The Spotlight by Founders Capital - Edition 2

Welcome back to Founders Capital Spotlight - your curated biweekly roundup of the sharpest ideas, analysis, and must-listen podcasts shaping venture and private markets.

Author

Sam Scott
March 19, 2025

What We’re Reading

Founders Capital invested in its first batch of Y Combinator companies, one of the world’s most prestigious and selective startup accelerators. Get an inside look at the key themes driving innovation and an exclusive sneak peek at three standout companies we’re betting on to make a massive impact.

SPVs have sparked debate in the industry - but what are they? And are incumbents right to be concerned about them? In this blog we share our vision for the VC industry, as well as the benefits and drawbacks of SPVs as an investment vehicle. 

Business Insider spotlights the "Palantir Mafia", ex-Palantir employees who’ve launched billion-dollar startups like Anduril, IronClad, and ElevenLabs. Much like the PayPal Mafia, they’re reshaping industries with $6B+ in VC funding, proving Palantir’s alumni are driving the next wave of innovation across defence, legal tech, and AI-driven solutions.

Must-Listen Podcasts

Don’t miss this one! Sokratis is an incredible entrepreneur - he founded TrustedPlaces, which was acquired by Yell Group Plc, and was one of the first investors in mindfulness app Calm.com. Now, he is the CEO of Numan, a London-based digital healthcare company. Learn more about his journey, and how he scaled Numan to a nine-figure run rate.

When Warren Buffett singles you out for praise, it’s fair to say you’ve entered the realm of greatness. Howard Marks, CEO and Founder of Oaktree Capital (>$170bn AUM), shared his wisdom and some of his most important investing lessons.

Founders Capital Perspective

If you’re enjoying this newsletter and want to stay on the pulse, make sure to read our weekly private market trends newsletter - The Dealflow by Founders Capital. Last week we explored the strength of VC funding for European defence, and, as always, shared our insights and perspective.

Research & Resources

CB Insights' latest market map highlights 170+ AI agent startups across 26 categories, reflecting the rise of "digital coworkers" - autonomous AI systems for enterprise, customer support, and software development. The sector raised $3.8B in 2024, nearly tripling 2023’s total, showing strong investor confidence. Meanwhile, major tech firms are actively developing AI agents or providing the tools to support them, accelerating their integration into business operations.

AI agents rely on key components to enhance their intelligence and adaptability. Reasoning allows for complex decision-making, memory ensures continuity by storing and retrieving information, tool use enables interaction with external systems, and planning helps break down and adapt tasks dynamically.

As AI agents shift from hype to real enterprise deployment, investors are focusing on scalable, high-revenue applications over general-purpose assistants. Enterprise AI copilots dominate funding, but industry-specific AI agents (healthcare, legal, finance) are emerging as major opportunities. At the same time, agent-enabling infrastructure - reasoning, memory, and security - remains a key investment area to ensure AI agents can scale effectively.

Where’s the Smart Money Going in AI Agents?

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Please cast your vote, and we'll discuss the results in our next edition!

Last week we asked you: When Do You Expect Private Equity Exit Conditions to Improve?

The most popular response was: C. 2026–2027: A gradual recovery as fundraising challenges ease and buyer confidence returns.

Beyond the Boardroom

Paul Graham’s article on Brian Chesky’s talk: “Founder Mode” challenges the idea that scaling means stepping back. He argues founders should stay hands-on, leveraging their unique insights and passion. While delegation is necessary, fully shifting to “manager mode” can dilute a startup’s vision. The best founders stay deeply involved, even as their company grows.

Julian Treasure’s TED Talk reveals the keys to impactful communication, warning against the "Seven Deadly Sins of Speaking" like gossip and negativity. He introduces the HAIL framework - Honesty, Authenticity, Integrity, and Love - and vocal techniques that make speeches more engaging, ensuring people truly listen and connect with your message.

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Like what you see? Think we missed anything? Let us know and we will check it out ahead of the next edition.