#123 – Mitch Hughes (Founder, NextGen Ventures): How Do You Raise $2M With No Track Record?

In this episode of Sweat Capital, we sit down with Mitch Hughes, founder of NextGen Ventures, for a real look at what it takes to raise a first-time fund – when you don’t have the “standard” VC network or track record behind you.

Mitch breaks down how NextGen closed ~$2m in its first close (targeting $2.5m), what the fundraising process actually looked like, and why cold outreach was a huge part of getting momentum early. He explains the strategy they used to build credibility before writing a single cheque: setting up a national student scout network, meeting hundreds of startups, writing memos, and building proof points by showing which companies went on to raise from other investors.

We also dig into the engine of NextGen: a student VC model across six universities, designed to find ambitious founders from “underground” campus communities - the people who won’t show up through the usual top-down channels. Mitch shares what he looks for in young founders (speed, rate of learning, customer obsession, ambition), why “first-time founder” can be a misleading label, and how the falling cost of building with AI changes the entire startup curve.

This episode is for anyone thinking about venture, fundraising, building a fund, or building a company - and for students wondering what the next decade of careers might actually look like. Follow Sweat Capital on Instagram & LinkedIn. We'll see you in the next one,

Keep playing the long game.