VNTR Capital News Jan 14, 2024 – News, Events, VC Reads
Venture Capital, Web3, and Private Equity – Jan 14 News, Events, and VC Reads
Hello friends,
Happy Sunday!
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Scroll down for VNTR Capital Community News, Upcoming Events, and VC News/Reads.
VNTR CAPITAL COMMUNITY NEWS
Spotlight
Davos WEF — Join us at our annual Davos VC gathering held in conjunction with World Economic Forum 2024
Venture Capital Investors Roundtable Davos on Jan 17, hosted at The Hub by CasperLabs. Companies seeking a presence at Davos and the opportunity to connect with influential investors are invited to apply and join us.
Venture Capital LP Roundtable Davos on Jan 18, hosted at The AI Hub by Ahura. Active Limited Partners investing into VC are invited to connect with other Limited Partners and chosen GPs who will present their funds. Apply as LP
VNTR Membership — We've deliberately crafted the VNTR community to be inclusive for proactive investment decision-makers. As part of our commitment to accessibility, we introduce the VNTR LITE membership, a free tier that grants members access to our platform and public events. VNTR LITE members are invited to actively engage with the community, participate in syndicated deals, and foster connections with other members.
For those seeking a more comprehensive experience, our VNTR PRO membership offers global support, including personalized introductions, tailored matchmaking with the most relevant members, assistance in network and personal growth through exclusive masterminds, and an array of additional benefits. Elevate your involvement and join the inner VNTR Circle with a VNTR PRO membership.VNTR Supercars Rally UAE — We launched the registration for our 3-day/3-night driving adventure in the UAE from February 29 to March 3. Traverse the stunning landscapes of UAE, navigate through captivating deserts, and conquer scenic mountain routes while behind the wheel of high-performance supercars. Join us for an unforgettable experience, complete with sightseeing stops and immersive moments along the way. Apply to join
VNTR GP membership — We launched VNTR GP Membership Services, designed to seamlessly connect top General Partners (GPs) with Limited Partners (LPs) on a global scale. Our dedicated team of account managers collaborates closely with Venture Capital (VC) fund GPs, actively facilitating introductions to LPs within the expansive VNTR network worldwide. At VNTR, we combine personal introductions service and organize a series of engaging GP LP activation activities and events. These events are strategically crafted to foster stronger connections between GPs and LPs, ultimately paving the way for effective capital deployment. Contact us if you want to join VNTR GP membership services. LPs can join the community and attend our LP Roundtables globally.
Corporate Membership and Sponsorship — Numerous companies and corporations encounter challenges in establishing connections with investors and high-net-worth clientele, often finding the process both daunting and costly. Leveraging the resources and expertise of VNTR, we collaborate to streamline this process and provide meaningful connections and exposure to a precisely targeted audience. Our tailored Corporate Membership program is designed to facilitate seamless connections with investors and premium clientele, offering a bespoke solution for your networking and outreach needs. Companies are invited to Apply to schedule a call.
VNTR Chapters — We are building a global network of VNTR Chapters and are actively seeking dynamic Chapter Directors in strategic cities to lead the expansion of the VNTR Capital community. As a Chapter Director, you will serve as a pivotal super connector, playing a vital role in fostering growth and building robust connections within the global Venture Capital community. Apply to join
Last week
London — We kicked off the year with our first VNTR London Chapter dinner hosted by our London Chapter Director, Olya Sergeeva.
Online Speed Networking — During a dynamic networking session, 60 VNTR Members engaged for two hours, generating hundreds of new connections with peers within the community. Utilizing Airmeet, members were randomly matched for 5-minute introduction meetings. Reach out to get a VNTR discount on Airmeet services.
VNTR PRO Masterminds — Head of Membership Sophia Nicholson facilitated three mastermind sessions for VNTR PRO Members. We delved into the details of each member's growth plans for 2024 and crafted the plans for personalized introductions and VNTR support needed to achieve individual goals.
Thank you to our Partners:
Casper Labs is a leading software and product development firm in the blockchain industry whose founding team authored the popular Casper Network. As the engineers at Casper Labs continue to introduce new features for the Casper codebase, Casper Labs has also developed into a fully-staffed software and solutions firm, offering products and services for enterprises and governments around the world. Casper Labs is proud to be in partnership with some of the world's most prestigious organizations, including SkyBridge Capital, the World Economic Forum, IBM, AWS, the XPRIZE Foundation & Open ExO, the HyperLedger Foundation, and others. Contact Cliff Sarkin, Chief of Strategic Relations, via email to learn more.
Ahura AI isn't just about surviving change in the AI Age, it's about thriving. We empower the workforce with tools that sharpen focus, accelerate learning, and turn knowledge into a superpower. For leaders, our Gen AI training automates the mundane, freeing them to inspire, coach, and build high-performing teams. Together, we're forging a future where humans and AI work in harmony, maximizing potential and unleashing the incredible possibilities of the Age of AI. Join us to unlock a better future powered by working for all of us. Contact Bryan Talebi, CEO and Co-founder, via email to learn more.
Upcoming VNTR Events:
Jan 15 VNTR Investors Roundtable Barcelona (Barcelona Chapter event)
Jan 16 Venture Capital Investors Lunch Davos (WEF 2024 side event)
Jan 17 Venture Capital Investors Roundtable Davos (WEF 2024 side event)
Jan 18 Venture Capital LP Roundtable Davos (WEF 2024 side event)
Jan 18 VNTR Investors Roundtable New Delhi (Fintech India Expo side event)
Jan 18 VNTR Investors Breakfast Stockholm (visiting VNTR PRO Member Gillian Muessig)
Jan 23 VNTR Investors Breakfast Tel-Aviv (Israel Chapter event)
Jan 25 VNTR Investors Roundtable Melbourne (Australian Open 2024 side event)
Feb 7 VNTR Investors Roundtable London (ICE London side event)
Feb 8 VNTR Investors Roundtable Mexico City (Zonamaco side event)
Feb 27 VNTR Investors Roundtable Barcelona (Mobile World Congress side event)
Feb 27 VNTR Investors Roundtable Doha (Web Summit Qatar side event)
Feb 29 - March 3 VNTR Investors Supercars Rally UAE
March 1 VNTR Investors Roundtable Denver (ETHDenver side event)
March 5 VNTR Investors Roundtable Riyadh (LEAP side event)
March 10 VNTR Investors Roundtable Austin (SXSW side event)
April 10 VNTR Investors Roundtable Paris (Paris Blockchain Week side event)
Additional 50+ VNTR events will be released on the VNTR Platform by the end of January 2024
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UPCOMING VC EVENTS
Jan 15-19 DavosWeek, Davos, Switzerland
Jan 15-19 unDavos, Davos, Switzerland
Jan 15-19 World Economic Forum Annual Meeting, Davos, Switzerland
Jan 16-18 iFX Expo, Dubai, UAE
Jan 16-19 WEB3FEST, Davos, Switzerland
Jan 17 House of Trust - yeswetrust Impact Investors Lunch, Davos, Switzerland
Jan 17 Raising Impact Family Office Investment Summit, Davos, Switzerland
Jan 17-19 FinTech India Expo, New Delhi, India
Jan 24-26 sTARTUp Day 2024, Tartu, Estonia
Jan 24-25 Asian Financial Forum, Hong Kong
Feb 6-8 ICE London, UK
Feb 20-21 Crypto360, Dubai, UAE
Feb 21-22 Step Conference, Dubai, UAE
Feb 21-22 Catalyst, Lisbon, Portugal
Feb 23-Mar 3 ETH Denver, Denver, USA
Feb 25-28 AIBC, Dubai, UAE
Feb 26-29 Mobile World Congress, Barcelona, Spain
Feb 26-29 4YFN, Barcelona, Spain
Feb 29-Mar 3 VNTR Supercars Rally UAE
Mar 4-7 LEAP, Riyadh, Saudi Arabia
Mar 6-7 MoneyLive Summit London, UK
Mar 8-16 SXSW, Austin, USA
Mar 26-27 Wow Summit, Hong Kong
April 8-12 Paris Blockchain Week, Paris, France
April 18-19 Token2049, Dubai, UAE
April 18-19 EmergeAmericas, Miami, USA
April 23-25 Money 20/20 Asia, Bangkok, Thailand
May 6-7 Dubai FinTech Summit, Dubai, UAE
May 15-16 Next Block Expo
May 15-16 Echelon by E27, Singapore
May 22-25 Viva Technology, Paris, France
May 29-31 Consensus, Austin, UAE
May 29 -31 Gitex Africa, Morocco
June 5-7 South Summit, Madrid, Spain
July 10-11 World Business Forum, Singapore
If you would like to submit VC-related events, please respond to this email or Telegram @byuric
Follow us on Social media: Instagram, LinkedIn, Facebook, Flickr, and Twitter.
Check out VNTR Capital upcoming events
VC Reads and News
View curated VC news and articles on the VNTR Platform
A16z Tops Active Investor Ranks In Slow Year
Overall, startup investors put far less money to work in 2023 compared to the prior two years. They also did far fewer deals. However, some investors slowed down much less drastically than others. The result is that these firms, which include prominent cross-stage investors such as Andreessen Horowitz (a16z), Lightspeed Venture Partners and Bpifrance, reigned as the most-active venture investors of 2023, per Crunchbase data. Meanwhile, several names that topped the rankings a couple years ago have moved far down the list. This includes Tiger Global Management, SoftBank Vision Fund and Sequoia Capital.
What is a VC orphan and what to do if you become one?
Venture capital is built on a single inevitability: only a very small percentage — perhaps only one — of a firm’s investments will generate outsize returns. The remainder of companies will go to zero, or simply not achieve the hypergrowth that VCs require — and find themselves out in the cold. Every VC portfolio has these slower growers; some call them VC orphans — companies that have lost investor support. Oliver Holle, CEO and managing partner at Speedinvest, says that the “traditional way of venture is to ignore” the companies that aren’t the top performers, letting them languish. But, he adds, VCs can “build a lot of reputational capital in these moments” by going out of their way to, for example, find a company a new home or figure out next steps.
Fintech Funding Halved Last Year, But VCs Are Excited About These Areas And Deals In 2024
Venture investment in 2023 into financial services and fintech, which just a few years ago was the top sector for startup funding globally, totaled $43 billion, its lowest level in six years, according to Crunchbase data. That’s down more than 50% year over year from the $89.5 billion invested in financial services in 2022, and even more dramatically from the $143 billion invested in the sector in the peak market of 2021. While still a leading industry for startup investment, financial services has been knocked off the top perch. The AI and manufacturing sectors both outpaced fintech in terms of venture dollar investment in 2023 — a first in the last six years. Funding in 2023 to health care startups, including biotech companies, also topped financial services, as it has in prior years.
Recovery on the horizon? Investor predictions for European VC
European startups just suffered through a particularly challenging year. So what's ahead? Deal-making, valuations and exit activity were all down in 2023 with many investors sitting on the sidelines instead of deploying capital. But the outlook for European VC is expected to improve in 2024 as VCs hope that the worst of the downturn is behind us. We reached out to investors active in Europe to see what they predict will be the big themes of 2024. Here are the key takeaways.
PE deals plummeted in 2023. Here's why it won't happen again in 2024
After a two-year decline in transaction volumes, private equity managers are anxious to get deals done in 2024. PE dealmaking plummeted in 2023 as higher interest rates upped the cost of leverage and clouded exit avenues made it challenging for managers to meet LP distributions. To fuel a reboot in deal and exit activity and ultimately return capital to LPs, buyers and sellers of PE assets will have to come to an agreement on pricing in 2024. Total US PE deal value declined by 29.5% in 2023, hitting its lowest point since 2017—apart from the lockdown-induced lows of 2020—according to PitchBook's 2023 Annual US PE Breakdown.
Funding To VC-Backed Startups In Israel Plummeted In Q4 Amid Turmoil
Venture funding to Israel-based startups in Q4 2023 hit its lowest point since early 2017, as just more than a half-billion dollars was invested in private companies with tensions and violence rising in the region. Startups in Israel raised about $516 million in a paltry 42 deals, per Crunchbase data. That is the lowest dollar total since Israeli startups raised only $463 million in Q1 2017. The total is down about 69% from the previous quarter, which saw $1.6 billion roll to Israel-based startups, and 54% from Q4 2022.
BlackRock CEO doubts Bitcoin will ever become a currency
BlackRock CEO Larry Fink doubts the practicality of using Bitcoin for everyday transactions, reiterating it should be publicly perceived as purely an asset class. In an interview with CNBC on Jan. 11, Fink stated his belief in Bitcoin, viewing it as an alternative form of wealth storage rather than a contender to replace national currencies. “I think we’re going to create digital currencies, we’re going to use technology for it. We’re going to use a blockchain,” he stated. According to recent data from Cointelegraph, over 100 countries are exploring the development of CBDCs, while 39 countries have either a pilot, proof-of-concept or launched CBDC initiatives.
The Week’s 10 Biggest Funding Rounds: Fever Heats Up Week With $110M Round
It usually takes a couple of weeks after New Year’s Day for the funding market to heat up, but this week already saw three raises hit nine figures. In addition, funding was spread through a variety of sectors, including entertainment, cyber, gaming, health care and others. We even saw a well-known company that hasn’t raised cash for seven years lock up a big round.
The search for better unit economics prompts consumer tech investors to shift focus
Aslew of consumer tech and companies focused on consumer packaged goods (CPG) have gobbled up venture capital in the past year. Keychain, Harmonya, Highlight, Ramani, SupplyPike, Vividly and Turing Labs, just to name a few, captured investor attention for their technologies. Companies weren’t the only ones getting funding. Investor firms focused on consumer and CPG were, too. That includes VMG Catalyst, Alethia and Humble Growth. Traditional CPG products have had their moments. However, these companies in and of themselves aren’t necessarily VC worthy. That’s because consumers’ tastes constantly change, grocery shelf space is finite and e-commerce takes finesse to cut through the noise. Many of the capital-worthy companies mentioned above fall more into the category of enablement: helping CPGs be better businesses.
The United States’ $1 trillion startup liquidity gap needs to be filled soon
Just how backed up are the venture capital markets today? Imagine a traffic jam in which every car is worth a billion dollars of illiquid capital. Now imagine that there are 1,000 cars in that traffic jam. Finally, realize that the 1,000 billion-dollar cars in front of you are only part of the issue. That’s what a recent data analysis indicates is happening today in one critical venture capital market. The value of the most mature startups in the United States that need to find an exit neared the $1 trillion mark through Q3 2023, according to a recent PitchBook analysis. The figure underscores how weak the exit climate has been over the last two years and highlights the sheer mass of illiquid equity investments made into startups that call the United States home.
In 2024, Crypto Summer Is Coming, and This One Will Be Different
Looking back over my past predictions about the future, it’s clear that my columns have represented a lot of wishful thinking. Like Oscar Wilde, who once said he could resist anything except temptation, I can predict anything, as long as it's not about the future. Although I've often been wrong about what will happen in any given year, I do think some of my major forecasts have turned out to be directionally correct. Nor am I content to be a sideline observer. I'm building a blockchain business and technology with the express purpose of influencing that future path.
Threat of irrelevance looms over emerging VCs
Holiday jet lag isn't the only thing keeping VCs up at night. Countdown Capital's announcement last week that it is shutting down marked a rocky start to 2024 for emerging managers. Jai Malik, founder and GP of the early-stage industrial tech investment firm, wrote in a LinkedIn post that, despite strong performance, "the future of this space favors larger firms than mine." Emerging managers are worried: Many are giving LPs more leeway on terms and extending their fundraising time frames, and even top-tier firms are holding off on introducing premium carry. 2024 will be a year that decides which GPs turn into tenured players.
The Biggest Bitcoin ETF Threat No One Is Talking About
As a cybersecurity leader focused on blockchains, this concentration of risk along with the inherently high-risk nature of crypto custodianship and the still-evolving nature of security best practices gives me pause. It’s not Coinbase itself that worries me here. The firm has never been hit by a known hack, which explains why so many traditional institutions trust its know-how. However, there is no such thing as an unhackable target – anything and anyone can be compromised, given enough time and resources, which is a lesson I've learned over a career at the intersection of cybersecurity and asset management. What worries me is the extreme asset concentration in a single custodian. And given the cash-like nature of crypto assets, that makes the situation inherently concerning.
Healthcare PE investors proceed with caution in 2024
Healthcare-focused private equity managers were less active in 2023 than years prior, and they're likely to maintain caution in 2024. From its 2021 peak to the end of 2023, total healthcare-related PE deal value fell 60.4%—reaching its lowest point since 2016, according to PitchBook's 2023 Annual US PE Breakdown. As the industry moves into the new year, analysts anticipate a further decline. Healthcare deals as a share of global PE deal count peaked at 13.7% in 2020, but, by the end of 2023, that figure fell to 10.8%.
US startup funding drops 30% in 2023 despite AI frenzy
U.S. investors injected $170.6 billion into startups in 2023, a decrease of nearly 30% from the $242.2 billion recorded in 2022, as the venture capital funding market continues to grapple with valuation resets amid rising interest rates, according to PitchBook data released on Thursday. The latest data, from a year in which megadeals in artificial intelligence captured the imagination of investors, shows a persistent decline from the peak of U.S. venture funding in 2021 when startups raised $348 billion.
Carta exits secondary trading following credibility hit
Roughly 72 hours after a prominent startup customer complained that Carta was misusing information with which it was entrusted — scaring many of Carta’s tens of thousands of other customers in the process — Carta is exiting the business that landed it in trouble with the customer.
Carta co-founder and CEO Henry Ward posted on Medium tonight that: “Because we have the data, if we are trading secondaries, people will always worry that we are using the data, even if we are not. So we have decided to prioritize trust, and exit the secondary trading business.”
Eye On AI: More Regulators Look Into AI Investing
It’s been nearly a year since Microsoft announced its $10 billion megadeal with OpenAI — the biggest startup funding round of 2023 in any sector. However, it seems like many regulators are just now starting to notice. In what has been a slow beginning to the new year on the AI and funding news front, the biggest news of the week was that European Union antitrust regulators are now looking into whether such a deal is subject to its merger rules. This comes after U.K. regulators last month said they were exploring whether the partnership violated antitrust laws in that country and after reports broke that the Federal Trade Commission in the U.S. was looking at similar issues.
WEF identifies AI and quantum computing as emerging global threats
The World Economic Forum (WEF) has published its 19th Global Risks Report, highlighting a novel global threat — artificial intelligence (AI) — and exploring its diverse implications in a dedicated section. The WEF report explores the varied impact of AI. It outlines the adverse outcomes of AI technologies, some intended or unintended negative consequences of advances in AI and related technological capabilities (including generative AI) on individuals, businesses, ecosystems and economies. The report also identifies quantum computing, a system reliant on AI, as a potential disruptor, posing risks to the existing tech landscape and introducing substantial security concerns. It categorizes the adverse outcomes of AI in frontier technologies to include quantum computing, biotechnology and geoengineering.
First Bitcoin ETFs approved by US regulators
Fifteen years after the genesis block was mined (and after one false announcement), the US Securities and Exchange Commission approved Bitcoin exchange-traded funds. Bitcoin has fully joined the financial system it was built to challenge. The decision will make 11 spot Bitcoin ETFs available to investors, such as those from Grayscale, Fidelity, BlackRock, and more.
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse Bitcoin,” said SEC chairman Gary Gensler, in a statement. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
Garry Tan says founders ‘have to be in San Francisco’ as Y Combinator ditches Mountain View headquarters for the big city
Ever since Garry Tan came on as Y Combinator CEO last year, there have been changes.
Last March, Tan cut its late-stage investing and laid off 17 investors, and he shrank the size of YC’s batches. Less known is that the startup accelerator also moved its headquarters. After spending 17 years operating out of Mountain View, Y Combinator moved its operations up north to the Dogpatch neighborhood in San Francisco and into Pier 70, according to city records reviewed by Fortune and confirmed by Y Combinator.
In an interview, Y Combinator CEO Garry Tan said it was important to him that YC be as close to the cutting edge of artificial intelligence innovation as possible (OpenAI and Anthropic and “a lot of the top talent” in artificial intelligence are in San Francisco versus Silicon Valley, he says). Not to mention—the majority of Y Combinator partners, including himself, live in San Francisco, he adds.
How French VCs beat the fundraising odds in 2023
Despite a difficult fundraising climate that kept LP purse strings tight in 2023, France’s VC industry proved itself one of Europe’s most resilient. According to Dealroom, of the top 10 largest tech markets in Europe, France was the only country bar Italy where VCs closed more funds in 2023 than in the previous year. French VCs closed 29 new funds, raising a total of $4.7bn in 2023, up from 26 funds of $4.4bn in 2022. In sharp contrast, the UK — still Europe’s unrivalled startup leader — saw the number of new funds raised drop from 67 of $14.6bn to 46 of $9.9bn. In Germany, the number of new funds raised also fell by nearly half — from 36 to 22.
2023 was a record year for non-SoftBank Japanese investment in Europe
When it comes to Japanese investors in European tech, it is no longer just about Masayoshi Son. Stripping out bets by Son’s SoftBank, Japanese capital was involved in a record 97 funding rounds in 2023, according to Dealroom, up from 55 five years ago. While some are traditional VCs, most are Japanese corporates or their venture arms. One of 2023’s most high-profile Japan-led deals was SBI Investment, the VC arm of financial conglomerate SBI Holdings, leading Oxford Quantum Circuits’ $100m round in November. SBI is also cornerstoning a new European-focused VC fund based out of Berlin and hired a veteran investor for the team late last year, according to LinkedIn.
3 takeaways from VC funding for female founders
Female founders ended 2023 on a strong note as the year closed with the third-highest amount of VC capital raised for female-founded or co-founded startups on record, according to PitchBook's US VC Female Founders Dashboard. Despite this strong finish, the total amount of money raised declined for the second consecutive year. Here are three takeaways from US VC funding for female founders in 2023 and what it might mean going forward.
Asia Venture Funding In 2023 Hits Lowest Level Since 2015
Mirroring the global market, venture funding to startups in Asia in 2023 dropped 38% — falling to its lowest total dollar amount since 2015. Venture funding in Asia totaled only $78.1 billion in 2023, a steep fall from the $125.2 billion raised in 2022, and a more than 58% drop from the staggering $187.4 billion funded in 2021. The numbers were not helped by the year’s final quarter. Venture funding struggled in Q4, with only $15.6 billion raised by startups in Asia, the lowest amount since the last quarter of 2015 when only $14 billion was raised by startups, per Crunchbase data.
The IPO window is reopening — here’s what startups need to know
Tech startups and high-growth companies are returning to the IPO game — despite mixed results in 2023 and a historic public-offering drought. Prime contenders in the coming months include healthcare payments company Waystar, with media reports suggesting cybersecurity startup Rubrik and micromobility firm Lime are also considering IPOs. And with artificial intelligence startups continuing to make waves in venture rounds, it wouldn’t be surprising to see several companies IPO further down the road. Yet given bankers’ and investors’ ongoing focus on clear pathways to profitability and positive cash flows, venture-backed companies looking to tap public markets must concentrate on their business fundamentals and execution while clearly understanding the path to future growth.
The Puritans of Venture Capital
The Puritans of Venture Capital: Venture used to be a cottage industry. Some firms are still practicing as if nothing really changed. Can they survive? Will capital agglomerators eat their lunch? Or can they co-exist?
It was closely tied with Books 2.0, which I'll try and touch on next week. In fact, it came down to one vote! Mr. Hunter Walk was the final vote pushing Puritans to 133 vs. Books 132. Tight race!
Artificial Buildup: AI Startups Were Hot In 2023, But This Year May Be Slightly Different
Although venture investment continued to slow down in 2023, that was not the case for the AI sector. Generative AI and AI-related startups raised nearly $50 billion in 2023, per Crunchbase data, with some, including OpenAI, Anthropic and Inflection AI, raking in billions of dollars all by themselves. While investors have little doubt many AI startups will continue to push their valuations northward — especially those building their own models and platforms — the new year could provide a reckoning and recalibration for a market that seemed to know no bounds.
European Venture In 2023 Halved From Peak, But Was Still Above Pre-Pandemic Funding
Funding to European startups reached $52 billion in 2023, down 39% year over year from $86 billion invested in 2022, Crunchbase data shows. However, Europe’s share of the venture capital ecosystem has increased since 2021. In 2022, the year the downturn settled in, Europe declined by a smaller percentage when compared to North America and Asia. “We’ve gained influence in the past six to seven years,” said Philippe Botteri, a London-based partner at Accel who has been with the firm since 2011 and witnessed the growth of the European venture ecosystem.
Capex & Opex supercycles — the dusk of SaaS and the dawn of AI-SaaS
There has lately been a lot of talk about capital cycles that are driven by interest rates. Today I want to talk about a different kind of cycle — the innovation supercycle — which I find to be far more interesting and impactful. Understanding the innovation supercycle is important to understand how an innovation gets distributed and commercialized and which assets are going to accrue value and for how long before the next one comes along.