Operator Notes

We occasionally publish our work in an effort to help advance thinking in topics we care about and to learn alongside the people we most want to work with. 

Valuing Unprofitable and Venture-Backed Software Companies

In the world of early-stage tech investing, you might think that valuation plays a crucial role in investment decisions. As a former VC, I’ll tell you that you’d be wrong. It’s all about backing the next big thing - rather than haggling over price in the early days. We wanted to share our underwriting methodology to shed some light on what we believe to be achievable when you are not restricted to traditional PE or VC ways of thinking.

A Bridge Too Far

Much has been said about the slowdown in Venture Capital dollars flowing to startups, particularly early-stage startups, but not much has been said about the fundamentals of why. If 2023 was the year of the of the bridge round (and we’re seeing that it was), 2024 is the year of a bridge too far.

Welcoming Convox to the Curious Family

We're excited to announce the addition of Convox to the Curious family. This is our first majority acquisition from the new $16M permanent capital fund and a perfect example of the work this fund is dedicated to doing.

Announcing $16M in Permanent Capital

Announcing Curious Fund II, a dedicated $16M to help provide an alternate path for software companies. We acquire majority interests and operate companies profitably, for the long-term.