Straight Talk, No Slides Sergey Toporov, Partner at early-stage deep tech VC Leta Capital, isn't here for your over-polished pitch deck. He wants clarity, timing, and founders who can take a punch - and still keep building.

Sergey Toporov doesn't go in for small talk - he gets to the point. "If you can't explain what you're building and why it has a fundamental meaning to exist," he says, "no deck will save you." As a London-based partner at Leta Capital - the early-stage VC firm behind scaleups like inDrive - Toporov cuts through the noise with a clear-eyed view of what makes a startup investable: obsessed founders, crisp execution, and timing that's just ahead of the curve.

But don't expect a warm embrace if your pitch flops. "Most people will say 'no' or 'we'll be cheering from the sidelines' - and it's part of the business," he shrugs. In this candid conversation, Toporov shares the traits he looks for in founders, how to turn rejection into a relationship, and why, despite the noise around AI, the real opportunities lie in solving problems you can actually touch, build, or eat.

What are the top three things founders should focus on when preparing to raise their first round of funding?
First, get your story straight - if you can't explain what you're building and why it has a fundamental meaning to exist, no deck will save you. Second, prove with actions and results as much of your early thesis as you can - "gut feeling" won't raise you a round if it's your first company. And third, be mentally ready that most people will say "no" or "we will be cheering from the sidelines", and it's part of the business(though still annoying).

When evaluating early-stage start-ups, what key factors do you prioritize?
Founders first: I want to understand what drives the people behind the company, what pain they have, what problem they've lived through, and why this business truly matters to them. Why are they the ones who'll keep showing up, through both chaos and champagne? I've also become a big believer in timing. The company should be surfing just ahead of the next wave - not already in an overhyped place, but not too early either, preaching to an empty industry. If you combine the right team, with ruthless execution, and organic market pull miracles can truly happen.

How should founders handle a "no" from an investor?
Take the "no" with grace, but ask for honest feedback, even if it sounds painful. Then ignore 70% of it, because most of us VCs aren't prophets, we're just making bets and trying to sound smart. But good feedback can help sharpen your story. Fundraising is about getting the right kind of people to believe in you - because if you can't persuade a VC (whose job is to be believers in a bright future), how will you persuade future customers, employees, or partners?#

What's the best way to build long-term relationships, even if they don't secure investment straight away?
Send smart, brief updates. Not spam, not novels. Just enough to stay on the radar without becoming the reason for inbox anxiety. And here's a trick: ask for small favours - feedback, intros, even wild ideas on how to grow (even if they're useless). It creates a sense of participation. People love to feel like they're part of the story - especially the ones who might fund the next chapter.

What start-up sector or trend excites you the most at the moment, and why?
Honestly, the VC/startup world looks totally unpredictable right now - even for those of us already used to chaos. While the AI boom is reshaping value chains and sucking up all the oxygen, I've started to look more toward sustainable, repeatable, and fundamental sectors that still has a lot of opportunities to make become way more efficient by adopting all new developments. Software may be eating the world, but people still can't eat AI, travel inside code, or sleep in a digital houses (at least while we all haven't get some neuro implants).

Which three start-ups that you funded this year excite you the most - and why?
It's always hard to pick favorites - it's like asking a parent to choose between their children. But if we're talking about investments from this year I would emphasise Whizz (because of the answer on the previous question). Also I'm super excited about some existing portfolio companies. For example - inDrive just announced it's plans about super app or Novakid launches global programme connecting schools with native English teachers.