In a recent webinar, we sat down with two VC platform experts - James Wright from Seedcamp and Lena Spath from First Momentum - to discuss their insights on building a successful platform function at a growing VC firm.

We distilled their learnings into a list of actions you can take to drive outcomes at your firm.

#1: Focus on balancing high touch support with scalability

Productize the repeatable - for example, create a knowledge repository to avoid repetative tasks and enhance efficiency
Lean into the Pareto principle - find out what are the 20% of tasks that will bring you 80% of the value
Leverage your network to provide tailed support when needed

"You don't want to build a dependency, you want to create value" - James Wright, Talent Manager @ Seedcamp

#2: Use data to inform your platform strategy

Dedicate time to track the tasks you and your team are completing

"By categorizing every interaction, we can identify where time and resources are most needed, ensuring alignment with the most critical areas of support." - James Wright, Talent Manager @ Seedcamp

Align on north star metrics, for example - First Momentum meticulously tracks the number of introductions made and outcomes from intros.
Track metrics beyond NPS - qualitative feedback from founders obtained through direct interactions and board meetings can provide more valuable insights than traditional metrics like NPS.

"Our role is to make [portfolio companies] successful, and unfortunately, in our business we will only see the outcome in 8 to 10 years. So I think it's imporant to find proxies for that long term goal." - Lena Spath, Head of Platform @ First Momentum

#3: Be thoughtful about building a community (or deciding not to)

“I think the most important question is 'should you build a community'. Most firms think they should do it because everyone is doing it, but you have to ask yourself if it is right for your fund.” - Lena Spath, Head of Platform @ First Momentum

Before deciding to build a community as part of your platform function, make sure you determine if it is aligned with your fund's brand and mission
If you are dedicating time to a community - make sure it's a value-add.

"For a community to be successful, it must offer real, tangible value. Whether it’s a founder community or an angel collective, there should be a clear reason for members to engage." - James Wright, Talent Manager @ Seedcamp

Conduct user interviews with your target audience to better understand their needs and preferences. For example, First Momentum typically conducts 30+ interviews on community initiatives to gather insights.

#4: Leverage technology to expand your impact

While your fund might be reluctant to try new tools, it's imperative to leverage your resources to build a successful platform function.
One way to successfully introduce new tools is to focus on solutions that both the platform and investment teams can leverage simultaneously.
Specific tools will depend on your specialty and fund goals - that being said many VC platform teams leverage a combination of technology including note takers, CRM systems, and Network Relationship Management tools like Getro to amplify their impact.

"Getro is incredibly useful, especially when managing a high volume of job listings and candidate interactions across our portfolio." - James Wright, Talent Manager @ Seedcamp

Conclusion
Platform teams come in all shapes and sizes - lean into your strengths and your firm's identity to determine your key platform initiatives. Practicing data driven decision making and leveraging tools to increase your impact are two surefire ways to scale your platform function along with portfolio growth.

Need help or more inspiration? Book a call with us to chat more about how other VCs are tackling platform initiatives.