Investment Climate Podcast: Collateral Good’s Mariana Gonzalez on Why “A Flat Round Is the New Up Round”

In this podcast episode, Mariana Gonzalez, Co-Founder & Partner at Collateral Good, discusses why "a flat round is the new up round" in the current investment climate. Collateral Good is a Zurich-based venture fund managing €100M across three funds focused on food innovation, packaging innovation, and textile innovation. The fund, backed by major corporates like Grupo Bimbo and Hugo Boss, has a unique edge due to its close connection to industry pain points and R&D decision-makers.

Gonzalez shares her perspective on the market reset, highlighting the shift from a founder's market to an investor's market and outlining Collateral Good's new strategy of targeting more market-proven companies and special situations created by a valuation correction. She also provides practical fundraising advice, emphasizing the importance of pressure-testing business models, transparency, cap-table alignment, and screening for founder qualities like brutal honesty and willingness to ask for help early.