Perspectives
Research is the foundation from which we invest.
Find our research, investment rationales, and firm news below
All perspectives
Market Perspective
May 2023
SaaS is Headed Straight Into a Storm
What can we learn from the business models of the past to weather today's market?
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Market Perspective
March 2023
Derivative Risk
Today, the Biggest Risk to VC-Backed Startups is Themselves
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Thesis
September 2022
You Wouldn't Flip a Coin to Buy a T-Shirt
Why We're Investing in Soups, Adi, and Zahid of Sardine
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Thesis
August 2022
The Era of Execution Management
Why we believe Celonis is a generational business – and had to back Alex, Basti and Martin
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Thesis
July 2022
The Future of Commerce in LatAm - and Beyond
Why we're investing in Roberto and Jose Maria of Deuna
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Firm
July 2022
Research in Cape Town
Announcing Activant Cape Town
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Thesis
May 2022
Shining a Light on the Loading Dock
Why We're Investing in Kargo
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Thesis
November 2021
Why isn't Selling a Ticket as Simple as Selling a T-Shirt?
Why We're Investing in Simon, Jens, and Simon of Vivenu
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Thesis
August 2021
Seamlessly Scaling Global Teams
Why We're Investing in Carsten, Felix, and Karim of WorkMotion
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Thesis
July 2021
Ushering in the Era of Smart Money
Why We're Investing in Eco - Part 1
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Thesis
July 2021
The End-State of Commerce
Why We Are Investing in Jokr
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Thesis
July 2021
Credit Card Infrastructure for the Modern Age
Why We're Investing in Cardless
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Thesis
July 2021
Unlocking the insurance distribution marketplace
Why we're investing in bolttech.
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Firm
June 2021
Why we’re doubling down on Europe
Announcing Activant Berlin
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Thesis
May 2021
Why payment orchestration is about to have its moment
The next decade of payments innovation.
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Thesis
October 2020
Writing a new chapter in primary care
Why we’re investing in 98point6.
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Thesis
June 2020
Stop dropping the baton
Why we hatched Baton.
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Thesis
May 2020
Rebuilding the identity layer
Why we’re investing in Truework.
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Firm
April 2020
Announcing Activant fund III
$257 MM to fund the next generation of commerce infrastructure.
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Thesis
February 2020
Fulfillment superpowers for all
Why we’re investing in Deliverr.
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Thesis
February 2020
Powering the next generation of payments
Why we’re investing in Finix.
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Thesis
August 2019
Re-architecting the mortgage buying experience
Why we’re investing in Better.
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Thesis
July 2019
Perfecting the checkout experience for online retailers
Why we’re investing in Bolt.
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