Jeff Clavier: How To Raise Your First Fund l Trailblazers Podcast Episode 53

In this episode, we sit down with Jeff Clavier, founder of Uncork Capital and one of the early pioneers of seed-stage venture capital.

Jeff shares what he has learned from more than two decades of investing in startups, from raising some of the earliest institutional seed funds to backing companies like Postmates and Fitbit. We get into the realities of raising a venture fund, what LPs look for in emerging managers, why DPI and returning actual capital matter more than paper markups, and how secondaries can create liquidity for investors. Jeff also breaks down his approach to deep tech and hardware investing, the opportunity he missed with Uber, and how he planned the transition of Uncork to its next generation of leadership.

If you're interested in venture capital, raising a VC fund, seed investing, emerging managers, LP fundraising, startup investing, fund economics, DPI, secondaries, or building a long-term career in venture, this episode is for you.

This episode is supported by Sydecar, HEX, Wispr Flow, Granola, Beehiiv, Kalshi

Sydecar: https://sydecar.io/partners/trailblazers

beehiiv: https://www.beehiiv.com/splash?utm_campaign=trailblazers-2026-Partnership&utm_medium=podcast&utm_source=trailblazers&utm_term=podcast-1&stripe_campaign_code=TRAILBLAZERS30 (or use code “trailblazers30” for 30% OFF)

*beehiiv has a major announcement coming July 16 - can't say more, but you won't want to miss it. RSVP here: https://www.beehiiv.com/summer-release-2026

Granola: http://granola.ai/trailblazers

*Granola is the official notetaker of Trailblazers. Check out the episode show notes here: https://notes.granola.ai/t/8dccb81c-ac02-48e1-afb3-b6a7d8ff9160-00b881l8

Kalshi: http://Kalshi.com/r/trailblazers

Wispr Flow: https://ref.wisprflow.ai/trailblazers

HEX: http://hex.ai/trailblazers

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Trailblazers is your favorite tech + VC podcast, hosted by Erica Wenger (GP at Park Rangers Capital). Each week we sit down with founders, operators, and investors who’ve found conventional success in unconventional ways. New episodes every Tuesday.

Enjoy!

Timestamps:

• 00:00 - Intro
• 03:05 - The Fundraise That Took Jeff Nearly Two Years
• 08:38 - How Jeff Launched One of the First Seed Funds
• 13:26 - Why DPI Matters More Than Paper Markups
• 23:28 - What LPs Actually Want From Emerging Managers
• 26:26 - How to Build a Venture Firm That Outlives You
• 30:45 - Life Outside Venture Capital
• 36:46 - Why Jeff Is Betting on Deep Tech and Hardware
• 43:08 - Why Jeff Passed on Investing in Uber
• 47:45 - How Jeff Led the Seed Round for Postmates
• 51:09 - Trailblazer Trade-Offs