Emerging VC Talent: Edition 4, Alex Chung

October 17, 2024

By Juliette Richert
The Artemis Fund believes technology can create prosperity for all. With offices in New York, Texas, Massachusetts, and Nevada, Artemis leads seed rounds for companies creating resilient families, individuals, and businesses across the US.
Welcome to my monthly interview series on emerging VC talent! We talk everything from gathering insights on emerging industries and tech, to venture dynamics, to career-best practices.
In the fourth edition, I interviewed Alex Chung, Associate at Chai Ventures. Chai Ventures is a pre-seed and seed stage fund investing in women-led companies solving critical problems with businesses that deliver impact at scale across the high- growth sectors of better world, health and wellness, and human connection.
TL;DR: Key Takeaways
Hot Take: The increasing influence of women as consumers and investors will drive the emergence of new, tailored business opportunities.
Best Practices: Consistently build relationships, put in the effort, and show appreciation with follow-up thank-you notes.
Setting Up for Success: Seek out mentors who encourage curiosity and provide support.
Future Outlook: More funds are likely to fail, and junior venture professionals will feel the aftershocks. Expect to see increased transitions from funds to operator roles.

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Juliette: What was your first job?
Alex: My first (actual, albeit minimally paid) job was at a digital marketing agency, where I managed a Twitter fan account for, funnily enough, Adam Levine from Maroon 5. I think we had about 30,000 followers. I learned a lot about the fundamentals of content creation, everything from selecting the right hashtags, optimizing content, building a community, and leveraging community-driven marketing. It significantly influenced how I think about brand building today. Though I’m sure that with generative AI, content creation is much more efficient than the work I was doing.
Juliette: How do you spend your time outside of work? Can you speak to any professional applications or learnings?
Alex: I’m currently training for the NYC marathon. I wasn’t a runner before I decided to start in March this year, although I did play tennis and squash growing up. Darius Fong, who runs Run Tech Club, really showcases the similarity and synergy between an athlete’s mindset and that of a founder or investor, particularly the importance of grit and perseverance. From my day-to-day perspective, it’s about understanding that sticking with something and putting in the reps will eventually lead to results.
When training for a marathon, you aim to hit a certain number of miles each week. It’s important not to overdo it but to consistently meet those goals and gradually build up. Similarly, in our fundraising journey, we aim to talk to a set number of people each week and hit specific milestones. The same principle applies to growing a firm: focus on doing a few things well rather than taking on too much at once and executing poorly.
Juliette: Can you talk to me about your professional background and career journey so far?
Alex: My career path hasn’t been exactly linear. After running Adam Levine’s Twitter account, I worked at a healthcare tech startup, then transitioned to a private equity firm focusing on prop tech growth equity investments. Following that, I moved to a family office in New York, where I worked with Comic Con companies. I later went back to school and started a creator economy venture with a couple of friends. Then before joining Chai Ventures, I worked at an infrastructure software fund.
While these experiences seem sort of disjointed, the common thread has been my curiosity to understand what excites people. Whether it was analyzing why one open source project outperformed another on GitHub at the software fund, or figuring out why certain superheroes resonated more with fans at Comic-Con, my innate curiosity about consumer behavior has always guided my career choices.
Juliette: What’s an industry or trend you’re bullish on?
Alex: I’m bullish on women in capital allocator roles and investing in women founders. Women are increasingly leading areas of spending and income, and in many countries, including the U.S., more women are graduating from college than men. I’m interested to see how these larger macroeconomic trends will influence the market. I’m very optimistic about women-led companies driving innovation in areas they understand best. At Chai Ventures, we’re committed to providing guidance on both sides of the equation.
When I think about the evolution of consumer behavior, the decision-making process for women is very different from the decision-making process of men. Women often seek more data points, recommendations from friends, and online reviews, even for simple purchases like buying a pair of jeans. When it comes to larger decisions, like investing or buying a home, these preferences become even more pronounced. We are on the brink of a massive wealth transfer to women, which will likely lead to the emergence of a new class of companies that cater to an evolving consumer profile.
For example, I recently met a company called Cherub that is making angel investing and private market investing more accessible to women by presenting it in a familiar, user-friendly way. I believe we will see more companies like this emerge, tailored to the next generation of women investors.
Juliette: Where do you see the VC/PE industry going?
Alex: Market crashes have created difficulty in the private markets, especially for LPs whose capital is tied up in alternatives like PE and VC. Sometimes many of their investments were made around the same time, particularly in the 2021 vintage, where there haven’t been many exits or distributions yet. This situation creates challenges: the same LPs who committed capital before might not be able to reinvest at the same level or allocate new capital to funds they’re excited about.
More broadly, for junior people in venture, the increased time spent on fundraising and securing capital can take time away from the “fun” work — deploying capital. I think junior professionals have the opportunity to add significant value by sourcing LPs and building relationships without overstepping, making themselves invaluable contributors to the fundraising process.
As access to capital remains very competitive, and some funds can’t continue to fundraise. It will be interesting to see how junior folks in VC respond — whether they choose to stay at funds or transition into operator roles.
Juliette: How do you get started with working on fundraising at Chai Ventures?
Alex: Having a GP who supports your curiosity and is willing to nurture your development is important. I recommend building relationships with junior professionals at fund-of-funds, especially folks you may have alumni connections with, and setting up informational chats. It’s important to build these relationships not just with the goal of pitching to them, but to genuinely establish rapport. Find common ground, share insights about direct investing, and learn from them about fund investing. Meeting people in person is also invaluable, plus leveraging LinkedIn. A well-crafted cold message can go a long way.
Juliette: What was your biggest level up this year?
Alex: This year, I championed two companies I had strong conviction in — Mimikai and Landing — convincing the team to support those investments. It was a new and exciting experience for me. Learning how to secure buy-in from my own team is a really critical skill I developed. Post-investment, I’ve also focused on figuring out how to genuinely be helpful and create value for these companies.
Juliette: Biggest piece of learning or advice?
Alex: I had a mentor who always told me to do research before speaking with someone, and always send a thank you note. The power of a handwritten thank you note really goes a long way.
Know an emerging VC talent I should feature? Send me a note on Linkedin.
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