Some people may think the rolling fund structure looks like a shiny flash-in-the-pan opportunity, but as we know, the greatest innovations historically have looked like toys at inception. This rolling fund structure will be the beneficiary of many other macro trends underway.

A final option is financial engineering: turn a hardware purchase into a subscription by either leasing the product to the end user or financing their purchase for them.

Why can’t a traditional bank do this themselves? 1) They don’t understand how to underwrite using tech industry metrics (ACVs, churn, LTV, engagement, et al.), and 2) they don’t have the tech DNA to underwrite programmatically, which Sand Hill Sachs will have. This may be a new company, an existing fintech player with distribution in tech, a VC fir... See more

once you’ve got product-market fit with a rinse and repeatable growth strategy, spend is going to shift toward S&M away from R&D and raising equity to plug the CAC to payback gap in cash flow seems like an incredibly expensive way of achieving this when alternatives like Pipe exist. I think VCs that invested at the earlier stages are very aligned h... See more