In this edition of Cosmic Conversations, I sat down with Freddie Kalfayan, Principal at Smedvig Ventures, a Series A and B venture fund based in London. Backing just three or four new deals a year across Europe, Smedvig takes a selective, high-conviction approach. Freddie shares what makes a founder stand out, what good GTM looks like at this stage, and the signs that get investors leaning in.

You can watch the full conversion above, or take in the best bits in the short summary of Q&As below.

Q: What’s the most common reason you say no to a pitch?

It’s rarely about the founder. Most passes come down to the fundamentals of the business, either the perceived risk is too high or the fit just isn’t there. But when it is about the founder, there are a few patterns worth flagging.

One is being dismissive of real challenges, competition, risk, or the complexity of scaling. Some naivety is natural, but glossing over the hard bits raises concerns.

Another big one is lack of clarity. If we come out of the meeting and still can’t articulate the problem being solved or how the product works, that’s a miss. You’ve got to be clear about the problem, the solution, and the size of the opportunity. It sounds basic, but it’s surprisingly common to miss.

And finally, don’t fake FOMO. Founders who try to hype up interest from other funds too early often miss the mark. Most investors see through it. It’s unnecessary and usually unhelpful.

Q: How important is a founder’s ability to sell?

There are two versions of “selling” here. One is selling the product. The other is selling the company, bringing in great people and future investors.

By Series A or B, founder-led selling of the product should start to taper off. That’s not a red flag. But what absolutely is essential is the ability to sell the vision. If a founder can’t get us excited about the mission, that’s a signal. It’s also usually why top talent goes elsewhere. Vision creates leverage.

Q: What are the early signals that make you lean in?

Sometimes it happens in the first 15 minutes. You get clarity, conviction, and metrics that pop.

There are usually two standout signals:
• Metrics that are exceptional, especially top-line revenue growth.
• A founder with deep domain knowledge and a crystal-clear articulation of what they’re solving.

When those two align, that’s when we lean in fast.

Q: What revenue growth counts as “exceptional”?

It depends on stage. For a company at €1M ARR, 3x year-on-year growth is typically what we’re looking for, so 200%+ growth. At €5–7M ARR (closer to Series B), that benchmark drops to around 75%+.

That growth is usually the strongest indicator of product-market fit. But we look beyond headline numbers. If things looked flat last year but you’ve turned a corner recently, we’ll dig into the momentum and trajectory.

Q: Do you have a preference when it comes to GTM motions?

We see a wide range of GTM motions and don’t favour one in particular. But there are two things that tend to stand out.

First is a strong inbound engine, especially referrals. That suggests high user love and organic growth, even if it’s hard to scale. Second is partner-led pipeline. If a large, established partner is willing to sell with you, that’s rare at this stage and a powerful validation.

Most Series A companies we back are still founder-led or outbound-heavy, with maybe one AE on board.

Q: What does an impressive early commercial team look like?

We’re looking for signs that the company can scale beyond the founder.

Multiple AEs hitting quota is a great signal. But what really stands out is traction without a senior commercial team in place. If junior AEs are able to sell the product well, that tells us the product has real clarity and fit.

That’s often more impressive than hiring a heavy VP of Sales early. It shows repeatability and the potential to scale even further with the right hires.

Q: What should seed-stage founders do to get Series A ready?

Focus on execution. Nail the core ingredients: strong traction, a great product, happy customers, and a team that’s attracting talent.

Rounds take care of themselves if you build something exceptional. Don’t over-rotate on the process. But one thing that does help is investor updates. Even pre-raise, they show how you think, how you communicate, and how the business is progressing. It’s a low-effort, high-impact way to build relationships with future investors.

Key takeaways from this Cosmic Conversation:

• Be brutally clear about the problem you’re solving and how your product works.
• Avoid pitching hype, clarity and conviction go further than FOMO.
• Sell the vision, not just the product. That’s what attracts talent and funding.
• Standout growth: 3x year-on-year at €1M ARR; 75%+ at Series B scale.
• Inbound referrals and strong partner channels are rare but powerful GTM signals.
• Junior AEs closing deals? That’s a great sign your product is scalable.
• Build something exceptional and the next round will follow, but send investor updates to keep momentum visible.

If you enjoyed this conversation with Freddie, check out our other recent Cosmic Conversations with leading VCs.

Connect with Freddie on LinkedIn and find out more about Smedvig Ventures.