# Term Sheet: the investor podcast, by episode

> Term Sheet: Fortune's deals desk on the week's venture and private equity rounds. 30 episodes, each linked to the investors in it.

Source: https://millionrounds.com/podcasts/term-sheet (Millionrounds; every figure on the page links to its filing or article)

The week's news · new episode 12 Oct 2026

# Term Sheet

Hosted by **Fortune**

Fortune's deals desk on the week's venture and private equity rounds.

Follow on Apple PodcastsBrowse the episodes

**30** episodes

**5** investors heard as guests

**37 min** an average episode

19 in the last 12 months

## The regulars

Investors named as guests in the most episode titles on Term Sheet.

[EW *1* **Esther Wojcicki** 1 episode](https://millionrounds.com/person/esther-wojcicki)[ER *1* **Evan Reiser** 1 episode](https://millionrounds.com/person/evan-reiser)[PC *1* **Paul Copplestone** 1 episode](https://millionrounds.com/person/paul-copplestone)[RL *1* **Rebecca Lynn** Canvas Ventures](https://millionrounds.com/person/rebecca-lynn-2)[TA *1* **Toyin Ajayi** Coalition Operators](https://millionrounds.com/person/toyin-ajayi)

## Every episode 30 · page 1 of 1

- 30 **This Autonomous Weapons CEO on the Biggest Misconception About AI | Term Sheet** 12 Oct 2026 · 53 min [Brian Schimpf](https://millionrounds.com/person/brian-schimpf) About this episode Can the U.S. replenish weapons stockpiles fast enough for modern conflicts? Fortune’s Allie Garfinkle sits down with Anduril CEO Brian Schimpf to discuss weapons production, the challenges of scaling manufacturing, and the testing needed to make complex systems reliable in the field. They also explore AI’s role in… ▶
- 29 **This Billion-Dollar Soda Brand Founder Explains Why Fortune 500s Can’t Win Gen Z** 24 Sept 2026 · 44 min About this episode Soda is one of the hardest categories to break into, where a few legacy giants dominate shelf space. Yet Poppi, the prebiotic soda company, turned a Texas farmers' market side hustle into a $1.95 billion sale to PepsiCo. On Term Sheet, Fortune's Allie Garfinkle sits down with co-founder Allison Ellsworth to unpack how… ▶
- 28 **Inside Wonder's Plan to Automate Restaurants: From Robotic Kitchens to Drone Delivery | Term Sheet** 26 Aug 2026 · 37 min [Marc Lore](https://millionrounds.com/person/marc-lore) About this episode An automated assembly line inside a Wonder kitchen can churn out 500 customized burrito bowls with zero order errors. This is a system CEO Marc Lore views as merely the baseline for his $9 billion food-tech enterprise. Fresh off acquiring Sweetgreen’s robotic kitchen technology, Wonder told Fortune's Allie Garfinkle… ▶
- 27 **This Mentalist Says He’s Training ChatGPT to Hypnotize People | Term Sheet** 13 Aug 2026 · 47 min About this episode Mentalist Max Major has spent decades hypnotizing people. Now, he says he's training a ChatGPT voice model to do it too. As people turn to AI for advice, therapy, companionship, and everyday decisions, a bigger question is emerging: Could AI become persuasive enough to shape human behavior? If AI can reliably… ▶
- 26 **The $11.5B Startup 100 Investors Turned Down | Term Sheet** 29 Jul 2026 · 34 min About this episode Live shopping in China is a massive, multi-billion-dollar market, but for years, American platforms have struggled to crack the format. But in 2019, Grant LaFontaine and Logan Head started a live shopping marketplace for Funko Pops that not many investors believed in. Fast forward to today, Whatnot has transformed… ▶
- 25 **How This Multi-Millionaire Investor Spots Billion-Dollar Ideas | Term Sheet** 25 Jun 2026 · 34 min [Josh Wolfe](https://millionrounds.com/person/josh-wolfe) About this episode Over 3,000 venture capital firms are operating in the U.S. today. Lux Capital's co-founder Josh Wolfe thinks more than half of them won't survive the decade. He has spent 25 years making calls nobody else would make, backing Anduril before defense tech was a category and surgical robotics before it had a market. Now,… ▶
- 24 **The Investor Who Bet on SpaceX, OpenAI and Anthropic Before You Could | Term Sheet** 11 Jun 2026 · 54 min [G Squared](https://millionrounds.com/fund/g-squared)[Larry Aschebrook](https://millionrounds.com/person/larry-aschebrook) About this episode A hidden market for shares of the world's hottest private companies has quietly grown to an estimated $112 billion, and most of it happens off the books. As SpaceX, OpenAI, and Anthropic edge toward going public, the investors who poured billions into pre-IPO shares may not actually know what they own. Larry… ▶
- 23 **Investment Bankers Built A $2B AI To Replace Themselves | Term Sheet** 28 May 2026 · 41 min [Google](https://millionrounds.com/fund/google-assistant-investments) About this episode Gabe Stengel studied computer science at Princeton and started his career as an investment banking analyst at Lazard. Then he did something a lot of bankers think about but never do: he quit at 23 to build the AI that would automate his old job. After 30 VC passes and two grueling years, his company Rogo just raised… ▶
- 22 **This Creator Investor On The Truth About The AI Gold Rush | Term Sheet** 13 May 2026 · 36 min [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners)[Claire Zau](https://millionrounds.com/person/claire-zau) About this episode Claire Zau spent six years in venture capital and became the youngest investor to make partner at GSV. Then she did something very few other VCs were doing: she started posting social media videos about AI to inform the general public. A year, 337,000 followers and 1.6 million likes later, Lightspeed Venture Partners… ▶
- 21 **From a Palo Alto Closet to $1 Billion Revenue: How Gusto Cracked Small Business Software | Term Sheet** 7 May 2026 · 38 min [Josh Reeves](https://millionrounds.com/person/josh-reeves) About this episode Approximately nine out of every ten net new jobs in America come from small businesses, yet they shoulder over $81 billion a year in federal paperwork. As more Americans launch their own businesses, the back office is buckling under the weight.In this episode, Josh Reeves, cofounder and CEO of Gusto, a payroll,… ▶
- 20 **How to Raise a CEO: The "Godmother of Silicon Valley" Esther Wojcicki** 22 Apr 2026 · 34 min [Esther Wojcicki](https://millionrounds.com/person/esther-wojcicki)[Mary Minno](https://millionrounds.com/person/mary-minno) About this episode What is the secret to raising world-class leaders? In this episode, Fortune’s Allie Garfinkle sits down with Esther Wojcicki, the legendary educator and "Godmother of Silicon Valley." As the mother of three high-achieving daughters, including the former CEO of YouTube and the founder of 23andMe, Esther shares her… ▶
- 19 **The Startup Fighting to Save the American Farm with Modern Finance** 8 Apr 2026 · 30 min About this episode American agriculture is the backbone of the U.S. economy, yet the average farmer earns only 5 cents of every dollar spent on food. With an almost 50% spike in bankruptcies of U.S. farms and margins thinner than ever due to falling revenues and rising production costs, the agricultural economy is facing an inflection… ▶
- 18 **How Winston Weinberg built his $11 billion AI Company | Term Sheet** 18 Mar 2026 · 53 min About this episode Harvey co-founder and CEO Winston Weinberg has a method for leading his legal AI company, now valued at $11 billion after just three and a half years: psychological discipline. On this episode of Term Sheet, Weinberg tells Fortune’s Allie Garfinkle how he tracks his daily to-do list against his goals six months out,… ▶
- 17 **Why revenue is an outdated metric | Term Sheet** 18 Feb 2026 · 27 min [Redpoint](https://millionrounds.com/fund/redpoint)[Meera Clark](https://millionrounds.com/person/meera-clark) About this episode “Give everything you have to the people around you.” That’s Redpoint partner Meera Clark’s advice for aspiring venture capitalists looking to break into the increasingly competitive industry.In this episode of Term Sheet, Clark defines what “greatness” looks like in founders and explains why revenue is an outdated… ▶
- 16 **Chemistry cofounder: “more talented founders than ever” are moving into health care | Term Sheet** 4 Feb 2026 · 40 min [Kleiner Perkins](https://millionrounds.com/fund/kleiner-perkins)[Kristina Shen](https://millionrounds.com/person/kristina-shen) About this episode Chemistry cofounder Kristina Shen says the market may be nearing a “reckoning” point. So why is she still optimistic going into 2026?In this episode of Term Sheet, Shen discusses why she decided to co-found her own VC firm, her excitement around health care, and why her team is focused on bringing the human element… ▶
- 15 **Exelon CEO on if our utilities can handle the AI boom | Term Sheet** 21 Jan 2026 · 42 min [Calvin Butler](https://millionrounds.com/person/calvin-butler) About this episode As resource-hungry data centers continue to sprout around the country, many are wondering whether our current utility network has the capability to handle such large-scale demands. Exelon CEO Calvin Butler says yes. Exelon is one of the nation’s largest public utility companies. It serves around 11 million customers,… ▶
- 14 **OpenAI Researcher turned VC on what we’re missing on the AI bubble | Term Sheet** 14 Jan 2026 · 38 min [Leonis Capital](https://millionrounds.com/fund/leonis-capital)[Jenny Xiao](https://millionrounds.com/person/jenny-xiao) About this episode The artificial intelligence PhD to VC pipeline may seem relatively obvious now but Jenny Xiao, cofounder of Leonis Capital, forged this path well before the AI boom ever started. She left a PhD program at Columbia to join OpenAI as a researcher and, one week after the debut of ChatGPT, she left to cofound Leonis… ▶
- 13 **“Healthcare isn't working for anybody,” says Cityblock Health’s Dr. Toyin Ajayi | Term Sheet** 5 Nov 2025 · 35 min [Toyin Ajayi](https://millionrounds.com/person/toyin-ajayi) About this episode On day 36 of the U.S. government shutdown – fueled in part by clashes over the Affordable Care Act and the country’s healthcare system – Allie talks to someone working to disrupt and fix that system: Cityblock Health cofounder and CEO Dr. Toyin Ajayi. A former physician for at-risk patients, Ajayi saw how the system… ▶
- 12 **Vet care for the 21st century with Modern Animal’s Steven Eidelman** 29 Oct 2025 · 34 min About this episode On this week’s Term Sheet, Allie talks with Steven Eidelman, founder and CEO of Modern Animal, a tech-forward veterinary clinic with 28 locations across Texas and California. Last month Modern Animal raised $46 million in Series D funding after making 85% year-over-year growth in 2024. Eidelman founded Modern Animal… ▶
- 11 **“Success disasters,” data privacy, and unlocking growth with Oura CEO Tom Hale** 22 Oct 2025 · 32 min About this episode Oura has been making headlines for months, most recently with its massive $900 million funding round, valuing the wearables giant at $11 billion. And before that, for expanding its partnership with the U.S. Department of Defense, causing social media controversy. In September, while at Brainstorm Tech, Allie sat down… ▶
- 10 **"Bubbles have almost always preceded some important technological shift”: OpenAI's COO** 7 Oct 2025 · 37 min [Brad Lightcap](https://millionrounds.com/person/brad-lightcap) About this episode OpenAI has had a huge week. Fresh off launching the AI video generation and social app Sora 2, they closed a multibillion dollar partnership with AMD that sent the company’s stock soaring. This was quickly followed by the release of new features, like agent-building and ChatGPT app integration, meant to supercharge… ▶
- 9 **The Sociology of Startup Success with VC Powerhouse Hans Tung** 1 Oct 2025 · 23 min [Hans Tung](https://millionrounds.com/fund/hans-tung)[GGV Capital](https://millionrounds.com/fund/ggv-capital)[Granite Asia](https://millionrounds.com/fund/granite-asia) About this episode Hans Tung first became a VC in his 20s and has gone on to invest in some of the most successful companies of our time––household names like Airbnb, Slack, Coinbase, and Peloton, among others. He was an early backer of Musical.ly, the app that became TikTok. Hans cofounded the firm GGV Capital, which then split into… ▶
- 8 **The “Egoless” Company Culture that Powers Supabase with CEO Paul Copplestone** 24 Sept 2025 · 33 min [Paul Copplestone](https://millionrounds.com/person/paul-copplestone)[New Zealand](https://millionrounds.com/person/new-zealand-link-business-franchising) About this episode Paul Copplestone is the CEO and Co-founder of Supabase, the open source Postgres development platform designed for web and mobile apps to scale quickly. The company knows a thing or two about growing fast – only 5 years old, this April they raised $200 million in Series D funding round and were valued at $2 billion.… ▶
- 7 **Inside Phia's $8 Million Seed Round** 17 Sept 2025 · 36 min [Kleiner Perkins](https://millionrounds.com/fund/kleiner-perkins)[Sheryl Sandberg](https://millionrounds.com/fund/sheryl-sandberg)[Annie Case](https://millionrounds.com/person/annie-case) About this episode Phoebe Gates and Sophia Kianni met as roommates at Stanford. Now, they’re the cofounders of Phia, an AI-powered shopping agent that just raised an $8 million seed round led by Kleiner Perkins and has participation from household names like Hailey Bieber, Kris Jenner, and Sheryl Sandberg. For this episode of Term… ▶
- 6 **Klarna CEO Sebastian Siemiatkowski on the IPO, Loving Walmart, and Embracing AI** 10 Sept 2025 · 37 min [Sebastian Siemiatkowski](https://millionrounds.com/fund/sebastian-siemiatkowski) About this episode Sebastian Siemiatkowski has achieved something few founders ever do: he’s brought a private company to the public market. Now, if you want, you can own a piece of Klarna. But still, to Sebastian, the day he visited Walmart Founder Sam Walton’s grave in Arkansas will always be more exciting than ringing the NYSE bell.… ▶
- 5 **The Brave New World of AI Cyber Crime with Evan Reiser from Abnormal AI** 27 Aug 2025 · 30 min [Evan Reiser](https://millionrounds.com/person/evan-reiser) About this episode This week Allie sits down with Evan Reiser, CEO and Founder of Abnormal AI. Evan and Allie talk about Evan’s journey from a “cyber outsider” to a cybersecurity firm founder, how AI tools supercharge both cyber crime and cybersecurity, and why he’s totally “AI-pilled” when it comes to imagining the future. Plus: Allie… ▶
- 4 **Vibe Coding, Tech Jobs, & Democratizing the Web with Vercel’s Guillermo Rauch | Fortune Term Sheet** 20 Aug 2025 · 33 min [Guillermo Rauch](https://millionrounds.com/fund/guillermo-rauch) About this episode This week, Allie sits down with Guillermo Rauch, Founder and CEO of Vercel and the “P.T. Barnum of Vibe Coding”. They dive into how vibe coding is playing a role in democratizing the internet, how AI will change the future of entry level tech jobs, and Guillermo’s approach to investing. Also in this episode: the IPO… ▶
- 3 **Nvidia + AMD’s Deal & Unfiltered Chat with OG VC, Canvas Prime’s Rebecca Lynn | Fortune Term Sheet** 13 Aug 2025 · 27 min [Rebecca Lynn](https://millionrounds.com/person/rebecca-lynn-2) About this episode This week, Allie speaks with Rebecca Lynn, Managing Director at Canvas Prime and trailblazing venture capitalist. Together they discuss Rebecca’s roots in the Midwest, her path to Silicon Valley and what she’s learned as an entrepreneur turned venture capitalist. Also in this episode: the unusual deal between Nvidia… ▶
- 2 **OpenAI Raises More Capital, Joby Aviation’s Air Taxi Play & The Power of Community in Tech** 6 Aug 2025 · 29 min About this episode This week, Allie interviews Taylor Otwell, Founder and CEO of Laravel. Together they discuss Laravel's rise as an Arkansas-based tech company, Taylor's early decisions as a founder, and the passionate Laravel community. Also in this episode: Figma's succesful IPO, OpenAI's latest funding round and the deal of week:… ▶
- 1 **Figma IPO: What Investors Need to Know, and Understanding Defense Tech** 31 Jul 2025 · 33 min About this episode Welcome to the Term Sheet podcast! In this new series, Allie Garfinkle adapts her newsletter in audio and video format, diving deeper into the latest news and insights on private equity, venture capital and startups. This weekly show will expand on the elements that made the newsletter an essential subscription for… ▶

## Who the show talks about

Firms named in its episodes, and people named in descriptions: talked about, rather than on the show.

[**Kleiner Perkins** *2*](https://millionrounds.com/fund/kleiner-perkins)[A **Annie Case** *1*](https://millionrounds.com/person/annie-case)[B **Brad Lightcap** *1*](https://millionrounds.com/person/brad-lightcap)[B **Brian Schimpf** *1*](https://millionrounds.com/person/brian-schimpf)[C **Calvin Butler** *1*](https://millionrounds.com/person/calvin-butler)[C **Claire Zau** *1*](https://millionrounds.com/person/claire-zau)[**G Squared** *1*](https://millionrounds.com/fund/g-squared)[**GGV Capital** *1*](https://millionrounds.com/fund/ggv-capital)[**Google** *1*](https://millionrounds.com/fund/google-assistant-investments)[**Granite Asia** *1*](https://millionrounds.com/fund/granite-asia)[G **Guillermo Rauch** *1*](https://millionrounds.com/fund/guillermo-rauch)[H **Hans Tung** *1*](https://millionrounds.com/fund/hans-tung)

## More shows like this

- [**This Week in Startups** Jason Calacanis 1,493 episodes](https://millionrounds.com/podcasts/this-week-in-startups)
- [**All-In** Chamath Palihapitiya, Jason Calacanis, David Sacks and David Friedberg 440 episodes](https://millionrounds.com/podcasts/all-in)
- [**Startup 360** Startup Daily 81 episodes](https://millionrounds.com/podcasts/startup-360)
- [**Equity** TechCrunch 802 episodes](https://millionrounds.com/podcasts/equity)