Andrew Steele

2025 marked Activant’s 10th year in business. It’s felt like a year where a lot of our hard work has come together and looking back there are quite a few of highlights: • Feb — Tines Series C • Feb — Sardine Series C (doubling down) • Feb — Metronome Series C • April — Truework exit to Checkr • April — Velocity Pre-Seed • April — Emma joined the team • May — Pallet Series B (doubling down) • May — Owner.com Series C (tripling down) • June — Launched Systems of Intelligence v1 (more coming in 2026) • June — Aibidia Series B • July — Ekho Series A • July — Teddy & Malek joined the team • Aug — XOPS Series A • Aug — David & Nicole joined the team • Sept — 10-Year Anniversary AGM • Sept — Genesis Summit 2 • Sept — Cardless Series C (tripling down) • Sept — micro1 Series A • Sept — Ross & Torben joined the team • Oct — Activant Aurelius AI v3 launch • Nov — Opened the Activant SF office • Nov — Stuut Series A (doubling down) • Dec — Metronome unicorn+ exit to Stripe • Dec — Airwallex Series G • Dec — Activant Research published its 25th piece of 2025 Fundraises don’t define success, but what’s behind these milestones is real growth from our portfolio companies doing the hard work every day. The same is true of team Activant - this momentum is being earned in the trenches, through persistence and taking nothing for granted. And it builds a firm DNA that’s uncannily similar to the founders we back. As the year hits the home straight, I wanted to pause and appreciate the last decade, the teams we’re lucky to partner with, and the Activant team that brings the heat every day. Bring on 2026.

Sam did the offer to buy Uncapped get lost in the mail?

@matiii @ElevenLabs Team @ElevenLabs crushing it

Great to see @ElevenLabs recognized as part of the 2026 Enterprise Tech 30. Conversational agents are quickly becoming a core interface for how businesses engage with their audiences. We are proud to help drive that shift with so much more to come!

Notes to my 20 year old self (I wrote these a year ago, but always been on the back of my mind to share them)

@public Legit ^ Very impressive team @public

NEW: You can now build AI Agents that monitor the market, manage your cash, and execute your trades. The Agentic Brokerage has arrived.

Long time office policy instated by @maxthoeny

Strong showing in NYC last night. Appreciate all our friends who joined us for the best burger in the city at 4 Charles. We’ll be hosting this again soon, ping us if keen

@HarryStebbings @pmarca @HarryStebbings goat

The 18 year old who started 20VC from a bedroom in London would be insanely happy and proud to see the below. 10 year journey to @pmarca show 🙏

@hbarra @dps @alcor @dreamer Let’s go @hbarra!! what an awesome chapter. Excited for the world to experience Dreamer 🚀

.@dps, @alcor and I -- along with the entire @Dreamer team -- are joining Meta Superintelligence Labs today! The idea behind Dreamer is simple: every person should have the power to create software that makes their lives better. We're excited to make this happen for billions of people. And personally, I'm really psyched to be rejoining so many old friends at Meta!

@hbarra @dps @alcor @dreamer Time to bring @dreamer to the world!

Anyone within 6 ft of me has heard me chew their ear off on @dreamer. Today billions will get to experience it as Dreamer joins Meta. So proud to have been on this journey with the Dreamer team. @dps, @hbarra, @alcor, and the team have ignited my creativity and shown how powerful and fun the next operating system will be. Doing it alongside a legend of Irish tech is the cherry on top. Cheers to team Dreamer. It’s been a heck of a ride since this cheeky pint at the seed.

@dps @hbarra @alcor @dreamer @natfriedman What a journey 🚀

Excited to announce that @hbarra , @alcor and I are joining Meta Superintelligence Labs with the entire @Dreamer team today. The last few months have been extraordinary: we built Dreamer, put the beta in the world just a month ago, and saw magic come to life for real people. Since then, thousands of people have used Dreamer to build personal, intelligent software with our Sidekick in the world’s newest and most popular programming language: English! They're building and sharing agents to manage email, calendar, and to-do’s, create learning tools for their kids, learn new languages, plan trips with friends, become better cooks, help them with work, achieve their health goals, or simply to creatively express themselves—all sorts of surprising and uniquely personal needs. These are agents as unique as the people building them, because they're built exactly the way each person wants them to be. We’ve captured some of our favorites at dreamer.com/community-lett…. What matters most here isn’t the early momentum; it’s what Dreamer has enabled people to do. People are building things they’ve wanted for years. They’re solving real, important problems no traditional software company would ever prioritize, because they’re too niche, too bespoke, too personal. What company would ever build for an “n of 1”? Our bet from the beginning has been that software should be personal, malleable, and shaped by the person using it. The constraint was never people’s imagination. It was the fact that building software is out of reach for most people. This early chapter gives us conviction that the idea resonates, the need is real, and the moment is now. @alexandr_wang was helpful to us from the very beginning, and when we showed Dreamer to Mark Zuckerberg and @natfriedman earlier this year, it was clear right away that we share the same vision of the future: one where billions of people have the power to create software that makes their lives better. We’re thrilled to accelerate this mission by joining Meta Superintelligence Labs and licensing our technology to Meta. Read more at meta.com/superintellige…. Deeply grateful to our investors @jillchase124 and @ninaachadjian for supporting our vision for a more personal, creative, and intelligent future for software. Thank you for the trust, the thought partnership, and for being in our corner at every step. To everyone in our community who built with us: thank you. You've taught us what's possible, and you're the proof this works. We're so grateful, and we're just getting started!

We take St Patrick's Day very seriously at @dreamer

@FinnMurphy12 Let’s call it an onboarding session

@FinnMurphy12 We gave Swift a fair go a few paddy’s back. Only place for it

best Irish pubs for a St Patrick’s day Guinness in nyc 1. Swift Hibernian Lounge 2. Four Faced Liar 3. The Long Hall (nyc) 4. The Craic 5. Iona (actually a Scottish bar but a good pour) 6. Dead Rabbit Be sure to celebrate properly and have at least 2 pints in each today ☘️

@MollySOShea @aleximm @a16z Two legends right there

BREAKING: Inside a16z's $22B AUM Growth Fund Waymo, Kalshi, Coinbase, Robinhood, Stripe, Revolut, ElevenLabs, Flock Safety, Harvey, EliseAI, Hebbia, Roblox, Anduril, Sardine With a fresh $6.75B Growth fund, General Partner Alex Immerman (@aleximm) shares how @a16z evaluates category leaders & why firms are rethinking old metrics in the AI era. “If you look at OpenAI & Anthropic alone, those two companies added as much revenue last year as 1/2 of the public cloud universe excluding the Mag Seven.” Even as AI added ~$6T in market value to the stock market in 2025, we discuss the private companies driving the next wave of growth. Topics include: • Marc Andreessen lore • Why the fastest-growing tech companies are still private • Waymo’s expansion & the future of autonomous vehicles • ElevenLabs & the breakout of voice AI platforms • Kalshi & the rise of prediction markets • The four largest tech companies adding 1% to U.S. GDP growth with $400B in spending in 2025 • How a16z grew from a startup VC to capturing 18% of all U.S. venture capital • Why engagement, retention, & product defensibility matter more than ever Full conversation ↓ 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒 (00:00) Alex Immerman, GP a16z (00:53) Flock Safety: Most underrated company in America (03:43) Private vs public market growth gap (04:43) Do gross margins matter in AI companies? (06:33) Waymo’s growth & $16B funding round (08:13) The future of ride sharing & autonomous vehicles (10:01) Where the value in self driving tech will accrue (12:27) Tesla FSD vs Waymo’s full stack approach (13:50) The growing brand power of Waymo (15:43) What comes after autonomous cars? (17:41) Are people really worried about AI taking over? (18:55) Inside ElevenLabs’ $500M funding round (22:12) The real world use cases of voice AI agents (22:55) How a16z invested in Kalshi (24:11) Why Kalshi over Polymarket? (26:35) Prediction markets vs g*mbling (29:33) Is fintech making a comeback? (32:44) Why stablecoins are becoming important (33:30) Lessons from Coinbase founder Brian Armstrong (34:19) How a16z evaluates growth companies (36:52) Where startups spend money: R&D vs marketing (38:44) Why startups need a strong Act 2 (40:08) Why venture outcomes are getting bigger & bigger (42:24) Why backing the market leader matters (43:49) The best books for founders (44:59) How a16z built its media machine (47:03) Who will be the first Trillionaire?

We saved our customers over $1.3 Billion in 2025 alone. That value has helped @Airwallex reach $1.2 Billion in ARR, growing 85% YoY. @Deel, @McLarenF1 , @boltapp and 200,000+ other customers trust us because legacy banking wasn't meant for global businesses: • Opening a bank account in a new country takes weeks • SWIFT transfers take 3-5 days • Other platforms convert your money even when you don't want to But with Airwallex you can: 1. Open an account and get paid like a local in 70 countries Most platforms force you to convert your money into your currency and charge you a conversion fee to do it. With Airwallex, your UK client pays you in GBP and it sits in your GBP balance. Your Australian client pays in AUD and it sits in your AUD balance. When you need to pay a UK vendor or run Australian payroll, you can simply pay from the same currency in your Airwallex account which leads to zero conversion fees. 2. Send and receive money on the same day SWIFT takes 3–5 days and hits you with unpredictable fees on every transfer. But over 90% of Airwallex transactions happen on the same day. Since Airwallex uses local rails to move your money, it also happens at near-zero cost. 3. Issue multi-currency cards instantly Airwallex helps you issue multi-currency cards to your employees across the entire world. And every transaction is automatically synced to your accounting system in real-time. 4. Integrate Airwallex in your product SaaS platforms and marketplaces can also use our APIs to offer these financial services to their customers. In fact, many companies are doing it already. But this is just a glimpse of what Airwallex can do. We’re building the all-in-one financial stack your company will ever need. If you're doing $50M+ in revenue, you could save up to $500k in fees. And that's money back into your business. Sign up for a demo here: airwallex.com/offer/airwalle…

@awxjack @airwallex @deel @McLarenF1 @boltapp Boom 💥

Big move from @airwallex. One of the most impressive companies I've ever profiled in The Generalist, led by one of the best founders I've ever met in @awxjack. Think they're primed for a very big few years.

@tbpn @patrickc Agreed. @dps and Team @dreamer bringing this to life

Stripe CEO @patrickc predicts software will shift from "mass-produced, industrial scale" made "years beforehand" to bespoke, custom software created the moment you need it. "Up until now, the economics of software have been conceived of as fixed cost, then infinitely monetized. That has these kinds winner-take-all dynamics." "But once there are inference costs and custom creation involved, it really shifts."