Amias Gerety, Partner at QED Investors, brings an unconventional perspective to venture capital shaped by his eight years at the US Treasury Department during the financial crisis. A mechanical thinker, Amias applies an essentialist approach to understanding how businesses work. He explains why QED looks for companies that triple every six months at Series A, how inverted AI creates new opportunities in financial services, and why the best advice for founders remains timeless: build something people want and charge more than it costs to make. With insights on the AI bubble, the application layer renaissance, and why saying no 99 times out of 100 is the real job of a VC, Amias offers a masterclass in disciplined, thesis-driven investing.

In this episode, you'll learn:

[01:24] Amias's unique path from politics and Treasury to venture capital

[05:13] The lever theory: how government and VC create systemic change

[07:12] Why mechanical thinking and first principles matter in VC

[14:48] QED's investment sweet spot: Series A and series B with undeniable momentum

[19:25] What product-market fit really means and how to recognize it

[22:14] Inverted AI: Why the world needs financial services for the AI economy

[26:43] The AI bubble paradox: overvalued companies, transformative technology

[32:57] Why early-stage founders should ignore the macro and focus on customers

[34:31] The brutal math of venture

The nonprofit organization Amias is passionate about: Easterseals

About Amias Gerety

Amias Gerety is a Partner at QED Investors, where he focuses on FinTech and InsurTech investments. Before joining QED in 2017, Amias spent eight years at the US Treasury Department from the first day of the Obama administration through its final day. During his tenure, he helped write the Dodd-Frank Act and built the Financial Stability Oversight Council, the organization responsible for monitoring systemic risk in the US financial system. His government experience during the financial crisis gives him a unique perspective on market dynamics and regulatory frameworks. A mechanical thinker who approaches investments with an essentialist mindset, Amias has invested in companies like Kin Insurance, Prosper, and Tint. He previously worked as a management consultant and with Save the Children in East Africa.

About QED Investors

QED Investors is one of the most successful venture capital firms focused on FinTech investments globally. As a multi-stage, global firm with a $650 million early-stage fund and $300 million growth fund, QED specializes in Series A and B investments in companies demonstrating exceptional momentum and product-market fit. The firm requires portfolio companies to show dramatic growth—expecting tripling in six months for Series A and tripling in a year for Series B investments. QED's partners bring deep domain expertise from building and scaling financial services companies, with a particular focus on companies that are reshaping financial services through technology. The firm is known for its rigorous, thesis-driven approach to investing and its high conviction in backing founders who have found authentic product-market fit in large, expanding markets.

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Steve Kim, Partner at Verdis Investment Management, shares his unique take on venture capital investment through a data-driven, diversified portfolio strategy. With a focus on early-stage investments and emerging managers, Steve discusses why diversification is key to optimizing venture returns and building enduring funds. He offers insights from his transition from technology leadership to investments, his commitment to backing emerging managers, and how this strategy benefits both LPs and founders in the long run.

In this episode, you’ll learn:

[01:18] Steve's background and transition into venture capital

[06:15] Using data to drive decisions in venture investments

[09:06] Comparing concentrated and diversified portfolio strategies

[15:30] Understanding and meeting founders' needs

[20:00] The role and support of emerging managers in venture capital

[30:00] Evolution of the venture capital ecosystem and future perspectives

The nonprofit organization Steve is passionate about: International Baccalaureate

Steve Kim is a Partner at Verdis Investment Management, where he champions a data-driven and diversified approach to venture capital investments. With over two decades of experience, Steve backs emerging managers at the earliest stages, leveraging data to optimize returns while reducing risk. His career began in technology, where he held leadership roles at companies like Walt Disney and Alcatel before transitioning to investments.

Verdis Investment Management, LLC (“Verdis”) is a Registered Investment Advisor under the Investment Advisors Act of 1940. Registration as an Investment Advisor does not imply any level of skill or training. The views expressed in this episode reflect those of Verdis as of the date of recording. Any views are subject to change at any time based on market or other conditions, and Verdis disclaims any responsibility to update such views. This commentary is not intended to be a forecast of future events, a guarantee of future results or investment advice. Because investment decisions are based on numerous factors, these views may not be relied upon as an indication of trading intent on behalf of any portfolio or strategy. The information contained herein has been prepared from sources believed to be reliable but is not guaranteed by Verdis as to its accuracy or completeness. This information does not constitute an offer to sell, or a solicitation of an offer to buy, an interest in any jurisdiction in which it is unlawful to make such an offer or solicitation. Certain information contained herein has been obtained from other parties. While such sources are believed to be reliable, neither Verdis nor its respective affiliates assume any responsibility for the accuracy or completeness of such information presented.

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Stephen Wemple, Principal at Spero Ventures, shares how he backs mission-driven founders building enduring companies aligned with purpose and profit. From investing in hardware startups like Telo Trucks to backing social impact ventures such as Juno, Stephen explains why conviction and alignment between founders and investors matter more than ever. He reflects on his journey from Fulbright Fellow in Vietnam to venture capitalist in Silicon Valley, the lessons he’s learned from working with founders, and how smaller, concentrated funds like Spero bring focus and depth back to early-stage investing.

In this episode, you’ll learn:

[01:00] - Stephen’s journey from Fulbright Fellow in Vietnam to venture capitalist at Spero Ventures

[04:30] - How Spero spun out of Omidyar Network to back purpose-driven founders

[08:10] - Investing early—with proof points that show real-world traction

[11:10] - Why mission and authenticity matter more than hype in founder evaluation

[14:00] - The story behind Spero’s investment in Juno and the value of long-term relationships

[17:00] - How founders should work with junior investors inside VC firms

[19:00] - Why conviction and alignment matter when founders choose their investors

[22:00] - Stephen’s take on the concentration of capital and the future of small, focused funds

Nonprofit highlight: AchieveKids

Stephen Wemple is a Principal at Spero Ventures, where he invests in mission-driven founders building companies for a healthier, more sustainable, and fulfilling future. He has led investments across sectors such as healthcare, climate, and frontier technologies, backing founders who combine purpose with commercial ambition.

Stephen began his career in early-stage venture capital, investing in emerging markets across Sub-Saharan Africa, Latin America, and South Asia. A Fulbright Fellow in Vietnam, he worked with the U.S. State Department to support entrepreneurship initiatives before joining Spero Ventures in its formative years. Stephen believes the best entrepreneurs are those who find and stay true to their mission.

Spero Ventures is a Silicon Valley-based early-stage venture capital firm that backs mission-driven founders building companies for a healthy, sustainable, and fulfilling future. The firm leads or co-leads seed and Series A rounds with $2–4 million investments and maintains a concentrated portfolio to closely support each founder. Its team, which includes former operators from Tesla, eBay, and Stripe, has invested in companies like Juno (child disability insurance), Telo Trucks (electric pickup trucks), Tiny Health (gut health solutions), Euclid Power (renewable energy software), and Gencove (genome sequencing platform), reflecting its belief that purpose-driven startups can create both outsized impact and venture-scale returns.

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