StarZero All shows Try the podcast clipper →

Mar 17, 2022 · 30m · capital-allocators

Kelsey Chase – Analyzing Venture Transactions at Aumni (Capital Allocators, EP.241)

Kelsey Chase · 23m spoken Ted Seides · 4m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

Ted Seides interviews Kelsey Chase, founder and president of Omni (Aumni), exploring how the platform transforms unstructured legal agreements into structured venture capital data and actionable market intelligence. Chase breaks down Omni's founding journey, use cases for allocators and founders, and empirical benchmarks on board governance, pro rata economics, and venture valuation cycles.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Ted holds 17.6% of the talking time here. How this is scored →

Ted as informed peer 3.6 Guest teaching 5.6 Guest disagreement 0.0 Ted pushing back 0.0
05100:0010:0020:0030:002:46–6:40 · Ted as informed peer 3/10 Kelsey Chase's Legal Background in Silicon Valley Corporate Law Ted prompts Kelsey to detail his career trajectory from tech corporate law at Wilson Sonsini and DLA Piper to founding Omni. Kelsey explains the realization that multi-million dollar private transactions lacked basic data infrastructure.6:41–9:54 · Ted as informed peer 4/10 Overcoming Investor Objections and Recruiting Technical Leadership Ted inquires about the technical resources required to transition from a legal background to a tech venture. Kelsey discusses overcoming early investor skepticism and recruiting a technical co-founder to build data pipelines.9:55–15:50 · Ted as informed peer 4/10 Extracting Economic and Governance Data from Deal Documentation Ted asks how transaction data is extracted and utilized across client segments. Kelsey details how Omni parses legal agreements into economic and control terms to assist both portfolio management and round negotiations.15:50–19:10 · Ted as informed peer 4/10 Expanding Analytical Capabilities to Limited Partners and Fund Terms Ted guides the conversation toward LP applications and macroeconomic shifts in venture terms. Kelsey shares empirical observations on declining lead-investor board representation in growth rounds.19:11–21:57 · Ted as informed peer 4/10 Growth Round Capital Influx and the Surge in Founder-Friendly Terms Ted notes the evident shift toward founder leverage given massive capital inflows. Kelsey confirms this with dataset benchmarks on reduced dilution and favorable rights distribution.21:57–25:36 · Ted as informed peer 4/10 Analyzing Pro Rata Rights and Missed Follow-On Allocations Ted asks about fund-level metrics and company timelines between rounds. Kelsey explains the financial consequence of pro rata misses and highlights that peak valuation markups occur within six months of Series B.25:37–29:47 · Ted as informed peer 2/10 Omni's Long-Term Vision for Private Capital Infrastructure Ted asks concluding questions covering Omni's long-term infrastructure vision and standard personal rapid-fire reflections.2:46–6:40 · Guest teaching 5/10 Kelsey Chase's Legal Background in Silicon Valley Corporate Law Ted prompts Kelsey to detail his career trajectory from tech corporate law at Wilson Sonsini and DLA Piper to founding Omni. Kelsey explains the realization that multi-million dollar private transactions lacked basic data infrastructure.6:41–9:54 · Guest teaching 6/10 Overcoming Investor Objections and Recruiting Technical Leadership Ted inquires about the technical resources required to transition from a legal background to a tech venture. Kelsey discusses overcoming early investor skepticism and recruiting a technical co-founder to build data pipelines.9:55–15:50 · Guest teaching 6/10 Extracting Economic and Governance Data from Deal Documentation Ted asks how transaction data is extracted and utilized across client segments. Kelsey details how Omni parses legal agreements into economic and control terms to assist both portfolio management and round negotiations.15:50–19:10 · Guest teaching 6/10 Expanding Analytical Capabilities to Limited Partners and Fund Terms Ted guides the conversation toward LP applications and macroeconomic shifts in venture terms. Kelsey shares empirical observations on declining lead-investor board representation in growth rounds.19:11–21:57 · Guest teaching 6/10 Growth Round Capital Influx and the Surge in Founder-Friendly Terms Ted notes the evident shift toward founder leverage given massive capital inflows. Kelsey confirms this with dataset benchmarks on reduced dilution and favorable rights distribution.21:57–25:36 · Guest teaching 7/10 Analyzing Pro Rata Rights and Missed Follow-On Allocations Ted asks about fund-level metrics and company timelines between rounds. Kelsey explains the financial consequence of pro rata misses and highlights that peak valuation markups occur within six months of Series B.25:37–29:47 · Guest teaching 3/10 Omni's Long-Term Vision for Private Capital Infrastructure Ted asks concluding questions covering Omni's long-term infrastructure vision and standard personal rapid-fire reflections.2:46–6:40 · Guest disagreement 0/10 Kelsey Chase's Legal Background in Silicon Valley Corporate Law Ted prompts Kelsey to detail his career trajectory from tech corporate law at Wilson Sonsini and DLA Piper to founding Omni. Kelsey explains the realization that multi-million dollar private transactions lacked basic data infrastructure.6:41–9:54 · Guest disagreement 0/10 Overcoming Investor Objections and Recruiting Technical Leadership Ted inquires about the technical resources required to transition from a legal background to a tech venture. Kelsey discusses overcoming early investor skepticism and recruiting a technical co-founder to build data pipelines.9:55–15:50 · Guest disagreement 0/10 Extracting Economic and Governance Data from Deal Documentation Ted asks how transaction data is extracted and utilized across client segments. Kelsey details how Omni parses legal agreements into economic and control terms to assist both portfolio management and round negotiations.15:50–19:10 · Guest disagreement 0/10 Expanding Analytical Capabilities to Limited Partners and Fund Terms Ted guides the conversation toward LP applications and macroeconomic shifts in venture terms. Kelsey shares empirical observations on declining lead-investor board representation in growth rounds.19:11–21:57 · Guest disagreement 0/10 Growth Round Capital Influx and the Surge in Founder-Friendly Terms Ted notes the evident shift toward founder leverage given massive capital inflows. Kelsey confirms this with dataset benchmarks on reduced dilution and favorable rights distribution.21:57–25:36 · Guest disagreement 0/10 Analyzing Pro Rata Rights and Missed Follow-On Allocations Ted asks about fund-level metrics and company timelines between rounds. Kelsey explains the financial consequence of pro rata misses and highlights that peak valuation markups occur within six months of Series B.25:37–29:47 · Guest disagreement 0/10 Omni's Long-Term Vision for Private Capital Infrastructure Ted asks concluding questions covering Omni's long-term infrastructure vision and standard personal rapid-fire reflections.2:46–6:40 · Ted pushing back 0/10 Kelsey Chase's Legal Background in Silicon Valley Corporate Law Ted prompts Kelsey to detail his career trajectory from tech corporate law at Wilson Sonsini and DLA Piper to founding Omni. Kelsey explains the realization that multi-million dollar private transactions lacked basic data infrastructure.6:41–9:54 · Ted pushing back 0/10 Overcoming Investor Objections and Recruiting Technical Leadership Ted inquires about the technical resources required to transition from a legal background to a tech venture. Kelsey discusses overcoming early investor skepticism and recruiting a technical co-founder to build data pipelines.9:55–15:50 · Ted pushing back 0/10 Extracting Economic and Governance Data from Deal Documentation Ted asks how transaction data is extracted and utilized across client segments. Kelsey details how Omni parses legal agreements into economic and control terms to assist both portfolio management and round negotiations.15:50–19:10 · Ted pushing back 0/10 Expanding Analytical Capabilities to Limited Partners and Fund Terms Ted guides the conversation toward LP applications and macroeconomic shifts in venture terms. Kelsey shares empirical observations on declining lead-investor board representation in growth rounds.19:11–21:57 · Ted pushing back 0/10 Growth Round Capital Influx and the Surge in Founder-Friendly Terms Ted notes the evident shift toward founder leverage given massive capital inflows. Kelsey confirms this with dataset benchmarks on reduced dilution and favorable rights distribution.21:57–25:36 · Ted pushing back 0/10 Analyzing Pro Rata Rights and Missed Follow-On Allocations Ted asks about fund-level metrics and company timelines between rounds. Kelsey explains the financial consequence of pro rata misses and highlights that peak valuation markups occur within six months of Series B.25:37–29:47 · Ted pushing back 0/10 Omni's Long-Term Vision for Private Capital Infrastructure Ted asks concluding questions covering Omni's long-term infrastructure vision and standard personal rapid-fire reflections.

speaking balance: gold is Ted, purple is the guest (3 minute bins)

0:00 · Ted 96.5% · guest 3.5%0:00 · Ted 96.5% · guest 3.5%3:00 · Ted 6.3% · guest 93.7%3:00 · Ted 6.3% · guest 93.7%6:00 · Ted 10.4% · guest 89.6%6:00 · Ted 10.4% · guest 89.6%9:00 · Ted 7.6% · guest 92.4%9:00 · Ted 7.6% · guest 92.4%12:00 · Ted 0.9% · guest 99.1%12:00 · Ted 0.9% · guest 99.1%15:00 · Ted 10.9% · guest 89.1%15:00 · Ted 10.9% · guest 89.1%18:00 · Ted 17.3% · guest 82.7%18:00 · Ted 17.3% · guest 82.7%21:00 · Ted 5.7% · guest 94.3%21:00 · Ted 5.7% · guest 94.3%24:00 · Ted 6.1% · guest 93.9%24:00 · Ted 6.1% · guest 93.9%27:00 · Ted 11.7% · guest 88.3%27:00 · Ted 11.7% · guest 88.3%30:00 · Ted 100% · guest 0%30:00 · Ted 100% · guest 0%
Sharpest disagreement ▶ 6:56 Humorous rejection of early investor doubts

In a completely collaborative conversation, Kelsey humorously acknowledges the primary early objection from investors who dismissed them as just lawyers who couldn't build tech.

 Hardest push from Ted ▶ 19:11 Ted refocusing on non-obvious deal trends

Ted acknowledges surface-level market trends like faster speed and higher valuations, prompting Kelsey to provide deeper, less obvious transaction insights.

 Biggest teaching moment ▶ 23:57 Empirical window for Series B to C valuation markups

Kelsey educates the audience and host with precise proprietary data showing that Series B markups peak within the first 6 months and drop off sharply after 18 months.

 Ted holds their own ▶ 20:21 Ted contextualizing the balance of power shift

Ted demonstrates industry insight by accurately framing how unprecedented capital influx directly shifts negotiation leverage and governance terms toward founders.
the scores for every segment, with the reasoning behind each
ChapterTopicTed as informed peerGuest teachingGuest disagreementTed pushing backWhy
Kelsey Chase's Legal Background in Silicon Valley Corporate Law 3500 Ted prompts Kelsey to detail his career trajectory from tech corporate law at Wilson Sonsini and DLA Piper to founding Omni. Kelsey explains the realization that multi-million dollar private transactions lacked basic data infrastructure.
Overcoming Investor Objections and Recruiting Technical Leadership 4600 Ted inquires about the technical resources required to transition from a legal background to a tech venture. Kelsey discusses overcoming early investor skepticism and recruiting a technical co-founder to build data pipelines.
Extracting Economic and Governance Data from Deal Documentation 4600 Ted asks how transaction data is extracted and utilized across client segments. Kelsey details how Omni parses legal agreements into economic and control terms to assist both portfolio management and round negotiations.
Expanding Analytical Capabilities to Limited Partners and Fund Terms 4600 Ted guides the conversation toward LP applications and macroeconomic shifts in venture terms. Kelsey shares empirical observations on declining lead-investor board representation in growth rounds.
Growth Round Capital Influx and the Surge in Founder-Friendly Terms 4600 Ted notes the evident shift toward founder leverage given massive capital inflows. Kelsey confirms this with dataset benchmarks on reduced dilution and favorable rights distribution.
Analyzing Pro Rata Rights and Missed Follow-On Allocations 4700 Ted asks about fund-level metrics and company timelines between rounds. Kelsey explains the financial consequence of pro rata misses and highlights that peak valuation markups occur within six months of Series B.
Omni's Long-Term Vision for Private Capital Infrastructure 2300 Ted asks concluding questions covering Omni's long-term infrastructure vision and standard personal rapid-fire reflections.

Statements from this episode (9)

Insight
Chase: Venture deal terms ultimately boil down to economics or corporate control
“And in those agreements, you can really almost boil anything down to economics or control.”
Kelsey Chase Mar 17, 2022 ▶ 10:24
Assertion Supported
Chase: Most fund of funds maintain direct investment strategies alongside fund investments
“If you take a fund to fund, for example, most fund to funds do have some sort of direct investment strategy alongside their fund strategy.”
Kelsey Chase Mar 17, 2022 ▶ 16:23
Assertion Not checkable as stated
Aumni data: Lead investors secure board seats in 85% of growth rounds
“It's about 85% of lead investors in those rounds. Do you get a board seat when they lead an investment? However, if you look across the last few years, the trend has been down.”
Kelsey Chase Mar 17, 2022 ▶ 18:35
Assertion Supported
Aumni data: Venture growth round sizes spiked exponentially following COVID-19
“One of the, I think, The pretty just staggering trends that we're seeing is over the last decade, there's pretty linear growth in terms of the size of these rounds. Like how much capital is coming into a series B company? What's the total round size? There's a…”
Kelsey Chase Mar 17, 2022 ▶ 19:32
Assertion Supported
Aumni data: Founders take less dilution and secure unprecedentedly favorable rights
“All of that I think is creating an environment where founders have the most friendly terms that they've ever had. That's the reality of what we're seeing in the data is that companies, founders are taking on less delusion in growth rounds. Generally speaking, …”
Kelsey Chase Mar 17, 2022 ▶ 21:27
Insight
Chase: Emerging managers should study missed pro-rata opportunities to justify larger funds
“And I think that dynamic is something if I were an emerging manager would want to be all over studying that, but then bringing new strategies to market and being able to convince LPs what that would have to translate to is larger firms potentially that have ac…”
Kelsey Chase Mar 17, 2022 ▶ 23:28
Assertion Not publicly verifiable
Aumni data: Median time from Series B to C is 15 months
“And the median timeline that Omni came to was about 15 months.”
Kelsey Chase Mar 17, 2022 ▶ 24:10
Assertion Not publicly verifiable
Aumni data: Highest valuation markups occur within six months of Series B
“So within six months of the B is where we see the highest median markups. Biggest valuation increases are happening within six months of your B.”
Kelsey Chase Mar 17, 2022 ▶ 24:30
Assertion Not publicly verifiable
Aumni data: Valuation markups drop precipitously 18 months after Series B rounds
“There still are strong valuations in months seven through 18, but not as strong as the first six months, but good markups really up through 18 months after your B, and then we see a pretty precipitous drop off after that 18 month marker.”
Kelsey Chase Mar 17, 2022 ▶ 24:39
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 700 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.

Try the podcast clipper Learn more