platform, including Tetra Trust, Canada’s regulated digital asset custodian, and Tetra Unity, a custody orchestration SaaS platform designed to help institutions manage digital asset infrastructure. He explains how these tools bridge the gap between traditional financial systems and blockchain technology.From the launch of CADD, Tetra’s upcoming Canadian dollar-backed stablecoin, to the partnerships powering its ecosystem with companies like Wealthsimple, Shopify, and National Bank, Didier dives into the future of digital payments, cross-border settlement, and programmable financial infrastructure.Whether you’re interested in fintech innovation, digital assets, or the evolution of global payments, Didier’s perspective offers valuable insights into how Canada can build the next generation of financial infrastructure.The QuadrigaCX Collapse and the Birth of Tetra (10:12)* How the QuadrigaCX scandal exposed the need for regulated custody* The founding of Tetra to provide institutional digital asset security* Building a regulatory framework for digital asset custody in Canada* Why secure custody is foundational to the digital asset ecosystemBuilding Institutional-Grade Infrastructure for Digital Assets (14:35)* Why Tetra positioned itself as a regulated financial institution first* The development of Tetra Unity, its custody orchestration platform* How APIs and automation help reconcile transactions across crypto networks* Turning internal infrastructure into a scalable SaaS platformThe Vision for Canada’s Stablecoin: CADD (16:40)* Why Canada has lagged behind other jurisdictions in stablecoin development* How CADD aims to become Canada’s regulated fiat-backed stablecoin* Partnerships with Wealthsimple, Shopify, National Bank, and others* The importance of regulatory clarity for stablecoin innovationStablecoins and the Future of Payments Infrastructure (21:50)* How stablecoins enable 24/7 programmable settlement* Why traditional payment rails struggle with cross-border transfers* The role of stablecoins in treasury management and automation* How global companies could use stablecoins to streamline paymentsThe Role of Banks in the Digital Asset Transition (26:54)* Why traditional financial institutions must adapt or risk disruption* How fintech platforms are redefining customer expectations* The generational wealth transfer shaping financial innovation* Why blockchain infrastructure may operate invisibly behind consumer appsTetra’s Business Model and Growth Strategy (30:49)* The three pillars of Tetra’s business: custody, software, and stablecoins* How the Unity platform generates SaaS revenue* Custody services and institutional digital asset management* How stablecoin reserves generate yield and network incentivesCanada’s Opportunity in Digital Asset Infrastructure (36:56)* Why Canada once led the digital asset industry but has fallen behind* The need for clear regulatory frameworks to unlock institutional adoption* Tetra’s goal to become the institutional backbone of digital assets in Canada* Why 2026 could be a breakthrough year for the Canadian ecosystemAbout Didier LavalléeDidier Lavallée is the CEO of Tetra Digital, a Canadian digital asset infrastructure company focused on custody, stablecoins, and institutional blockchain services. With a background in financial markets and banking, Didier is building infrastructure designed to help financial institutions and businesses adopt digital assets securely and efficiently.Connect with Didier Lavallée on LinkedIn: https://www.linkedin.com/in/didier-lavalleeVisit Tetra Digital Group Website: https://tetradg.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen sits down with Christian Weedbrook, founder and CEO of Xanadu, and Bill Fradin, CEO of Crane Harbor Acquisition Corp., to explore the historic SPAC merger that is bringing Xanadu to the public markets. With a focus on photonic quantum computing, Xanadu has rapidly advanced in the quantum tech space, positioning itself as a leader in both hardware and software innovation.The merger, which values Xanadu at $3 billion, will not only help accelerate the company’s growth but also raise significant capital, enabling it to expand its groundbreaking quantum computing solutions. Christian and Bill dive into why they chose the SPAC route, the strategic value behind their merger, and what sets Xanadu apart in the competitive quantum ecosystem.In addition, the episode takes a deep dive into Xanadu’s PennyLane software, which is already making waves in academia and the broader quantum community, and explores how the public market debut will position the company for future commercialization and innovation. Whether you’re an investor looking to understand quantum tech’s potential or someone interested in cutting-edge science, this episode is a must-listen.Introduction to Xanadu’s Quantum Computing Vision (01:23)Christian Weedbrook gives a quick overview of Xanadu’s mission to build useful quantum computers with their photonic modality using lidar photons. Learn how they’re positioning themselves in both hardware and software through their PennyLane software stack.Xanadu’s Decision to Go Public (04:09)Christian explains why going public was always part of Xanadu’s strategy and how the company transitioned from private funding rounds to a SPAC merger, raising $275 million in just four weeks.Why Choose a SPAC (10:02)Christian and Bill discuss the advantages of a SPAC over traditional IPOs, particularly for deep-tech companies like Xanadu, where the usual metrics for IPOs aren’t always applicable.The Power of PennyLane (14:43)Christian highlights the growing adoption of PennyLane, Xanadu’s quantum software, which is already being used across 150 universities worldwide and growing. Learn how going public will further accelerate its adoption.Strategic Partnerships and the Path to Commercialization (16:20)Bill shares insights on how going public will help Xanadu expand its industry partnerships, including major players like Volkswagen and Rolls-Royce, and how these collaborations could lead to breakthroughs in areas like electric vehicle batteries and pharmaceuticals.Energy Efficiency and the Future of Quantum Computing (24:39)Christian explains how quantum computing can drastically reduce energy consumption in computing, using Xanadu’s Borealis quantum computer as an example. This new approach promises significant energy savings, especially in industries like AI, drug discovery, and material design.Xanadu’s Road Ahead in the Public Market (27:27)Christian reflects on the monumental journey Xanadu has been on, comparing it to the early days of the internet and digital computing. He also discusses how this milestone will change the company’s trajectory and impact the quantum computing ecosystem.About Christian WeedbrookChristian Weedbrook is the founder and CEO of Xanadu, a leading quantum computing company based in Toronto. With a passion for quantum technology, Christian has spearheaded the development of Xanadu’s groundbreaking photonic-based quantum computers. His leadership has positioned Xanadu as one of the pioneers in quantum computing, not only through its hardware advancements but also with the development of its PennyLane software platform. Christian’s vision is to build quantum computers that are both useful and accessible to people around the world, and he is committed to driving forward the next era of quantum technology.Connect with Christian Weedbrook on LinkedIn: https://www.linkedin.com/in/christianweedbrook/Visit the Xanadu website: https://www.xanadu.ai/About Bill FradinBill Fradin is the CEO of Crane Harbor Acquisition Corp., a SPAC focused on identifying and merging with innovative companies in the tech sector. With over 20 years of experience in the financial industry, Bill has been at the forefront of numerous successful SPAC transactions, specializing in high-growth, disruptive technology companies. His leadership has been integral to bringing Crane Harbor to the public markets, and he has built a strong reputation for identifying companies with significant long-term potential. Bill’s experience in both private and public markets has made him a trusted partner for visionary companies like Xanadu, helping them navigate the complexities of the SPAC process and positioning them for success in the public arena.Connect with Bill Fradin on LinkedIn: https://www.linkedin.com/in/bill-fradin-83196b3/Visit the Crane Harbor Acquisition Corp website: https://www.craneharboracquisition.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Why is gold suddenly back in the spotlight?In this episode of Tank Talks, Matt Cohen sits down with Peter Grosskopf, a seasoned veteran in the precious metals and investment management world. Peter has seen it all. He helped scale Sprott from $5 billion to over $20 billion in assets under management, and now, he’s co-founded Argo Digital Gold, a platform pioneering the tokenization of physical gold.Peter breaks down how gold is reasserting itself as the ultimate hedge against today’s inflation, debt crises, and financial uncertainties. From the global financial crisis to the latest trends in digital gold, they explore how gold remains the bedrock of wealth preservation and why even the tech-driven world is waking up to its importance. Plus, hear why Peter believes tokenization is the key to democratizing access to gold for everyday investors.Peter shares his wealth of knowledge on the role of gold in modern portfolios, how blockchain is transforming the way we interact with real assets, and why long-term patience with gold has paid off for investors. Get ready for a deep dive into gold’s resurgence and what it means for the future of investment.The Role of Gold as a Defensive Hedge (02:03)Why gold acts as a key insurance asset in uncertain times and how it has performed during global financial crises. Peter explains why gold often takes a short-term dip but then explodes as a long-term haven.Scaling Sprott to $20 Billion (03:06)Peter discusses the pivotal moment that drove the growth of Sprott, focusing on the creation of physically-backed ETFs that gained the trust of investors globally. Learn how this became a game-changer for the company’s success.Real Assets and Family Office Strategies (09:14)A discussion on how real assets like gold and silver have become crucial in the portfolios of family offices, foundations, and institutional investors. Peter explains how real assets help hedge against inflation and government-controlled currencies.Gold’s Role in Today’s Macro Environment (12:09)How gold is perceived by investors in a high-debt, inflationary world. Peter shares his thoughts on why governments are turning to gold and how this is affecting the gold market globally.Tokenization of Gold and the Future of Blockchain (25:02)Peter outlines his involvement in tokenizing physical gold and the benefits it brings to the retail and institutional markets. We explore how blockchain is disrupting traditional gold storage and trading, creating 24/7 access with lower fees.The Gold vs. Bitcoin Debate (32:29)In a world where both gold and Bitcoin are being digitized, Peter shares his thoughts on how they can complement each other and why gold remains the more stable choice for wealth preservation.Gold in the Future of Investment (35:01)What’s next for the precious metals market as governments try to navigate their debt crises and central banks keep a close eye on gold? Peter discusses the future of gold in both physical and digital forms.About Peter GrosskopfPeter Grosskopf is a renowned leader in the precious metals space, having served as the CEO of Sprott, where he played a pivotal role in scaling the firm’s assets under management from $5 billion to over $20 billion. He is also the Co-Founder of Argo Digital Gold, a platform at the forefront of tokenizing physical gold. With extensive experience in both the resource banking and asset management sectors, Peter has advised family offices and institutional clients on real asset strategies. As a director of Agnico Eagle Mines and the World Gold Council, he brings deep insight into gold’s macroeconomic role and its function as a defensive hedge in volatile times.Visit the Argo Digital Gold website: https://www.argovault.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen and John Ruffolo rip through a stacked rundown of tech, venture capital, and geopolitical “sovereignty” theater. They open with Europe’s accelerating shift away from Microsoft Office and big U.S. platforms toward open-source alternatives, then jump straight into a breaking change from Y Combinator CEO Garry Tan: Canada is back on the list of accepted incorporations, reversing a move that sparked serious backlash about Canadian startup brain drain and U.S.-domicile pressure.From there, they dissect Elon Musk’s headline-grabbing SpaceX–xAI all-stock merger and why it looks way better for xAI holders than SpaceX shareholders ahead of a rumored SpaceX IPO window. The episode also digs into Canada’s national AI consultation (and the government openly using multiple LLM providers like Cohere and OpenAI to process submissions), the EU’s push for digital sovereignty (and the risks of swapping to “free” tools), and the brutal reality of AI-driven search gutting legacy media traffic, with the Washington Post laying off a third of its newsroom. The big throughline: information is cheap now, execution and trust are expensive, and countries (and companies) that don’t adapt are about to get cooked.Y Combinator Reverses Course: Canada Back on the List (00:43)YC CEO Garry Tan adds Canada back to YC’s list of accepted incorporation jurisdictions after removing it, triggering a wave of criticism. Matt and John break down what changed, why the original rationale (Canadian winners re-domiciling to the U.S.) was a flawed signal, and why the real issue is still Canadian capital formation and follow-on funding strength.SpaceX Buys xAI: A $1.25T Story Swap Before an IPO? (02:34)Matt tees up the shocker: SpaceX acquires xAI in an all-stock deal valuing xAI at $250B and SpaceX at $1T, creating a combined $1.25T entity. They discuss xAI’s massive burn versus SpaceX’s improving cash profile (driven by Starlink) and why this kind of move raises eyebrows heading into an IPO narrative.Second-Order Effects: When a Cash-Burning AI Company Merges Into Space Infrastructure (07:35)They debate whether this becomes a template for other pre-IPO restructures or stays a one-off “Elon special.” John says a Starlink-style consolidation would make strategic sense; folding in xAI doesn’t feel like a choke-point win.Canada’s AI Strategy Consultation: Government Using LLMs in the Workflow (09:10)Canada’s ISED publishes a high-level summary of its AI consultation and explicitly notes using multiple LLMs and pipelines (including Cohere and OpenAI) to process massive public input. Matt frames this as a meaningful “government actually doing something” moment, even if the public is still anxious about jobs and privacy.Europe’s Digital Sovereignty Push: Dropping Teams/Zoom for Open Source? (12:40)They react to reports of governments moving away from Teams/Zoom and Microsoft tooling in the name of sovereignty. Matt calls the open-source swap risky from a security and operational standpoint; John says the bigger signal is global: sovereignty is now a first-order priority, and Canada can’t pretend this wave isn’t coming.Washington Post Layoffs: AI Search Is Eating the Referral Economy (16:48)Matt highlights the Washington Post’s reported search traffic collapse and layoffs impacting a third of the newsroom. John calls journalism an obvious early disruption target: LLMs compress content production costs, and the old newsroom pyramid doesn’t match the new economics.The Survival Play: Media Becomes a Live Events Business (19:26)They land on the counter-move: stop fighting the trend and monetize what still works: brand, access, community, and in-person experiences. If content becomes commoditized, relationships and trust become the product.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack the ripple effects of Y Combinator’s decision to exclude Canadian startups from their investment portfolio unless they’re incorporated in the U.S. or other tax-friendly jurisdictions. This move has sent shockwaves through the Canadian tech ecosystem, and Matt and John break down exactly why this matters for founders and investors alike.The conversation explores the myth of U.S. incorporation being the golden ticket for capital-raising and the rise of a narrative that Canadian entrepreneurs must leave their home country to achieve success. Matt and John challenge this narrative head-on, providing deep insights into why Canadian tech companies can still thrive domestically and refuting the data that YC used to justify their decision.Y Combinator Shakes Up Canadian Startups (01:09)YC has revised its investment criteria to exclude Canadian companies unless they’re incorporated in the U.S. or certain tax havens. The duo debates the implications of this shift and how it impacts Canadian founders who are now questioning their incorporation choices.The False Narrative of U.S. Incorporation (03:09)John breaks down the myth that U.S.-incorporated companies raise more capital than their Canadian counterparts, calling out misleading data points used by YC’s Garry Tan to justify the shift. The conversation digs into why this narrative is misleading and what Canadian entrepreneurs can do to counter it.Why YC’s Data Doesn’t Tell the Full Story (05:35)John explains how some of Canada’s most successful tech companies didn’t follow the YC path and still thrived, refuting the idea that incorporation in the U.S. is always the best move for Canadian startups.The Ripple Effect on Early-Stage Founders (06:25)The discussion turns to the younger generation of founders who now believe they must incorporate in the U.S. to succeed, potentially setting them up for unnecessary challenges.The Shift from PE to VC: Innovator’s Dilemma (14:07)Matt and John shift gears to discuss private equity’s struggle with legacy enterprise software companies in the wake of AI disruption. They explore how PE firms are transforming into venture funds to keep up with market changes, creating a new kind of investment landscape.The AI Crisis for Private Equity (15:10)As AI-native startups disrupt traditional software models, private equity firms face extended hold periods on their investments. Matt and John explore how firms like Thoma Bravo are adjusting their strategies to deal with these changes.CGI Partners with OpenAI: The Changing Consulting Landscape (18:54)The episode wraps up with a discussion on CGI’s new global alliance with OpenAI. This partnership marks a major shift in the IT consulting world, with CGI aiming to integrate AI at scale. Matt and John speculate on the future of AI in enterprise consulting and what this means for legacy players like CGI.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, Matt Cohen sits down with Timothy Chen, the sole General Partner at Essence VC. Tim shares his remarkable journey from being a “nerdy, geeky kid” who hacked open-source projects to becoming one of the most respected early-stage infrastructure investors, backing breakout companies like Tabular (acquired by Databricks for $2.2 billion). A former engineer at Microsoft and VMware, co-founder of Hyperpilot (acquired by Cloudera), and now a solo GP who quietly raised over $41 million for his latest fund, Tim offers a unique, no-BS perspective on spotting technical founders, navigating the idea maze, and rethinking sales and traction in the world of AI and infrastructure.We dive deep into his unconventional path into VC, rejected by traditional Sand Hill Road firms, only to build a powerhouse reputation through sheer technical credibility and founder empathy. Tim reveals the patterns behind disruptive infra companies, why most VCs can’t help with product-market fit, and how he leverages his engineering background to win competitive deals.Whether you’re a founder building the next foundational layer or an investor trying to understand the infra and AI boom, this conversation is packed with hard-won insights.The Open Source Resume (00:03:44)* How contributing to Apache projects (Drill, Cloud Foundry) built his career when a CS degree couldn’t.* The moment he realized open source was a path to industry influence, not just a hobby.* Why the open source model is more “vertical than horizontal”, allowing deep contribution without corporate red tape.From Engineer to Founder: The Hyperpilot Journey (00:13:24)* Leaving Docker to start Hyperpilot and raising seed funding from NEA and Bessemer.* The harsh reality of founder responsibility: “It’s not about the effort hard, it’s about all the other things that has to go right.”* Learning from being “way too early to market” and the acquisition by Cloudera.The Unlikely Path into Venture Capital (00:26:07)* Rejected by top-tier VC firms for a job, then prompted to start his own fund via AngelList.* Starting with a $1M “Tim Chen Angel Fund” focused solely on infrastructure.* How Bain Capital’s small anchor investment gave him the initial credibility.Building a Brand Through Focus & Reputation (00:30:42)* Why focusing exclusively on infrastructure was his “best blessing” creating a standout identity in a sparse field.* The reputation flywheel: Founders praising his help led to introductions from top-tier GPs and LPs.* StepStone reaching out for a commitment before he even had fund documents ready.The Essence VC Investment Philosophy (00:44:34)* Pattern Recognition: What he learned from witnessing the early days of Confluent, Databricks, and Docker.* Seeking Disruptors, Not Incrementalists: Backing founders who have a “non-common belief” that leads to a 10x better product (e.g., Modal Labs, Cursor, Warp).* Rethinking Sales & Traction: Why revenue-first playbooks don’t apply in early-stage infra; comfort comes from technical co-building and roadmap planning.* The “Superpower”: Using his engineering background to pressure-test technical assumptions and timelines with founders.The Future of Infra & AI (00:52:09)* Infrastructure as an “enabler” for new application paradigms (real-time video, multimodal apps).* The coming democratization of building complex systems (the “next Netflix” built by smaller teams).* The shift from generalist backend engineers to specialists, enabled by new stacks and AI.Solo GP Life & Staying Relevant (00:54:55)* Why being a solo GP doesn’t mean being a lone wolf; 20-30% of his time is spent syncing with other investors to learn.* The importance of continuous learning and adaptation in a fast-moving tech landscape.* His toolkit: Using portfolio company Clerky (a CRM) to manage workflow.About Timothy ChenFounder and Sole General Partner, Essence VCTimothy Chen is the Sole General Partner at Essence VC, a fund focused on early-stage infrastructure, AI, and open-source innovation. A three-time founder with an exit, his journey from Microsoft engineer to sought-after investor is a masterclass in building credibility through technical depth and founder-centric support. He has backed companies like Tabular, Iteratively, and Warp, and his insights are shaped by hundreds of conversations at the bleeding edge of infrastructure.Connect with Timothy Chen on LinkedIn: linkedin.com/in/timchenVisit the Essence VC Website: https://www.essencevc.fund/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of Tank Talks, host Matt Cohen sits down with Michael Platt, CEO of Carma Corp., and lifelong friend, to explore his incredible journey from corporate lawyer to building and selling one of Canada’s leading sub-metering companies.Michael shares how he transitioned from practicing law to launching a self-funded search fund, ultimately acquiring Carma Corp., a family-run business he scaled from 40,000 to over 135,000 customers nationwide. He opens up about the challenges of cold-calling owners, managing a solo search process, and living out of a motel during due diligence, all while learning the ropes of entrepreneurship on the fly.He also dives into the bold decisions that fueled Carma’s growth, from strategic acquisitions like Priority Submetering and Spectrum Building Services to the recent landmark sale to CVC DIF. He reflects on lessons from missed deals, imposter syndrome, and why relationships are the real key to success in M&A.From humble beginnings to leading a national powerhouse, Michael’s story is one of persistence, grit, and lifelong learning. Whether you’re an aspiring entrepreneur, investor, or operator, this conversation offers an honest look at what it takes to go “all in” and build something extraordinary.From Corporate Law to Entrepreneurship (02:45)* Michael’s roots in a family of lawyers, and his early career in corporate tax law.* The “non-merit-based” soft skills learned as a junior lawyer: preparation, punctuality, and clear communication.* The decision to supplement his skills with business courses leading him to a new path in management consulting.The Search Fund Journey: Going Rogue (10:17)* Why Michael chose the self-funded search path over the traditional model for greater flexibility.* The grueling process: building a team of unpaid analysts, sourcing thousands of leads, and the power of relentless follow-up.* The 23-month proprietary pursuit of Carma, including an 8-month stint living in a Lindsay motel to build trust and conduct diligence.Acquiring and Scaling Carma Corp (18:40)* Finding the right capital partner in Terranova Partners.* Stepping in as CEO and fostering a “soft landing” with the existing team.* The acquisition strategy that fueled growth: buying competitors like Priority Submetering and expanding services with Spectrum Building Services.* Scaling from 40 to 225 employees and from 40,000 to 135,000 customer accounts.Navigating a Landmark Sale to CVC DIF (31:44)* Recognizing the right time to sell and the decision to go to market.* The intense, year-long sale process: working with Jefferies, meeting global buyers, and running an auction.* Why CVC Dif was the ideal partner for Carma’s next chapter.* The key takeaway: it takes a deep bench of advisors, investors, and a strong leadership team to reach the finish line.Lessons on Resilience and Building (35:25)* Michael’s pride in what the team built and the people he built it with.* Advice for aspiring searchers: “You have to be all in” and hold yourself accountable.* The life lessons that guided him: “The Man in the Arena” and “This too shall pass.”About Michael PlattMichael Platt is a serial operator and entrepreneur. He is the CEO and visionary behind Carma Corp., a leading sub-metering provider in Canada. After a career in corporate law and management consulting, Michael successfully launched a search fund, acquired Carma, and scaled it dramatically before leading its successful sale to CVC DIF in a landmark deal. He remains dedicated to Carma’s future growth as its CEO.Connect with Michael Platt on LinkedIn: https://www.linkedin.com/in/michael-plattVisit the Carma Corp. website: https://carmacorp.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In the final episode of 2025, Matt Cohen and John Ruffolo reflect on a turbulent year for technology, capital markets, and Canadian innovation, while looking ahead to the forces that will shape 2026. The conversation opens with Canada’s largest private startup round of the year, a $1.76B raise by Toronto based HydroStar Energy Storage, and uses it as a springboard to examine the AI shakeout now underway. John describes the sector as entering a “forest fire” phase, where overfunded and undifferentiated companies fall away, creating room for stronger, more durable players to emerge.Matt and John then explore whether 2026 will finally mark a return of major tech IPOs, or whether the regulatory burden and liquidity options in private markets will keep companies like SpaceX, Stripe, and OpenAI on the sidelines. Despite interest rate cuts, the hosts argue capital markets remain constrained and selective.The discussion shifts to Canada’s strategic priorities, including a growing focus on defense technology viewed through a dual use lens of sovereignty and innovation. As talent emigration rises and domestic risk capital lags, the episode closes with a clear warning. Without addressing capital access, taxation, and long term retention, Canada risks becoming a leaky boat, losing its builders and economic future to the United States.The 2025 AI Shakeout & The 2026 Forest Fire (02:06)John predicts a period of simultaneous “carnage” and opportunity in AI, comparing the market to a forest fire that burns the weak but creates fertile ground for the strong. They debate which companies are the true “sequoias” built to last.IPO or Bust? The Reluctant March to Public Markets (04:57)With rumors swirling around SpaceX, Anthropic, and OpenAI, Matt and John explore why 2026 might see major IPOs. John argues that many are driven not by ambition, but by investor pressure for liquidity, calling it a “panacea” for fund timelines rather than a strategic goal.Rate Cuts & Stagnation: Why Cheap Money Isn’t Fixing Canada’s Economy (07:28)Despite multiple rate cuts in 2025, investment activity remains sluggish. The hosts diagnose a holding pattern for Canada’s economy, where further cuts risk devaluing the dollar without spurring meaningful productivity gains.Bullets, Bombs, and Blockchain: Canada’s New Defense Tech Mandate (08:17)Matt highlights new government funds for defense tech. John reframes the spending as critical for “physical sovereignty” in a tech-driven Cold War, emphasizing the “dual-use” nature of investments in AI, quantum, and satellite technology.Predictions for 2026: Agents, Physical AI, and Nuclear’s Comeback (11:23)The hosts share their forecasts: Matt bets on AI “agents” automating complex workflows and tangible ROI finally hitting enterprise software. John is bullish on “AI meeting the physical world” through robotics and autonomous machinery, and predicts a major comeback for nuclear energy.Canada’s Leaky Boat: The Capital and Talent Retention Crisis (18:32)Addressing record-high emigration, John identifies the twin failures crippling Canadian innovation: a lack of domestic risk capital at scale and an uncompetitive personal tax regime. He warns that without urgent fixes in the next budget, the brain drain will accelerate, with U.S. capital actively pulling companies and founders south.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com