‍A Remarkable Journey from Founder to VC

Carmen’s path is a compelling story of exploration and passion. Originally from Spain and now based in London, Carmen started her career in politics before moving into investment banking at Morgan Stanley. Her transition into venture capital was driven by a desire to enhance her skills as a founder, only to discover that her true passion lay in investing. This epiphany led her to found Cocoa Ventures, a European angel fund that writes checks between $250k-$500k at the pre-seed and seed stages and supports founders as their in-house VC.

Cocoa Ventures, which Carmen describes as both the joy of her life and the hardest thing she has ever done, exemplifies her commitment to supporting ambitious founders with a deep sense of purpose (killers with a heart, she calls them). Her diverse background also includes roles at Felix Capital, Samaipata, and Blossom Capital, and a brief stint launching a D2C brand from her living room.

Exclusive Interview with Carmen

To give you a glimpse into Carmen’s insights and experiences, we had the opportunity to sit down with her for an exclusive interview. Here’s what she shared:

Q: Carmen, how did your transition from VC to angel investing shape your approach to early-stage investments?

Carmen 🍫: “Moving from VC to angel investing has been a transformative experience. I initially thought that angel investing would be a way to enhance my skills as a founder, but I soon realized that I’m truly passionate about investing. The biggest difference I’ve noticed is the level of alignment with founders. As an angel, I can be more flexible and collaborative, which allows me to work closely with founders and support them in a way that’s both meaningful and impactful.”

Q: What do you look for in the founder's you back?

Carmen 🍫: “I look for ‘Killers with a Heart.’ These are founders who are obsessively driven by a profound reason to solve a particular problem. They need to have a unique insight into their market and the capacity to execute quickly and effectively. I’m drawn to those who are ambitious and somewhat naïve about the challenges ahead, yet have the resilience and capability to overcome them.”

Q: What has been your biggest learning from your experiences in both VC and angel investing?

Carmen 🍫: “One of the biggest lessons I’ve learned is that nobody has all the answers. The market is unpredictable, and our knowledge is always limited. This humbling realization drives my passion for investing. Every investment decision requires an open mind and a willingness to learn from each new opportunity. Early-stage investing is an art that combines pattern recognition with the search for outliers, which means being ready to challenge your assumptions and embrace new perspectives.”

Q: Why are you excited about this program?

Carmen🍫: “Angels play a crucial role in driving a thriving tech ecosystem — the more of us there are, the more capital we invest, and the more sophisticated we become, the greater the benefits for founders. The Evangelistas’ Super Angel Program is making angel investing more accessible and informed, and I’m thrilled to contribute to this mission. It is together that we will build and grow the European tech ecosystem… let’s do this!”

Join Us and Learn from Carmen’s Expertise!

Carmen Alfonso Rico’s blend of founder experience, deep investing knowledge, and collaborative spirit makes her an invaluable addition to the Super Angel Program. Her unique approach and insights will undoubtedly inspire and elevate the investing journey of all participants.

Ready to dive into the world of angel investing with leading experts like Carmen?

Sign up for the Super Angel Program and take your investing skills to new heights. Don’t miss this opportunity to learn from one of the most dynamic voices in early-stage investing!

Super Angel Program Overview

📅 Duration: Three months, starting October 2024

😇Trainings: Six virtual sessions Fridays, 12:30 - 2 PM CET, plus exclusive events in Berlin, London, Paris, and Munich

👑Focus: Deal flow, due diligence, and value creation, with a spotlight on women-led startups, climate tech, health, biotech, and B2B SaaS

🚀Details: Learn more here

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We look forward to seeing you in the program and witnessing the incredible impact that Carmen’s insights will bring to our cohort!