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2Q26 Newsletter

👋 Hello, It’s BTV  Welcome back to our quarterly update! As always, it was a very busy quarter for Team BTV. In early June, we co-hosted the first Vertical AI Summit with Ramp and Greylock. We had over 1,000 applicants and it was a huge success. The summit

Vertical AI Summit: The Economics of AI Growth

To close the inaugural Vertical AI Summit a few weeks ago, I moderated a panel on the economics of AI growth with Varun Anand of Clay and David Eckstein of Legora.  Varun is a co-founder of Clay, where he runs go-to-market. David is the CFO of Legora,

My Compliance Conundrums

Where This Started Before I was a VC, I spent three and a half years at Promontory Financial Group, a risk and compliance consulting firm that advised many of the largest financial institutions in the world. It was a great business, particularly in the wake of the 2008 crisis. It

1Q26 Newsletter

👋 Hello, It’s BTV  Welcome back to our quarterly update! As always, it was a very busy quarter for Team BTV. Some exciting news to kick things off - we're co-hosting a Vertical AI Summit with Ramp and Greylock in NYC in early June. Invite-only, 100 to

Why We Invested in Rely

Excited to Announce Our Investment in Rely! We are thrilled to share our investment in Rely! We led their pre-seed round and invested in their $4.5M seed round led by 2048 Ventures. Every time a multifamily asset changes hands or gets refinanced, thousands of unstructured documents need to

Fireside Chat with Itai Damti of Unit + Thomas George of Housecat

It was a pleasure to host a fireside on AI and fintech last week with Itai Damti and Thomas George. Itai is the Co-Founder and CEO of Unit and has spent years building one of the most important pieces of embedded finance infrastructure out there. Thomas spent 10 years

Why We Invested in InstaSwitch

Excited to Announce Our Investment in InstaSwitch! We are thrilled to share our investment in InstaSwitch! We led their pre-seed round and invested in their seed round led by Chicago Ventures. 5.4 million U.S. small businesses try to switch banks every year. Most never finish. The story

Can new companies be built as MCPs?

As I route more and more of my time and workflow through Cowork, I've found myself asking our software + saas providers to offer MCPs (if they haven't already). Their existing dashboards are observable interfaces, but between their MCPs and my Cowork harness, I now have an

Podcast: JC on Venture Grounds

⬅️Originally published by Rho here. In this Venture Grounds episode, JC Bahr-de Stefano from Better Tomorrow Ventures explains why the best FinTech companies aren't leading with AI — they're leading with the problem they solve. He breaks down why AI is enabling technology, not the product

Services Won't Become Software

There's a growing consensus in venture right now that AI is transforming services businesses into software businesses, so much so that services companies are now considered venture-backable in ways they never were before. Several prominent VC firms framed it as a $4.6 trillion "service as

4Q25 Newsletter

👋 Hello, It’s BTV  Welcome back to our quarterly update! It was a busy quarter for thought leadership 🧠 here at BTV 😆 Nihar was on a roll and wrote a bunch of excellent pieces: * Will Vertical AI Survive? * Team or TAM * AI-Native Systems Are The Default As a general rule,

Will Vertical AI Survive?

In the past 3 weeks, Anthropic in particular has been on an absolute tear. Claude Code, Cowork, Claude for Excel and Claude for legal review have left the market asking questions of the entire Saas industry and the emerging Vertical AI ecosystem at large. The current consensus view is saas

Fireside Chat with Yoseph West of Relay

It was a pleasure to host a fireside with Yoseph West last week. Yoseph is the CEO and Founder of Relay, a platform designed to give small business owners complete control over what they are earning, spending, and saving. In 2025, Relay surpassed $1 billion in customer deposits! Yoseph shared

Taste & Systems

For early stage venture investors a consistent debate has always been Team or TAM. Both sides share compelling evidence but where you land is typically a by-product of an innately human perception of risk and tolerance for the messy unknown. Generally, I’ve come away from this debate with