Notes &
perspectives.
The Entire History of You
Human progress is built on a ratchet effect of collective learnings recorded by those who came before us.
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The Label Changed: Same Layoffs, New Excuse (For Now)
Layoffs.fyi tracks tech job cuts and flags the ones companies attribute to AI. In the first quarter of 2024, ~57k tech workers were laid off, and ~8k of those cuts…
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Growth, AI, or Both: What’s Driving Premium Valuations
An analysis of recent valuation data showing growth, not profitability, is now the strongest driver of premium multiples for software companies.
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Reindustralising Europe: Where to Build?
A new generation of manufacturing companies is using software, AI and robotics to bring more production capacity back to the West.
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Next on the Spoon: Miro
A month ago I asked who'd follow Airtable. Bending Spoons answered in five weeks.
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AVs as a Bellwether for Autonomy
What can be learnt thinking through how the $2trn service stack around the auto industry gets rebuilt with autonomous vehicles?
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Backing Bios Life: The intelligent OS for Cancer surveillance
TL;DR: BIOS Life has emerged from stealth with $25m in seed financing to build an AI-native cancer surveillance platform for high-risk individuals and cancer survivors.
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Scooped at a Discount: What Airtable Says About SaaS
What Airtable’s sale to Bending Spoons tells us about SaaS
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Backing Onyx: The Growth Partner for CSPs
TL;DR: Onyx has raised an inception round to build the growth platform for MSPs, enabling them to capture the $100bn of EA revenue shifting to CSPs within the Microsoft channel
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Navigating the MoD Procurement Maze
A breakdown of the current routes to securing a contract as a startup or SME in UK defence and what the system rewards.
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Backing Handshake: Retail’s Missing Ledger
TL;DR: Handshake has raised a $3.2m inception round to build a system of action for branded goods negotiations
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Mind the Gap: Venture’s Feast or Famine Market
Since the 2021 peak, venture has become a feast-or-famine market: capital is flowing again, but overwhelmingly to a narrower set of winners.
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The Case For Hardware-Enabled Software
Why pairing software with hardware may be the strongest defence against AI eroding traditional SaaS moats.
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Backing Asterix: Enabling Healthcare Abundance
TL;DR: Asterix Health has raised a £2.1m inception round to build the workforce layer for modern healthcare, starting with primary care
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Not All Systems of Record Are Created Equal
Why did the data end up there in the first place?
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On-device vs Cloud
Weighing up the trade-offs between on-device and cloud AI, and what it means for where value accrues.
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State of UK Cyber 2026
Funding, exits, founders, and where we think the opportunity sits
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Dodgy Student Loans & Claude Code
A weekend investigation into student loan data using Claude Code, and what it shows about how good AI coding tools have become.
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Backing Lateral: Health & Financial Services for the 60+
TL;DR: Lateral has raised a £2.5m inception round to build the health and financial services platform for the 60+ mass affluent demographic.
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Is AI Actually Resetting Consumer Apps?
A look at whether AI is finally creating the conditions for a new wave of breakout consumer apps.
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Building In A K-Shaped World
Thoughts on 2026, as venture capital rotates toward productive capitalism and technology becomes increasingly political.
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As Language Commoditises, What Comes Next?
As real-time translation reaches phones, glasses and earbuds, are language barriers finally starting to fall in Europe?
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Dealing with the Content Sprawl
As AI floods our feeds with content, why taste and careful curation matter more than ever for finding real signal.
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Backing Jigcar: The Future of Logistics
TL;DR: Jigcar has raised a £3.0m seed round, led by Triple Point Ventures, to build the transport management system for automotive logistics.
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The Allocation Problem
AI doesn’t give you more time, it makes the allocation problem unavoidable
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Shifting Sentiment, Are Grads Cooked?
On the recent vibe shift around AI model dominance, and what it might mean for new graduates entering the job market.
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Conquered, We Conquer?
Interrogating the UK's obsession with creating a trillion-dollar company, and what problem that would actually solve.
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Are Growth Buyouts Venture? You’re Asking The Wrong Question
Much ink has been spilled debating the pros and cons of growth buyouts (1,2,3,4 etc.), is this venture or not?
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Modo Energy closes $15m Series A round
Modo is building a global data-analytics platform for renewable energy assets, and a media brand setting the narrative for its industry.
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Backing Paloma Health: tech-enabled speciality care
Paloma Health has raised a £2m inception round to build a new tech-enabled healthcare provider, starting with children’s autism & ADHD diagnosis in the UK.
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Backing Heat Geek: the vetted community of heat-pump installers
Our first investment in the heat-pump sector, and why we look for software married to defensible non-software moats.
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Backing Fertifa: reproductive healthcare for employers
Fertifa is a tech-enabled reproductive-healthcare provider filling the gap between private medical insurance and the public health system.
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Backing Nory: the intelligent restaurant OS
Nory centralises the core operational functions of a hospitality venue into a single intelligent app, with customers reporting up to 20% EBITDA gains.
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