Investor Profile: Jinna Li of Endgame Capital

Jinna Li is Managing Partner at Endgame Capital.

FUNDRAISING DYNAMICS

What’s the best way for founders to get on your radar?
The BEST way is a warm intro. We are also super reachable - LinkedIn, email, or submit a startup through our webpage, we look at all submissions but only the ones that fit our thesis will get a response.

What’s the most common mistake founders make when pitching to you?
Rambling on too technical topics when it’s just the first call - which the purpose is to tell me your motivations, sell us the big picture vision, impact, and how you will make money.

What advice would you give to founders before their first meeting with a VC?
Check the fund website and learn their investment criteria, and speak on those points. Learn what VCs care about - that is, how you will be a fund returner, how the tech is unique, why you are the team to execute.

Do you have any key metrics (e.g. revenue numbers) you expect startups to hit at the stage you invest?
We don’t have any key metrics the startup needs to hit, we invest pre-revenue, but our investment criteria is as follows:

• Impact: Mitigating >50M tons of GHGs annually (0.1% of global annual emissions)

• Technology: Advanced, defensible technologies with proprietary IP or data. Minimum TRL 5 (or TRL 4 for pre-seed)

• Commercialization: <2 years to commercial sales, proven demand and unit economics

• Climate denier proof: Not reliant on subsidies, green premiums or shifting consumer behaviors

PORTFOLIO COMPANY DYNAMICS

What’s your philosophy around being hands-on or hands-off with your portfolio companies?
We start being helpful even before we invest. Starting in the DD phase, we’ve introduced partners, investors, and customers. Post investment, we help our portfolio companies in three ways 1) internal operational readiness, 2) external commercial readiness, 3) raising the Series A. Our LPs are all value-add investors, whom we count on to provide expert advice, customer feedback, and potential business development opportunities.

How do you like founders to handle things when everything is going wrong? 
Be transparent, truthful, and solution oriented. I’m a two-time founder. I get that things don’t go according to plan, especially in early-stage. We all need to be open but building on a foundation of truth.

What’s the strangest situation you’ve advised on, in relation to a founder?
Still waiting for it to happen. Or my tolerance for ‘strange’ is high…

CURRENT INTEREST

Are there any startups you’re looking for right now? Ones that are working on a solution to a specific problem? 
Electrification - HVAC, water heaters, AC cooling.

What’s a topic (investment-related or not) that once brought up gets you super excited? 
Hyper focus & productivity – any tips or shortcuts? Please share!

FINAL QUESTIONS

What’s the biggest misunderstanding founders have about you or your role as an investor? 
It’s not us against them. Having been a founder, I've pivoted 2 times before landing on something that worked. We are not here to give you a grade or slap you on the wrist, we know things rarely work according to plan in the startup world. We are here to help you. So be transparent, don’t be defensive. We are in the same boat.

What’s the most fun part of your job that founders might not realize?
We really enjoy celebrating them, especially when we had a small part to play in their success. It’s like parents with children, we love bragging about ours.

What’s one company you never had a chance to invest in (in any industry), but wish you had?
Funga - both times, existing investors took the entire round. A sign of confidence :)