José sits down with Rohan Pujara, general partner at Valhalla Ventures, for another episode of the Emerging Managers series on The Delphi Podcast. Rohan explains why he avoids crowded investment themes, seeks out unconventional founders, and believes venture capital has increasingly traded risk-taking for status and consensus. They explore what separates repeatable investing skill from getting lucky, why a great seed investment should have no competitors, and how Valhalla builds conviction in companies other investors overlook. Rohan breaks down the thinking behind investments in K2 Space, Jaza and Truffle—from large satellites and electricity in sub-Saharan Africa to the case for running AI on personal devices. The conversation also covers concentrated portfolios, selective follow-on investing, the appeal of owning future monopolies, and how LP incentives shape fund managers’ decisions. Rohan shares how growing up with little money shaped his willingness to take risks, why he prefers New York to San Francisco, and what it takes to build an enduring investment firm. 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸José Macedo: @ZeMariaMacedo ▸Rohan Pujara: @rohanpuj 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 Cold Open 00:44 Meet Rohan Pujara and Valhalla Ventures 01:56 Why Rohan Avoids Consensus Investments 10:23 Has Venture Capital Lost Its Risk Takers? 13:11 Investing Skill vs. Getting Lucky 17:23 Finding Founders Before They Raise 19:14 What Makes an Exceptional Founder? 28:28 Concentrated Portfolios and Follow-On Investing 34:32 San Francisco Groupthink vs. New York 36:48 TCI, Monopolies and Long-Term Moats 39:37 From Crypto to Deep Tech and Beyond 44:25 K2 Space: Betting Against Small Satellites 47:34 Jaza: Bringing Electricity to Africa 51:33 Investment Mistakes and Overthinking 55:17 Backing Technical AI Founders 58:44 Truffle and the Future of Personal AI 1:03:53 Growing Up Poor and Learning to Take Risks 1:11:38 Valhalla’s Future and Aligning Incentives Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.