The 30-Minute VC Test: What Really Wins Investor Trust

According to CNBC, angel investor Carles Reina has revealed two critical red flags that prevent him from investing in founders after initial meetings. Reina famously backed voice cloning AI startup Eleven Labs in 2022 when it was still in early stages, investing after just one 30-minute conversation with co-founder Mati Staniszewski. The company has since achieved remarkable success, raising $180 million at a $3.3 billion valuation in its Series C funding earlier this year, and recently announced employees could sell shares at a $6.6 billion valuation. Reina, who now serves as vice president of revenue at Eleven Labs, emphasized that first meetings are crucial for determining investment potential and that he optimizes for “high quality interactions” to quickly assess founder compatibility.

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Beyond the Pitch Deck: What Really Matters in First Meetings

While Reina didn’t specify his exact red flags in the CNBC report, experienced angel investors typically look beyond surface-level metrics during initial meetings. The most common deal-breakers often involve founder authenticity, market understanding, and team dynamics. Investors can quickly detect when founders are reciting memorized pitches versus demonstrating genuine passion and deep domain expertise. The fact that Reina made his decision within 30 minutes suggests he’s evaluating fundamental character traits and cognitive patterns rather than just business metrics, which aligns with how many successful early-stage investors operate.

The Eleven Labs Phenomenon and Voice AI’s Explosive Growth

Reina’s early bet on Eleven Labs represents one of the most prescient investments in the emerging artificial intelligence voice sector. When he invested in 2022, voice AI was considered a niche market with limited commercial applications. Today, the technology powers everything from content creation tools to customer service automation and accessibility solutions. The company’s journey from unknown startup to multi-billion dollar valuation illustrates how early investors who identify foundational technology shifts can achieve extraordinary returns, even when broader market sentiment hasn’t yet caught up.

The Changing Landscape of AI Investment Decisions

What makes Reina’s approach particularly relevant today is the current market saturation in AI investing. With thousands of AI startups competing for attention, investors have developed more sophisticated filtering mechanisms. The ability to make rapid assessments has become increasingly valuable, as the opportunity cost of lengthy due diligence processes grows exponentially. This trend toward faster decision-making reflects a broader shift in venture capital, where speed often determines access to the most promising deals, especially in hyper-competitive sectors like voice cloning and generative AI.

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The Psychology of High-Stakes Investment Relationships

The transition from investor to operating executive at Eleven Labs, as evidenced by Reina’s current role as VP of revenue, highlights an important trend in startup ecosystems. The most successful early-stage investments often evolve into deeper operational partnerships. This pattern suggests that initial meetings aren’t just about evaluating business potential but also assessing long-term compatibility for potential future roles. The employee tender offer at double the previous valuation demonstrates how these relationships can create substantial value beyond the initial investment, benefiting both founders and early supporters.

What This Means for Aspiring Founders

For entrepreneurs seeking funding, Reina’s experience underscores that preparation extends far beyond perfecting pitch decks and financial projections. The most critical elements often involve demonstrating authentic expertise, clear communication under pressure, and the ability to build immediate rapport. While every investor has different criteria, the common thread among successful pitches is the founder’s capacity to convey both vision and operational competence within compressed timeframes. In today’s competitive landscape, mastering these interpersonal dynamics may be as important as the underlying business concept itself.