Perspectives

The cloud era created multiple $10bn+ middleware companies who sold 'picks and shovels' to other plays in the ecosystem. We see parallels with the AI market today and believe a similar story will play out with a new generation of tools.

In the age of large language models, defensibility now lives where proprietary workflow data, built-in growth loops, and rapid experimentation intersect.

Modern Product & Data companies outcompeting legacy providers will lead to a wave of disruption in the business tech stack

Re-imagining what a venture fund could look like, with a thematically-led, data-driven and product-centric approach to B2B software & fintech investing