PitchIt Podcast #45: Andrew Steele of Activant Capital

On episode 45 I talk with Andrew Steele of Activant Capital. Activant is a global investment firm that partners with high-growth companies that transform commerce.

I wanted to bring in a growth investor to bring a different perspective to founders that tune into the show. While our core focus is early-stage companies and investing, I wanted to examine the next phase in the growth curve.

It was fascinating to hear about the evolution of Activant, they started out as a $75mn growth fund writing a handful of checks in the $15mn range. They have since transformed to have 4 funds with more than $2.1bn in assets under management.

Andrew and I talked through how Activant evaluates and invests in companies, why they focus on infrastructure themes, why investing is more than just writing a sizable check, how their investment thesis has evolved since fund one, valuations, what’s next in fintech, and much, much, more.

So without further ado, I present Andrew Steele of Activant Capital. I hope you all enjoy the show and be prepared to learn:

  • Andrew’s journey to Activant Capital
  • Activant’s investment thesis
  • Activant’s evolution since being founded in 2015
  • The value add that comes alongside the check
  • Why infrastructure is a focus for the fund
  • Where valuations stand today
  • How they counsel companies on good press and bad press
  • What he is most excited about in fintech
  • How he stays focused on their thesis as fintech moves at breakneck speed
  • Why in-person meetings cannot be replicated by Zoom
  • Why it’s better to read than not read
  • Favorite book: 1984 by George Orwell
  • Last book read: Say Nothing by Patrick Radden Keefe
  • And much more…

Download a PDF transcription of No. 45 Andrew Steele

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.