Insights from a startup investor: Marc Cohen's path from AI to VC

From algebra to AI to angel investing and beyond – Marc Cohen, partner at unbundled vc, has made some interesting pivots in his career. He’s gained unique expertise that guide fast, informed investment decisions.

We spoke to Marc to understand how he invests, what drives him and the lessons he’s learned. Marc’s story has invaluable insights for investors and founders to learn from.

Q&A

Q: Marc, your career has taken some interesting turns, from a maths degree at Cambridge to working in finance and eventually moving into the world of AI and investing. What drove these significant changes in your career?

Marc Cohen: My career has been anything but linear. I started as a maths undergrad at Cambridge, which led me to a job in the city as a trader. After about seven years in finance, I wanted to challenge myself intellectually, so I quit my job to pursue a master’s degree in AI.

This decision wasn’t the result of a calculated career move but rather sparked by a book I read on AI while on vacation. That curiosity and willingness to dive into new, challenging areas have been recurring themes in my career.

The decision to study AI was a pivotal moment as it led me to explore the intersections of technology and finance.
After building and systematising trading systems and developing what was then the world’s best poker AI, I decided I wanted to focus on the investment side of things.

Q: What was your first investment experience like and how did it shape your approach?

Marc Cohen: My first real investment was through an angel group, and it didn’t go as planned—the company folded within a few months. It wasn’t a huge financial loss, but it was enough to make me reconsider how I approached investing. The experience taught me not to take everything at face value and to be more thorough in my due diligence. It was a tough lesson, but it has shaped how I approach investments today.

Q: How do you evaluate investment opportunities now?

Marc Cohen: Over time, I’ve realised that the people behind the business are just as important as the business itself. I look for founders who can sell—not just their product, but also their vision and themselves. I also ask questions and get engaged to really understand what’s going on in the business. You’ve got to go deeper than the vision and get into the details of the execution. More complex business models require more digging. You have to make sure you understand the business model.

Q: How much does instinct guide your investment decisions, especially when the data looks solid?

Marc Cohen: Instinct is very important, particularly when you’ve been in the field long enough to recognise patterns. There have been times when everything looked good on paper, but my gut told me something wasn’t right. Trusting those instincts has been crucial because they often pick up on subtleties that aren’t immediately obvious. That said, I always back up my instincts with data and thorough analysis.

Q: Runna has been one of your most successful investments. Can you tell us more about how that came about and what made you decide to invest?

Marc Cohen: Runna is a great example of how I’ve applied what I’ve learned over the years. Initially, I wasn’t particularly excited about the idea—it seemed like something that should have been done already. But a founder I trusted introduced me to the team, and after seeing their video pitch, I decided to meet with them. The meeting was scheduled for 30 minutes but lasted much longer, and two days later, I had committed to the investment.

What really stood out was their rapid growth and the founders’ inspiring presence. They motivated me so much that I went out and bought a pair of running shoes the next day — my first in 25 years! That spoke volumes to me. Plus, the business model was straightforward, with very good unit economics which made it easier to make a quick decision

Within a few months, their Monthly Recurring Revenue (MRR) had tripled. On Christmas Day, I reached out to see if I could increase my investment towards their additional amount.

It was one of those rare situations where everything aligned: strong founders, a simple yet effective product, and a market that was ready for it.

Q: As an angel investor, what do you look for in a startup founder? What are your non-negotiables?

Marc Cohen: Salesmanship, decision-making ability, and resilience are the key traits I look for.

A founder needs to sell their vision, attract top talent, land investment and, of course, sell their product. It’s crucial that they can persuade others to join them on their journey.

Q: What tools do you rely on in your day-to-day work as an investor?

Marc Cohen: I use LinkedIn extensively for networking and visibility. For research, I’ve started using ChatGPT quite a bit. It’s a very efficient tool to gather information quickly, which helps level the playing field, especially when exploring new industries or markets.

Q: You’ve had a few investments that didn’t go as planned, especially early on. What were some lessons you learned from those experiences?

Marc Cohen: My first investment as part of an angel group didn’t go well—it was a travel-related startup that got hit hard by the pandemic. However, that failure taught me valuable lessons about what matters in a startup.

Q: Can you share an example of a time when you had to make a quick investment decision?

Marc Cohen: That’d be Runna, when I committed two days after the pitch. It felt safe to move fast because the company’s growth trajectory was clear, the unit economics were strong, and the founders had a compelling vision. In situations like these, the ability to make quick, informed decisions can be the difference between getting in on a great deal or missing out.

Q: What advice would you give to first-time angel investors who are just starting out?

Marc Cohen: For first-time investors, joining a syndicate can be very beneficial.

I also recommend being active on platforms like LinkedIn to build a presence and generate inbound opportunities. However, always trust your instincts—if something doesn’t feel right, it’s worth digging deeper.

Q: Finally, what’s one surprising fact about you people may not expect?

Marc Cohen: I got into stand-up and improv about six years ago after reading an article that encouraged stepping out of your comfort zone. I found a course on improv and decided to give it a try. It was tough at first, but I grew to enjoy it.

It’s been a great way to develop skills like thinking on my feet, which are surprisingly transferable to investing. Plus, it’s nice to meet people who aren’t in the business world—people who do completely different things.

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Want to connect with Marc? Explore his LinkedIn to find out more.

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