Insights
What we are
thinking about.
We publish our thesis work in the open. If it is useful to a founder who never takes our money, it was still worth writing.
-
The inference cost curve and what it means for application margins Why the next generation of AI companies will win on distribution, not on model access.
-
Seed benchmarks 2026: what good actually looks like now Revenue, burn and hiring data from 64 portfolio companies, without the survivorship bias.
-
Conviction before consensus: how we decide in fourteen days The internal memo we send every new partner, published in full.
Firm news
-
Nutan Incubation closes Fund IV at $220M to lead pre-seed and seed rounds.
-
Ledgerline raises a $60M Series B led by a global growth fund; we participated pro-rata.
-
Lena Okafor joins the partnership to lead our climate and health practice from London.
-
Cohort 09 concludes: eight companies, seven with institutional follow-on within six months.