
This is my single biggest disagreement with YC. Starting a startup to get famous, or to do better than those around you, or for vanity, or yes even just to get rich, is worse for society and worse for founders. It's what leads to the rise of gambling apps and slop apps and get rich quick schemes. Society is better served by founders who have a vision for how the world should look that they care deeply about and work tirelessly to build it. It's also better for founders! Those that have made the biggest impact throughout history and those that have been the most fulfilled are people with deep meaning in their lives. Meaning does not come from chasing fame or riches or titles. It comes from doing something greater than yourself. It comes from serving others. Ironically, having a mission that's bigger than yourself is also more likely to lead to outsize financial success than simply chasing money. Can you imagine if Steve Jobs was driven by fame? Or to get rich? Jensen? Page and Brin? All were driven by a vision they had for the world first and foremost. If we encourage founders to start startups to get famous, we're in for a bad time. If the highest aspiration founders have is to get rich, the future will be worse off. We can do so much better. Let's make something civilization needs.
We had our Precursor Ventures AGM this week in SF, so Mia and I were able to record in person! The first topic we covered was founder update emails, specifically how valuable they are for both founders and investors, especially given...

Top 10 Most Active Investors at Series A: Out of the 90 mega-funds we looked at, @a16z, @generalcatalyst, @lightspeedvp & @sequoia all remain in the top 5 across both Seed and A - with a16z far outrunning the pack at...

Top 10 Most Active Investors at Seed: https://t.co/2pB2bbv0yP

🔹Boutique, dedicated Seed funds continue to lead <60% of priced seed rounds in the sub-$10M range, which account for the gross majority of deals done. 🔹~90% of priced Seed rounds happen below $20M - where dedicated funds maintain a clear advantage. 🔹Nearly...

🔹The majority of Series A activity now clusters around $20M, but this isn’t where the power dynamics are shaping the market. 🔹At sub-$20M, dedicated A funds lead most rounds, and mega-fund involvement stays below half. 🔹Once rounds cross $20M, the megas come...

In Aug, I wrote “Is Venture Broken?” – a data-driven look at whether the growing spread in fund sizes at the early stage was pushing venture to a breaking point. We found that while mega-funds are moving earlier, dedicated-stage, boutique...
🧵Is the venture market “healthy”? “The highest order way I think about it is: ‘Is there opportunity?’ Is there opportunity for high impact, high growth, high scale businesses being born right now? And the answer to that is unequivocally yes.” @kirstenagreen,...
Whether the code is being written by a human, a computer, or a hybrid, the moment of truth is Graphite
Great to be on the Library of Minds with @daraladje. 13 yrs into Forerunner, experience is an edge. But open-mindedness is equally critical. This era is about the courage of imagination. Eyes wide open and genuine bravery are needed when...
SEE YOU THERE! Beyond the Deal: The New Era of Venture Capital • Hunter Walk, Homebrew • Samara Mejia Hernandez, Chingona Ventures • Mario Ruiz, Infinity Ventures
We're looking for ambitious Japan-focused founders ready to go global. Apply and work with our team
1/ New Lux LP letter...
"Homebrew → Forever -- why Hunter and Satya moved from an LP-backed seed fund to a self-funded evergreen model—and why they accelerated the shift in 2022." So fortunate to back founders who build companies via Homebrew and founders who build venture...

Supercool SaaS listing JUST dropped on @acquiredotcom. No-code app for launching secure AI-driven web apps fast. > $300K TTM revenue > $100K TTM profit > 50% YoY growth High-margin, vertical SaaS with real enterprise upside. Listing: https://t.co/BATq3sxB2V https://t.co/BMo7n13wQQ
Why $30BN for Cursor Is A Good Deal: "The pro side is revenue and revenue growth rate. If something's gone from $1-$100M in a year, and then $100M to $1BN this year, with Newton's laws of motion, it is going to $3BN-$4BN...
YC is funny because for everything we get hate for, we fund those and fund of that kind by #'s than anyone else Solos Non-traditional background Anything not B2B SaaS Almost any category, we do the most # of anyone, and the ones we...

Azure drives a meaningful share of Microsoft’s revenue growth. The company reports the specific impact of AI on Azure’s expansion each quarter, and the contribution has grown steadily over the past year. This gives a concrete view into how AI...

Deep Dive: A Primer on Mag7 (Part 7 - Microsoft) Microsoft has spent fifty years building platforms that sit underneath the modern economy. BASIC made early computers usable. MS DOS and Windows standardized personal computing. Office became the core productivity layer for...
Uncapped with @vladtenev, CEO of Robinhood. We talked about the evolution of online brokers, how today's younger generations think about finance, the rise of prediction markets, tokenization of private company stock, and how AI will impact personal finance. Timestamps: (0:00) Intro (00:27) History of...
A few that >almost< bootstrapped, i.e. did raise a little but < $10m in primary venture: The Trade Desk, worth $26B Klaviyo worth $9B Veeva, worth $44B Sometimes the most valuable capital is just that smidge early on And you can skip the rest
The only podcast you have to listen to every week. No politics. Just tech. - Cursor Raises $2.3BN: Who Wins the Coding War - Peter Thiel and Softbank Sell NVIDIA: Analysed - Why Venture Capital Will Hit $1TRN and the Opening of Retail - Why...

t-2 weeks til we're back in london for @airstreet state of ai meetup, ft: - @rosstaylor90 of @genreasoning - @youssef_a_mejj of @synthesiaio and yours truly on @stateofaireport! come hang with 150 ai friends across big tech, ai labs, startups and academia https://t.co/ELPmczmd31
Push button, get antibody therapeutics. The future of AI x Bio is here, folks. Nabla Bio unveiled JAM-2, a model capable of generating de novo, developable, antibodies against extremely hard, novel targets. With no lead optimization! These are zero shot therapeutics...
The real moats in 2025: specific workflows, proprietary data with real switching costs, distribution, and UX that makes AI disappear into the job-to-be-done. Simultaneously: we are early (only a % are using AI properly) so this is an amazing time to...
Headcount growth has hit the brakes... In our latest *private* company benchmarks report, we're seeing median headcount growth of just 3–5% vs. revenue growth of ~20–25%. Sub-$25M ARR companies might not be *firing* employees, but they're certainly in "one-in, one-out" mode....
I have spent the last 14 days inside some of the largest companies in the world. 90% of them will die. Their market cap will slowly erode to innovators over a 20 year period. The lesson though: Their buying processes and...

Great data from VenCap analyzing 1,900+ VC funds (2000-2019): ☹️22% lose money (return <1x) 👇64% never hit 2x 🚀Only 6% return 5x+ 🔥Just 2% hit 10x Translation: A randomly selected VC fund is 3.7x more likely to LOSE money than return 5x. But here's what changes...
New!! Cursor Hit $1B ARR in 24 Months: The Fastest Scaling SaaS Ever? https://t.co/kV5BNeeW4m

I was an early @function customer in 2022 and still am. Stoked to be a small part of their cap table with @vedikaja_in. https://t.co/1gnKQa149t
Entry price counts when TAM is unclear. Winning is the only thing that counts when TAM is huge.
It seems $META dodged the FTC's antitrust lawsuit… and I couldn't be more pleased. Meta is certainly a major player in the world of social media, with both Facebook and Instagram hosting hundreds of millions of somewhat satisfied customers. But are...
Why Subject AI pivoted from being the "Netflix of Education." On today's TWiST, Mike Vilardo from Subject AI joins the show to talk about his educational tech startup, Subject AI, and explains their shift in strategy. The company first launched with the...
1/🚨Palo Alto Networks (PANW) today revealed acquisition of Lux family co @chronosphereio for $3.35 billion in cash Chronosphere’s data observability platform is built to scale for the AI era the founders worked in our Lux NYC office + we funded Chronosphere’s Series...
High agency is often mistaken for speed. People assume it belongs to the ones who decide quickly and move without hesitation. That version looks impressive, but it is not what actually drives results. The real marker of high agency is quieter....

ICYMI: @PitchBook’s latest secondary market report is out, showing record deal flow: $95B across direct secondaries & continuation funds. While a viable liquidity path for some, impt to note it’s still < IPO ($104.7B) & M&A ($107.1B) exits this year. Standout stats: ...
ICYMI: PitchBook's latest secondary market report is out, and it shows record deal flow: $95B in estimated annual value across direct secondaries and continuation funds. While a viable liquidity path for some, it's worth noting it still accounts for less than...
Looking like a lot of these big round robin deals are… optional! Explains why so many dropped so quickly… they’re non-guaranteed, so no harm in signing them
New tech, new moats. For the past 2 decades, the best moats were built on external forces: network effects & economies of scale. Cognition is different. It doesn't depend on one massive external system; it's about millions of microsystems—one per user. https://t.co/Qlr7qxQxbX
At Seed, pessimistic VCs are actuaries calculating your startup's probability of death. At IPO, they are mystics claiming they always saw the vision.
London: We're doing a Fin x Attio x Granola meet up next week! I'll be joined on stage by Nicolas Sharp (CEO, Attio) and Vas Zhovner (CTO, Granola) and we'll be discussing Product Strategy in the AI Era. Details Wednesday,...
VC praise is opium. Customer revenue is oxygen. Asking a VC if your idea is working is like asking a spectator if the punch hurts. Get in the ring pal.
Calling all Trojan & USC Jimmy Iovine and Andre Young Academy entrepreneurs. Get your applications in for the USC +Techstars programs. Gabriel Schlumberger leads the programs. See deets
If you make the VCs pay a crazy high price, but you crush the numbers the next 90 days, no one remembers If you make the VCs pay a crazy high price, and you miss the next few months, no one...
YC Demo Day median dilution for small seed is 11% (top 25% is 7%), not 18% for non-YC YC Demo Day median dilution for big seed is 13%, not 21% to 23% for non-YC You do it all faster: YC funds you...
So excited to share that @KindredVentures is leading the @kaaj_ai seed round! Small business is the coral reef of the US economy. They are the employer of choice, the craftsman, the niche producer. Lending to SMBs has never been an...
META beats the FTC, SUNO and Kraken raise monster deals. https://t.co/M2JY0mIwRf