Thoughts on software, AI, and company building, with occasional sneak peeks at P9’s kitchen table.

Summary (80–120 words): The post lays out a simple treasury framework for startups to protect operating cash. Core principles: prioritize safety and simplicity; avoid chasing yield or FX bets. Tactics: diversify across 2–3 banks to reduce operational and counterparty risk; keep the bulk of funds at one or more G‑SIBs; use a smaller bank for day‑to‑day payments and move funds periodically. Understand deposit insurance limits (US FDIC $250k; UK FSCS £85k) and augment safety by holding surplus cash in short‑maturity government securities (e.g., T‑Bills) or government-only money market funds; maintain at least three months’ liquidity. Add controls: phone verification for large payments, four‑eyes approvals, cybersecurity training, and hold cash in the currencies of expected outflows. Search Terms & Synonyms (10–20 total): startup cash management, treasury management for startups, bank diversification, FDIC insurance limit, FSCS deposit protection, G‑SIB banks, too‑big‑to‑fail banks, operating vs reserve accounts, treasury bills (T‑Bills), short‑term government securities, government money market funds, money market accounts vs funds, liquidity management, cash burn and runway protection, payment approval four‑eyes principle, phishing and wire fraud controls, FX risk management for startups, multi‑currency cash holding, managed investment account, deposit insurance schemes

Summary (80–120 words): The post addresses how vertical SaaS companies with mixed revenue streams (e.g., high-margin software subscriptions plus lower-margin payments or usage-based components) should present revenue. Blended ARR can mislead because margins differ materially; a $9M ARR blend with 60% margin is not a “software margin.” The author recommends breaking out ARR and gross profit by stream and proposes “gross margin–adjusted ARR”: take software ARR and add payment ARR weighted by the margin ratio (e.g., if software margin is 80% and payments 40%, count 50% of payment ARR). This aids comparability over time and across companies. Visualizations include stacked ARR vs gross profit and a surface chart with width = margin and height = ARR. Search Terms & Synonyms (10–20 total): vertical SaaS, ARR, annual recurring revenue, gross margin adjusted ARR, margin-adjusted ARR, GM-adjusted ARR, blended ARR, gross profit, embedded payments, payment monetization, usage-based pricing, consumption-based pricing, metered billing, take rate, ARPA, LTV to CAC, revenue stream breakdown, SaaS metrics, payments volume, operating system for SMBs

Summary (80–120 words): The article argues that vertical APIs—developer-first, modular, headless interfaces—are abstracting legacy protocols and fragmented systems in complex industries. Examples: Twilio (telco), Plaid/Tink/TrueLayer (PSD2 open banking), Duffel (NDC travel), Ampeco/Enode (OCPP EV), Nexhealth/Vital (EHR/biometrics), Alpaca (trading), Shippo (logistics), Codat/Merge.dev/Procuros (accounting/HR/ERP). Opportunities: wrap open standards with REST/GraphQL and value-added features; build unified data models where no standard exists; use free or usage-based pricing to wedge into developer personas; disrupt incumbents; create scale-driven aggregation layers (Aggregation Theory). Challenges: slow coverage build-out; defensibility beyond open protocols; indirect distribution and “graduation” risk; “double take rate” issues; and inertia from EDI-era integrations. Search Terms & Synonyms (10–20 total): vertical APIs, API-first infrastructure, legacy system integration, open banking APIs, PSD2, NDC API, OCPP, EHR integration, healthcare API, telco communications API, trading API, unified API, REST API, GraphQL API, usage-based pricing, pay-as-you-go, build vs buy, aggregation theory

Summary (80–120 words): The post explains Point Nine’s investment thesis in Wikifarmer, a dual offering combining an open, multilingual library of agricultural best practices with a B2B marketplace for non-commoditized farm products. By engaging farmers upstream through free content (recognized by FAO) and then enabling direct sales with instant farmer payments, buyer trade credit, and managed logistics, Wikifarmer reduces reliance on intermediaries and improves margins. The timing is attributed to lagging digitization in agriculture, rising mobile penetration, and a generational shift. The piece frames parallels with B2B marketplace role models (e.g., Faire, Alibaba), highlights Southern Europe as a supply advantage, and notes a €5M seed to scale a content-led supplier acquisition strategy. Search Terms & Synonyms (10–20 total): agtech marketplace, B2B agriculture platform, farm-to-business marketplace, agricultural best practices library, content-led growth (marketplaces), upstream supply digitization, disintermediation of intermediaries, non-commoditized produce trading, olive oil wholesale platform, honey direct sourcing, instant payments to farmers, buyer trade credit, logistics for farm products, European agrifood digitization, Southern Europe sourcing, Faire for agrifood, Alibaba-style B2B for farming, Wikifarmer seed funding €5M

Summary (80–120 words): The post argues ChatGPT’s breakthrough is a familiar chat UI paired with GPT‑3/3.5, driving unprecedented adoption (1M users in 5 days). It places LLMs in decades of AI progress and extracts three implications for SaaS: (1) Dozens of generic writing assistants exist; most will commoditize and consolidate as pricing falls, with a few winners via scale. (2) Biggest opportunities are vertical assistants (bookkeeping, legal, health) where proprietary data, workflow integration, and UX create defensibility despite stronger foundation models. (3) Conversational interfaces will augment SaaS—for admin actions (“make Alex an owner”) and natural‑language analytics—once hallucinations are mitigated. Expect build‑vs‑buy decisions and room for an “Algolia for conversational AI.” Search Terms & Synonyms (10–20 total): ChatGPT for SaaS, LLMs in SaaS, conversational UI, natural language interface, AI co-pilot for enterprise software, vertical SaaS AI, domain-specific writing assistant, generative AI analytics, GPT-3/3.5 in applications, LLM hallucinations, natural language query for reports, workflow integrations with AI, build vs buy AI, Algolia-like AI-as-a-service, product UX for AI features, economies of scale in AI tools, command palette vs chat interface, iPhone moment of AI, usage of proprietary data with LLMs, Jasper.ai alternatives

Summary (80–120 words): Analysis of European/UK non-founding leadership pay in B2B software and marketplaces shows sharp post-2019 base salary increases and convergence across functions, driven by scarce early-stage talent, later-stage hires, and remote US recruiting. In 2021 equity rose relative to cash; in 2022 compensation rebalanced toward cash amid valuation uncertainty. At $3–10m raised, a Product/Sales/Tech trio costs ~£500k base and 4.6% equity; at $10–25m, a full team is ~£750k base and 4.8%. Sales plans shifted from 50/50 to ~60/40 base/commission; People/HR pay lagged. UK is most expensive, Portugal second. With inflation, most startups plan increases (≈6% salary budgets), informing 2023 planning assumptions (~£150–170k base + 1–1.5% equity per leader, plus bonus). Search Terms & Synonyms (10–20 total): startup executive compensation Europe, leadership salaries B2B SaaS, VP and C-suite pay benchmarks, executive equity grants ESOP stock options, seed-stage compensation Europe, Series A executive compensation, base salary vs equity mix, sales compensation 60/40 OTE, People/HR VP salary lag, UK vs Portugal executive pay, inflation-linked salary increases, salary budget planning 6 percent, compensation bands salary ranges, Option Impact benchmarks, Erevena leadership compensation report, remote hiring impact on salaries, total rewards and dilution, on-target earnings OTE benchmarks

Summary (80–120 words): The post explains how warranties and indemnities (W&I) insurance reshapes M&A risk allocation. It has shifted to buyer-side, largely non-recourse policies that remove sellers from post-closing liability, extend warranty survival, and often eliminate escrows, with premiums typically 1–2% of the coverage limit (coverage often 20–30% of price; fee rarely >0.5% of price; higher in the US). Coverage focuses on unknown risks; known issues are excluded or insured at higher cost (up to ~10%). Insurers require robust external due diligence and apply exclusions (e.g., ABC/AML, environmental, transfer pricing), knowledge qualifiers, retentions, and de minimis thresholds. Claims data (AIG, Marsh) show meaningful notification and payout rates, but W&I remains primarily a deal facilitation tool rather than a full escrow substitute. Search Terms & Synonyms (10–20 total): warranty and indemnity insurance (W&I), representations and warranties insurance (RWI), buy-side W&I policy, non-recourse M&A insurance, transactional risk insurance, retention (excess) in W&I, de minimis threshold, coverage limit (policy limit), warranty survival periods, known vs unknown risks, specific indemnity, purchase price adjustment vs warranties, leakage provisions, due diligence requirements for W&I, policy exclusions (anti-corruption, AML, environmental), transfer pricing risk, escrow alternative in M&A, knowledge qualifiers in warranties

Summary (80–120 words): This is a short event video published by Point Nine on YouTube (2:11). The publicly accessible metadata provides only the title, channel, and duration, with no transcript or detailed description available via the page fetch, so concrete session themes, speakers, and takeaways cannot be extracted from the source itself. Point Nine is a seed-stage venture capital firm; accordingly, the event context pertains to startups and talent/people functions in a VC ecosystem, but specific frameworks, examples, or data are not discernible from the available page metadata. Additional detail (agenda, speaker list, or companion write-up) would be required to capture explicit insights, which are not present on the viewing page. Search Terms & Synonyms (10–20 total): Point Nine, Point Nine Capital, P9, Talent Meetup 2022, talent meetup, talent event, people ops meetup, HR meetup, startup hiring, talent acquisition, recruiting strategies, employer branding, sourcing and recruiting, venture capital event, portfolio hiring, startup talent leaders, people and culture, Point Nine event

Summary (80–120 words): Christoph Janz proposes a “hierarchy of goals” for startup planning that forces explicit trade-offs: if a lower-level goal isn’t met, higher-level goals don’t matter. In a market shifting from growth-at-all-costs to efficiency, the base is “don’t die” (maintain runway). Guardrails include keeping Burn Multiple below ~2 and improving CAC payback and Rule of 40 trends. Above that, dynamic constraints guide execution: e.g., hire outbound AEs only if outbound CAC payback <15 months; maximize SEO only if inbound CAC payback <9 months. This approach provides clearer guidance than fixed headcount/budgets, while acknowledging noisy early metrics and the need for judgment; some non-competing goals can coexist at the same level. Search Terms & Synonyms (10–20 total): hierarchy of goals, startup goal prioritization, SaaS planning framework, capital efficiency vs growth, burn multiple, CAC payback period, Rule of 40, runway management, unit economics, resource allocation guardrails, outbound sales hiring, SEO investment, Maslow-style goal pyramid, OKR hierarchy, goal cascading, north star metric, leading indicators vs lagging, trade-off decisions, budget planning for startups, B2B SaaS metrics

Summary (80–120 words): Christoph Janz of Point Nine discusses raising seed capital with Alex Theuma at SaaStock 2022, emphasizing how founders should select investors they can work with closely for years. He argues that beyond terms and metrics, founder–investor fit and personal chemistry are decisive in early rounds because the relationship shapes collaboration and long-term company building. The episode teaches founders to treat investor selection as a multi-year partnership decision, prioritize trust and communication, and evaluate whether the investor will actively support them through future challenges, not just write the first check. Search Terms & Synonyms (10–20 total): seed fundraising, raising seed capital, seed financing, seed round, early-stage fundraising, founder–investor fit, investor–founder relationship, choosing investors, value-add investors, long-term investor partnership, B2B SaaS fundraising, SaaS venture capital, pre-seed and seed rounds, investor due diligence, cap table strategy, Point Nine Capital, Christoph Janz, SaaStock 2022

Summary (80–120 words): The post outlines a sequenced path from founder-led sales to hiring a sales leader by treating go-to-market as hypothesis testing. Founders first define a narrowly scoped Ideal Customer Profile and ignore non-ICP leads. They run outbound experiments to validate value propositions and book discovery calls. A “Sales Pioneer” (top-tier AE) builds the SDR playbook, prospects, shadows the founder, then takes over deals; only after clear outbound signal are 1–2 SDRs added. Funnel math (sequence→discovery→next stage→closed-won, cycle length, ACV) turns repeatability into predictability, informing SDR:AE ratios and quotas. With conviction, choose to promote the Pioneer to Head of Sales, hire a VP Sales, or bring in a Head of Sales, weighing cost and scaling needs. Includes examples from Pento, PetsApp, and Whereby. Search Terms & Synonyms (10–20 total): founder-led sales, ideal customer profile (ICP), ICP narrowing, sales pioneer, first sales hire, SDR playbook, sales development representative (SDR), account executive (AE), outbound prospecting, cold outreach, discovery calls, value proposition testing, sales funnel metrics, conversion rates, SDR-to-AE ratio, average contract value (ACV), sales cycle length, VP of Sales hiring, Head of Sales vs VP Sales, scaling B2B SaaS sales

Summary (80–120 words): Coppey reviews Adobe’s trajectory from PostScript to Creative Cloud and argues that creative software remains ripe for disruption despite Adobe’s scale (ARR ~$16B) and bundling power. He frames TAM (~$40B, up ~30% YoY) across creatives, communicators, and consumers, and maps opportunities: democratized tools for non‑designers (Instagram, Canva), high‑WTP communicators (PlayPlay, Jasper), native collaboration expanding seats (Figma, Gravity Sketch), new platforms (mobile, iPad, VR/AR via PhotoRoom, Shapr3D), and ML/generative AI augmenting or replacing workflows (Podcastle, Narrative Select, Synthesia, DALL·E/Stable Diffusion). Growth levers include community and viral watermarks; key risks are Adobe’s distribution/bundles, habit‑driven lock‑in, and low WTP/high churn among casual users. Search Terms & Synonyms (10–20 total): creative tools 2.0, creative software disruption, Adobe Creative Cloud, Figma acquisition 20B, collaborative design software, browser-based UI/UX tools, Gravity Sketch VR design, Shapr3D iPad CAD, mobile-first photo editing (PhotoRoom), generative AI for design, text-to-image models (DALL·E, Stable Diffusion), AI video avatars (Synthesia), podcast editing AI (Podcastle), communicators’ design tools, viral watermark growth, TAM expansion creatives communicators consumers, Adobe bundling moat, design OS for creatives

Summary (80–120 words): Christoph Janz outlines how SaaS founders should rebalance from pure growth to efficiency in tighter markets. The common failure pattern: growth decelerates while spend follows the original plan, driving burn up, runway down, and fundability down. Plan runway on conservative growth, track plans vs. actuals using Net New ARR, and adapt quickly. Measure efficiency via Burn Multiple = Net Burn / Net New ARR (good is 1–1.5 below $25M ARR; Search Terms & Synonyms (10–20 total): SaaS efficiency, burn multiple, net new ARR, CAC payback period, runway planning, growth vs efficiency, capital efficiency, unit economics, net dollar retention (NDR), sales efficiency, steady-state CAC, cash burn management, ARR growth, efficiency benchmarks, investor readiness, SaaS metrics, conservative planning case, enterprise vs SMB payback, fundraising in tough markets, SaaStr Annual 2022

Summary (80–120 words): This ~3-minute video highlights the CTO Meetup Paris 2022, where engineering leaders discuss their most pressing day-to-day challenges. Published on Point Nine’s channel, it captures peer perspectives from CTOs and VPs of Engineering. The piece communicates the meetup’s purpose: connecting senior technical leaders around shared operational pain points and practical solutions. It functions as an event snapshot rather than a talk or deep-dive, giving viewers a sense of the themes and community focus of the gathering. Search Terms & Synonyms (10–20 total): CTO Meetup Paris, Point Nine CTO Meetup, engineering leadership meetup, CTO community Paris, VP of Engineering network, software engineering leadership, technical leadership, engineering management, CTO challenges, engineering leaders day-to-day challenges, startup CTO, tech leadership event, CTO highlights video, Paris tech leadership, engineering leadership community, peer learning for CTOs

Summary (80–120 words): The post updates Point Nine’s “SaaS Funding Napkin” using 95 SaaS rounds (Jan–Jul 2022), weighting May–July to capture the post-April/May reset. It documents a sharp drop from late‑2021 exuberance (e.g., 100x ARR) back toward 2019/2020 levels, with no broad decline below those baselines yet. Methodological caveats include small samples by stage and fuzzy round labels. Growth metrics were reviewed by stage (pre‑seed often n/a; limited Series C data). Investor priorities shifted from “growth at all costs” to balancing growth and efficiency: more scrutiny on capital efficiency and valuation discipline, and greater emphasis on team quality (43% said it’s more important in 2022). The napkin remains a heuristic for ARR, round sizes, and valuations by stage. Search Terms & Synonyms (10–20 total): SaaS funding napkin, SaaS fundraising metrics, ARR multiples, SaaS pre‑money valuation, round size benchmarks, seed round SaaS 2022, Series A SaaS metrics, Series B SaaS valuation, capital efficiency in SaaS, growth vs efficiency tradeoff, venture funding downturn 2022, valuation compression SaaS, CAC payback, Rule of 40, burn multiple, ARR growth rates, SaaS fundraising benchmarks, Christoph Janz Point Nine, do more with less, SaaS investor expectations

Summary (80–120 words): Christoph Janz outlines how to weather a funding downturn by shifting from “growth at any cost” to a balance of growth and efficiency. He explains how small misses in net new ARR compound in SaaS, turning boom to bust if spend isn’t adjusted, and recommends building runway on a conservative plan with guardrails like a burn budget. Efficiency is measured via Burn Multiple and Sales Efficiency; rather than blanket cuts, allocate or reduce GTM based on which quadrant you’re in. If you can’t be “default alive,” become “default investible” by improving metrics VCs prioritize (growth, churn, net expansion, efficiency). Talk recorded at SaaStr Europa; full video available on YouTube. Search Terms & Synonyms (10–20 total): efficient growth, burn multiple, sales efficiency, default alive, default investible, SaaS runway planning, burn budget, net new ARR, ARR compounding, GTM spend allocation, growth vs efficiency tradeoff, Magic Number (sales efficiency), CAC payback period, unit economics, Rule of 40, net revenue retention (NRR), funding winter, VC fundraising downturn

Summary (80–120 words): Kim Goddard explains his role at Point Nine Capital as a “Venture Talentist”: coaching seed-stage founders to build the foundations for hiring, rather than acting as a recruiter for the portfolio. He contrasts early-stage needs (first engineers, PMs, GTM hires) with exec-search profiles common in growth-stage VC. He outlines a program focused on establishing core hiring building blocks and accelerating founders’ learning to avoid common mistakes. He chose P9 based on a three-question framework (team, work, timing): the team’s rigor and care, strong role alignment toward advisory/building, and portfolio demand confirmed at the Point Nine Founder Summit, with partners seeking dedicated talent support. Search Terms & Synonyms (10–20 total): venture talentist, VC talent partner, portfolio talent support, early-stage hiring, seed-stage recruiting, founder hiring help, hiring foundations, talent infrastructure, recruiting enablement, interview process design, startup hiring playbook, executive search vs startup recruiting, Point Nine Capital, P9 venture capital, B2B SaaS startups, marketplace startups, founder coaching on hiring, talent operating partner, portfolio advisory, Point Nine Founder Summit

Summary (80–120 words): The post argues that rising enterprise crypto adoption creates a back‑office gap requiring a dedicated accounting and finance stack. Citing a16z’s “1995” web3 stage, consumer uptake (>15% in France), and corporate signals (Tesla/PayPal, Fidelity hiring), it projects increasing complexity for CFOs as firms hold many tokens, operate many wallets, transact in crypto, and use DeFi. Cryptio’s solution: a data layer indexing blockchains, exchanges, and custodians, plus financial reporting/accounting on top. The market resembles ERP in breadth, compliance will make such tools mandatory, and early users (Consensys, Aave, NEAR, Protocol Labs) validate demand. The piece contrasts competitors (TaxBit, Lukka, Bitwave) and emphasizes indexing‑driven scale effects. Search Terms & Synonyms (10–20 total): Cryptio, crypto accounting software, digital asset accounting, blockchain accounting, crypto back-office, ERP for crypto, web3 finance operations, crypto financial reporting, token valuation, token reconciliation, multi-wallet reconciliation, DeFi accounting, crypto tax compliance, enterprise crypto treasury management, blockchain data indexing, on-chain data ingestion, crypto subledger, crypto audit trail

Summary (80–120 words): Explains how secondary share sales function in venture-backed companies, especially outside primary funding rounds. Outlines standard shareholder-agreement controls: founders’ tighter constraints (sell only vested shares, potential investor veto beyond thresholds, investor RoFR and co-sale) versus investors’ comparatively freer transfers subject to board approval and RoFR; notes investor co-sale rights are common in Germany. Compares three approaches: company-driven (central control, efficient but may limit price/volume), rogue seller-led (hampered by approvals, limited diligence, market-signal risk), and hybrid (investors source demand under strict company control). Recommends maintaining control, pairing secondaries with primaries, and adopting board guidelines or a secondary sale policy to govern timing, process, volumes, and terms. Search Terms & Synonyms (10–20 total): secondary share sales, private secondary transactions, founder liquidity, employee liquidity, ESOP liquidity, cap table consolidation, right of first refusal (RoFR), co-sale rights, tag-along rights, transfer restrictions, board approval requirements, late-stage venture rounds, Series C/D secondary, company-led tender offer, hybrid secondary process, secondary sale policy

Summary (80–120 words): The article offers six rules to make sales pipeline stages actionable and predictable. Stages must mirror real milestones in your specific sales process, not generic CRM defaults. Open opportunities require momentum toward a decision; “no decision” equals no. Each stage should have a time limit to flag stale deals. Prefer “pending” stages tied to concrete events (e.g., “Discovery Call Pending,” “Demo Pending”) that force movement or closure. Define explicit qualification/exit criteria per stage to prevent unqualified deals from advancing. Avoid using stages as a to-do list; use CRM tasks for follow-ups and move non-viable deals to Closed Lost. Example pitfalls include bloated pipelines and vague stages like “Evaluating.” Search Terms & Synonyms (10–20 total): sales stages, opportunity stages, CRM stages, sales pipeline management, pipeline hygiene, sales process milestones, stage gates, exit criteria, qualification criteria, time-in-stage, stage expiration, stale opportunities, pipeline momentum, deal review, Closed Won Closed Lost, discovery call, demo scheduling, proof of concept (POC), CRM tasks vs opportunities, forecast accuracy

Summary (80–120 words): The post explains how slight underperformance during a hyper-growth plan can trigger a double-whammy: reduced investor excitement and a faster cash burn that shortens runway. Using an example SaaS company (Acme) starting at $4M ARR with a $12M raise, planning to triple in 12 months at 9.6% m/m to $12M and reach $19M by month 18, it actually grows to $6.2M ARR after six months (~7% m/m) while costs ramp as budgeted; a revised forecast shows cash-out in month 14, leaving only seven months of runway at month six. Causes: back-weighted exponential plans, focusing on total vs net new ARR, front-loaded costs, and founder optimism. Advice: track net new ARR, watch widening gaps, flatten growth assumptions, model conservative runway, adjust spend quickly, and acknowledge CAC scalability uncertainty. Search Terms & Synonyms (10–20 total): hypergrowth, hyper-growth planning, startup runway, runway management, burn rate, burn multiple, SaaS ARR, net new ARR, total ARR vs net new ARR, exponential growth modeling, month-over-month growth, year-over-year growth, fundraising readiness, bridge round financing, budget vs actuals, sales and marketing ramp, conservative revenue forecast, default alive, CAC scalability, SaaS financial model

Summary (80–120 words): The post argues that a regular, well-run company meeting is a core operating mechanism that improves recruiting, learning, culture, communication, and execution. It prescribes a weekly, employee-driven all-hands with a rotating moderator who opens with a brief personal “cold open”; guest speakers (customers, board, founders); public recognition and peer-passed awards; progress reviews on goals (e.g., OKRs); minimal status reporting handled asynchronously (Slack or Loom); a designated note taker; and periodic format changes as headcount grows. A sample agenda emphasizes alignment, cross-functional learning, and accountability via demos, deal reviews, OKR updates, and kudos. Key takeaway: unlike many variables, running a great company meeting is fully within leadership’s control. Search Terms & Synonyms (10–20 total): all-hands meeting, company meeting best practices, startup operating cadence, weekly all-hands agenda, employee-driven meetings, rotating meeting facilitator, cold open meeting intro, guest speakers in all-hands, peer recognition awards, OKR review in meetings, cross-functional demos, asynchronous status updates, Slack or Loom updates, internal communication alignment, startup culture building, execution discipline and accountability, Friday recap meeting, onboarding new hires in all-hands

Summary (80–120 words): The post synthesizes data from 51 B2B marketplace funding rounds (Seed: 10, Series A: 15, Series B: 21, Series C: 5) mostly from 2021 to benchmark traction and valuations. It finds round sizes and pre-money valuations roughly doubled versus the prior year at similar traction, with a caution to discount given 2022 market correction. The bar at Series B is high: 50% showed >4x YoY GMV growth, while Series A clustered around 2.5–3x. Three anonymized case studies illustrate AOV/take rate/transaction frequency trade-offs and how adding payments/financing (e.g., BNPL, working capital) accelerates GMV. Macro tailwinds include COVID-driven digitization, API-based integrations, and embedded finance; repeat transactions and share of wallet are emphasized. Search Terms & Synonyms (10–20 total): B2B marketplace funding, business-to-business marketplaces, Series B benchmarks, GMV growth rates, pre-money valuation multiples, fundraising round sizes, take rate, average order value (AOV), transaction frequency, embedded finance, marketplace BNPL, working capital financing, embedded payments, share of wallet (SoW), marketplace liquidity, supply and demand dynamics, industrial marketplaces, wholesale marketplaces, procurement digitization, two-sided marketplace metrics

Summary (80–120 words): The post explains why Point Nine backs Rooser, a B2B marketplace digitizing Europe’s seafood trade. The value chain is fragmented and analog—tens of thousands of intermediaries, fish changing hands about seven times, with daily trading via calls and WhatsApp. Rooser connects primary processors and wholesalers, exposing SKU-level prices and quantities to increase transparency and speed. The authors argue seafood has strong marketplace mechanics (perishability, uncertain supply, high price volatility, AOVs 10–100x consumer, frequent multi-line orders), enabling a SaaS-enabled marketplace with future layers like inventory/ERP and embedded finance (payment terms, working capital). Digitalization also improves traceability and reduces ~30% waste. The piece outlines Point Nine’s collaboration with founders and advisors from cargo.one and REKKI. Search Terms & Synonyms (10–20 total): B2B marketplace digitization, seafood trading platform, Rooser, European seafood supply chain, primary processors and wholesalers, fish auctions, perishable goods marketplace dynamics, SKU-level price transparency, SaaS-enabled marketplace, vertical SaaS for seafood, embedded finance in marketplaces, trade finance and payment terms, supply chain finance, inventory management and ERP, two-sided network effects, marketplace liquidity, Point Nine Capital investment, Index Ventures and Google Ventures Series A, cargo.one analogy, traceability and food waste reduction

Summary (80–120 words): The post examines why Twitter has resisted editable tweets and outlines conditions for a responsible implementation. The core issue is not engineering but preserving conversation integrity: edits after likes, retweets, and replies can create confusion or enable misinformation. A viable design would: (1) make edits clearly visible (e.g., an edit label and simple version history), and (2) notify prior engagers when changes are materially different. Because notifying everyone creates overload, the author proposes a layered approach: AI to assess materiality, notifications to a statistically significant user sample, and escalation based on reactions, potentially with human oversight. Any solution must also account for third‑party API ramifications and the trade-off between editor convenience and ecosystem trust. Search Terms & Synonyms (10–20 total): Twitter edit button, editable tweets, tweet edit history, tweet version control, post-publication edits, conversation integrity, misinformation and edits, notification fatigue, material edit detection, AI-based change detection, sampling notifications, product-UX trade-offs, social platform governance, third-party API impact, undo retweets/likes, audit trail for posts, revision history, change logs