1Mby1M Virtual Accelerator Investor Forum: With Vincent Diallo of Interlace Ventures (Part 2)

Sramana Mitra: Let’s double-click down on stage. How do you define pre-seed and how do you define seed? Where are you comfortable? Do you need a proof of concept? What do you need? Do you need paying customers? What do you need to feel comfortable to write a check?

Vincent Diallo: I already invested on a PowerPoint presentation so I don’t need much in terms of advancement of the project. That’s the position of any pre-seed investor at that stage. I think a meaningful vision on a significant market is an excellent thing – always a good element.

What I usually add and request is a demo to understand the capacity to execute and clearly present their vision. That’s generally what I ask. The main criteria for me is the market size, the ambition, and the excellence of the team. 

Sramana Mitra: Let’s talk about some of the companies that you have invested in. As you’re describing these case studies, talk about how you encountered them and when you encountered them? At what stage and what did they have? What did you see that convinced you to invest?

Vincent Diallo: We backed a company called Cargo, and that was a surprising concept. They’re trying to create a commerce experience in Uber. They have up to 30,000 cars actually equipped with a cargo box, which is basically a plastic box with some products inside.

Products are of three categories: food and snacking, you also have some personal care products, and small electronics. Most of those products are for free and so that was a channel for brands to engage with potential consumers. It’s performed pretty well until the recent change in the dynamic in that space.

Why we were convinced from day one is because, as a former operator, we’d actually tried that channel of distribution. The fact is, China is slightly ahead of digital consumer experience, and it’s also a cultural country that embraces change very quickly. We saw the take off in such a space.

Let’s say the engagement of the user in such a solution. We were just missing the technological solution to monitor it properly in China, so when we sold it in the US with the proper technology, that was basically a no-brainer. That was clearly a very risky venture and the first rounds were not that easy for them.

For us, it was obvious at the first discussion that the team was able. That’s when we saw the perfect combination because they were looking for a VC who had a little bit experience in inventory management and supply chain, which we have a pretty good expertise in.

That’s one good example I think that can highlight our approach and our enriched way of thinking of retail because of the acceleration of different market maturity and market structure between the European, Chinese, and the American market. That’s one example. 

This segment is part 2 in the series : 1Mby1M Virtual Accelerator Investor Forum: With Vincent Diallo of Interlace Ventures
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