Zach Tratar

I’m thrilled to be announcing that Notion Capital is leading the $15m Series A investment in Cogna today. In the industry, we like to think that software has been eating the world. But when you look at the data a better description would be more of a nibble. Depending on what source you look at the software industry represents between 5-8% of global GDP. Contrast that with the services industry that represents between 60-70% of GDP and worth around $25 trillion on a global basis. Most services have been out of reach for the software industry. They have either been too complex or too specialized for off the shelf software to access in any economically viable way. But that’s beginnning to change with GenAI leading to the emergence of ‘service as a software.’ Cogna is at the forefront of this opportunity - building precision software at scale and delivering huge productivity gains for traditional industries. We know Ben Peters & Lars Mennen well having backed their previous company Five AI that was acquired by Bosch in 2022. And we’re very excited to be backing them again together with Hoxton Ventures & Chalfen Ventures Read my full blog post on why we invested here. Radu Bozga Ben Peters Lars Mennen Bryan G. Mike Chalfen Hussein Kanji Kirsten Connell https://lnkd.in/eh8mhcJb

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118 VCs (one hundred eighteen!) are gathering in San Diego next week - to meet with 30 SD startups. But it's so MUCH bigger than just those 30 co's. It brings VCs back - when they see quality companies. It helps those who are next-in-line and adjacent. It enables us to send deal flow all year 'round. It attracts talent and other companies. It inspires entrepreneurship. Connect is working for SD. Together, we're building the best damn innovation ecosystem on the planet. Year over year. Five.Ten.Thirty.

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Chat with Miles Clements about building Linear For me companies are like design problems: you have context, constraints & goals unique to you. Then you look for a solution that has a good fit to your unique problems. The company problem also evolve over times the solution Directly applying what others have done doesn’t work that well, yet there is lot emphasis on playbooks, pattern matching and playing copying what other companies are doing in industry. https://lnkd.in/ghxjJwYU

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And my second investment at defy is in 🐶 zeroETL puppies 🐶... I mean PuppyGraph, which is all the beauty of a graph database, none of the data migration or continuous upkeep of a graph database. Sounds like magic? So are puppies 🐶 . Puppygraph is NOT a graph or a database. It is graph analytics engine that answers graph questions on your existing data warehouses, whether that is a Databricks datalake, Google BigQuery or postgres. Compared to SQL, it's faster, handles way more complexity, scales and has almost no upkeep. How did I get to conviction? 1. Tailwinds - 🌊 Lakehouses 🌊 have helped enterprises put all their data in one place, enabling Puppygraph to unlock insights previously unavailable. - 📚 LLMs! 📚AI and RAG cannot easily traverse fragmented data. Puppygraph's Graph RAG unlocks insights with their Knowledge Graph and spoonfeeds to the LLMs. 2. 👯 Team 👯 We have graph experts from Google, LinkedIn, Databricks, Tigergraph, and Instacart who are uniquely able to build this solution. 3. 💸 Customers 💸 . My alma mater Coinbase is a proud user. The feedback from my former colleagues was off the charts! A blockchain is very much a graph database and Puppygraph tracks down fraudulent transactions that go through mixers and helps identify patterns. Huge congrats to Weimo Liu Danfeng Xu Lei Huang Zhenni Wu Gary Hagmueller, defy.vc is proud to be an investor!!

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Just shipped this week's Diaspora.nz podcast with Paul Copplestone, founder & CEO at Supabase. We talk about: ⚡️why open source is an unfair advantage — as a product development strategy, supercharging recruiting, and helping build customer community. ⚡️how they are building the end-to-end tech stack for AI startups — seeing many customers grow into the millions of users in just weeks, growing to be one of the most tagged products by makers on Product Hunt + most redeemed Y Combinator “perks.” ⚡️raising $116M, and scaling to ~80 people in 30+ countries over the past 4.5 years, operating as a distributed + asynchronous team. ⚡️building three startups over nearly a decade living in South East Asia. Subscribe + listen links in comments below👇 Subscribe at diaspora.nz for weekly episodes 🎧👈

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The funding landscape for founders has been tough over the past two years—but for female founders, it's been even tougher. At Fierce Foundry, we're stepping up to change that. Like the trailblazing organizations How Women Invest and WE Global Studios, we’re fueling the flywheel of female investment. Our innovative approach isn’t just about making noise—it’s about making measurable impact. Join me at my info session today (and every other week - register via the link below) to learn how you can help drive meaningful change for female founders. Let’s make it happen! 🌟 https://lnkd.in/e9FUg9Uj

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🌟Innovative VC Firm Overcomes Exits Drought with Secondary Sales🌟 ⛵Navigating a challenging landscape where exits are scarce, Santa Barbara Venture Partners (SBVP) has pioneered a novel approach to sustain its growth and attract investors for its second fund: secondary sales. Instead of waiting for traditional exits like IPOs or acquisitions, SBVP opted to sell shares of its portfolio companies, demonstrating its ability to generate returns for investors and stand out in a competitive market. 🎤According to Dan Engel, founder and managing partner of SBVP, these secondary transactions have been a game-changer, sparking investor interest and bolstering the firm's credibility. By leveraging its recent successes, including a lucrative stake in sports-betting company DraftKings Inc.' acquisition of digital lottery app Jackpocket, SBVP seized the opportunity to return profits to its limited partners (LPs) and pave the way for its second fund. 💡Engel highlighted the challenges faced by young VC firms in raising subsequent funds, particularly amid a downturn in exit activity and heightened investor scrutiny. With traditional exit routes becoming increasingly elusive, the pressure is on for firms to demonstrate tangible returns and establish a track record of success. ✨"For us, secondary sales have been a game-changer. They've helped us return profits to our LPs and attract investors for our second fund," said Dan Engel. 💰For SBVP, the decision to pursue secondary sales was driven by the need to provide liquidity to LPs and validate its investment thesis in the eyes of prospective investors. By strategically offloading portions of its holdings in high-performing portfolio companies like Bark Technologies and Rad AI, SBVP not only generated substantial returns but also bolstered investor confidence in its ability to deliver results. ⚠Despite the complexities and potential stigma associated with early share sales, Engel emphasized the importance of prioritizing investor returns and seizing opportunities to unlock value for stakeholders. With a focus on profitability and transparency, SBVP remains committed to its mission of delivering sustainable growth and maximizing returns for its LPs. 🔍 "Returning profits to our investors is our top priority. By strategically selling shares, we're proving our commitment to delivering results and driving value for our stakeholders," added Engel. As SBVP continues to explore secondary transactions and expand its investor base, the firm stands as a testament to innovation and resilience in the face of market challenges. 🚀 ✅ Looking to raise capital for your #fund and increase the international pool of your LP #investors?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments?   ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE #VCInnovation #SecondarySalesSuccess #InvestorReturns #ValueCreation 

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An interesting article below, that demonstrates out how San Diego is punching above its weight.  And how Connect's strategy and execution over time, contintues to be central to that success. The article describes the current state of the market in Seattle.  (And i love Seattle.) It's a market that we tend to track with relative to venture fundings.  They used to kick our butts, we outraised them each of the last three years.  This despite the fact they have 3x as many funds there, and 9x the amount of resident capital there. (per pitchbook) Some key takeaways:  * They continue to compare themselves to SIlicon Valley. Instead, we leverage our proximity. *They whine there's not enough local investors (see note above - they have more than us). We bring over 200 VCs to SD annually! * They say founders are not connected with one another. We bring CEOs together regularly, in a variety of ways - private dinners and through our Springboard program. * They say they need to elevate their image on a national & international stage. Why we created and continue to build Five.Ten.Thirty (aka Inno Day).  * And the last paragraph - they need to concentrate on making their region a great place to live. Our mantra: "It's about Better, not Bigger." (See XEO, TL Fund). THANK YOU FOR ALL OF YOUR SUPPORT. WE ARE ON A MISSION TOGETHER!!!  (Comments, whining, suggestions on SD always welcome.) https://lnkd.in/g6Rq_f2Y

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How do we design funding mechanisms that are regenerative and built to last? In the latest Rehash episode, Sophia Dew from Celo Foundation joins me to talk about what blockchain enables for public goods funding, frameworks for designing regenerative onchain funding apps, and what it takes to build and maintain a layer 2 blockchain. Tune into our full conversation at the links below:

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Blind optimism vs. pragmatism, the psychological patterns that lead to failure, the future of "moats" in the age of AI, and images of me apparently staring wistfully into space.... Thanks Brian Ondrako for a great podcast!

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Why founders believe they have an 82% chance of success when the reality is closer to 10%. And why being in that 10% means resisting the standard playbooks. That and more in my conversation with Brian Ondrako of the Just Get Started podcast. Check it out and ping me with questions or ideas! 

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Unlock Early-Stage Startup Opportunities with Nobody Studios 🚀 Family offices often look for unique opportunities to diversify their portfolios and access high-growth potential investments. But early-stage startups? They can be risky, time-consuming, and hard to navigate. That’s where we come in. At Nobody Studios, we provide a streamlined pathway for family offices to gain exposure to early-stage startups, but with a twist: 1️⃣ Curated Deal Flow Our venture studio model allows us to develop, validate, and scale startups from scratch. Family offices get access to a hand-picked selection of high-potential companies backed by our proven frameworks and methodologies. 2️⃣ De-risked Investments By co-investing alongside a community of experienced angels, VCs, and our internal team, we mitigate risk while enhancing upside potential. Our collaborative approach means you’re not going at it alone. 3️⃣ Active Participation Unlike passive investments, we provide family offices the opportunity to get involved at the ground level, offering mentorship, strategic guidance, and expertise to help shape the growth trajectory of our startups. 4️⃣ Portfolio Diversification Tap into diverse sectors—tech, FinTech, healthcare, and beyond. With Nobody Studios, you’re not just investing in a startup; you're investing in an ecosystem of innovation. Interested in exploring how your family office can be part of the next wave of disruptive startups? Let’s connect and discuss how you can get started with Nobody Studios. 🌐 🔔 Follow me for more insights on building and investing in early-stage startups! #venturecapital #familyoffices #investing #startups

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The Care Summit was an incredible conference, made up of world class speakers, mission driven founders and top tier VC’s. To top it off- it was hosted in San Francisco (don’t bet against SF!). I feel really fortunate I was invited to attend. Most people don’t realize the care economy is now a 6 trillion dollar industry, and only growing. Every opportunistic industry gets a lot of attention when capitalist are at work, but oddly Care- something that will impact every human- gets a fraction of the attention it deserves. Why is this? Why at a conference that’s focused on caregiving, longevity, child care and human health was there only a handful of men? On one discussion, one of the moderators asked the panelist in 5 words what they want to see happen between now and next year. If I was given the opportunity to answer, I would have said, “more male participation”. I think it’s critical more women lead, enter venture, build companies and hold executive roles- we need more voices not few- but I am baffled by the absence of men, and the lack of effort on the huge problems at home, at work and in our policies. We must participate and create positive impact, and not sit silent because you feel you are not impacted (news flash: you are). I am leaving San Francisco inspired by conversations I had. I am eager to dig in deeper at Maple as a founder in this space, and at home as a husband, brother, son and father. A big thank you to FamTech.org , Magnify Ventures , Pivotal Ventures , The Holding Co. And every person involved. I look forward to attending next year, and hope more men join in.

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AI-powered software engineering tools are poised to revolutionize how we write, develop, and maintain software. In the first post of a two-part series, Harpinder Singh and I discuss some essential technical considerations that founders should keep in mind when building AI-enabled developer productivity tools. In particular, we cover some common design patterns we see in the industry today and their tradeoffs, as well as technical challenges that products in this category must overcome. In our next post, we will dive more into the commercial side and discuss how founders can think about crafting a business and revenue model around these tools. Stay tuned! https://bit.ly/3wWB9Xm

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So many burnt out founders. But also: So many surplus elites. And also: A new paradigm for low-risk idea-stage innovation in founder/startup/community/vc formation. That's Slyk IO We level up together: https://lnkd.in/grEmV-R6

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Episode 341 of The VentureFizz Podcast features Somak Chattopadhyay, Managing Partner at Armory Square Ventures. Yes, markets like the Bay Area, NYC, and Boston get a lot of attention when it comes to building startups and having the ability to raise capital, but there are lots of other places to build a successful company. This has always been the case, but the pandemic definitely pushed this reality further.  This is why a firm like Amory Square Ventures exists. There are lots of secondary markets where entrepreneurs need access to capital and it is also a very important matter for the local economy for these companies to grow and create jobs, versus relocating. Somak shares the details of what led him down the path to start Armory Square Ventures, a seed and early stage venture fund, and why their approach of investing in seconday markets has not only been a differentiator for their firm but what they also consider as an optimism engine and a community catalyst for regions outside Silicon Valley. In this episode of our podcast, we cover: * Advice on how founders can push back on advice from investors. * Somak’s background story and his early career in startups. * How he landed in venture capital at Edison Ventures and Tribeca Venture Partners. * The details on what they are targeting for investments and portfolio company examples like Machinery Partner and ACV Auctions, a Buffalo company that went public. * Somak’s anti-portfolio, companies that he reviewed and an investment didn’t work out and went on to be a successful company. * Advice on building a marketplace. * And so much more. #venturecapital #startups #marketplaces

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Starting a new fun project with Victor Lee - an AMA series with early stage founders. There are many podcast shows featuring successful, famous entrepreneurs. But what about those who are still relatively early in their journey, perhaps just one step ahead? The zero-to-one founders who have recently cracked the product-market fit and raised Seed or Series A capital. They may not have figured out everything yet, but they have fresh, relatable tips and advice to share. We’ll invite early-stage founders for a one-hour AMA session. Afterwards, we’ll create a public webpage featuring each Q&A session with media clips and transcriptions. This will be 100% free and open to the public. Our first AMA (June 11 1pm PST) will feature Will Drewery, whose company (Diagon) recently raised $5.1 million in Seed funding. We’ll get to know Will better and cover topics such as tips on raising funding in this tough environment. It will be a fun AMA, and you can register for free using the link below. RSVP now!

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There’s a stark reality that every startup founder and angel investor must face: the success of a startup isn’t just about building something incredible; it’s also about knowing when and how to cash out. The latest insights on exit strategies reveal a critical truth—exit planning isn’t an afterthought; it's essential to the journey. The article dives into the common exits: acquisitions and IPOs. While many dream of an IPO, the reality is that acquisitions often lead to more lucrative returns for founders and investors alike. But there's more to consider. Secondary sales are gaining traction as they provide a way for founders and key employees to realize some gains before the final exit. As someone who’s witnessed the grind of startup life, I can’t stress enough the importance of early planning. Aligning expectations and consulting with experts can save you from a world of hurt down the line. For anyone interested in this journey, my newsletter, 5 Minute Founders, breaks down complex business concepts into bite-sized insights in under five minutes—perfect for those navigating the tumultuous startup waters. Don’t just exist in your startup; plan your exit now. Share your own stories about navigating exits—it’s a conversation worth having. https://lnkd.in/eVDG3diF

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