Technology investing has dramatically scaled over the past 30 years, with macro factors like regulation and tariffs now playing a significant role.
A contrarian opportunity exists in consumer internet, as investor focus has overwhelmingly shifted to SaaS and AI, creating a less competitive landscape.
Even the most successful technology companies (e.g., Apple, Microsoft, Netflix) experience a 'desert of disillusionment,' where investor sentiment turns negative, presenting opportunities for patient, long-term investors.
TCV leverages a sophisticated, data-driven sourcing strategy, using AI to analyze millions of companies on metrics like employee growth and app downloads to identify promising growth-stage investments.
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Concerns Raised
Investors often overestimate the near-term commercial viability of new technologies.
Herd mentality is causing investors to crowd into SaaS and AI, potentially creating bubbles and overlooking other sectors.
The increasing influence of macro factors like regulation and tariffs adds a layer of complexity and uncertainty to tech investing.
Opportunities Identified
Contrarian investing in the underfunded consumer internet sector.
Applying a long-term, patient capital approach to invest in great companies during their inevitable periods of disillusionment.
Utilizing data and AI to build a systematic and scalable deal sourcing engine.
Focusing on growth-stage companies where technology risk is mitigated and the primary challenge is commercial scaling.