Cem Sertoglu

Managing Partner, Bek Ventures · 1 appearance on the record.

computed by AI from the episodes · how this works → · full disclaimer →

investorfounderexecutive@csertoglu ↗LinkedIn ↗bekventures.com ↗

Cem Sertoglu is a venture capitalist who led UiPath's seed round, turning a $16.5 million investment into over $2.1 billion. He is the Managing Partner of Bek Ventures and previously founded SelectMinds and co-founded Earlybird's Digital East Fund.

35statements → 6claims → 2claims resolved → 4.06/5average certainty → 2.26/5average debate potential → 4.5/5argument clarity · the sources →

2 supported 0 partly supported 0 contradicted 1 not yet assessed 3 not checkable as stated how the 6 claims stand · each chip opens the sources

1 prediction · 5 assertions · 3 opinions · 10 insights · 14 disclosures · 2 what ifs · every statement was checked. The prediction and assertions are the 6 claims: statements the public record can support or contradict. 2 are resolved, 1 is not yet assessed, and 3 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Cem argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Cem Sertoglu: UiPath grew $1M to $100M ARR in 21 months
“I believe a UiPath went from a million to a hundred million ARR in 21 months. At the time that was, I think, the fastest ever.”
Cem Sertoglu Nov 20, 2024 ▶ 0:18 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
100% certainty 3
100% certainty 4
none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

Argument clarity: do they answer the question? how? →

4.5 / 5 directness 4.8 · coherence 4.7 · precision 4.5 · compression 4.1

answered every one of 24 assessed questions directly

This is a score against a rubric. It is not a rank. Every host question → answer exchange is scored with names hidden on directness, coherence, precision and compression, 1–5 each, on meaning alone: disfluencies are ignored, and only raw unedited episodes count. This is the score that measures thought. Every scored exchange, scores shown → · The rubric and its checks →

How they sound: speaking style how? →

242 words/min while actually speaking · 49 um and uh per 1k words · 19.8 false starts per 1k · 32.9% of pauses land inside a clause

English is their second language (first language: Turkish). These numbers measure fluency in English. They do not measure thought; the argument clarity score above is read from substance alone.

Measured by listening to the audio itself: 8,682 words across 1 episode of raw-level tape, transcribed verbatim with every um and uh kept, each one attributed only where the alignment onto our timed stream is unambiguous. These are measurements of speaking style. We do not rank them: across this corpus, fluency and argument quality are nearly uncorrelated (ρ≈0.2), and smooth talking does not signal clear thinking. How it's measured →

Everything Cem Sertoglu said on 20VC that made the record, most notable first. Filter by type, assessment or year in the ledger →

What-if
Sertoglu: Earlybird should have participated in Sequoia's $3B UiPath round
“In hindsight, we should have participated in that three billion dollar round by Sequoia.”
Cem Sertoglu Nov 20, 2024 ▶ 52:12 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Disclosure
Earlybird Funded UiPath's Bridge Round When Other VC Funds Refused
“We've done, I mean, the bridge round at UiPath, no great fund was touching the company, and we had to build our conviction internally.”
Cem Sertoglu Nov 20, 2024 ▶ 56:30 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Insight
Sertoglu: Sign funding rounds if success probability increases beyond dilution
“For the founder, I think the most important thing is probability of success. You know, Is this round that I'm closing? Is this gonna impact my potential of getting where I want to get to? As a percentage, will it make up for the dilution I'm suffering? So if I…”
Cem Sertoglu Nov 20, 2024 ▶ 1:02:25 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Disclosure
Sertoglu estimates his overall angel investing track record yielded a 10x return
“I haven't done the math. I can get it to you later on, but it must have been about 10 X overall.”
Cem Sertoglu Nov 20, 2024 ▶ 2:43 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Assertion Not checkable as stated
Sertoglu: Foreign tourist capital repeatedly rushes into and retracts from regional markets
“It happens in every cycle they rush in and then they rush out very, very quickly. And also when they rush in, they miss, miss out on the nuances of the region.”
Cem Sertoglu Nov 20, 2024 ▶ 4:04 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Insight
Sertoglu: Prematurely assuming product-market fit is the biggest scaling impediment
“I think the biggest impediment to that scale for some companies is assuming product market fit prematurely and being tempted into going into hyperscale mode prematurely.”
Cem Sertoglu Nov 20, 2024 ▶ 18:56 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Disclosure
Sertoglu: Earlybird passed on UiPath's $3B round and began divesting at $7B
“Then when Sequoia led the three billion dollar next round, we sat it out. We did not participate. And then when the seven billion valuation series C happened. Was it C or C or D? I can't remember. But then we started to carefully divest.”
Cem Sertoglu Nov 20, 2024 ▶ 46:24 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Disclosure
Sertoglu: Bek Ventures' Fund 1 returned capital on 12 of 15 deals
“In fund one out of 15 investments, only three of them did not return capital for us. Now, six companies are still live, but we expect to make money from all six of them, so they will not be lost. So we will have made A positive return out of, on 12 out of 15 i…”
Cem Sertoglu Nov 20, 2024 ▶ 53:04 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Insight
Sertoglu: Founders underestimate cap table leverage and overnegotiate terms
“Founders usually underestimate the leverage they have on their cap table. They negotiate things for very obscure situations, etc. I think experienced founders know that it's their company, and they will have a lot of flexibility around managing things when it …”
Cem Sertoglu Nov 20, 2024 ▶ 1:01:36 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Disclosure
Sertoglu: Bek Ventures partners average one to two investments per year
“When you are a small partnership, I mean, in our firm for every fund, each partner writes about four or five checks per fund. So in kind of each vintage, we're talking each year, we're talking about one or two investments at most.”
Cem Sertoglu Nov 20, 2024 ▶ 16:00 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings
Disclosure
Sertoglu: All five recent Fund Three investments are AI companies
“So, of course, every investment we've made out of Fund Three, the last five investments, are all, in one way or another, AI companies.”
Cem Sertoglu Nov 20, 2024 ▶ 59:24 Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 20VC with Harry Stebbings

Appearances (1)

EpisodeDateSpeaking time
Cem Sertoglu: Lessons from the Greatest Venture Investment in European History | E1228 · 2 Nov 20, 2024 46m
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 1,200 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.