Collin Groves is a venture capitalist and Managing Partner at BDev Ventures, a fund backed by software powerhouse BairesDev. With experience launching five corporate venture capital arms during his time at Ernst & Young Parthenon and leading 50+ B2B SaaS investments across the Americas, he blends data-driven rigor with hands-on customer acquisition strategies. In this episode, Collin shares how BDev Ventures de-risks startups by delivering real customers before investing, why founder–market fit and team leverage matter most, and how Latin American startups can break into U.S. markets.
In Today’s Episode We Discuss:
00:01 Collin Groves’ Oklahoma roots and early career
03:07 Breaking into venture through corporate VC at EY
06:57 What BairesDev is and how it powers BDev Ventures
08:50 Why BairesDev launched a venture arm
10:13 Blending corporate VC, family office, and traditional VC models
11:53 Evergreen fund structure and GP/LP setup
12:48 Incentives, carry, and the evolution of CVC compensation
16:27 Liquidity timing: DPI vs. TVPI in venture capital
19:19 Exiting too early vs. holding for fund-returners
21:27 Scar tissue and lessons from corporate VC
22:44 Importance of speed in diligence and value articulation
24:27 Lead investor vs. co-investor strategies
25:54 Evaluating churn, NRR, and GRR in early-stage SaaS
26:31 Four key areas of diligence: value add, market, financials, and team
28:58 The 90-day pilot model for testing startups
30:56 Metrics that signal conviction during pilots
32:56 Check sizes, co-investing approach, and capital efficiency
34:44 Red flags, trust, and founder/investor alignment
38:18 Latin America vs. US market dynamics and valuations
41:21 AI-native go-to-market tools and enterprise readiness
43:39 The limits of corporate VC-as-a-service
46:31 Counterintuitive diligence metrics: why spam rate matters
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