What’s Inside
How a husband-and-wife team built a 170-member LP network
DVC’s AI-enabled venture model and early bet on Perplexity AI
Founder resilience matter more than ever in the AI era
Nick and Marina Davidov were founders long before they became fund managers.
When they launched DVC, they didn’t hire analysts or build a big internal team. Instead, they built a network of 170 limited partners — mostly engineers and founders turned investors — and connected everything with AI. Their idea was simple: early-stage Investing works best when entrepreneurs get help from people who’ve built before.
The firm’s new $75 million AI fund combines human expertise with machine intelligence. It’s a model that’s already paying off: DVC is a backer of Perplexity AI, as well as Etched, Thinking Machines Lab and Higgsfield.
But what I liked most in our conversation wasn’t the tech focus or the structure. It was a small story about their teenage daughter. On a Saturday night visit to Perplexity’s office during the company’s early days, she noticed something her dad hadn’t put into words.
“Now I get what you mean by product-market fit,” she told him. “It smells like people who haven’t been home for a week.”
That might be the truest definition of startup energy I’ve ever heard.
You can listen to my full conversation with Nick and Marina Davidov of DVC on The Venture Variety Show. We talk about rethinking venture through AI, the role of community, and why founder well-being matters as much as technical skill.
In addition to Substack, you can watch or listen to Episode 38 of The Venture Variety Show, featuring Nick Davidov and Marina Davidova on YouTube, as well as Apple Podcasts and Spotify.
And if you know someone who interested in entrepreneurialism or how venture capital operates, share this with them.
