Jeff Morris Jr.

I wrote about @supabase recently (haven’t published yet) and will share my quick thoughts here. I agree they had tons of developer momentum during YC but they also had a lot of skeptics in the venture world as @jasonlk mentioned. Some viewed them as an open source fork & didn’t understand how they’d go from a bottoms up startup developer product to serving the enterprise. Others thought that the team not being based in Silicon Valley initially and having a distributed team wouldn’t work. They were hard to pattern match. But they were relentless and shipped faster than any team we’ve worked with & that should have been more obvious to everyone at the time. My quick thoughts: Supabase continues to compound as the default backend for the AI-native development stack. In just 6 years, the platform has now reached ~7M developers and is accelerating growth from an already massive base. 80%+ of that growth was just from the last year alone. From January 2025 to today, Supabase added ~6M+ new users driven by their acceleration to support developers in the AI supercycle. As @kiwicopple (CEO) said: “Our growth rate right now is as fast as it was during YC, except that we are doing it from a base of millions of developers instead of thousands.” Supabase has emerged as a generational infrastructure company and we expect it to return many multiples of the fund on its own.

@0x_Mist What company categories are they? Consumer?

@jmj Disagree on #2 - the best deals we’re seeing are right now

Our crypto investments over last year (we’re one of the more active firms) We’ve done less crypto deals for many reasons: 1. We’re a generalist firm & so many other interesting places to spend time (AI, robotics, etc.) 2. Quality of crypto deals is down the last two years

@tizimmer Prices aren’t ripping though

@jmj tbh the weird part is quality can drop even while prices rip

@0xBalloonLover EtherFi should be on the list - totally overlooked and underrated. Building a product with traction the right way. @MikeSilagadze @ether_fi

there are almost no companies in crypto with a great product and a great token that go hand in hand Hyperliquid

@louisbagwork Which unfunded protocols have traction? Again asking this out of curiosity - I haven’t seen any.

@jmj yea i meant more geared towards the ton of protocols probably willing to do pre-seed/seed and but have been grinding and maintaining self funded for at least a year+ . Founder market fit type things They’d also be inclined to treat that initial angel with great deal

@louisbagwork What are some of the best early stage deals that have been announced in the last year? Not a loaded question, genuinely want to know what quality looks like to others.

@jmj There still some great deals if you look really hard . But most people refuse to believe it

@0x_jefuture Some of those companies might launch tokens one day or already have — see @Lighter_xyz

@jmj Plus those are no longer token products

@wsculley @dunleavy89 @zodl_app @ereborbank @bulktrade @hyperbeat @Lighter_xyz @grok I don’t think many founders care about the $2.5T market cap when companies like SpaceX are IPO’ing at $1.5T+

@jmj @dunleavy89 @zodl_app @ereborbank @bulktrade @hyperbeat @Lighter_xyz @grok $2.5T mkt cap opting into a better financial system. Majority still underserved. Good founders will show up for that.

The shift in the crypto fundraising landscape the past 6 months has been insane. Crypto VCs used to have to constantly be networking/writing/podcasting/going on spaces/promoting your thesis/getting on 10 deal flow calls a week, to get into good deals...now it's literally enough to just have capital to write checks. Deals are being pushed rather than dug out. Inbound if people know you have money is at an all-time high. Most firms are either 1) Out of money 2) Moved to Series A and beyond or 3) Fundraising (with no success). Deals that used to close in 2-3 weeks now close in 2-3 months. Firms with questionable business models or copy pasta of the latest trend are getting zero primary or follow-on funding (Good news!). There are now realistically <20 firms writing checks in pre-seed/seed. VCs basically have the pick of any deal they want, with more time to do DD. IMHO 25/26 are going to be historic vintages for those who stick around.

@wsculley @dunleavy89 @zodl_app @ereborbank @bulktrade @hyperbeat @Lighter_xyz @grok Haha love it. The volume & quality of pre-seed/seed deals has dropped dramatically over the last year. Founders have so many other spaces & opportunities outside of crypto. In some ways that is a good filter for finding missionaries but so much founder talent has left.

@jmj @dunleavy89 @zodl_app @ereborbank @bulktrade @hyperbeat @Lighter_xyz @grok agrees

@dunleavy89 @wsculley Chapter One is very active - we have made a bunch of new investments over the last year including @zodl_app, @ereborbank, @bulktrade, @hyperbeat, @Lighter_xyz

@wsculley In preseed/seed? Anyone who annonunced a raised in the last 18 months (DBA, Dragonfly, CMT, EV3, etc) and a handful of others who were prudent with money from the last cycle.

I wrote about @supabase recently (haven’t published yet) and will share my quick thoughts here. I agree they had tons of developer momentum during YC but they also had a lot of skeptics in the venture world as @jasonlk mentioned. Some viewed them as an open source fork & didn’t understand how they’d go from a bottoms up startup developer product to serving the enterprise. Others thought that the team not being based in Silicon Valley initially and having a distributed team wouldn’t work. They were hard to pattern match. But they were relentless and shipped faster than any team we’ve worked with & that should have been more obvious to everyone at the time. My quick thoughts: Supabase continues to compound as the default backend for the AI-native development stack. In just 6 years, the platform has now reached ~7M developers and is accelerating growth from an already massive base. 80%+ of that growth was just from the last year alone. From January 2025 to today, Supabase added ~6M+ new users driven by their acceleration to support developers in the AI supercycle. As @kiwicopple (CEO) said: “Our growth rate right now is as fast as it was during YC, except that we are doing it from a base of millions of developers instead of thousands.” Supabase has emerged as a generational infrastructure company and we expect it to return many multiples of the fund on its own.

The Bull Case for Supabase: @jasonlk Love to hear your thoughts @asenkut @vivfaga @anuhariharan @briannekimmel @jmj

@Beezer232 @NinoMarakovic @SapphireVC @SapphirePrtnrs Congrats Beezer! Exciting news. Let's go.

Personal news update! … I’m joining the venture platform at LGT Capital Partners. It’s been nearly 15 years since I joined @NinoMarakovic at @SapphireVC to help build @SapphirePrtnrs - and hard to believe our working relationship started another 15 years before that at Morgan Stanley waayyy back in 1994. Since that time, it’s been the privilege of a lifetime to work alongside him, and to help build what Sapphire Partners has become. I’m incredibly proud of the team, the relationships, and the managers we’ve had the chance to partner with along the way. That’s always been the most meaningful part. I’m lucky to be making this move alongside @LauraLPThompson , @natewcl , Dan Clayton, Vittorio Reynoso-Avila, and Anna Jacoby. This wasn’t an easy decision, but over time it became clear this was the right step—for our team, for Sapphire, for LGT, and for the managers we support. The opportunity came together naturally through our long relationship with @TKtwitster and the LGT team. I’ve known Thomas for over a decade and have always respected his thoughtful approach to venture. At a high level, this is about alignment and continuing to build—just at greater scale. We’re not changing what we do, just expanding where and how we do it. What made Sapphire so special to me, though, was always the people—the ones who made the work meaningful every day. While I won’t be in the same place day to day, this isn’t a goodbye—just a different way of working together. Grateful to everyone at Sapphire who made the past 15 years so meaningful 💙 I’m taking a short break before starting at LGT on April 15—spending some time with my son before he heads off to college this Fall. A big transition for both of us. 🤲 Looking forward to what’s ahead. 💫✨

@ArfurRock @atlascardhq Love my @atlascardhq. A+ product.

In case it's not obvious, if you see an investor post their portco's growth chart, it means they're raising! Closed $40M at $420M led by Elad Gil. Great product, congrats @atlascardhq!

“AI Business Transformation consultant’ is the new grift. Glorified tier 2 consulting with better branding. And yes, they’ll get rich.

@amit_ajwani Thank you 🙏🏽

@jmj Hahaha. Love the sign on the wall, def your vibe.

Life goal achieved - two 49” monitors in my office… Thanks to everyone on this platform for encouraging me to dream big 🙏🏽 Time to monitor the situation