Blank Street sitting at $105M in a list otherwise made of AI and space is the interesting one, because coffee shops don't behave like the rest of that page.
Every dollar goes into leases and buildouts, and each site takes 18 months to know whether it works. So the capital gets committed a year before the data arrives, which is roughly the opposite of how the software companies above it deploy. Same funding language, completely different clock.
Which is why I'd read the European pension stat carefully. Getting from 0.1% to 2% doesn't just mean more money in venture, it means money with a different risk tolerance meeting companies with physical assets and slow feedback loops. Pension capital and 10x software returns want quite different things, and the mismatch usually gets discovered on the founder's side.
Once intelligence becomes primitive, the moat has to develop a personality
5x median returns is crazy Ruben.
As someone who works with early-stage founders on documentation, I notice the ones who raise from YC also have the clearest product docs.
Investors bet on teams, but users adopt because of clarity. Both matter.
Great data as always.
Blank Street sitting at $105M in a list otherwise made of AI and space is the interesting one, because coffee shops don't behave like the rest of that page.
Every dollar goes into leases and buildouts, and each site takes 18 months to know whether it works. So the capital gets committed a year before the data arrives, which is roughly the opposite of how the software companies above it deploy. Same funding language, completely different clock.
Which is why I'd read the European pension stat carefully. Getting from 0.1% to 2% doesn't just mean more money in venture, it means money with a different risk tolerance meeting companies with physical assets and slow feedback loops. Pension capital and 10x software returns want quite different things, and the mismatch usually gets discovered on the founder's side.