Notes
How we read the shift to AI native companies, and what is happening inside the portfolio.
- Thesis
Is permanent capital better suited for AI native services?
AI native services (AINS) don't behave like the startups venture funds were built around, and the difference shows up exactly where fund math lives: in the shape of the return…
By Emil Tatti
- Thesis
The next wave of startups will force VCs to learn PE skills
AI native services startups compete with legacy agencies and studios, businesses that run on relationships, not technology. In services, trust is the moat. Clients don't switch…
By Emil Tatti
- Thesis
The second frontier: AI native services companies
For twenty years the SaaS playbook has worked, and it still does. Build a tool, charge a subscription, let the customer do the work. It has minted real businesses and it continues…
By Umberto Liaci
- Portfolio
Always Friday raises €1.05 million to rebuild event planning
Corporate event planning is one of those industries everyone uses and no one has fixed. Venue sourcing, supplier negotiation, contracts, payments, all of it still runs on…
By Umberto Liaci
- Portfolio
Zell raises €500K to turn sales data into coaching
Most sales teams sit on a mountain of performance data and do almost nothing with it. Calls, deals, pipeline, win and loss patterns, all recorded, none of it turned into actual…
By Umberto Liaci