Enterprise Weekly #432: 10 Year of Work-Bench, Enterprise Software Spend, and More
This week marks our 10 year Work-Bench anniversary! Thank you to everyone in our community for your support 🥳 As we reflected on the past decade, we shared some of our favorite memories:
We also shared the Top 10 Lessons we’ve learned building and scaling an enterprise Seed fund in NYC...a glimpse into our rewarding, fun, and nonstop ride:
Build to Be Different
There’s No One Formula For Exceptional Founders
High Ownership & Follow-On Capital Are Key
Discipline & Consistency Are More Important When It’s Hard
Community is a Force Multiplier, But There’s No Shortcuts
Know What You’re Good At…& What You’re Not
VC Culture Actually Matters
Improving Diversity Requires Intentional Effort
You Need Empathy In Hard Times
Thoughtful & Steady Wins the Race
Cheers to the next decade ahead where we’ll continue to double down on what we love most: investing in phenomenal founders building game-changing enterprise software startups at the Seed stage. If that sounds like you (or someone you know), reach out!
It wouldn’t be Enterprise Weekly if we didn’t mention what’s hot in the news. This week, Morgan Stanley released their 2Q’23 CIO Survey outlining where enterprise IT budgets are flowing in 2023.
TL;DR: Enterprise shows stable, but muted 2023 IT budget growth expectations at +2.7% YoY (vs. 2022 budget growth at +3.1% and 10-year pre-COVID average of +4.1%). While enterprise budgets remain constrained, we continue to advise our companies to stay true to GTM first principles in this environment ahead.
Check out the top 10 takeaways from the report (charts included):
🍻 Join more events:
July 19: Transforming Your SaaS Pricing with Pre-Paid Credits (virtual)
August 2: Work-Bench Next Gen API Experience Meetup Ft. Merge & Speakeasy
August 3: Work-Bench Lights On: DevOps Happy Hour
All Summer Long: Work-Bench Infrasummer
📚 Read more news:
Business Insider: Mega-Cap Tech Stocks have Gotten So Big That the Nasdaq 100 is About to Undergo a 'Special Rebalance' to Address Overconcentration
Emerging Tech Brew: AI Moneyball: One MLB team bets data will take it to the World Series
Pitchbook: Q2 2023: PitchBook-NVCA Venture Monitor
Reuters: Google Hit with Class-Action Lawsuit Over AI Data Scraping
📚 Read more (th)reads:
Company: Authzed
Role: Developer Experience Engineer
Technology: Managed Permissions Database
Funding: $3.9M from Work-Bench, Amplify Partners, Y Combinator
🌟 Company of the Week 🌟
Cove raises $5.8M led by Thrive Capital
Data / AI / Machine Learning • Seed • New York, NY
Founders: Michael Dworsky (CEO), Mason Silber (CTO)
SpeedyBrand raises $2.5M led by GV and Y Combinator
Sales / Marketing • Seed • San Francisco, CA
Inngest raises $3M led by GGV
Infrastructure / Dev Tools • Seed • San Francisco, CA
Sourcetable raises $3M led by Bee Partners
Collaboration / Productivity • Seed • San Francisco, CA
Weflow raises $3.2M led by Gradient Ventures
Sales / Marketing • Seed • Berlin, Germany
Pylon raises $3.2M led by General Catalyst
Sales / Marketing • Seed • San Francisco, CA
Dashworks raises $5M led by Point72 Ventures
Data / AI / Machine Learning • Seed • San Francisco, CA
Vellum.ai raises $5M led by Rebel Fund, Eastlink Capital, Pioneer Fund and More
Data / AI / Machine Learning • Seed • New York, NY
Outverse raises $6M led by Wing VC
Future of Work • Seed • London, UK
Administrate raises $6.4M led by Archangels, Mercia, the Scottish Investment Bank, and More
HR Tech • Seed • Edinburgh, Scotland
Resemble AI raises $8M led by Javelin Ventures
Data / AI / Machine Learning • Series A • San Francisco, CA
RecruitBot raises $8.2M led by Slow Ventures
HR Tech • Seed • San Francisco, CA
SpecterOps raises $8.5M led by Ballistic Ventures
Risk / Security • Series A • Alexandra, VA
Vendict raises $9.5M led by NFX
Risk / Security • Seed • Tel Aviv, Israel
DataGalaxy raises $10M led by AV8 Ventures
Data / AI / Machine Learning • Seed • Lyon, France
RightRev raises $12M led by Norwest Venture Partners and Salesforce Ventures
Future of Work • Series A • Santa Clara, CA
Jirav raises $20M led by Cota Capital
Sales / Marketing • Series B • San Francisco, CA
Zluri raises $20M led by Lightspeed Venture Partners
Future of Work • Series B • San Francisco, CA
Savvy raises $30M led by Canaan
Risk / Security • Seed • San Francisco, CA
Secure Code Warrior raises $50M led by Paladin Capital Group
Risk / Security • Series C • New South Wales, Australia