In today’s episode, Chloe Dagnell from Isomer Capital speaks to Carmen Alfonso Rico, a self-described VC turned Angel at Cocoa. Having previously been at the consumer fund Felix, Series A fund Blossom, and Spanish-HQ’d Samaipata, Carmen is responsible for being the first investor into companies such as Hopin and SideQuestVR.Now, Carmen is leading the charge at Cocoa Ventures, an angel fund providing the first checks for founders across Europe. Investing $250k-$500k angel checks at pre-seed/seed, Cocoa supports founders as their in-house VC, helping them hack the system with independent and unfiltered insights.In today’s episode, we’re discussing everything from how Carmen actually helps founders hack the system to fund economics. And bear with us on that fund economics point, as it’s one of the most interesting and overlooked parts of being a great VC and fund manager, and Carmen claims some pretty contrarian views on how she puts her portfolio together.And of course, we couldn't resist asking the woman behind Cocoa Ventures what her favorite chocolate is ? . So, if you want the hottest tip in town for the best chocolate, then listen all the way to the end ?