On this week's episode of L.A. Venture, hear from Will Schmitt, the head of venture strategy at Miroma Ventures. Miroma Ventures is the investment arm of The Miroma Group, which is made up of a collective of smaller marketing agencies. Their venture team works with Fortune 500 companies like Spotify, Starbucks, Masterclass and Netflix to help build brand awareness and recognition.
Schmitt's portfolio focuses his investments in food and beverage, beauty, personal care, marketing and tech, with a particular affinity for food and beverage.
Schmitt also is incredibly passionate about marketing. He keeps a sharp eye on the latest digital trends. In our discussion, he explains the startup selection process at Miroma, and how the group is not only looking for high growth in terms of profits, but also their digital presence.
He says it is the goal of the investment group to create a cohesive story for their brands across all platforms and products, with strong and visible core values. Schmitt believes that this consistency is essential to building brand recognition, standing out against other products and cementing a loyal customer base.
Schmitt adds that Miroma specifically looks for companies with a narrative that can succeed nationally, not just appeal to a niche customer base. He believes most companies are not spending enough on their marketing and says Miroma aims to fix that by acquiring a number of smaller marketing firms they can deploy to help their brands succeed.
On the rest of this episode, Schmitt talks about specifics he looks for as an investor, his growth-led approach to helping startups, and more details about what he views as the future of marketing.
"I've done kind of the corporate finance experience. I've done the investment banking experience. I've done private equity. And now, I've been focused on the early-stage within venture. And so I think having that background where I have different experiences that I can leverage and different people within the network that can add value in different ways is — is invaluable." — Will Schmitt
dot.LA Engagement Intern Colleen Tufts contributed to this post.