Dylan Reider
@dylan_reider
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investor @crew_capital
New York, USA
Joined December 2014
Great interview but this part didn’t make sense All of the big SaaS co’s @GavinSBaker talks about are offering AI agents on top of their products Gross margins steady due to 1) lack of usage, or 2) cheap tokens + markups What vendors aren’t pushing AI due to margins?
Gavin on why it's a mistake for SaaS companies to resist AI because it has a lower margin structure: "When there's a transformative new technology customers are demanding, it's always a mistake not to embrace it. If you're trying to preserve an 80% gross-margin structure, you
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Revisiting this w $CFLT acquisition Even before the acquisition the stock had run after getting blown out $MNDY and $SNPS have been flat but still look interesting into ‘26 Great time to be fishing for high quality software companies that are due for a re-rating next year
It’s incredible how much volatility (and predictability) exists in post-earnings moves in saas Names gap down 25%+ off earnings and bounce back fast Even $CFLT which has traded sideways for years. Buy every earnings miss and +30% in 3 months Latest is SNPS, up 25% in 9 days
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Forget the goodreads count, what were the best books you read for the first time this year?
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IBM buying Confluent for $11B Implies $31/share for $CFLT which was trading at $23 Friday CFLT expected to do $1.17 (+21% Y/Y) in rev this year and $1.37B (+17% Y/Y) in 2026 IBM paying ~8x 2026 revs for CFLT Similar acq multiple to IBM’s deal w/ Hashicorp, which was for $6B
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There are three reasons for startups to announce a funding round: To attract and gain credibility among: 1) Future investors 2) Potential hires 3) Prospective customers A fourth reason becoming more common is to dissuade would-be competitors. Especially if it's a monster round
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One of the most debated questions in VC When to break rules on ownership / portfolio construction Loved this framing from @HarryStebbings on recent pod If you: - See 10x upside - Are investing w/ a tier-1 lead - And the founder up-levels your network Write the check
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Huge congrats to @tylonwang & @angle_health on their $134M Series B! When I met Ty four years ago, Angle had just launched in their first state. But even then, the vision was clear: build a vertically integrated, full-stack, AI-enabled healthcare platform that brings
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Amazing article in the WSJ this morning about Charlie Munger’s last years https://t.co/DceigyYPi4
wsj.com
The Berkshire vice chair was making gutsy investments, forging unlikely friendships and facing new challenges to the end.
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In my most recent post I dive into each of those ideas, and make the case for Europe’s tech ecosystem Europe has major tailwinds in AI, defense, & fintech And a growing set of the world’s top AI-native unicorns like Legora, Lovable, Synthesia, and ElevenLabs call Europe home
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Reflecting on last week at Slush and the 4 big ideas people discussed on how to accelerate the growth of the European tech ecosystem - Fixing cross-border regulation - Improving workforce mobility - Deepening risk capital system - Creating a European tech giant
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The data aligns with what intuition would suggest: Seed-focused funds have the advantage against multi stage funds in avg seed round Larger seed rounds are increasingly dominated by multi stage funds who have the capital, valuation insensitivity, and brand to win
New data on Seed & Series A: how many deals are getting done & at what check size👇 Seed: ~90% of priced Seed rounds are < $20M, where dedicated-stage funds hold the advantage. >$20M: Though just a tiny fraction of the mkt, 70% of priced Seed rounds include mega-fund lead or
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Infra stocks associated w/ $GOOGL vs OpenAI Massive dispersion in the last few weeks
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AI labs won’t compete in most enterprise app categories - some game theory on why: If OpenAI launched an AI CRM, every AI-native sales app vendor would ditch them as a model provider (same reason Walmart doesn't use AWS). Those vendors would defect to Anthropic (or another
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awesome few days at the Slush conference in Helsinki Surprising - only 10% of unicorns are from EU EU tech community is fired up to grow that number - founder quality seems higher than ever - growing consensus on reg reform - tailwinds in fintech, AI, & defense Long Europe!
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Palo Alto Networks buys Chronosphere for $3.35B, ~21x ARR of $160M Gets into observability, new budget. Platform keeps getting bigger $PANW sold off after earnings last night with a smaller than expected rev beat, but raised full-yr guide by more than the beat Buying opp
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AI up, software down. AI down, software also down. On one hand, feels like the long AI infra / short sw trade is getting close to have run its course But many sw companies (particularly apps) aren't putting up AI-driven outperformance yet - contrary to infra like $MDB & $DDOG
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Incredible night at the New York Historical with @DM_Rubenstein and @andrewrsorkin talking about 1929, the Great Depression, and America’s upcoming 250th birthday
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Gell-man amnesia
Roelof led $300m round for Bird and $250m round for 23andMe. Both zeros at this point?
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