Inside a Venture Studio: $3M In, $150M Out | Trey Bowles, 1845 Ventures

Trey Bowles takes 50% of a company on day one, and argues the founder still walks away with more than venture capital would leave them. Trey Bowles, co-founder and managing partner of 1845 Ventures, joins Ryan Harper on The Venture Capital Show to explain what a venture studio actually is, how the cap table works when the studio is a co-founder, and why capping a company at $2 to $3 million for life is the point rather than a limitation. 1845 co-founds companies at inception on a 50/50 split, puts in $2 to $3 million total, and engineers toward a $50 to $150 million exit in three to four years. Trey walks through the math: at exit the table is roughly a third to investors, a third to 1845, a third to the founder, against the 5 to 10 percent a founder typically holds after a traditional venture path. He explains why they call potential acquirers during diligence and ask whether they would actually buy the company, why the strategy is "go get 217 customers" instead of "someday be worth a billion," and why Texas produces a steady stream of $100 to $300 million acquisitions too small for the buyer to bother writing a press release about. Subscribe:    / @theventurecapitalshow   IN THIS EPISODE What a venture studio is, and how it differs from a venture capital fund The 50/50 co-founder split, and why the founder still nets roughly a third at exit Who funds a studio: 30 strategic investors with right of first refusal on every deal Calling potential acquirers during diligence: do you feel this problem, would you buy it Why Texas's $100 to $300 million exits stay invisible The three free validation steps he expects before he will take a meeting Why coachability is a hard gate, not a preference "Go get 217 customers" instead of building toward a billion dollar outcome Why angels, not VCs, fund a capital-capped company How a studio gets paid before there are any exits Building a custom AI tech stack for every portfolio company How angel networks really work, and what a real check size looks like The angel rule: 2 to 3 percent of net worth, spread across 20 to 30 companies Why three angel investments is a good way to lose all your money Researching an investor's thesis before you pitch, and the double opt-in introduction What happens at a 50/50 company when the founder wants to keep going and the studio does not Family offices, third and fourth generation, and the case for putting a toe into venture CHAPTERS 00:00 Intro 01:18 What is a venture studio? 03:17 Who actually pays for the studio 04:28 The 30 investors who get into every company 05:49 A model built for Texas exit math 06:02 $2 to $3 million in, $50 to $150 million out 06:14 Take 50%, and the founder still keeps more 07:22 Calling the acquirer before you invest 13:19 The three free things he expects before a meeting 14:46 Coachable, or it is a no 16:41 What actually excites him: the exit math 21:00 How 1845 gets paid before any exits 22:15 Why angels fund these rounds and VCs do not 27:19 Where the $2 to $3 million number came from 28:02 Forget a billion dollars, go get 217 customers 32:20 A custom AI stack for every portfolio company 36:37 The cap table: a third, a third, a third 42:06 How angel networks actually work 45:26 What angels really write: $10K to $250K 46:36 2 to 3 percent of net worth across 20 to 30 companies 52:19 Do your homework before you pitch an investor 53:24 The double opt-in introduction 54:14 Send the deck before the meeting 57:25 Encourage everyone, advocate for a few 1:02:56 Where 1845 finds its deals 1:05:43 When the founder wants to keep going and you do not 1:06:35 Who has the final say at 50/50 1:07:19 Where Dallas venture goes next 1:08:56 Family offices, Gen 3, and the case for venture 1:14:26 Have an ask, and have an answer ABOUT THE SHOW The Venture Capital Show is direct, no-fluff conversations with the venture capitalists, founders, angels, and fund managers building the next generation of companies. Hosted by Ryan Harper. New episodes 2 to 3 times a week. Website: https://www.theventurecapitalshow.com GUEST Trey Bowles on LinkedIn:   / treybowles   1845 Ventures: https://1845.ventures CONNECT LinkedIn:   / theventurecapitalshow   Founders raising or investors who want on the show: https://www.theventurecapitalshow.com... #VentureCapital #VentureStudio #AngelInvesting #Startups #Founders #TreyBowles #1845Ventures Sponsored by: http://www.istaconsultingllc.com/ ISTA Consulting is a one-stop shop for emerging VC funds and their portfolio companies, offering financial operations, investor reporting and controller/CFO advisory services - all under one roof.