Mitali Purohit: Getting companies funded

Mitali Purohit is a general partner with Auckland-based venture capital firm Nuance Capital.

She has over 15 years’ experience in deep tech investment and supporting startups, helping establish New Zealand’s first female founder fund, ArcAngels, and leading Callaghan Innovation’s $150 million Technology Incubator programme.

A well-deserved break travelling across Europe includes some volunteer work and camping in the Sahara Desert.

She talks with Caffeine about the juggle of having a rest and making sure any work issues are dealt with.

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How long is your Xmas/New Year break?

2023 was a busy year at Nuance. We made four next investments and rolled up our sleeves to help our existing portfolio companies deal with some of the most challenging times our ecosystem has ever experienced. 

Earlier in 2023 I also welcomed my little niece into the world – so had some extra aunty duties to top if all off. I am taking around three weeks off to rest and recharge.

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Where are you going?

I’m travelling across Europe for the Christmas festivities and then the last week of my holiday will be in Morocco camping in the Sahara Desert and enjoying all the delicious food and, if possible, volunteering time at the earthquake-struck regions near Marrakech.

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How will you keep business going while you do?

I will be checking my emails regularly as three of our portfolio companies have just kicked off capital raising and others are working towards achieving critical milestones.

As we are a small, tightly-knit team at Nuance, we all have oversight across our portfolio companies so when I’m not able to access my emails or calls, my colleagues will be available to assist. I will do the same for them (though probably not from the Sahara Desert!).

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Have your holiday been disrupted in previous years?

The last few years have not been as disruptive due to Covid lockdowns or post-Covid fatigue so people actually took some time off. In 2022 I was wondering if there was something wrong with my Outlook at I didn’t receive a single email for ten days!

However, over the years the most common reason for an urgent call or an email during the holiday period was because a “key person” within our portfolio had resigned. Typically, these are individuals who had had a tough year, both professionally and personally, and wanted to restart with a new job in the next year. For others, they received job offers they couldn’t resist at Christmas BBQs. 

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How often will you take work calls or check emails?

I will check my emails daily BUT will only reply immediately if it is urgent. I will take all work calls because either they have called to wish me happy new year or there is a crisis that neds to be dealt with – both valid reasons to respond to. 

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What was your biggest problem at work in 2023?

The biggest challenge in 2023 has been dealing with the impact of external geopolitical factors, flood/storm events and Covid aftermath at both the Nuance fund and portfolio company level.

Many of our companies had to respond to supply chain issues, downsizing, finding the right talent and having to extend their runway as raising capital for follow-on was very difficult.

At Nuance, we had to constantly communicate with our limited partners due to all the fluctuations taking place within our portfolio. The key was to remind them that venture capital is a long-term investment and we have the time and capital to ride out the crisis and see great companies come out of the other side.

The only way to deal with this was to over-communicate with key stakeholders through frequent meetings and transparent reporting. We constantly reminded our companies and limited partners that we are just one call away to help or answer any questions (hence I will be picking up all the calls during my holidays). I also took either board or observer roles so we can be closer to our companies and do everything we can to support them as they scale and grow. An example of this is Hectre Global, our newest portfolio company where we are assisting them in preparing for a Series A raise. 

In 2023 we also connected our companies and limited partners at Nuance’s annual general meeting to celebrate the year that everyone conquered.

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One thing you want to achieve in 2024?

Get all our portfolio companies funded!

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Mitali Purohit’s answers are part of a two-week series Break from Business as Usual Caffeine is running leading up to and during the Xmas break, featuring startup founders and ecosystem players.

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As told to Fiona Rotherham‍