Travis Kalanick

The high-conviction engine behind European tech Cherry Ventures operates with a precision that separates it from the spray-and-pray mentality often found in early-stage venture capital. While many firms brag about the sheer volume of their portfolio, Dinika Mahtani, recently promoted to Partner, explains that her firm takes a radically different path. Writing only 12 to 15 checks a year across Europe, the firm maintains an exceptionally high bar for entry. This isn't just about being selective; it is about the capacity to provide high-octane support. This concentrated approach has yielded a staggering 75 percent graduation rate from Seed to Series A. In the volatile world of startups, where most companies fail to reach their next milestone, this figure is a loud signal of a refined process. Mahtani describes the firm as a "Seed to Series A machine." They don't just provide capital; they provide a roadmap. When a founder signs with Cherry, they are opting into a partnership that expects—and drives—hyperscale growth. The firm’s roots in Berlin have expanded into a multi-city operation, with Mahtani leading the London office, signaling a shift from a German-centric identity to a truly pan-European powerhouse. From the trading floor to the Uber trenches Mahtani’s journey to the partner table at Cherry Ventures was anything but a straight line, and that is precisely what makes her a formidable investor. She began her career on the HSBC trading floor in New York during the 2008 financial crisis. This exposure to market collapse and the subsequent rebuilding of capital markets provided a front-row seat to how businesses fail and how they are revived. Moving to London, she transitioned into working with high-growth tech, eventually advising Uber as a banker after their Series C. Her jump to the operational side at Uber was a defining moment. At the time, the ride-sharing giant was a fundraising juggernaut, hiring the best bankers to fuel its global expansion. Mahtani joined the EMEA headquarters in Amsterdam as one of the first hires, spending four and a half years in a 24/7 environment. This period wasn't just about growth; it was a masterclass in meritocracy and execution. At Uber, status was derived from results, not tenure. This "get stuff done" mentality is now the lens through which she evaluates founders. She knows what it looks like to build in the trenches, and she uses that experience to bridge the gap between being a financial picker and an operational coach. The intellectual beauty of the marketplace model Despite the recent pivot toward B2B software and AI, Mahtani remains deeply enamored with marketplaces. For an investor with a background in mathematics and economics, marketplaces offer an intellectual challenge that few other business models can match. It is a constant, shifting puzzle of supply and demand. However, she warns that this beauty comes with inherent difficulty. Marketplaces are notorious for their high maintenance costs and the need for constant liquidity on both sides of the transaction. We are currently seeing a transition in the marketplace landscape. While the last decade was dominated by consumer giants like Amazon and Alibaba, the next wave is likely to be B2B-focused. Mahtani points to the emergence of structured data through generative AI as a catalyst. The ability to turn unstructured text and voice into actionable data allows for the digitization of industries like logistics and agriculture—sectors that were previously too fragmented to support a digital marketplace. She cites Vinted as a prime example of a marketplace that continues to scale by seamlessly syncing messaging, transactions, and discovery, proving that even "non-beautiful" products can win through sheer utility and network effects. Why early-stage investors must stop talking themselves out of deals There is a fundamental tension between the mindset of an angel investor and a venture capitalist. Angels often bet on the person; VCs bet on the model. Mahtani argues that while due diligence is necessary to understand the core fundamentals of a business, VCs often risk talking themselves out of legendary deals by over-analyzing early-stage data. At the Seed stage, data is inherently incomplete. If you only look at what a product is today, you miss what it could become. Take Uber or Revolut as examples. If an investor looked at Uber in its infancy and only saw a taxi app, they would have missed the multi-vertical behemoth it became. The same applies to Revolut and its evolution from a simple FX tool to a financial super-app. Mahtani believes the most successful funds are those that maintain a high ownership stake at the Seed level and double down as the founder expands the vision. The goal is to identify the "rational optimist"—the founder who can map out ten steps ahead while others are still looking at step one. Navigating the 2024 capital reset As the venture market resets, 2024 is shaping up to be a year of reckoning for companies that raised at the peak of the 2021 bubble. Many startups are facing a reality where their paper valuations are no longer supported by market sentiment. Mahtani anticipates a wave of companies returning for capital, only to find that the terms have shifted dramatically. This isn't necessarily a "blood bath," but rather a necessary resetting of the house. The optimism in the current market is driven by efficiency. Generative AI is allowing companies to operate with significantly lower cash burn, extending runways and increasing value for customers. For founders stuck with inflated valuations from previous rounds, Mahtani’s advice is simple: maintain an active, honest dialogue with your backers. The worst thing a founder can do in a downturn is go silent. Whether the solution is a pivot, a down-round, or returning the remaining capital, transparency is the only way to preserve the reputation needed for the next venture. The skill of the decisive 'No' In a world of infinite opportunities and pitch decks, the most undervalued skill is the ability to say no. Mahtani emphasizes that for both investors and founders, protecting your time and energy is paramount. This is particularly challenging for women in the industry, who are often socialized to be polite and accommodating. Learning to refuse the "default yes" allows for the focus required to build something of substance. Her philosophy extends to the personal side of building. She urges everyone in the ecosystem to "do what you love or die trying." The energy someone brings into a room when they are genuinely passionate about the problem they are solving is unmistakable. It changes the dynamic of every relationship and every board meeting. In a high-stakes, high-stress industry like venture capital, that authentic drive is often the only thing that sustains a team through the inevitable cycles of market disruption and growth.