Must read interview with Jared Sleeper for anyone trying to understand today's SaaS landscape.

👀 Flagging an *excellent* new report from Morgan Stanley

Ten Things That Matter Right Now in Seed VC…

The Quiet Liquidity Crisis in SaaS So Tomasz Tunguz put together a great chart summarizing one of my top worries over the past 24+ months in SaaS. He summarized the M&A (acquisitions) of The Top 10 Software Acquirers. And what you can see is there is really almost no liquidity for

Multiple compression in SaaS over the last few years is no secret but a look at Jamin Ball's Clouded Judgment this week vs. October 2021 really drives it home - from 50x -> 5x.

VCs Can't Get Enough of AI for Lawyers Madeline Renbarger newcomer.co/p/vcs-cant-get…

Budget cuts followed interest rate hikes in 2022. By late 2023, more than a year of financial scrutiny had challenged many publicly traded software companies. However, 2024 has been a tough year again. Net dollar retention for publicly traded software companies fell from 113%

Wild

As the holidays draw near, we are throwing another edition of the NYC Vertical AI Meetup on December 17th. If you are a founder or operator building vertical tech you can RSVP below: lu.ma/g498s3m9

Last month I sat down with Lynx Collective to talk through some areas where Bowery Capital sees opportunity to make investments in vertical AI. By using AI to solve for industry-specific back office tasks, we see a wedge to build next-gen systems of record in categories like

11 years after publishing v1.0, today marks the release of the 6th edition of Bowery Capital's Opportunities in Vertical Software report. In this latest update we offer up our view of eight key verticals and survey the wider vSaaS market.

GTM is changing drastically for b2b companies. Check out Mike on the blog today discussing some of the major changes. Highlights: ❓ No more SDRs? Maybe. Agents can do that stuff. 🚂 GTM Engineers are instrumenting. 🤑 Pay Per Result will be the future. 💪 Complex deals, not yet

For sellers looking at "founding AE" / get-in-early roles, some framing ServiceNow $NOW did $200m of AI revenue in '24 across 3,755 sellers = $53,000 of AI sales per seller Keep that in mind when thinking through quota $ you agree to

For any NYC founders building Vertical AI, we are hosting a meetup this coming Thursday @ Bowery HQ. Come through! (Next post for details).

Registration here: lu.ma/gwk8vmxh.

THREAD - My "State of AI + Software" slides debuted at Bowery Capital AGM: Obviously, frontier models are getting better...

Workday has 98% GRR at $9 Billion in ARR No one leaves Ever

Good piece from Matt Slotnick on what it means for software, especially the giants like WDAY/CRM/NOW, when there are more agents than people doing the work

Are you a startup founder that is building a vertical AI company? If so, here's an investor you should have on your list. This week's findfunding spotlight is on Pat McGovern from Bowery Capital. He: 🗽 Is NYC based 🕵️‍♂️ In a past life, worked at a licensed private investigative

A new class of AI startups is quietly redefining enterprise software. They don’t sell off-the-shelf tools; instead, they build automation systems unique to each company’s needs. Meet the rise of Custom Automation Platforms (CAPs).