Mime-Version: 1.0
Content-Type: multipart/alternative;
 boundary="569c46c96b195a3c4af26fc2c4ed65b6d3c17b72f47a714bb9782ca513ef"
Subject: =?UTF-8?q?List_of_Startups_Fundraising_#March_26=F0=9F=92=B0?=
From: =?utf-8?b?THVpcyBMbG9yZW5zIGZyb20gTGVhcm5pbmcgVkPwn5Kh?=
 <luisllorens@substack.com>
To: Hidden Recipient <hidden@emailshot.io>
Date: Thu, 9 Apr 2026 06:31:12 +0000
X-Hiring: We are hiring, reach out at header-hacker@emailshot.io
X-EmailShot-Signature: iA3ToUMauTG-KiByCLtTwWd4_PAlYs0Odmo9Pwf7X40pLcn2FXqu6NFFftrK1Zi-KJV32Fm8z-8KQUaNC23YbQ==


--569c46c96b195a3c4af26fc2c4ed65b6d3c17b72f47a714bb9782ca513ef
Content-Type: text/plain; charset="utf-8"
Content-Transfer-Encoding: quoted-printable

View this post on the web at https://luisllorens.substack.com/p/list-of-sta=
rtups-fundraising-march-b9d

=F0=9F=91=8B Welcome to Learning VC! I=E2=80=99m Luis Llorens [ https://sub=
stack.com/redirect/efdbfb68-e27e-4bfe-a268-3e524e4f96e3?j=3DeyJ1IjoiM2dmeXZ=
tIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] and I write monthly abou=
t venture capital, fundraising and my personal experiences as an investor.=
=20
In this post you will find a list of entrepreneurs and startups in the mids=
t of their fundraising endeavours.=20
In March, we achieved the following figures:
=E2=9C=85 =C2=A073 startup applications.
=E2=9C=85 =C2=A0Stages: 1% Stealth | 73% Pre-seed | 22% Seed | 4% Series A =
& B
=E2=9C=85 =C2=A0Geographies: 34% US | 18% Spain | 14% UK | 34% Rest of the =
world.
=F0=9F=A4=AF 1,222 submissions [ https://substack.com/redirect/e021f7ad-002=
e-4fb3-8f1b-fa51810fd3d2?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_j=
CfgM3m0rbAsF0l24U ] in 2025.
Fill out THIS FORM [ https://substack.com/redirect/528bf432-b1d6-4ef1-94e4-=
79c6fa25e418?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF=
0l24U ] to boost your funding round, and Ruben Dominguez Ibar  & I will do =
our best to help you!
If you're a business angel or VC and would like to see the list of startups=
, leave a comment below or scroll to the end of this post.
I will provide an analysis of 3 early-stage startups building global soluti=
ons in Spain, Belgium and the US.
=F0=9F=93=8D HQ: San Francisco, US
=F0=9F=8F=AD Industry: AI, Software Development
=E2=98=98 Stage: Early Growth and Scaling
=F0=9F=9A=A8 Problem: AI inference costs are the fastest-growing line item =
for any company building on AI, and most teams have no intelligent layer op=
timizing them.
=F0=9F=94=9B Solution: Hicap fixes that. One API integration routes and for=
ecasts your AI workloads across all major LLMs, cutting inference costs by =
30-40% with zero tradeoff on speed or reliability.
=F0=9F=93=B1Product: AI gateway API and dashboard=C2=A0let teams access and=
 route requests across multiple AI models and providers through a=C2=A0sing=
le endpoint, with unified billing, routing logic, and usage monitoring
=F0=9F=8E=AF Ideal Customer Profile: Series A=E2=80=93B-C companies buildin=
g in the AI application layer, along with developers who consume AI tokens =
directly or through integrations in their coding workflows.
=F0=9F=93=8A Traction: 4,400 B2C users. 2 signed multi-year B2B contracts a=
t $400K ARR. =20
=F0=9F=8F=9A Market: $250B AI infrastructure market.
=F0=9F=91=A5 Andres Girault [ https://substack.com/redirect/6698ff33-5988-4=
6ce-a982-8409e6539766?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfg=
M3m0rbAsF0l24U ] (CEO):=C2=A02=C3=97 founder (1 exit); led a 30-person AI t=
eam post-acquisition.
=F0=9F=91=A5 Javier Cevallos [ https://substack.com/redirect/dc24135f-8b6f-=
40d3-9b92-28aea96c1877?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCf=
gM3m0rbAsF0l24U ] (CTO):=C2=A010 years at Azure infrastructure; MSc in Comp=
uter Science (USC).
=F0=9F=91=A5 Juan Ansaldo [ https://substack.com/redirect/2b43d0d8-e771-424=
7-9e66-2db93fd155c0?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3=
m0rbAsF0l24U ] (CFO):=C2=A0Background in investment banking and VC; part of=
 team that took a company public at $13B.
=F0=9F=91=A5 Ben Green [ https://substack.com/redirect/6f2adc4c-4bc3-427b-b=
126-7440862d5151?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0r=
bAsF0l24U ] (CPO):=C2=A015 years building developer tools at PayPal and Hon=
ey.
=F0=9F=92=B0 Round: Seed Round.
=F0=9F=93=8D HQ: Madrid, Spain
=F0=9F=8F=AD Industry: AI, Regtech
=E2=98=98 Stage: Pre-Seed
=F0=9F=9A=A8 Problem: Regulation is the operating system of every country, =
and no one can keep up with it. 44,555 rules in force in the EU. 2,800+ new=
 acts per year. 1,500+ sanctions per year.
=F0=9F=94=9B Solution: Reversa replaces manual compliance workflows with AI=
 agents that monitor 500+ regulatory sources, understand each company's spe=
cific context, and orchestrate actions.
=F0=9F=93=B1Product:
=F0=9F=AB=B0 Business model: B2B SaaS. Annual contracts. PA consultancies a=
nd law firms as distribution partner layer.
=F0=9F=8E=AF Ideal Customer Profile: Regulated enterprises with multi-juris=
dictional exposure. PA consultancies and law firms managing compliance for =
multiple clients.
=F0=9F=93=8A Traction: =E2=82=AC60k ARR in 5 months of operations. Revenue =
growing from 100% MoM.=20
=F0=9F=8F=9A Market: Global RegTech: =E2=82=AC19.6B=20
=F0=9F=91=A5 Santiago Aliaga [ https://substack.com/redirect/e7572992-42b0-=
42c4-9559-a1fb772fbc0b?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCf=
gM3m0rbAsF0l24U ] (CTO): ex-Amazon AI Lead, ex-Accenture. Top 1% Fiverr in =
Blockchain. Analytics & Law (ICADE).
=F0=9F=91=A5 =C3=8D=C3=B1igo Mart=C3=ADn [ https://substack.com/redirect/6e=
3a7f67-a2c1-42fb-aacb-7a392a4b06a1?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP82=
2j-jnN48_jCfgM3m0rbAsF0l24U ] (CPO): ex-Mundi Ventures, ex-Monitor Deloitte=
=2E Analytics & Law (ICADE).
=F0=9F=91=A5 Tom=C3=A1s Burgaleta [ https://substack.com/redirect/a5f9b131-=
35a1-486a-9d96-c6c083e3a9ce?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN4=
8_jCfgM3m0rbAsF0l24U ] (CRO): Worked at US M&A & Operations at Tetuan Valle=
y. Master of Laws (Tulane Law-USA).
=F0=9F=92=B0 Round: =E2=82=AC400k pre-seed. Contact: inigo@reversa.ai [ mai=
lto:inigo@reversa.ai ]
If you=E2=80=99d like to be featured in my next blog post, or recurrent acc=
ess to the list of startups, let me know!
=F0=9F=93=8D HQ: Belgium
=F0=9F=8F=AD Industry: Mobility / Climate
=E2=98=98 Stage: Seed / Pre-Series A
=F0=9F=9A=A8 Problem: Two-wheelers dominate urban mobility globally, but th=
ey fail in real-life use cases like carrying goods, families or daily tasks=
, forcing users back into cars.
=F0=9F=94=9B Solution: Any is building a new category of urban mobility, Li=
fe Utility Vehicles (LUV): a modular, cargo-capable electric two-wheeler pl=
atform that combines the practicality of a car with the efficiency of a mot=
orcycle.
=F0=9F=93=B1Product:
=F0=9F=AB=B0 Business model: Vehicle sales, high-margin accessories, and su=
bscriptions to services.
=F0=9F=8E=AF Ideal Customer Profile: Professionals in flexible or independe=
nt fields - such as designers and freelancers - who move frequently within =
cities for work and daily life. Urban workers like delivery couriers, servi=
ce staff and caregivers.
=F0=9F=93=8A Traction: Prototype stage, final BOM, roadmap to SOP. Strong e=
arly consumer traction and pre-registrations (exceeding marketing benchmark=
s).
=F0=9F=8F=9A Market: $500B+ global powered two-wheeler market undergoing el=
ectrification, with a clear gap for a new =E2=80=9Cright-sized=E2=80=9D urb=
an vehicle category.=20
=F0=9F=91=A5 Lowie Vermeersch [ https://substack.com/redirect/ec3110bd-7f69=
-4104-b503-89487a2a18b3?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jC=
fgM3m0rbAsF0l24U ] (Head of Design) =E2=80=93 Former Design Director at Pin=
infarina and founder of Granstudio. Experience designing for Ferrari, Maser=
ati, and the world's largest OEM's.
=F0=9F=91=A5 Pieter Van de Velde [ https://substack.com/redirect/4f64622e-5=
d95-44ee-9822-7236841bc6f7?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48=
_jCfgM3m0rbAsF0l24U ] (CEO) =E2=80=93 Experienced operator and founder with=
 background in product design, venture capital and scaling ventures
=F0=9F=91=A5 Erik de Winter [ https://substack.com/redirect/ff6c54bd-6743-4=
90c-8793-ec86b7bb083d?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfg=
M3m0rbAsF0l24U ] (COO) =E2=80=93 Operator with deep experience (10+ years) =
in urban mobility and scaling international operations.
=F0=9F=92=B0 Round: Seed round. Pitch deck upon request.
=F0=9F=91=89 Limited (but complete) access to March=E2=80=99s list here [ h=
ttps://substack.com/redirect/5ccd6756-a185-4da6-b4a9-bc2e7c5b1c06?j=3DeyJ1I=
joiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ]. Full access f=
or subscribers at the bottom of the post, including April=E2=80=99s list in=
 real time and decks.
Sign up [ https://substack.com/redirect/88442b3e-9025-4b9f-bdba-ac3dffa21b3=
d?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] now=
 to also unlock:
300+ Tech Events in Europe in 2026 [ https://substack.com/redirect/4e6a77a6=
-22c4-4acb-b2e8-459cff2835d6?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN=
48_jCfgM3m0rbAsF0l24U ].
500+ Active Angel Investors [ https://substack.com/redirect/fd1b566e-b18d-4=
44b-8174-57aa95a45310?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfg=
M3m0rbAsF0l24U ] in Europe, 60+ Successful Fundraising Decks [ https://subs=
tack.com/redirect/f6bfe348-f13c-4a26-ab86-abddbd66ffa6?j=3DeyJ1IjoiM2dmeXZt=
In0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ] and VC Templates [ https:=
//substack.com/redirect/f6bfe348-f13c-4a26-ab86-abddbd66ffa6?j=3DeyJ1IjoiM2=
dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U ].
Open VC Job opportunities [ https://substack.com/redirect/140c3bda-5fc2-458=
c-8680-7417d7b18a1c?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3=
m0rbAsF0l24U ], How to get into VC [ https://substack.com/redirect/3729cedd=
-cf16-4016-877d-33bd7ac00645?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN=
48_jCfgM3m0rbAsF0l24U ], 180 Questions [ https://substack.com/redirect/c81f=
bed9-83c7-445f-b031-35184f786a63?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j=
-jnN48_jCfgM3m0rbAsF0l24U ] VCs ask Startup Founders, and many more...

Unsubscribe https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9sdWlzbGxvcmV=
ucy5zdWJzdGFjay5jb20vYWN0aW9uL2Rpc2FibGVfZW1haWw_dG9rZW49ZXlKMWMyVnlYMmxrSW=
pveU1Ea3dNVGMwTWpZc0luQnZjM1JmYVdRaU9qRTVNREF3TVRVMU9Dd2lhV0YwSWpveE56YzFOe=
kUyTXpJNExDSmxlSEFpT2pFNE1EY3lOVEl6TWpnc0ltbHpjeUk2SW5CMVlpMHlNamt6TnpVeElp=
d2ljM1ZpSWpvaVpHbHpZV0pzWlY5bGJXRnBiQ0o5LnozdWpwRWdDQ1RJVFE3Y2pDM29hcGFpRU0=
4Uy1HRVlpSXRRRTFXci0zV0UiLCJwIjoxOTAwMDE1NTgsInMiOjIyOTM3NTEsImYiOnRydWUsIn=
UiOjIwOTAxNzQyNiwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjIwOTEyOTIzMjgsImlzcyI6InB1Y=
i0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.dwxhThDq5aPk2I3_PyktdIIhe635MS-Ji7oz8Br=
LptI?
--569c46c96b195a3c4af26fc2c4ed65b6d3c17b72f47a714bb9782ca513ef
Content-Type: text/html; charset="utf-8"
Content-Transfer-Encoding: quoted-printable

<html lang=3D"en" dir=3D"ltr" style=3D"scrollbar-width: thin;scrollbar-colo=
r: rgb(219,219,219)rgb(255,255,255);"><head><meta charset=3D"utf-8"><title>=
List of Startups Fundraising #March 26&#128176;</title><style>
@media (max-width: 1024px) {
  .typography .pullquote-align-left,
  .typography.editor .pullquote-align-left,
  .typography .pullquote-align-right,
  .typography.editor .pullquote-align-right,
  .typography .pullquote-align-wide,
  .typography.editor .pullquote-align-wide,
  .typography .pullquote-align-center,
  .typography.editor .pullquote-align-center {
    float: none;
    margin: 0 auto;
    width: 100%;
    max-width: 100%;
  }
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  .typography .markup table.image-wrapper img,
  .typography.editor .markup table.image-wrapper img,
  .typography .markup table.kindle-wrapper img,
  .typography.editor .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}
@media (min-width: 1024px) {
  .typography:not(:has(#toc)) .captioned-image-container figure:has(> a.ima=
ge2-offset-left),
  .typography.editor:not(:has(#toc)) .captioned-image-container figure:has(=
> a.image2-offset-left) {
    margin-left: var(--image-offset-margin);
  }
  .typography:not(:has(#toc)) .captioned-image-container figure:has(> a.ima=
ge2-offset-right),
  .typography.editor:not(:has(#toc)) .captioned-image-container figure:has(=
> a.image2-offset-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (min-width: 1300px) {
  .typography .captioned-image-container figure:has(> a.image2-offset-left)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-left) {
    margin-left: var(--image-offset-margin);
  }
  .typography .captioned-image-container figure:has(> a.image2-offset-right=
),
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (max-width: 1024px) {
  .typography,
  .typography.editor {
    /* Disable offset on mobile/tablet */
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left),
  .typography .captioned-image-container figure:has(> a.image2-align-right)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right) {
    float: none;
    margin: 1em auto;
    max-width: 100%;
    width: auto;
    padding: 0;
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left.t=
hefp),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left.thefp),
  .typography .captioned-image-container figure:has(> a.image2-align-right.=
thefp),
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right.thefp) {
    margin: 1em auto;
  }
  .typography .captioned-image-container figure:has(> a.image2-offset-left)=
,
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-left),
  .typography .captioned-image-container figure:has(> a.image2-offset-right=
),
  .typography.editor .captioned-image-container figure:has(> a.image2-offse=
t-right) {
    margin: 1em auto;
  }
  .typography .captioned-image-container figure:has(> a.image2-align-left) =
=2Eimage2-inset,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-left) .image2-inset,
  .typography .captioned-image-container figure:has(> a.image2-align-right)=
 .image2-inset,
  .typography.editor .captioned-image-container figure:has(> a.image2-align=
-right) .image2-inset {
    display: block;
    justify-content: initial;
  }
}
@media (max-width: 768px) {
  .typography .markup div.sponsorship-campaign-embed,
  .typography.editor .markup div.sponsorship-campaign-embed {
    margin-top: 24px;
    margin-bottom: 24px;
  }
  .typography .markup div.sponsorship-campaign-embed:first-child,
  .typography.editor .markup div.sponsorship-campaign-embed:first-child {
    margin-top: 0px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.youtube-overlay,
  .typography.editor .markup div.youtube-overlay,
  .typography .markup div.vimeo-overlay,
  .typography.editor .markup div.vimeo-overlay {
    display: none !important;
  }
}
@media screen and (max-width: 370px) {
  .typography .markup div.tiktok-wrap,
  .typography.editor .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.embedded-publication-wrap .embedded-publication.s=
how-subscribe,
  .typography.editor .markup div.embedded-publication-wrap .embedded-public=
ation.show-subscribe {
    padding: 24px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe,
  .typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe,
  .typography .markup div.subscription-widget-wrap-editor .subscription-wid=
get.show-subscribe,
  .typography.editor .markup div.subscription-widget-wrap-editor .subscript=
ion-widget.show-subscribe,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe {
    padding: 0px 24px;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.subscription-widget-wrap .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
  .typography .markup div.subscription-widget-wrap-editor .subscription-wid=
get.show-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.subscription-widget-wrap-editor .subscript=
ion-widget.show-subscribe .subscription-widget-subscribe .button,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-s=
ubscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget=
=2Eshow-subscribe .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed,
  .typography.editor .markup .twitter-embed,
  .typography .markup .tweet,
  .typography.editor .markup .tweet {
    padding: 12px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed .tweet-text,
  .typography.editor .markup .twitter-embed .tweet-text,
  .typography .markup .tweet .tweet-text,
  .typography.editor .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed .tweet-photos-container.two,
  .typography.editor .markup .twitter-embed .tweet-photos-container.two,
  .typography .markup .tweet .tweet-photos-container.two,
  .typography.editor .markup .tweet .tweet-photos-container.two,
  .typography .markup .twitter-embed .tweet-photos-container.three,
  .typography.editor .markup .twitter-embed .tweet-photos-container.three,
  .typography .markup .tweet .tweet-photos-container.three,
  .typography.editor .markup .tweet .tweet-photos-container.three,
  .typography .markup .twitter-embed .tweet-photos-container.four,
  .typography.editor .markup .twitter-embed .tweet-photos-container.four,
  .typography .markup .tweet .tweet-photos-container.four,
  .typography.editor .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed a.expanded-link .expanded-link-img,
  .typography.editor .markup .twitter-embed a.expanded-link .expanded-link-=
img,
  .typography .markup .tweet a.expanded-link .expanded-link-img,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}
@media (max-width: 650px) {
  .typography .markup .twitter-embed a.expanded-link .expanded-link-descrip=
tion,
  .typography.editor .markup .twitter-embed a.expanded-link .expanded-link-=
description,
  .typography .markup .tweet a.expanded-link .expanded-link-description,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-descript=
ion {
    display: none;
  }
}
@media screen and (max-width: 650px) {
  .typography .markup .apple-podcast-container,
  .typography.editor .markup .apple-podcast-container {
    width: unset;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed img.install-substack-app-=
embed-img,
  .typography.editor .markup .install-substack-app-embed img.install-substa=
ck-app-embed-img {
    margin: 0 auto 16px auto;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-text {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}
@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-emb=
ed-link,
  .typography.editor .markup .install-substack-app-embed .install-substack-=
app-embed-link {
    display: flex;
    justify-content: center;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container {
    height: 38px;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container a.comment {
    height: 38px;
    line-height: 38px;
    padding-right: 10px;
  }
}
@media screen and (max-width: 480px) {
  .share-button-container .separator {
    display: block;
    margin: 0;
    height: 8px;
    border-left: none;
  }
}
@media screen and (max-width: 480px) {
  .share-button-container a.share.first img {
    padding-left: 0;
  }
}
@media screen and (min-width: 481px) {
  .share-button-container a.mobile {
    display: none !important;
  }
}
@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer {
    padding: 36px;
    height: 680px;
  }
}
@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-co=
ntainer .footer {
    position: absolute;
    bottom: 36px;
    margin: 0px;
  }
}
@media screen and (max-width: 650px) {
  .header-anchor-parent {
    display: none;
  }
}
@media screen and (max-width: 768px) {
  .post {
    padding: 16px 0 0 0;
  }
}
@media screen and (max-width: 650px) {
  .post .post-header .post-label {
    margin-top: 8px;
  }
}
@media screen and (max-width: 650px) {
  .post .post-header .meta-author-wrap.alternative-meta .meta-right-column =
=2Epost-meta {
    margin-top: 6px;
  }
}
@media screen and (max-width: 650px) {
  .post .footer-facepile-container {
    height: 64px;
    padding: 0 16px;
    display: flex;
    align-items: center;
    justify-content: flex-start;
    width: 100%;
  }
}
@media screen and (max-width: 650px) {
  .post .post-footer.use-separators {
    justify-content: center;
  }
}
@media screen and (max-width: 650px) {
  .post .post-footer.next-prev {
    height: 64px;
    justify-content: space-between;
    box-sizing: border-box;
  }
}
@media screen and (max-width: 650px) {
  .post-contributor-footer .post-contributor-bio-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-table-row {
    display: flex;
    flex-direction: row;
  }
  .post-contributor-footer .post-contributor-bio-userhead-cell,
  .post-contributor-footer .post-contributor-bio-body-cell {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-body-cell {
    flex-grow: 1;
  }
  .post-contributor-footer .post-contributor-bio-body-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-body-table-row {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-copy-cell,
  .post-contributor-footer .post-contributor-bio-controls-cell {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-copy-cell {
    margin: 0 0 16px 0;
  }
  .post-contributor-footer .post-contributor-bio-controls-cell {
    width: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls {
    margin: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls .button.primary {
    width: 100%;
  }
  .post-contributor-footer .post-contributor-bio-text {
    font-size: 14px;
  }
}
@media screen and (min-width: 768px) {
  .post-silhouette {
    padding: 32px 0;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-title {
    margin-top: 10.44225025px;
    height: 120px;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta {
    width: 75%;
  }
}
@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta.with-byline-image {
    margin: 20px 0;
  }
}
@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    padding-right: 16px;
  }
}
@media screen and (max-width: 370px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    font-size: 14px;
  }
}
@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-pu=
blication,
  .post-meta.alternative-meta .post-meta-item.guest-author-publication {
    display: none;
  }
}
@media screen and (max-width: 370px) {
  .post-meta .post-meta-item .post-meta-button {
    height: 36px !important;
    /* important to override in-line height style on emails */
  }
  .post-meta .post-meta-item .post-meta-button .meta-button-label {
    display: none;
  }
  .post-meta .post-meta-item .post-meta-button > svg {
    margin-right: 0;
  }
}
@media screen and (max-width: 370px) {
  .post-meta .post-meta-item {
    font-size: 12px;
  }
}
@media screen and (max-width: 650px) {
  .post .floating-subscribe-button {
    bottom: 20px;
    right: 20px;
  }
}
@media (max-width: 1024px) {
  body .pullquote-align-left,
  body .pullquote-align-right,
  body .pullquote-align-wide,
  body .pullquote-align-center {
    float: none;
    margin: 0 auto;
    width: 100%;
    max-width: 100%;
  }
}
@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  body .markup table.image-wrapper img,
  body .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}
@media (min-width: 1024px) {
  body:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-off=
set-left) {
    margin-left: var(--image-offset-margin);
  }
  body:not(:has(#toc)) .captioned-image-container figure:has(> a.image2-off=
set-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (min-width: 1300px) {
  body .captioned-image-container figure:has(> a.image2-offset-left) {
    margin-left: var(--image-offset-margin);
  }
  body .captioned-image-container figure:has(> a.image2-offset-right) {
    margin-right: var(--image-offset-margin);
  }
}
@media (max-width: 1024px) {
  body {
    /* Disable offset on mobile/tablet */
  }
  body .captioned-image-container figure:has(> a.image2-align-left),
  body .captioned-image-container figure:has(> a.image2-align-right) {
    float: none;
    margin: 1em auto;
    max-width: 100%;
    width: auto;
    padding: 0;
  }
  body .captioned-image-container figure:has(> a.image2-align-left.thefp),
  body .captioned-image-container figure:has(> a.image2-align-right.thefp) =
{
    margin: 1em auto;
  }
  body .captioned-image-container figure:has(> a.image2-offset-left),
  body .captioned-image-container figure:has(> a.image2-offset-right) {
    margin: 1em auto;
  }
  body .captioned-image-container figure:has(> a.image2-align-left) .image2=
-inset,
  body .captioned-image-container figure:has(> a.image2-align-right) .image=
2-inset {
    display: block;
    justify-content: initial;
  }
}
@media (max-width: 768px) {
  body .markup div.sponsorship-campaign-embed {
    margin-top: 24px;
    margin-bottom: 24px;
  }
  body .markup div.sponsorship-campaign-embed:first-child {
    margin-top: 0px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.youtube-overlay,
  body .markup div.vimeo-overlay {
    display: none !important;
  }
}
@media screen and (max-width: 370px) {
  body .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}
@media screen and (max-width: 650px) {
  body .markup div.embedded-publication-wrap .embedded-publication.show-sub=
scribe {
    padding: 24px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe,
  body .markup div.subscription-widget-wrap-editor .subscription-widget.sho=
w-subscribe,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e {
    padding: 0px 24px;
  }
}
@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subsc=
ribe .subscription-widget-subscribe .button,
  body .markup div.subscription-widget-wrap-editor .subscription-widget.sho=
w-subscribe .subscription-widget-subscribe .button,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscrib=
e .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed,
  body .markup .tweet {
    padding: 12px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed .tweet-text,
  body .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed .tweet-photos-container.two,
  body .markup .tweet .tweet-photos-container.two,
  body .markup .twitter-embed .tweet-photos-container.three,
  body .markup .tweet .tweet-photos-container.three,
  body .markup .twitter-embed .tweet-photos-container.four,
  body .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed a.expanded-link .expanded-link-img,
  body .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}
@media (max-width: 650px) {
  body .markup .twitter-embed a.expanded-link .expanded-link-description,
  body .markup .tweet a.expanded-link .expanded-link-description {
    display: none;
  }
}
@media screen and (max-width: 650px) {
  body .markup .apple-podcast-container {
    width: unset;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed img.install-substack-app-embed-i=
mg {
    margin: 0 auto 16px auto;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text=
 {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}
@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-link=
 {
    display: flex;
    justify-content: center;
  }
}
@media screen and (min-width: 500px) {
  body .header a.logo {
    width: 42px;
    height: 42px;
    border-radius: 12px;
  }
}
@media screen and (max-width: 420px) {
  body .subscription-receipt table:first-of-type .subscription-amount .subs=
cription-discount {
    width: 72px !important;
  }
}
@media screen and (min-width: 481px) {
  body .share-button-container {
    height: auto;
  }
}
@media screen and (max-width: 480px) {
  body .share-button-container .separator {
    display: block !important;
    margin: 0 !important;
    height: 8px !important;
    border-left: none !important;
  }
}
@media screen and (max-width: 650px) {
  .digest .item .post-meta-item.audience {
    display: none;
  }
}
@media screen and (min-width: 500px) {
  .digest-publication .logo img {
    width: 42px;
    height: 42px;
    border-radius: 8px;
  }
}
@media screen and (max-width: 650px) {
  .comments-page .container .comment-list .collapsed-reply {
    margin-left: calc(10 + 32px - 24px);
  }
}
@media screen and (max-width: 650px) {
  .comment > .comment-list {
    padding-left: 24px;
  }
}
@media screen and (max-width: 650px) {
  .finish-magic-login-modal .modal-content .container {
    padding: 24px 0;
  }
}
@media (max-width: 650px) {
  .reader2-text-b3 {
    line-height: 24px;
  }
}
@media screen and (max-width: 650px) {
  .reader2-text-h4 {
    line-height: 24px;
  }
}
@media screen and (min-width: 541px) {
  .user-profile-modal {
    padding-left: 12px;
    padding-right: 12px;
  }
}
@media screen and (max-width: 650px) {
  .subscribe-widget form.form .sideBySideWrap button.rightButton {
    padding: 10px 12px;
  }
}
@media screen and (min-width: 541px) {
  .pub-icon:hover .logo-hover,
  .feed-item-icon:hover .logo-hover {
    display: block;
  }
}
@media screen and (max-width: 650px) {
  .post-ufi.single-full-width-button .post-ufi-button-wrapper {
    width: 100%;
    padding: 16px;
  }
  .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
    display: none;
  }
  .post-ufi.single-full-width-button .post-ufi-button {
    width: 100%;
    justify-content: center;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper {
    padding: 0;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor {
    padding: 0;
  }
}
@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor:active {
    padding: 0;
  }
}
@media only screen and (max-width: 650px) {
  .file-embed-button.wide,
  .file-embed-error-button.wide {
    display: none;
  }
}
@media only screen and (min-width: 630px) {
  .file-embed-button.narrow,
  .file-embed-error-button.narrow {
    display: none;
  }
}
@media screen and (min-width: 541px) {
  .audio-player-wrapper .audio-player {
    min-width: 500px;
  }
}
@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
  }
}
@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress .audio-player-=
progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}
@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
  }
}
@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-p=
layer-progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}
@media (min-width: 250px) {
  .audio-player-wrapper-fancy .audio-player {
    padding: 32px;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: flex;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type=
 {
    display: block;
  }
}
@media (min-width: 300px) {
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
}
@media (min-width: 350px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-title {
    margin-top: 16px;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 15%;
    width: 15%;
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
    display: block;
  }
}
@media (min-width: 350px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 25%;
    width: 25%;
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: flex;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-typ=
e {
    display: block;
  }
}
@media (min-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 40%;
    width: 40%;
  }
}
@media (max-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .btn-group {
    margin-top: 12px;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button {
    font-size: 13px;
    padding: 6px 12px;
    height: auto;
    margin-top: 10px;
  }
}
@media (min-width: 600px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-contai=
ner {
    padding-top: 55%;
    width: 55%;
  }
}
@media (max-width: 650px) {
  .poll-editor-modal {
    min-width: calc(100% - 20px);
  }
}
@media (max-width: 750px) {
  .poll-embed .poll-anchor-target .poll-anchor-copy-button {
    left: 8px;
    top: 45px;
  }
}</style></head><body class=3D"email-body" style=3D"font-kerning: auto;--im=
age-offset-margin: -120px;"><img src=3D"https://eotrx.substackcdn.com/o/47a=
4260c0c613955/p.gif?token=3DeyJtIjoiPDIwMjYwNDA5MDYzMTEyLjMuMjgxY2VjYjIwMmQ=
2NGVjMkBtZy1kMC5zdWJzdGFjay5jb20-IiwidSI6MjA5MDE3NDI2LCJyIjoic3Vic0BlbWFpbH=
Nob3QuaW8iLCJkIjoibWctZDAuc3Vic3RhY2suY29tIiwicCI6MTkwMDAxNTU4LCJ0IjoibmV3c=
2xldHRlciIsImEiOiJvbmx5X3BhaWQiLCJzIjoyMjkzNzUxLCJjIjoicG9zdCIsImYiOnRydWUs=
InBvc2l0aW9uIjoidG9wIiwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI=
6InB1Yi0wIiwic3ViIjoiZW8ifQ.KYaIWf4hsuvxXqSKKD2YJWHci1oFmm8a8GDwZWrjl6M" al=
t=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important=
;width:1px !important;border-width:0 !important;margin-top:0 !important;mar=
gin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;=
padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !impor=
tant;padding-left:0 !important;"/><div class=3D"preview" style=3D"display:n=
one;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0p=
x;opacity:0;overflow:hidden;">From idea-stage to Series B founders. &#12822=
7; Get exposed to an audience of over 200K readers globally, most of whom a=
re investors.</div><div class=3D"preview" style=3D"display:none;font-size:1=
px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;ove=
rflow:hidden;">&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#84=
7; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &=
#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; =
&#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847=
; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#=
173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &=
#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847;=
 &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#1=
73;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#=
8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; =
&nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#17=
3;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8=
199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &=
nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173=
;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#81=
99; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &n=
bsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;=
&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#819=
9; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nb=
sp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&=
#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199=
; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbs=
p; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#=
847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199;=
 &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp=
; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#8=
47; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; =
&#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp;=
 &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#84=
7; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &=
#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; =
&#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847=
; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#=
173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &=
#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847;=
 &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#1=
73;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#=
8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; =
&nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#17=
3;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8=
199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &=
nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173=
;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#81=
99; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &n=
bsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;=
&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#819=
9; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nb=
sp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&=
#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199=
; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbs=
p; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#=
847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199;=
 &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp=
; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#8=
47; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; =
&#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp;=
 &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#84=
7; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &=
#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; =
&#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847=
; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#=
173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &=
#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847;=
 &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#1=
73;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#=
8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; =
&nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#17=
3;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8=
199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &=
nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173=
;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#81=
99; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &n=
bsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;=
&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#819=
9; &#173;&#847; &nbsp; &#8199; &#173;&#847; &nbsp; &#8199; &#173;</div><tab=
le class=3D"email-body-container" role=3D"presentation" width=3D"100%" bord=
er=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td></td><td class=
=3D"content" width=3D"550"></td><td></td></tr><tr><td></td><td class=3D"con=
tent" width=3D"550" align=3D"left"><div style=3D"font-size: 16px;line-heigh=
t: 26px;max-width: 550px;width: 100%;margin: 0 auto;overflow-wrap: break-wo=
rd;"><table role=3D"presentation" width=3D"100%" border=3D"0" cellspacing=
=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"right" style=3D"height:20p=
x;"><table role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D=
"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;"><span=
 class=3D"pencraft pc-reset reset-IxiVJZ tw-font-body tw-text-ssm tw-text-s=
ubstack-secondary" style=3D"font-family: SF Pro Text, -apple-system, system=
-ui, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-se=
rif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol;font-size: 13px;col=
or: unset;list-style: none;text-decoration: unset;margin: 0;"><div class=3D=
"pencraft pc-reset align-right-VJbKw5 size-12-mmZ61m reset-IxiVJZ" style=3D=
"list-style: none;color: unset;text-align: right;font-size: 12px;line-heigh=
t: 16px;text-decoration: unset;margin: 0;"><span class=3D"pencraft pc-reset=
 reset-IxiVJZ" translated=3D"" style=3D"list-style: none;color: unset;text-=
decoration: unset;margin: 0;">Forwarded this email? <a class=3D"pencraft pc=
-reset decoration-underline-ClTkYc reset-IxiVJZ" href=3D"https://substack.c=
om/redirect/2/eyJlIjoiaHR0cHM6Ly9sdWlzbGxvcmVucy5zdWJzdGFjay5jb20vc3Vic2Nya=
WJlP3V0bV9zb3VyY2U9ZW1haWwmdXRtX2NhbXBhaWduPWVtYWlsLXN1YnNjcmliZSZyPTNnZnl2=
bSZuZXh0PWh0dHBzJTNBJTJGJTJGbHVpc2xsb3JlbnMuc3Vic3RhY2suY29tJTJGcCUyRmxpc3Q=
tb2Ytc3RhcnR1cHMtZnVuZHJhaXNpbmctbWFyY2gtYjlkIiwicCI6MTkwMDAxNTU4LCJzIjoyMj=
kzNzUxLCJmIjp0cnVlLCJ1IjoyMDkwMTc0MjYsImlhdCI6MTc3NTcxNjMyOCwiZXhwIjoyMDkxM=
jkyMzI4LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.BaYmFYo5nXYw9zgre=
zs1V_FZr8Umc-AAuQQfNWnLxnI?" style=3D"list-style: none;color: unset;text-de=
coration: unset;margin: 0;-webkit-text-decoration-line: underline;text-deco=
ration-line: underline;">Subscribe here</a> for more</span></div></span></t=
d></tr></tbody></table></td></tr></tbody></table><div class=3D"post typogra=
phy" dir=3D"auto" style=3D"--image-offset-margin: -120px;padding: 32px 0 0 =
0;font-size: 16px;line-height: 26px;"><div class=3D"post-header" role=3D"re=
gion" aria-label=3D"Post header" style=3D"font-size: 16px;line-height: 26px=
;"><h1 class=3D"post-title published title-X77sOw" dir=3D"auto" style=3D"di=
rection: auto;text-align: start;unicode-bidi: isolate;color: rgb(54,55,55);=
font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-syste=
m,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Co=
lor Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-fon=
t-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appea=
rance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: o=
ptimizelegibility;margin: 0;line-height: 36px;font-size: 32px;"><a href=3D"=
https://substack.com/app-link/post?publication_id=3D2293751&post_id=3D19000=
1558&utm_source=3Dpost-email-title&utm_campaign=3Demail-post-title&isFreema=
il=3Dtrue&r=3D3gfyvm&token=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOjE5MD=
AwMTU1OCwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI6InB1Yi0yMjkzN=
zUxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.tZtoKG6_6xNVjdFY2NvW2L0BP7YhJprVRv-p4Va=
M6aw" style=3D"color: rgb(54,55,55);text-decoration: none;">List of Startup=
s Fundraising #March 26&#128176;</a></h1><h3 class=3D"subtitle subtitle-HEE=
cLo" dir=3D"auto" style=3D"direction: auto;text-align: start;unicode-bidi: =
isolate;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-app=
le-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'=
Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: normal;-=
webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-we=
bkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;app=
earance: optimizelegibility;margin: 4px 0 0;color: #777777;line-height: 24p=
x;font-size: 18px;margin-top: 12px;">From idea-stage to Series B founders. =
&#128227; Get exposed to an audience of over 200K readers globally, most of=
 whom are investors. </h3><table class=3D"post-meta custom alternative-meta=
" cellpadding=3D"0" cellspacing=3D"0" style=3D"margin: 1em 0;height: 20px;a=
lign-items: center;"><tbody><tr style=3D"display: flex;align-items: center;=
"><td class=3D"post-meta-item audience-lock" style=3D"position: relative;pa=
dding: 0px 12px 0px 0;height: 14px;font-size: 14px;font-family: system-ui,-=
apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-seri=
f,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';color: #777777;tex=
t-decoration: none;font-weight: 400;padding-top: 0;padding-bottom: 0;paddin=
g-right: 11px;display: flex;align-items: center;"><svg role=3D"img" style=
=3D"fill: none;stroke: #363737;margin-left: 0;height: 14px;width: 14px" wid=
th=3D"14" height=3D"14" viewBox=3D"0 0 24 24" fill=3D"#666666" stroke-width=
=3D"1.8" stroke=3D"none" xmlns=3D"http://www.w3.org/2000/svg"><g><title></t=
itle><path d=3D"M6.63672 23.4922H17.3594C19.082 23.4922 19.9961 22.5547 19.=
9961 20.7031V12.6289C19.9961 10.7773 19.082 9.85156 17.3594 9.85156H6.63672=
C4.91406 9.85156 4 10.7773 4 12.6289V20.7031C4 22.5547 4.91406 23.4922 6.63=
672 23.4922ZM6.05078 10.7539H7.91406V6.79297C7.91406 3.83984 9.80078 2.2695=
3 11.9922 2.26953C14.1836 2.26953 16.0938 3.83984 16.0938 6.79297V10.7539H1=
7.9453V7.05078C17.9453 2.64453 15.0625 0.5 11.9922 0.5C8.93359 0.5 6.05078 =
2.64453 6.05078 7.05078V10.7539Z" stroke=3D"none" style=3D"stroke: #363737;=
fill: #363737;"></path></g></svg></td><td class=3D"post-meta-item post-date=
" title=3D"2026-04-09T06:31:12.223Z" style=3D"position: relative;padding: 0=
px 12px 0px 0;height: 14px;font-size: 14px;font-family: system-ui,-apple-sy=
stem,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple=
 Color Emoji','Segoe UI Emoji','Segoe UI Symbol';text-decoration: none;font=
-weight: 400;padding-top: 2px;padding-bottom: 2px;padding-right: 0;margin-r=
ight: 0;overflow-y: visible;overflow-x: hidden;white-space: nowrap;text-ove=
rflow: ellipsis;min-width: 0;-ms-overflow-style: none;overflow: -moz-scroll=
bars-none;scrollbar-width: none;color: #363737;display: flex;align-items: c=
enter;"><div class=3D"pencraft pc-reset color-secondary-ls1g8s line-height-=
20-t4M0El font-meta-MWBumP size-11-NuY2Zx weight-medium-fw81nC transform-up=
percase-yKDgcq reset-IxiVJZ meta-EgzBVA" style=3D"list-style: none;font-siz=
e: 11px;line-height: 20px;text-decoration: unset;color: rgb(119,119,119);ma=
rgin: 0;font-family: 'SF Compact',-apple-system,system-ui,-apple-system,Bli=
nkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color E=
moji','Segoe UI Emoji','Segoe UI Symbol';font-weight: 500;text-transform: u=
ppercase;letter-spacing: .2px;"><time datetime=3D"2026-04-09T06:31:12.223Z"=
 style=3D"padding-top: 2px;padding-bottom: 2px;overflow-y: visible;overflow=
-x: hidden;white-space: nowrap;text-overflow: ellipsis;">Apr 9</time></div>=
</td></tr></tbody></table><table class=3D"email-ufi-2-top" role=3D"presenta=
tion" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" style=
=3D"border-top: 1px solid rgb(0,0,0,.1);border-bottom: 1px solid rgb(0,0,0,=
=2E1);min-width: 100%;"><tbody><tr h=
eight=3D"16"><td height=3D"16" style=3D"f=
ont-size:0px;line-height:0;">&nbsp;</td></tr><tr><td><table role=3D"present=
ation" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbo=
dy><tr><td><table role=3D"presentation" width=3D"auto" border=3D"0" cellspa=
cing=3D"0" cellpadding=3D"0"><tbody><tr><td style=3D"vertical-align:middle;=
"><table role=3D"presentation" width=3D"38" border=3D"0" cellspacing=3D"0" =
cellpadding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-icon-bu=
tton" href=3D"https://substack.com/app-link/post?publication_id=3D2293751&p=
ost_id=3D190001558&utm_source=3Dsubstack&isFreemail=3Dtrue&submitLike=3Dtru=
e&token=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOjE5MDAwMTU1OCwicmVhY3Rpb=
24iOiLinaQiLCJpYXQiOjE3NzU3MTYzMjgsImV4cCI6MTc3ODMwODMyOCwiaXNzIjoicHViLTIy=
OTM3NTEiLCJzdWIiOiJyZWFjdGlvbiJ9.uiv8BhNgAqEj97Zs7Q4UfH7JazruDyUNMlw2DnHoZ8=
c&utm_medium=3Demail&utm_campaign=3Demail-reaction&r=3D3gfyvm" style=3D"fon=
t-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helv=
etica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbo=
l';display: inline-block;font-weight: 500;border: 1px solid rgb(0,0,0,.1);b=
order-radius: 9999px;text-transform: uppercase;font-size: 12px;line-height:=
 1;padding: 9px 0;text-decoration: none;color: rgb(119,119,119);min-width: =
38px;box-sizing: border-box;width: 38px"><img class=3D"icon" src=3D"https:/=
/substackcdn.com/image/fetch/$s_!PeVs!,w_36,c_scale,f_png,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideHeart%3Fv%3D4%26h=
eight%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2" width=3D=
"18" height=3D"18" style=3D"border: none;vertical-align: middle;max-width: =
18px" alt=3D""></a></td></tr></tbody></table></td><td width=3D"8" style=3D"=
min-width:8px;"></td><td style=3D"vertical-align:middle;"><table role=3D"pr=
esentation" width=3D"38" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><=
tbody><tr><td align=3D"center"><a class=3D"email-icon-button" href=3D"https=
://substack.com/app-link/post?publication_id=3D2293751&post_id=3D190001558&=
utm_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&comments=3Dtrue&=
token=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOjE5MDAwMTU1OCwiaWF0IjoxNzc=
1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI6InB1Yi0yMjkzNzUxIiwic3ViIjoicG9zdC=
1yZWFjdGlvbiJ9.tZtoKG6_6xNVjdFY2NvW2L0BP7YhJprVRv-p4VaM6aw&r=3D3gfyvm&utm_c=
ampaign=3Demail-half-magic-comments&action=3Dpost-comment&utm_source=3Dsubs=
tack&utm_medium=3Demail" style=3D"font-family: system-ui,-apple-system,Blin=
kMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Em=
oji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;font-weight: =
500;border: 1px solid rgb(0,0,0,.1);border-radius: 9999px;text-transform: u=
ppercase;font-size: 12px;line-height: 1;padding: 9px 0;text-decoration: non=
e;color: rgb(119,119,119);min-width: 38px;box-sizing: border-box;width: 38p=
x"><img class=3D"icon" src=3D"https://substackcdn.com/image/fetch/$s_!x1tS!=
,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
=2Ecom%2Ficon%2FLucideComments%3Fv%3D4%=
26height%3D36%26fill%3Dnone%26stroke%3=
D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"border:=
 none;vertical-align: middle;max-width: 18px" alt=3D""></a></td></tr></tbod=
y></table></td><td width=3D"8" style=3D"min-width:8px;"></td><td style=3D"v=
ertical-align:middle;"><table role=3D"presentation" width=3D"38" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"center"><a c=
lass=3D"email-icon-button" href=3D"https://substack.com/app-link/post?publi=
cation_id=3D2293751&post_id=3D190001558&utm_source=3Dsubstack&utm_medium=3D=
email&utm_content=3Dshare&utm_campaign=3Demail-share&action=3Dshare&trigger=
Share=3Dtrue&isFreemail=3Dtrue&r=3D3gfyvm&token=3DeyJ1c2VyX2lkIjoyMDkwMTc0M=
jYsInBvc3RfaWQiOjE5MDAwMTU1OCwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgs=
ImlzcyI6InB1Yi0yMjkzNzUxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.tZtoKG6_6xNVjdFY2N=
vW2L0BP7YhJprVRv-p4VaM6aw" style=3D"font-family: system-ui,-apple-system,Bl=
inkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color =
Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;font-weight=
: 500;border: 1px solid rgb(0,0,0,.1);border-radius: 9999px;text-transform:=
 uppercase;font-size: 12px;line-height: 1;padding: 9px 0;text-decoration: n=
one;color: rgb(119,119,119);min-width: 38px;box-sizing: border-box;width: 3=
8px"><img class=3D"icon" src=3D"https://substackcdn.com/image/fetch/$s_!_L1=
4!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubsta=
ck.com%2Ficon%2FLucideShare2%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3=
D%2523808080%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"border:=
 none;vertical-align: middle;max-width: 18px" alt=3D""></a></td></tr></tbod=
y></table></td><td width=3D"8" style=3D"min-width:8px;"></td><td style=3D"v=
ertical-align:middle;"><table role=3D"presentation" width=3D"38" border=3D"=
0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td align=3D"center"><a c=
lass=3D"email-icon-button" href=3D"https://substack.com/redirect/2/eyJlIjoi=
aHR0cHM6Ly9vcGVuLnN1YnN0YWNrLmNvbS9wdWIvbHVpc2xsb3JlbnMvcC9saXN0LW9mLXN0YXJ=
0dXBzLWZ1bmRyYWlzaW5nLW1hcmNoLWI5ZD91dG1fc291cmNlPXN1YnN0YWNrJnV0bV9tZWRpdW=
09ZW1haWwmdXRtX2NhbXBhaWduPWVtYWlsLXJlc3RhY2stY29tbWVudCZhY3Rpb249cmVzdGFja=
y1jb21tZW50JnI9M2dmeXZtJnRva2VuPWV5SjFjMlZ5WDJsa0lqb3lNRGt3TVRjME1qWXNJbkJ2=
YzNSZmFXUWlPakU1TURBd01UVTFPQ3dpYVdGMElqb3hOemMxTnpFMk16STRMQ0psZUhBaU9qRTN=
Oemd6TURnek1qZ3NJbWx6Y3lJNkluQjFZaTB5TWprek56VXhJaXdpYzNWaUlqb2ljRzl6ZEMxeV=
pXRmpkR2x2YmlKOS50WnRvS0c2XzZ4TlZqZEZZMk52VzJMMEJQN1loSnByVlJ2LXA0VmFNNmF3I=
iwicCI6MTkwMDAxNTU4LCJzIjoyMjkzNzUxLCJmIjp0cnVlLCJ1IjoyMDkwMTc0MjYsImlhdCI6=
MTc3NTcxNjMyOCwiZXhwIjoyMDkxMjkyMzI4LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmV=
kaXJlY3QifQ.iaLjmnjh1y-vsvbT5QzAepTc8o8gXBad0RnkMGLq32Q?&utm_source=3Dsubst=
ack&utm_medium=3Demail" style=3D"font-family: system-ui,-apple-system,Blink=
MacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emo=
ji','Segoe UI Emoji','Segoe UI Symbol';display: inline-block;font-weight: 5=
00;border: 1px solid rgb(0,0,0,.1);border-radius: 9999px;text-transform: up=
percase;font-size: 12px;line-height: 1;padding: 9px 0;text-decoration: none=
;color: rgb(119,119,119);min-width: 38px;box-sizing: border-box;width: 38px=
"><img class=3D"icon" src=3D"https://substackcdn.com/image/fetch/$s_!ubXF!,=
w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.=
com%2Ficon%2Fnotes__NoteRestackIcon%3Fv%3D4%26height%3D36%26fill%3Dnone%26s=
troke%3D%2523808080%26strokeWidth%3D2%26strokeLinecap%3Dround%26strokeLinej=
oin%3Dround" width=3D"18" height=3D"18" alt=3D"" style=3D"max-width: 550px;=
border: none !important;vertical-align: middle;"></a></td></tr></tbody></ta=
ble></td></tr></tbody></table></td><td align=3D"right"><table role=3D"prese=
ntation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><t=
body><tr><td style=3D"vertical-align:middle;"><table role=3D"presentation" =
width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr>=
<td align=3D"center"><a class=3D"email-button-outline" href=3D"https://open=
=2Esubstack.com/pub/luisllorens/p/list-=
of-startups-fundraising-march-b9d?utm_=
source=3Demail&redirect=3Dapp-store&utm_campaign=3Demail-read-in-app" style=
=3D"font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Robo=
to,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe U=
I Symbol';display: inline-block;font-weight: 500;border: 1px solid rgb(0,0,=
0,.1);border-radius: 9999px;text-transform: uppercase;font-size: 12px;line-=
height: 12px;padding: 9px 14px;text-decoration: none;color: rgb(119,119,119=
);"><div class=3D"email-button-spacer" style=3D"font-size: 16px;line-height=
: 26px;display: inline-block;vertical-align: middle;max-width: 0;min-height=
: 18px;"></div><span class=3D"email-button-text" style=3D"vertical-align: m=
iddle;margin-right: 4px">READ IN APP</span><img class=3D"icon text-icon" sr=
c=3D"https://substackcdn.com/image/fetch/$s_!ET-_!,w_36,c_scale,f_png,q_aut=
o:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideArrow=
UpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26stroke=
Width%3D2" width=3D"18" height=3D"18" style=3D"min-width: 18px;min-height: =
18px;border: none;vertical-align: middle;margin-right: 0;margin-left: 0;max=
-width: 18px" alt=3D""></a></td></tr></tbody></table></td></tr></tbody></ta=
ble></td></tr></tbody></table></td></tr><tr height=3D"16"><td height=3D"16"=
 style=3D"font-size:0px;line-height:0;">&nbsp;</td></tr></tbody></table></d=
iv></div><div class=3D"post typography" dir=3D"auto" style=3D"--image-offse=
t-margin: -120px;padding: 32px 0 0 0;font-size: 16px;line-height: 26px;"><d=
iv class=3D"body markup" dir=3D"auto" style=3D"text-align: initial;font-siz=
e: 16px;line-height: 26px;width: 100%;word-break: break-word;margin-bottom:=
 16px;"><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26=
px;font-size: 16px;margin-top: 0;"><em><span>&#128075; Welcome to Learning =
VC! I&#8217;m </span><a href=3D"https://substack.com/redirect/efdbfb68-e27e=
-4bfe-a268-3e524e4f96e3?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jC=
fgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-decoration: u=
nderline;">Luis Llorens</a><span> and I write monthly about venture capital=
, fundraising and my personal experiences as an investor. </span></em></p><=
div class=3D"subscribe-widget is-signed-up" data-component-name=3D"Subscrib=
eWidget" style=3D"margin: 0 0 1em;direction: ltr;font-size: 16px;line-heigh=
t: 26px;"><div class=3D"pencraft pc-reset button-wrapper" style=3D"text-dec=
oration: unset;list-style: none;font-size: 16px;line-height: 26px;text-alig=
n: center;cursor: pointer;border-radius: 4px;"><a class=3D"button subscribe=
-btn primary" href=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9sd=
WlzbGxvcmVucy5zdWJzdGFjay5jb20vc3Vic2NyaWJlP3V0bV9zb3VyY2U9cG9zdCZ1dG1fY2Ft=
cGFpZ249ZW1haWwtY2hlY2tvdXQmbmV4dD1odHRwcyUzQSUyRiUyRmx1aXNsbG9yZW5zLnN1YnN=
0YWNrLmNvbSUyRnAlMkZsaXN0LW9mLXN0YXJ0dXBzLWZ1bmRyYWlzaW5nLW1hcmNoLWI5ZCZyPT=
NnZnl2bSZ0b2tlbj1leUoxYzJWeVgybGtJam95TURrd01UYzBNallzSW1saGRDSTZNVGMzTlRje=
E5qTXlPQ3dpWlhod0lqb3hOemM0TXpBNE16STRMQ0pwYzNNaU9pSndkV0l0TWpJNU16YzFNU0lz=
SW5OMVlpSTZJbU5vWldOcmIzVjBJbjAueWxOM0FGUGxQMWZsdE1GaEs3WHlhOFlqN1BQRF9OSXB=
xVTBVeW5uSlZ5SSIsInAiOjE5MDAwMTU1OCwicyI6MjI5Mzc1MSwiZiI6dHJ1ZSwidSI6MjA5MD=
E3NDI2LCJpYXQiOjE3NzU3MTYzMjgsImV4cCI6MjA5MTI5MjMyOCwiaXNzIjoicHViLTAiLCJzd=
WIiOiJsaW5rLXJlZGlyZWN0In0.1ZYw9b7NBgUxkDOkOHMnZRe64G0gJhmegsHLAwXifA8?&utm=
_medium=3Demail&utm_source=3Dsubscribe-widget&utm_content=3D190001558" styl=
e=3D"font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Rob=
oto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe =
UI Symbol';display: inline-block;box-sizing: border-box;cursor: pointer;bor=
der: none;border-radius: 8px;font-size: 14px;line-height: 20px;font-weight:=
 600;text-align: center;opacity: 1;outline: none;white-space: nowrap;text-d=
ecoration: none !important;margin: 0 auto;background-color: #6388a7;color: =
#ffffff !important;padding: 12px 20px;height: auto;"><span style=3D"color: =
#ffffff;text-decoration: none;">Upgrade to paid</span></a></div></div><div =
style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;pa=
dding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></div><h3 cla=
ss=3D"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro =
Display',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,=
'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI =
Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialia=
sed;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibi=
lity;-moz-appearance: optimizelegibility;appearance: optimizelegibility;mar=
gin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.=
375em;"><strong>In this post you will find a list of entrepreneurs and star=
tups in the midst of their fundraising endeavours</strong><span>. </span></=
h3><h4 class=3D"header-anchor-post" style=3D"position: relative;font-family=
: 'SF Pro Display',-apple-system-headline,system-ui,-apple-system,BlinkMacS=
ystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji',=
'Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing=
: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: opti=
mizelegibility;-moz-appearance: optimizelegibility;appearance: optimizelegi=
bility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;fon=
t-size: 1.125em;"><strong>In March, we achieved the following figures:</str=
ong></h4><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 2=
6px;font-size: 16px;"><span>&#9989; &nbsp;</span><strong>73 startup</strong=
><span> applications.</span><br><strong>&#9989; &nbsp;Stages:</strong><span=
> 1% Stealth | 73% Pre-seed | 22% Seed | 4% Series A &amp; B</span><br><spa=
n>&#9989; &nbsp;</span><strong>Geographies:</strong><span> 34% US | 18% Spa=
in | 14% UK | 34% Rest of the world.</span><br><span>&#129327; </span><stro=
ng><a href=3D"https://substack.com/redirect/e021f7ad-002e-4fb3-8f1b-fa51810=
fd3d2?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" =
rel=3D"" style=3D"color: rgb(54,55,55);text-decoration: underline;">1,222 s=
ubmissions</a></strong><span> in 2025.</span></p><div class=3D"captioned-im=
age-container-static" style=3D"font-size: 16px;line-height: 26px;margin: 32=
px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"ima=
ge-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"=
 data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 =
1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td class=3D"cont=
ent" align=3D"left" width=3D"682" style=3D"text-align: center;"><a class=3D=
"image-link" target=3D"_blank" href=3D"https://substack.com/redirect/d6f7b2=
1b-55e9-4bf8-9dc5-5fb0cbe22943?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-j=
nN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"position: relative;flex-directio=
n: column;align-items: center;padding: 0;width: auto;height: auto;border: n=
one;text-decoration: none;display: block;margin: 0;"><img class=3D"wide-ima=
ge" data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.ama=
zonaws.com/public/images/83224c37-ea36-4eba-b463-b600474c49d7_1732x844.png&=
quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;ima=
geSize&quot;:null,&quot;height&quot;:710,&quot;width&quot;:1456,&quot;resiz=
eWidth&quot;:682,&quot;bytes&quot;:520627,&quot;alt&quot;:null,&quot;title&=
quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&qu=
ot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirec=
t&quot;:&quot;https://luisllorens.substack.com/i/190001558?img=3Dhttps%3A%2=
F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F83224c37-ea36-=
4eba-b463-b600474c49d7_1732x844.png&quot;,&quot;isProcessing&quot;:false,&q=
uot;align&quot;:null,&quot;offset&quot;:false}" alt=3D"" width=3D"550" heig=
ht=3D"268.20054945054943" src=3D"https://substackcdn.com/image/fetch/$s_!NQ=
PN!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsu=
bstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F83224c37-ea36-4eba-b=
463-b600474c49d7_1732x844.png" style=3D"border: none !important;vertical-al=
ign: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;mar=
gin-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 a=
uto;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table>=
</figure></div><h3 class=3D"header-anchor-post" style=3D"position: relative=
;font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-syst=
em,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple C=
olor Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bold;-webkit-fo=
nt-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;-webkit-appe=
arance: optimizelegibility;-moz-appearance: optimizelegibility;appearance: =
optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55);line-height=
: 1.16em;font-size: 1.375em;"><span>Fill out </span><a href=3D"https://subs=
tack.com/redirect/528bf432-b1d6-4ef1-94e4-79c6fa25e418?j=3DeyJ1IjoiM2dmeXZt=
In0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: r=
gb(54,55,55);text-decoration: underline;">THIS FORM</a><span> to boost your=
 funding round, and </span><span class=3D"mention-pnpTE1 mentionStatic-liMk=
lk" data-component-name=3D"MentionStatic" style=3D"white-space: nowrap;curs=
or: pointer;color: #6388a7;border-radius: 4px;transition: color .25scubic-b=
ezier(.19,1,.22,1),background-color .25scubic-bezier(.19,1,.22,1),box-shado=
w .25scubic-bezier(.19,1,.22,1),border .25scubic-bezier(.19,1,.22,1),border=
-radius .25scubic-bezier(.19,1,.22,1),opacity .25scubic-bezier(.19,1,.22,1)=
,filter .25scubic-bezier(.19,1,.22,1),stroke .25scubic-bezier(.19,1,.22,1),=
transform .25scubic-bezier(.19,1,.22,1),scale .25scubic-bezier(.19,1,.22,1)=
,outline .25scubic-bezier(.19,1,.22,1);margin: 0 -.125em;padding: 0 .125em =
=2E0625em;text-decoration: none;"><a h=
ref=3D"https://open.substack.com/users/=
95342670-ruben-dominguez-ibar?utm_source=3Dmentions" style=3D"color: #6388a=
7;text-decoration: none;-webkit-text-decoration: none;">Ruben Dominguez Iba=
r</a></span><span> &amp; I will do our best to help you!</span></h3><p styl=
e=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 1=
6px;"><span>If you're a business angel or VC and would like to see the list=
 of startups, </span><strong>leave a comment below or scroll to the end of =
this post.</strong></p><p class=3D"button-wrapper" data-attrs=3D"{&quot;url=
&quot;:&quot;https://substack.com/app-link/post?publication_id=3D2293751&po=
st_id=3D190001558&utm_source=3Dsubstack&utm_medium=3Demail&utm_content=3Dsh=
are&utm_campaign=3Demail-share&action=3Dshare&triggerShare=3Dtrue&isFreemai=
l=3Dtrue&r=3D3gfyvm&token=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOjE5MDA=
wMTU1OCwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI6InB1Yi0yMjkzNz=
UxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.tZtoKG6_6xNVjdFY2NvW2L0BP7YhJprVRv-p4VaM=
6aw&quot;,&quot;text&quot;:&quot;Share&quot;,&quot;action&quot;:null,&quot;=
class&quot;:null}" data-component-name=3D"ButtonCreateButton" style=3D"marg=
in: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;text-=
align: center;cursor: pointer;border-radius: 4px;"><a class=3D"button prima=
ry" href=3D"https://substack.com/app-link/post?publication_id=3D2293751&pos=
t_id=3D190001558&utm_source=3Dsubstack&utm_medium=3Demail&utm_content=3Dsha=
re&utm_campaign=3Demail-share&action=3Dshare&triggerShare=3Dtrue&isFreemail=
=3Dtrue&r=3D3gfyvm&token=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOjE5MDAw=
MTU1OCwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI6InB1Yi0yMjkzNzU=
xIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.tZtoKG6_6xNVjdFY2NvW2L0BP7YhJprVRv-p4VaM6=
aw" rel=3D"" style=3D"font-family: system-ui,-apple-system,BlinkMacSystemFo=
nt,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe =
UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-box;cu=
rsor: pointer;border: none;border-radius: 8px;font-size: 14px;line-height: =
20px;font-weight: 600;text-align: center;margin: 0;opacity: 1;outline: none=
;white-space: nowrap;color: #ffffff !important;text-decoration: none !impor=
tant;background-color: #6388a7;padding: 12px 20px;height: auto;"><span styl=
e=3D"color: #ffffff;text-decoration: none;">Share</span></a></p><div style=
=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: 32px 0;padding=
: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></div><h3 class=3D=
"header-anchor-post" style=3D"position: relative;font-family: 'SF Pro Displ=
ay',-apple-system-headline,system-ui,-apple-system,BlinkMacSystemFont,'Sego=
e UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji=
','Segoe UI Symbol';font-weight: bold;-webkit-font-smoothing: antialiased;-=
moz-osx-font-smoothing: antialiased;-webkit-appearance: optimizelegibility;=
-moz-appearance: optimizelegibility;appearance: optimizelegibility;margin: =
1em 0 0.625em 0;color: rgb(54,55,55);line-height: 1.16em;font-size: 1.375em=
;">I will provide an analysis of 3 early-stage startups building global sol=
utions in Spain, Belgium and the US.</h3><div style=3D"font-size: 16px;line=
-height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;height: 1px;backgrou=
nd: rgb(0,0,0,.1);border: none;"></div><div class=3D"captioned-image-contai=
ner-static" style=3D"font-size: 16px;line-height: 26px;margin: 32px auto;">=
<figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"image-wrapper=
" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-comp=
onent-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><t=
body><tr><td style=3D"text-align: center;"></td><td class=3D"content" align=
=3D"left" width=3D"210" style=3D"text-align: center;"><a class=3D"image-lin=
k" target=3D"_blank" href=3D"https://substack.com/redirect/b92da002-386a-48=
5d-b2db-e61b426f8b94?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM=
3m0rbAsF0l24U" rel=3D"" style=3D"position: relative;flex-direction: column;=
align-items: center;padding: 0;width: auto;height: auto;border: none;text-d=
ecoration: none;display: block;margin: 0;"><img data-attrs=3D"{&quot;src&qu=
ot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/d03d67=
9f-0de7-4c29-bdd4-518218a08fe1_210x62.png&quot;,&quot;srcNoWatermark&quot;:=
null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&qu=
ot;:62,&quot;width&quot;:210,&quot;resizeWidth&quot;:null,&quot;bytes&quot;=
:12397,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;i=
mage/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;to=
pImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://luisllorens.s=
ubstack.com/i/190001558?img=3Dhttps%3A%2F%2Fsubstack-post-media.s3.amazonaw=
s.com%2Fpublic%2Fimages%2Fd03d679f-0de7-4c29-bdd4-518218a08fe1_210x62.png&q=
uot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quo=
t;:false}" alt=3D"" width=3D"210" height=3D"62" src=3D"https://substackcdn.=
com/image/fetch/$s_!0VAW!,w_210,c_limit,f_auto,q_auto:good,fl_progressive:s=
teep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2=
Fd03d679f-0de7-4c29-bdd4-518218a08fe1_210x62.png" style=3D"border: none !im=
portant;vertical-align: middle;display: block;-ms-interpolation-mode: bicub=
ic;height: auto;margin-bottom: 0;width: auto !important;max-width: 100% !im=
portant;margin: 0 auto;"></a></td><td style=3D"text-align: center;"></td></=
tr></tbody></table></figure></div><p style=3D"margin: 0 0 20px 0;color: rgb=
(54,55,55);line-height: 26px;font-size: 16px;"><strong>&#128205; HQ:</stron=
g><span> San Francisco, US</span><br><strong>&#127981; Industry:</strong><s=
pan> AI, Software Development</span><br><strong>&#9752; Stage:</strong><spa=
n> Early Growth and Scaling</span><br><strong>&#128680; Problem:</strong><s=
pan> AI inference costs are the fastest-growing line item for any company b=
uilding on AI, and most teams have no intelligent layer optimizing them.</s=
pan><br><strong>&#128283; Solution:</strong><span> Hicap fixes that. One AP=
I integration routes and forecasts your AI workloads across all major LLMs,=
 cutting inference costs by 30-40% with zero tradeoff on speed or reliabili=
ty.</span><br><strong>&#128241;Product: </strong><span>AI gateway API and d=
ashboard&nbsp;let teams access and route requests across multiple AI models=
 and providers through a&nbsp;single endpoint, with unified billing, routin=
g logic, and usage monitoring</span></p><div class=3D"captioned-image-conta=
iner-static" style=3D"font-size: 16px;line-height: 26px;margin: 32px auto;"=
><figure style=3D"width: 100%;margin: 0 auto;"><table class=3D"image-wrappe=
r" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-com=
ponent-name=3D"Image2ToDOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><=
tbody><tr><td style=3D"text-align: center;"></td><td class=3D"content" alig=
n=3D"left" width=3D"616" style=3D"text-align: center;"><a class=3D"image-li=
nk" target=3D"_blank" href=3D"https://substack.com/redirect/b3230f9f-d77d-4=
f84-9f96-e6b89820fc0a?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfg=
M3m0rbAsF0l24U" rel=3D"" style=3D"position: relative;flex-direction: column=
;align-items: center;padding: 0;width: auto;height: auto;border: none;text-=
decoration: none;display: block;margin: 0;"><img class=3D"wide-image" data-=
attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.co=
m/public/images/e259f536-a02b-48f1-a19a-e4a828af9eea_2940x1674.png&quot;,&q=
uot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&q=
uot;:null,&quot;height&quot;:829,&quot;width&quot;:1456,&quot;resizeWidth&q=
uot;:616,&quot;bytes&quot;:1448739,&quot;alt&quot;:null,&quot;title&quot;:n=
ull,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belo=
wTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;=
:&quot;https://luisllorens.substack.com/i/190001558?img=3Dhttps%3A%2F%2Fsub=
stack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe259f536-a02b-48f1-a1=
9a-e4a828af9eea_2940x1674.png&quot;,&quot;isProcessing&quot;:false,&quot;al=
ign&quot;:null,&quot;offset&quot;:false}" alt=3D"" width=3D"550" height=3D"=
313.1524725274725" src=3D"https://substackcdn.com/image/fetch/$s_!cI19!,w_1=
100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-=
post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe259f536-a02b-48f1-a19a-e4a=
828af9eea_2940x1674.png" style=3D"border: none !important;vertical-align: m=
iddle;display: block;-ms-interpolation-mode: bicubic;height: auto;margin-bo=
ttom: 0;width: auto !important;max-width: 100% !important;margin: 0 auto;">=
</a></td><td style=3D"text-align: center;"></td></tr></tbody></table></figu=
re></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 2=
6px;font-size: 16px;"><strong>&#127919; Ideal Customer Profile:</strong><sp=
an> Series A&#8211;B-C companies building in the AI application layer, alon=
g with developers who consume AI tokens directly or through integrations in=
 their coding workflows.</span><br><strong>&#128202; Traction:</strong><spa=
n> 4,400 B2C users. 2 signed multi-year B2B contracts at $400K ARR.  </span=
><br><strong>&#127962; Market:</strong><span> $250B AI infrastructure marke=
t.</span><br><strong><span>&#128101; </span><a href=3D"https://substack.com=
/redirect/6698ff33-5988-46ce-a982-8409e6539766?j=3DeyJ1IjoiM2dmeXZtIn0.xu76=
uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55=
,55);text-decoration: underline;">Andres Girault</a><span> (CEO):</span></s=
trong><span>&nbsp;2&#215; founder (1 exit); led a 30-person AI team post-ac=
quisition.</span><br><strong><span>&#128101; </span><a href=3D"https://subs=
tack.com/redirect/dc24135f-8b6f-40d3-9b92-28aea96c1877?j=3DeyJ1IjoiM2dmeXZt=
In0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: r=
gb(54,55,55);text-decoration: underline;">Javier Cevallos</a><span> (CTO):&=
nbsp;</span></strong><span>10 years at Azure infrastructure; MSc in Compute=
r Science (USC).</span><br><strong><span>&#128101; </span><a href=3D"https:=
//substack.com/redirect/2b43d0d8-e771-4247-9e66-2db93fd155c0?j=3DeyJ1IjoiM2=
dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"co=
lor: rgb(54,55,55);text-decoration: underline;">Juan Ansaldo</a><span> (CFO=
):&nbsp;</span></strong><span>Background in investment banking and VC; part=
 of team that took a company public at $13B.</span><br><strong><span>&#1281=
01; </span><a href=3D"https://substack.com/redirect/6f2adc4c-4bc3-427b-b126=
-7440862d5151?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAs=
F0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-decoration: underline;"=
>Ben Green</a></strong><span> (CPO):&nbsp;15 years building developer tools=
 at PayPal and Honey.</span><br><strong>&#128176; Round:</strong><span> See=
d Round.</span></p><div style=3D"font-size: 16px;line-height: 26px;"><hr st=
yle=3D"margin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);bord=
er: none;"></div><div class=3D"captioned-image-container-static" style=3D"f=
ont-size: 16px;line-height: 26px;margin: 32px auto;"><figure style=3D"width=
: 100%;margin: 0 auto;"><table class=3D"image-wrapper" width=3D"100%" borde=
r=3D"0" cellspacing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2To=
DOMStatic" style=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"=
text-align: center;"></td><td class=3D"content" align=3D"left" width=3D"137=
" style=3D"text-align: center;"><a class=3D"image-link" target=3D"_blank" h=
ref=3D"https://substack.com/redirect/2d1a7cc8-5549-4c3d-9bdc-7c25617f58f4?j=
=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"=
" style=3D"position: relative;flex-direction: column;align-items: center;pa=
dding: 0;width: auto;height: auto;border: none;text-decoration: none;displa=
y: block;margin: 0;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://subs=
tack-post-media.s3.amazonaws.com/public/images/8a7f3ba1-0d03-4d0a-8277-9c25=
498acff1_896x278.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen=
&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:278,&quot;width&q=
uot;:896,&quot;resizeWidth&quot;:137,&quot;bytes&quot;:null,&quot;alt&quot;=
:&quot;Reversa - AI-Powered Regulatory Compliance&quot;,&quot;title&quot;:n=
ull,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:tr=
ue,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isPro=
cessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" alt=
=3D"Reversa - AI-Powered Regulatory Compliance" title=3D"Reversa - AI-Power=
ed Regulatory Compliance" width=3D"137" height=3D"42.50669642857143" src=3D=
"https://substackcdn.com/image/fetch/$s_!QWvn!,w_137,c_limit,f_auto,q_auto:=
good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.co=
m%2Fpublic%2Fimages%2F8a7f3ba1-0d03-4d0a-8277-9c25498acff1_896x278.png" sty=
le=3D"border: none !important;vertical-align: middle;display: block;-ms-int=
erpolation-mode: bicubic;height: auto;margin-bottom: 0;width: auto !importa=
nt;max-width: 100% !important;margin: 0 auto;"></a></td><td style=3D"text-a=
lign: center;"></td></tr></tbody></table></figure></div><p style=3D"margin:=
 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16px;"><stron=
g>&#128205; HQ:</strong><span> Madrid, Spain</span><br><strong>&#127981; In=
dustry:</strong><span> AI, Regtech</span><br><strong>&#9752; Stage:</strong=
><span> Pre-Seed</span><br><strong>&#128680; Problem:</strong><span> Regula=
tion is the operating system of every country, and no one can keep up with =
it. 44,555 rules in force in the EU. 2,800+ new acts per year. 1,500+ sanct=
ions per year.</span><br><strong>&#128283; Solution:</strong><span> Reversa=
 replaces manual compliance workflows with AI agents that monitor 500+ regu=
latory sources, understand each company's specific context, and orchestrate=
 actions.</span><br><strong>&#128241;Product:</strong></p><div class=3D"cap=
tioned-image-container-static" style=3D"font-size: 16px;line-height: 26px;m=
argin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table cla=
ss=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpadd=
ing=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding-al=
t: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td clas=
s=3D"content" align=3D"left" width=3D"452" style=3D"text-align: center;"><a=
 class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/redire=
ct/047fed2d-e8c0-496f-b4db-d450d32a48a6?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqAr=
DfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"position: relative;flex=
-direction: column;align-items: center;padding: 0;width: auto;height: auto;=
border: none;text-decoration: none;display: block;margin: 0;"><img data-att=
rs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/p=
ublic/images/2ddc81c3-0145-4033-927e-f2ccfd26a229_1044x976.png&quot;,&quot;=
srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;=
:null,&quot;height&quot;:976,&quot;width&quot;:1044,&quot;resizeWidth&quot;=
:452,&quot;bytes&quot;:311703,&quot;alt&quot;:&quot;&quot;,&quot;title&quot=
;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;b=
elowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&qu=
ot;:&quot;https://luisllorens.substack.com/i/190001558?img=3Dhttps%3A%2F%2F=
substack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddc81c3-0145-4033=
-927e-f2ccfd26a229_1044x976.png&quot;,&quot;isProcessing&quot;:false,&quot;=
align&quot;:null,&quot;offset&quot;:false}" alt=3D"" title=3D"" width=3D"45=
2" height=3D"422.5593869731801" src=3D"https://substackcdn.com/image/fetch/=
$s_!q0N2!,w_452,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F=
%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2ddc81c3-0145-4=
033-927e-f2ccfd26a229_1044x976.png" style=3D"border: none !important;vertic=
al-align: middle;display: block;-ms-interpolation-mode: bicubic;height: aut=
o;margin-bottom: 0;width: auto !important;max-width: 100% !important;margin=
: 0 auto;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></t=
able></figure></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);lin=
e-height: 26px;font-size: 16px;"><strong>&#129776; Business model:</strong>=
<span> B2B SaaS. Annual contracts. PA consultancies and law firms as distri=
bution partner layer.</span><br><strong>&#127919; Ideal Customer Profile:</=
strong><span> Regulated enterprises with multi-jurisdictional exposure. PA =
consultancies and law firms managing compliance for multiple clients.</span=
><br><strong>&#128202; Traction:</strong><span> &#8364;60k ARR in 5 months =
of operations. Revenue growing from 100% MoM. </span><br><strong>&#127962; =
Market:</strong><span> Global RegTech: &#8364;19.6B </span><br><strong><spa=
n>&#128101; </span><a href=3D"https://substack.com/redirect/e7572992-42b0-4=
2c4-9559-a1fb772fbc0b?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfg=
M3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-decoration: und=
erline;">Santiago Aliaga</a></strong><span> (CTO): ex-Amazon AI Lead, ex-Ac=
centure. Top 1% Fiverr in Blockchain. Analytics &amp; Law (ICADE).</span><b=
r><strong><span>&#128101; </span><a href=3D"https://substack.com/redirect/6=
e3a7f67-a2c1-42fb-aacb-7a392a4b06a1?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP8=
22j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-d=
ecoration: underline;">&#205;&#241;igo Mart&#237;n</a></strong><span> (CPO)=
: ex-Mundi Ventures, ex-Monitor Deloitte. Analytics &amp; Law (ICADE).</spa=
n><br><strong><span>&#128101; </span><a href=3D"https://substack.com/redire=
ct/a5f9b131-35a1-486a-9d96-c6c083e3a9ce?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqAr=
DfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55,55);te=
xt-decoration: underline;">Tom&#225;s Burgaleta</a></strong><span> (CRO): W=
orked at US M&amp;A &amp; Operations at Tetuan Valley. Master of Laws (Tula=
ne Law-USA).</span><br><strong>&#128176; Round:</strong><span> &#8364;400k =
pre-seed. Contact: </span><a href=3D"https://substack.com/redirect/42ef7012=
-404d-4a36-a594-9811f793aa3f?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN=
48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-decorati=
on: underline;">inigo@reversa.ai</a></p><div style=3D"font-size: 16px;line-=
height: 26px;"><hr style=3D"margin: 32px 0;padding: 0;height: 1px;backgroun=
d: rgb(0,0,0,.1);border: none;"></div><h4 class=3D"header-anchor-post" styl=
e=3D"position: relative;font-family: 'SF Pro Display',-apple-system-headlin=
e,system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Ar=
ial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-=
weight: bold;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: a=
ntialiased;-webkit-appearance: optimizelegibility;-moz-appearance: optimize=
legibility;appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rg=
b(54,55,55);line-height: 1.16em;font-size: 1.125em;">If you&#8217;d like to=
 be featured in my next blog post, or recurrent access to the list of start=
ups, let me know!</h4><p class=3D"button-wrapper" data-attrs=3D"{&quot;url&=
quot;:&quot;https://substack.com/app-link/post?publication_id=3D2293751&pos=
t_id=3D190001558&utm_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue=
&comments=3Dtrue&token=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOjE5MDAwMT=
U1OCwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI6InB1Yi0yMjkzNzUxI=
iwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.tZtoKG6_6xNVjdFY2NvW2L0BP7YhJprVRv-p4VaM6aw=
&r=3D3gfyvm&utm_campaign=3Demail-half-magic-comments&action=3Dpost-comment&=
quot;,&quot;text&quot;:&quot;Leave a comment&quot;,&quot;action&quot;:null,=
&quot;class&quot;:null}" data-component-name=3D"ButtonCreateButton" style=
=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-size: 16=
px;text-align: center;cursor: pointer;border-radius: 4px;"><a class=3D"butt=
on primary" href=3D"https://substack.com/app-link/post?publication_id=3D229=
3751&post_id=3D190001558&utm_source=3Dsubstack&utm_medium=3Demail&isFreemai=
l=3Dtrue&comments=3Dtrue&token=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOj=
E5MDAwMTU1OCwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI6InB1Yi0yM=
jkzNzUxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.tZtoKG6_6xNVjdFY2NvW2L0BP7YhJprVRv-=
p4VaM6aw&r=3D3gfyvm&utm_campaign=3Demail-half-magic-comments&action=3Dpost-=
comment" rel=3D"" style=3D"font-family: system-ui,-apple-system,BlinkMacSys=
temFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','S=
egoe UI Emoji','Segoe UI Symbol';display: inline-block;box-sizing: border-b=
ox;cursor: pointer;border: none;border-radius: 8px;font-size: 14px;line-hei=
ght: 20px;font-weight: 600;text-align: center;margin: 0;opacity: 1;outline:=
 none;white-space: nowrap;color: #ffffff !important;text-decoration: none !=
important;background-color: #6388a7;padding: 12px 20px;height: auto;"><span=
 style=3D"color: #ffffff;text-decoration: none;">Leave a comment</span></a>=
</p><div style=3D"font-size: 16px;line-height: 26px;"><hr style=3D"margin: =
32px 0;padding: 0;height: 1px;background: rgb(0,0,0,.1);border: none;"></di=
v><div class=3D"captioned-image-container-static" style=3D"font-size: 16px;=
line-height: 26px;margin: 32px auto;"><figure style=3D"width: 100%;margin: =
0 auto;"><table class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspa=
cing=3D"0" cellpadding=3D"0" data-component-name=3D"Image2ToDOMStatic" styl=
e=3D"mso-padding-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: cen=
ter;"></td><td class=3D"content" align=3D"left" width=3D"138" style=3D"text=
-align: center;"><a class=3D"image-link" target=3D"_blank" href=3D"https://=
substack.com/redirect/fd5953e0-4329-4523-8471-6080efc87bc5?j=3DeyJ1IjoiM2dm=
eXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"posi=
tion: relative;flex-direction: column;align-items: center;padding: 0;width:=
 auto;height: auto;border: none;text-decoration: none;display: block;margin=
: 0;"><img data-attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media=
=2Es3.amazonaws.com/public/images/f63ba=
407-54c4-49df-9a8f-a8c962ac2f92_284x13=
4.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&qu=
ot;imageSize&quot;:null,&quot;height&quot;:134,&quot;width&quot;:284,&quot;=
resizeWidth&quot;:138,&quot;bytes&quot;:7305,&quot;alt&quot;:null,&quot;tit=
le&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,=
&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedi=
rect&quot;:&quot;https://luisllorens.substack.com/i/190001558?img=3Dhttps%3=
A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff63ba407-54=
c4-49df-9a8f-a8c962ac2f92_284x134.png&quot;,&quot;isProcessing&quot;:false,=
&quot;align&quot;:null,&quot;offset&quot;:false}" alt=3D"" width=3D"138" he=
ight=3D"65.11267605633803" src=3D"https://substackcdn.com/image/fetch/$s_!K=
Mtu!,w_138,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsu=
bstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff63ba407-54c4-49df-9=
a8f-a8c962ac2f92_284x134.png" style=3D"border: none !important;vertical-ali=
gn: middle;display: block;-ms-interpolation-mode: bicubic;height: auto;marg=
in-bottom: 0;width: auto !important;max-width: 100% !important;margin: 0 au=
to;"></a></td><td style=3D"text-align: center;"></td></tr></tbody></table><=
/figure></div><p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-heig=
ht: 26px;font-size: 16px;"><strong>&#128205; HQ:</strong><span> Belgium</sp=
an><br><strong>&#127981; Industry:</strong><span> Mobility / Climate</span>=
<br><strong>&#9752; Stage:</strong><span> Seed / Pre-Series A</span><br><st=
rong>&#128680; Problem:</strong><span> Two-wheelers dominate urban mobility=
 globally, but they fail in real-life use cases like carrying goods, famili=
es or daily tasks, forcing users back into cars.</span><br><strong>&#128283=
; Solution:</strong><span> Any is building a new category of urban mobility=
, Life Utility Vehicles (LUV): a modular, cargo-capable electric two-wheele=
r platform that combines the practicality of a car with the efficiency of a=
 motorcycle.</span><br><strong>&#128241;Product:</strong></p><div class=3D"=
captioned-image-container-static" style=3D"font-size: 16px;line-height: 26p=
x;margin: 32px auto;"><figure style=3D"width: 100%;margin: 0 auto;"><table =
class=3D"image-wrapper" width=3D"100%" border=3D"0" cellspacing=3D"0" cellp=
adding=3D"0" data-component-name=3D"Image2ToDOMStatic" style=3D"mso-padding=
-alt: 1em 0 1.6em;"><tbody><tr><td style=3D"text-align: center;"></td><td c=
lass=3D"content" align=3D"left" width=3D"248" style=3D"text-align: center;"=
><a class=3D"image-link" target=3D"_blank" href=3D"https://substack.com/red=
irect/47c191df-1848-49a1-8fcf-8aa2c304cea0?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFOb=
qArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"position: relative;f=
lex-direction: column;align-items: center;padding: 0;width: auto;height: au=
to;border: none;text-decoration: none;display: block;margin: 0;"><img data-=
attrs=3D"{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.co=
m/public/images/b8463e8f-d26c-4dd4-a63b-82f471d84607_712x752.png&quot;,&quo=
t;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quo=
t;:null,&quot;height&quot;:752,&quot;width&quot;:712,&quot;resizeWidth&quot=
;:248,&quot;bytes&quot;:459452,&quot;alt&quot;:null,&quot;title&quot;:null,=
&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowThe=
Fold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&qu=
ot;https://luisllorens.substack.com/i/190001558?img=3Dhttps%3A%2F%2Fsubstac=
k-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8463e8f-d26c-4dd4-a63b-8=
2f471d84607_712x752.png&quot;,&quot;isProcessing&quot;:false,&quot;align&qu=
ot;:null,&quot;offset&quot;:false}" alt=3D"" width=3D"248" height=3D"261.93=
25842696629" src=3D"https://substackcdn.com/image/fetch/$s_!039b!,w_248,c_l=
imit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-me=
dia.s3.amazonaws.com%2Fpublic%2Fimages%2Fb8463e8f-d26c-4dd4-a63b-82f471d846=
07_712x752.png" style=3D"border: none !important;vertical-align: middle;dis=
play: block;-ms-interpolation-mode: bicubic;height: auto;margin-bottom: 0;w=
idth: auto !important;max-width: 100% !important;margin: 0 auto;"></a></td>=
<td style=3D"text-align: center;"></td></tr></tbody></table></figure></div>=
<p style=3D"margin: 0 0 20px 0;color: rgb(54,55,55);line-height: 26px;font-=
size: 16px;"><strong>&#129776; Business model:</strong><span> Vehicle sales=
, high-margin accessories, and subscriptions to services.</span><br><strong=
>&#127919; Ideal Customer Profile:</strong><span> Professionals in flexible=
 or independent fields - such as designers and freelancers - who move frequ=
ently within cities for work and daily life. Urban workers like delivery co=
uriers, service staff and caregivers.</span><br><strong>&#128202; Traction:=
</strong><span> Prototype stage, final BOM, roadmap to SOP. Strong early co=
nsumer traction and pre-registrations (exceeding marketing benchmarks).</sp=
an><br><strong>&#127962; Market:</strong><span> $500B+ global powered two-w=
heeler market undergoing electrification, with a clear gap for a new &#8220=
;right-sized&#8221; urban vehicle category. </span><br><strong><span>&#1281=
01; </span><a href=3D"https://substack.com/redirect/ec3110bd-7f69-4104-b503=
-89487a2a18b3?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAs=
F0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-decoration: underline;"=
>Lowie Vermeersch</a><span> (Head of Design) &#8211; </span></strong><span>=
Former Design Director at Pininfarina and founder of Granstudio. Experience=
 designing for Ferrari, Maserati, and the world's largest OEM's.</span><br>=
<strong><span>&#128101; </span><a href=3D"https://substack.com/redirect/4f6=
4622e-5d95-44ee-9822-7236841bc6f7?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822=
j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-dec=
oration: underline;">Pieter Van de Velde</a><span> (CEO) &#8211; </span></s=
trong><span>Experienced operator and founder with background in product des=
ign, venture capital and scaling ventures</span><br><strong><span>&#128101;=
 </span><a href=3D"https://substack.com/redirect/ff6c54bd-6743-490c-8793-ec=
86b7bb083d?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l=
24U" rel=3D"" style=3D"color: rgb(54,55,55);text-decoration: underline;">Er=
ik de Winter</a><span> (COO) &#8211; </span></strong><span>Operator with de=
ep experience (10+ years) in urban mobility and scaling international opera=
tions.</span><br><strong>&#128176; Round:</strong><span> Seed round. Pitch =
deck upon request.</span></p><div style=3D"font-size: 16px;line-height: 26p=
x;"><hr style=3D"margin: 32px 0;padding: 0;height: 1px;background: rgb(0,0,=
0,.1);border: none;"></div><h3 class=3D"header-anchor-post" style=3D"positi=
on: relative;font-family: 'SF Pro Display',-apple-system-headline,system-ui=
,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-se=
rif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';font-weight: bol=
d;-webkit-font-smoothing: antialiased;-moz-osx-font-smoothing: antialiased;=
-webkit-appearance: optimizelegibility;-moz-appearance: optimizelegibility;=
appearance: optimizelegibility;margin: 1em 0 0.625em 0;color: rgb(54,55,55)=
;line-height: 1.16em;font-size: 1.375em;"><span>&#128073; Limited (but comp=
lete) access to March&#8217;s list </span><strong><a href=3D"https://substa=
ck.com/redirect/5ccd6756-a185-4da6-b4a9-bc2e7c5b1c06?j=3DeyJ1IjoiM2dmeXZtIn=
0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb=
(54,55,55);text-decoration: underline;">here</a></strong><span>. Full acces=
s for subscribers at the bottom of the post, including April&#8217;s list i=
n real time and decks.</span></h3><p style=3D"margin: 0 0 20px 0;color: rgb=
(54,55,55);line-height: 26px;font-size: 16px;"><strong><a href=3D"https://s=
ubstack.com/redirect/88442b3e-9025-4b9f-bdba-ac3dffa21b3d?j=3DeyJ1IjoiM2dme=
XZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color=
: rgb(54,55,55);text-decoration: underline;">Sign up</a><span> </span></str=
ong><span>now to also unlock:</span></p><blockquote style=3D"border-left: 4=
px solid #6388a7;margin: 20px 0;padding: 0;margin-bottom: 0;"><ul style=3D"=
margin-left: 20px;margin-top: 0;padding: 0;"><li style=3D"margin: 8px 0 0 3=
2px;mso-special-format: bullet;"><p style=3D"color: rgb(54,55,55);line-heig=
ht: 26px;margin-bottom: 0;box-sizing: border-box;padding-left: 4px;font-siz=
e: 16px;margin: 0;"><strong><a href=3D"https://substack.com/redirect/4e6a77=
a6-22c4-4acb-b2e8-459cff2835d6?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-j=
nN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-decora=
tion: underline;">300+ Tech Events in Europe in 2026</a><span>.</span></str=
ong></p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"=
><p style=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-si=
zing: border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong><a h=
ref=3D"https://substack.com/redirect/fd1b566e-b18d-444b-8174-57aa95a45310?j=
=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"=
" style=3D"color: rgb(54,55,55);text-decoration: underline;">500+ Active An=
gel Investors</a></strong><span> in Europe, </span><strong><a href=3D"https=
://substack.com/redirect/f6bfe348-f13c-4a26-ab86-abddbd66ffa6?j=3DeyJ1IjoiM=
2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"c=
olor: rgb(54,55,55);text-decoration: underline;">60+ Successful Fundraising=
 Decks</a></strong><span> and </span><strong><a href=3D"https://substack.co=
m/redirect/f6bfe348-f13c-4a26-ab86-abddbd66ffa6?j=3DeyJ1IjoiM2dmeXZtIn0.xu7=
6uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,5=
5,55);text-decoration: underline;">VC Templates</a><span>.</span></strong><=
/p></li><li style=3D"margin: 8px 0 0 32px;mso-special-format: bullet;"><p s=
tyle=3D"color: rgb(54,55,55);line-height: 26px;margin-bottom: 0;box-sizing:=
 border-box;padding-left: 4px;font-size: 16px;margin: 0;"><strong><a href=
=3D"https://substack.com/redirect/140c3bda-5fc2-458c-8680-7417d7b18a1c?j=3D=
eyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" s=
tyle=3D"color: rgb(54,55,55);text-decoration: underline;">Open VC Job oppor=
tunities</a></strong><span>, How to </span><strong><a href=3D"https://subst=
ack.com/redirect/3729cedd-cf16-4016-877d-33bd7ac00645?j=3DeyJ1IjoiM2dmeXZtI=
n0.xu76uFObqArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rg=
b(54,55,55);text-decoration: underline;">get into VC</a></strong><span>,</s=
pan><strong><span> </span><a href=3D"https://substack.com/redirect/c81fbed9=
-83c7-445f-b031-35184f786a63?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jnN=
48_jCfgM3m0rbAsF0l24U" rel=3D"" style=3D"color: rgb(54,55,55);text-decorati=
on: underline;">180 Questions</a></strong><span> VCs ask Startup Founders, =
and many more...</span></p></li></ul></blockquote></div></div><div class=3D=
"paywall paywall-white-background" data-testid=3D"paywall" data-component-n=
ame=3D"Paywall" role=3D"region" aria-label=3D"Paywall" style=3D"position: r=
elative;font-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',=
Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Seg=
oe UI Symbol';text-align: center;margin-bottom: 16px;cursor: default;-webki=
t-user-select: none;-moz-user-select: none;-ms-user-select: none;user-selec=
t: none;line-height: 26px;font-size: 16px;padding: 32px 24px 16px 24px;back=
ground: rgb(255,255,255);color: rgb(54,55,55);border-top: solid 2px #6388a7=
;margin-top: 6px;"><div class=3D"pencraft pc-display-flex pc-width-64 pc-he=
ight-64 pc-justifyContent-center pc-alignItems-center pc-position-relative =
pc-reset bg-secondary-UUD3_J flex-auto-j3S2WA outline-detail-vcQLyr pc-bord=
erRadius-full overflow-hidden-WdpwT6 sizing-border-box-DggLA4 container-TAt=
rWj paywall-unlock-avatar-static" style=3D"margin: auto;text-decoration: un=
set;list-style: none;border-radius: 9999px;display: flex;position: relative=
;justify-content: center;align-items: center;width: 64px;height: 64px;outli=
ne: 1px solid rgb(0,0,0,.1);outline-offset: -1px;background-color: rgb(238,=
238,238);flex: none;overflow: hidden;box-sizing: border-box;-webkit-user-se=
lect: none;user-select: none;font-size: 16px;line-height: 26px;--scale: 64p=
x"><div class=3D"pencraft pc-display-flex pc-width-64 pc-height-64 pc-justi=
fyContent-center pc-alignItems-center pc-position-relative pc-reset bg-seco=
ndary-UUD3_J flex-auto-j3S2WA outline-detail-vcQLyr pc-borderRadius-full ov=
erflow-hidden-WdpwT6 sizing-border-box-DggLA4 container-TAtrWj" style=3D"te=
xt-decoration: unset;list-style: none;border-radius: 9999px;display: flex;p=
osition: relative;justify-content: center;align-items: center;width: 64px;h=
eight: 64px;outline: 1px solid rgb(0,0,0,.1);outline-offset: -1px;backgroun=
d-color: rgb(238,238,238);flex: none;overflow: hidden;box-sizing: border-bo=
x;-webkit-user-select: none;user-select: none;font-size: 16px;line-height: =
26px;--scale: 64px" title=3D"User"><picture><source type=3D"image/webp" src=
set=3D"https://substackcdn.com/image/fetch/$s_!bXQe!,w_64,h_64,c_fill,f_web=
p,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.ama=
zonaws.com%2Fpublic%2Fimages%2Fec49c7d7-2cd7-41ae-88a2-7f9949791fac_400x400=
=2Ejpeg 64w, https://substackcdn.com/im=
age/fetch/$s_!bXQe!,w_128,h_128,c_fill=
,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.=
s3.amazonaws.com%2Fpublic%2Fimages%2Fec49c7d7-2cd7-41ae-88a2-7f9949791fac_4=
00x400.jpeg 128w, https://substackcdn.com/image/fetch/$s_!bXQe!,w_192,h_192=
,c_fill,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post=
-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec49c7d7-2cd7-41ae-88a2-7f99497=
91fac_400x400.jpeg 192w" sizes=3D"64px"><img class=3D"img-OACg1c object-fit=
-cover-u4ReeV pencraft pc-reset" src=3D"https://substackcdn.com/image/fetch=
/$s_!bXQe!,w_64,h_64,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3=
A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec49c7d7-2c=
d7-41ae-88a2-7f9949791fac_400x400.jpeg" sizes=3D"64px" alt=3D"User's avatar=
" srcset=3D"https://substackcdn.com/image/fetch/$s_!bXQe!,w_64,h_64,c_fill,=
f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s=
3.amazonaws.com%2Fpublic%2Fimages%2Fec49c7d7-2cd7-41ae-88a2-7f9949791fac_40=
0x400.jpeg 64w, https://substackcdn.com/image/fetch/$s_!bXQe!,w_128,h_128,c=
_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-m=
edia.s3.amazonaws.com%2Fpublic%2Fimages%2Fec49c7d7-2cd7-41ae-88a2-7f9949791=
fac_400x400.jpeg 128w, https://substackcdn.com/image/fetch/$s_!bXQe!,w_192,=
h_192,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack=
-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fec49c7d7-2cd7-41ae-88a2-7f=
9949791fac_400x400.jpeg 192w" width=3D"64" height=3D"64" draggable=3D"false=
" style=3D"text-decoration: unset;list-style: none;display: flex;object-fit=
: cover;max-width: 550px;border: none !important;vertical-align: middle;"><=
/picture></div></div><h2 class=3D"paywall-title unlock-treatment-new" style=
=3D"font-family: 'SF Pro Display',-apple-system-headline,system-ui,-apple-s=
ystem,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Appl=
e Color Emoji','Segoe UI Emoji','Segoe UI Symbol';-webkit-font-smoothing: a=
ntialiased;-moz-osx-font-smoothing: antialiased;-webkit-appearance: optimiz=
elegibility;-moz-appearance: optimizelegibility;appearance: optimizelegibil=
ity;margin: 0 auto;color: inherit !important;font-size: 22px;line-height: 3=
3px;font-weight: 500;margin-top: 8px;margin-bottom: 20px;">Continue reading=
 this post for free in the Substack app</h2><div class=3D"paywall-cta" styl=
e=3D"font-size: 16px;line-height: 26px;margin-top: 0;"><a class=3D"button p=
rimary paywall-cta-icon" href=3D"https://substack.com/redirect/2/eyJlIjoiaH=
R0cHM6Ly9sdWlzbGxvcmVucy5zdWJzdGFjay5jb20vcC9saXN0LW9mLXN0YXJ0dXBzLWZ1bmRyY=
WlzaW5nLW1hcmNoLWI5ZD91dG1fY2FtcGFpZ249ZW1haWwtcG9zdCZyPTNnZnl2bSZ0b2tlbj1l=
eUoxYzJWeVgybGtJam95TURrd01UYzBNallzSW5CdmMzUmZhV1FpT2pFNU1EQXdNVFUxT0N3aWF=
XRjBJam94TnpjMU56RTJNekk0TENKbGVIQWlPakUzTnpnek1EZ3pNamdzSW1semN5STZJbkIxWW=
kweU1qa3pOelV4SWl3aWMzVmlJam9pY0c5emRDMXlaV0ZqZEdsdmJpSjkudFp0b0tHNl82eE5Wa=
mRGWTJOdlcyTDBCUDdZaEpwclZSdi1wNFZhTTZhdyIsInAiOjE5MDAwMTU1OCwicyI6MjI5Mzc1=
MSwiZiI6dHJ1ZSwidSI6MjA5MDE3NDI2LCJpYXQiOjE3NzU3MTYzMjgsImV4cCI6MjA5MTI5MjM=
yOCwiaXNzIjoicHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.A3X_JDbA0_t3H15dsLGXbM=
auQh0gVMwU85FyXjXbxjw?&launch_post_unlock_offer=3Dtrue" style=3D"font-famil=
y: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,A=
rial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';disp=
lay: inline-block;box-sizing: border-box;cursor: pointer;border: none;borde=
r-radius: 8px;font-size: 14px;line-height: 20px;font-weight: 600;text-align=
: center;margin: 0;opacity: 1;outline: none;white-space: nowrap;background-=
color: #6388a7;text-decoration: none !important;color: #ffffff !important;p=
adding: 12px 16px;height: auto;">Claim my free post</a></div><div class=3D"=
paywall-secondary-cta" style=3D"line-height: 26px;margin-top: 20px;font-siz=
e: 12px;font-weight: 300;"><a href=3D"https://substack.com/redirect/9356a84=
9-039f-4553-a856-8468ad6340de?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObqArDfP822j-jn=
N48_jCfgM3m0rbAsF0l24U" style=3D"color: inherit;text-decoration: none;">Or =
upgrade your subscription. <b>Upgrade to paid</b></a></div></div><table cla=
ss=3D"email-ufi-2-bottom" role=3D"presentation" width=3D"100%" border=3D"0"=
 cellspacing=3D"0" cellpadding=3D"0" style=3D"border-top: 1px solid rgb(0,0=
,0,.1);border-bottom: 1px solid rgb(0,0,0,.1);min-width: 100%;"><tbody><tr =
height=3D"16"><td height=3D"16" style=3D"font-size:0px;line-height:0;">&nbs=
p;</td></tr><tr><td><table role=3D"presentation" width=3D"100%" border=3D"0=
" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr><td><table role=3D"present=
ation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" styl=
e=3D"margin:0 auto;"><tbody><tr><td style=3D"vertical-align:middle;"><table=
 role=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpa=
dding=3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-button-outlin=
e" href=3D"https://substack.com/app-link/post?publication_id=3D2293751&post=
_id=3D190001558&utm_source=3Dsubstack&isFreemail=3Dtrue&submitLike=3Dtrue&t=
oken=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOjE5MDAwMTU1OCwicmVhY3Rpb24i=
OiLinaQiLCJpYXQiOjE3NzU3MTYzMjgsImV4cCI6MTc3ODMwODMyOCwiaXNzIjoicHViLTIyOTM=
3NTEiLCJzdWIiOiJyZWFjdGlvbiJ9.uiv8BhNgAqEj97Zs7Q4UfH7JazruDyUNMlw2DnHoZ8c&u=
tm_medium=3Demail&utm_campaign=3Demail-reaction&r=3D3gfyvm" style=3D"font-f=
amily: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helveti=
ca,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';=
display: inline-block;font-weight: 500;border: 1px solid rgb(0,0,0,.1);bord=
er-radius: 9999px;text-transform: uppercase;font-size: 12px;line-height: 12=
px;padding: 9px 14px;text-decoration: none;color: rgb(119,119,119);"><img c=
lass=3D"icon" src=3D"https://substackcdn.com/image/fetch/$s_!PeVs!,w_36,c_s=
cale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fic=
on%2FLucideHeart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080=
%26strokeWidth%3D2" width=3D"18" height=3D"18" style=3D"margin-right: 8px;m=
in-width: 18px;min-height: 18px;border: none;vertical-align: middle;max-wid=
th: 18px" alt=3D""><span class=3D"email-button-text" style=3D"vertical-alig=
n: middle;">Like</span></a></td></tr></tbody></table></td><td width=3D"8" s=
tyle=3D"min-width:8px;"></td><td style=3D"vertical-align:middle;"><table ro=
le=3D"presentation" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0"><tbody><tr><td align=3D"center"><a class=3D"email-button-outline" =
href=3D"https://substack.com/app-link/post?publication_id=3D2293751&post_id=
=3D190001558&utm_source=3Dsubstack&utm_medium=3Demail&isFreemail=3Dtrue&com=
ments=3Dtrue&token=3DeyJ1c2VyX2lkIjoyMDkwMTc0MjYsInBvc3RfaWQiOjE5MDAwMTU1OC=
wiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI6InB1Yi0yMjkzNzUxIiwic=
3ViIjoicG9zdC1yZWFjdGlvbiJ9.tZtoKG6_6xNVjdFY2NvW2L0BP7YhJprVRv-p4VaM6aw&r=
=3D3gfyvm&utm_campaign=3Demail-half-magic-comments&action=3Dpost-comment&ut=
m_source=3Dsubstack&utm_medium=3Demail" style=3D"font-family: system-ui,-ap=
ple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,=
'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';display: inline-bloc=
k;font-weight: 500;border: 1px solid rgb(0,0,0,.1);border-radius: 9999px;te=
xt-transform: uppercase;font-size: 12px;line-height: 12px;padding: 9px 14px=
;text-decoration: none;color: rgb(119,119,119);"><img class=3D"icon" src=3D=
"https://substackcdn.com/image/fetch/$s_!x1tS!,w_36,c_scale,f_png,q_auto:go=
od,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%=
3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D=
2" width=3D"18" height=3D"18" style=3D"margin-right: 8px;min-width: 18px;mi=
n-height: 18px;border: none;vertical-align: middle;max-width: 18px" alt=3D"=
"><span class=3D"email-button-text" style=3D"vertical-align: middle;">Comme=
nt</span></a></td></tr></tbody></table></td><td width=3D"8" style=3D"min-wi=
dth:8px;"></td><td style=3D"vertical-align:middle;"><table role=3D"presenta=
tion" width=3D"auto" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbod=
y><tr><td align=3D"center"><a class=3D"email-button-outline" href=3D"https:=
//substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9vcGVuLnN1YnN0YWNrLmNvbS9wdWIvb=
HVpc2xsb3JlbnMvcC9saXN0LW9mLXN0YXJ0dXBzLWZ1bmRyYWlzaW5nLW1hcmNoLWI5ZD91dG1f=
c291cmNlPXN1YnN0YWNrJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPWVtYWlsLXJlc3R=
hY2stY29tbWVudCZhY3Rpb249cmVzdGFjay1jb21tZW50JnI9M2dmeXZtJnRva2VuPWV5SjFjMl=
Z5WDJsa0lqb3lNRGt3TVRjME1qWXNJbkJ2YzNSZmFXUWlPakU1TURBd01UVTFPQ3dpYVdGMElqb=
3hOemMxTnpFMk16STRMQ0psZUhBaU9qRTNOemd6TURnek1qZ3NJbWx6Y3lJNkluQjFZaTB5TWpr=
ek56VXhJaXdpYzNWaUlqb2ljRzl6ZEMxeVpXRmpkR2x2YmlKOS50WnRvS0c2XzZ4TlZqZEZZMk5=
2VzJMMEJQN1loSnByVlJ2LXA0VmFNNmF3IiwicCI6MTkwMDAxNTU4LCJzIjoyMjkzNzUxLCJmIj=
p0cnVlLCJ1IjoyMDkwMTc0MjYsImlhdCI6MTc3NTcxNjMyOCwiZXhwIjoyMDkxMjkyMzI4LCJpc=
3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.iaLjmnjh1y-vsvbT5QzAepTc8o8gX=
Bad0RnkMGLq32Q?&utm_source=3Dsubstack&utm_medium=3Demail" style=3D"font-fam=
ily: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,Helvetica=
,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol';di=
splay: inline-block;font-weight: 500;border: 1px solid rgb(0,0,0,.1);border=
-radius: 9999px;text-transform: uppercase;font-size: 12px;line-height: 12px=
;padding: 9px 14px;text-decoration: none;color: rgb(119,119,119);"><img cla=
ss=3D"icon" src=3D"https://substackcdn.com/image/fetch/$s_!ubXF!,w_36,c_sca=
le,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon=
%2Fnotes__NoteRestackIcon%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2=
523808080%26strokeWidth%3D2%26strokeLinecap%3Dround%26strokeLinejoin%3Droun=
d" width=3D"18" height=3D"18" alt=3D"" style=3D"margin-right: 8px;min-width=
: 18px;min-height: 18px;max-width: 550px;border: none !important;vertical-a=
lign: middle;"><span class=3D"email-button-text" style=3D"vertical-align: m=
iddle;">Restack</span></a></td></tr></tbody></table></td></tr></tbody></tab=
le></td><td align=3D"right"><table role=3D"presentation" width=3D"auto" bor=
der=3D"0" cellspacing=3D"0" cellpadding=3D"0"><tbody><tr></tr></tbody></tab=
le></td></tr></tbody></table></td></tr><tr height=3D"16"><td height=3D"16" =
style=3D"font-size:0px;line-height:0;">&nbsp;</td></tr></tbody></table><div=
 class=3D"footer footer-ZM59BM" style=3D"color: rgb(119,119,119);text-align=
: center;font-size: 16px;line-height: 26px;padding: 24px0;"><div style=3D"f=
ont-size: 16px;line-height: 26px;padding-bottom: 24px"><p class=3D"pencraft=
 pc-reset color-secondary-ls1g8s size-12-mmZ61m reset-IxiVJZ small meta-B2b=
qa5" style=3D"list-style: none;font-family: system-ui,-apple-system,BlinkMa=
cSystemFont,'Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji=
','Segoe UI Emoji','Segoe UI Symbol';padding-bottom: 0;font-size: 12px;line=
-height: 16px;margin: 0;color: rgb(119,119,119);text-decoration: unset;">&#=
169; 2026 <span>Luis Llorens</span><br>Barcelona <br><a href=3D"https://sub=
stack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9sdWlzbGxvcmVucy5zdWJzdGFjay5jb20vYW=
N0aW9uL2Rpc2FibGVfZW1haWw_dG9rZW49ZXlKMWMyVnlYMmxrSWpveU1Ea3dNVGMwTWpZc0luQ=
nZjM1JmYVdRaU9qRTVNREF3TVRVMU9Dd2lhV0YwSWpveE56YzFOekUyTXpJNExDSmxlSEFpT2pF=
NE1EY3lOVEl6TWpnc0ltbHpjeUk2SW5CMVlpMHlNamt6TnpVeElpd2ljM1ZpSWpvaVpHbHpZV0p=
zWlY5bGJXRnBiQ0o5LnozdWpwRWdDQ1RJVFE3Y2pDM29hcGFpRU04Uy1HRVlpSXRRRTFXci0zV0=
UiLCJwIjoxOTAwMDE1NTgsInMiOjIyOTM3NTEsImYiOnRydWUsInUiOjIwOTAxNzQyNiwiaWF0I=
joxNzc1NzE2MzI4LCJleHAiOjIwOTEyOTIzMjgsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1y=
ZWRpcmVjdCJ9.dwxhThDq5aPk2I3_PyktdIIhe635MS-Ji7oz8BrLptI?" style=3D"text-de=
coration: underline;color: rgb(119,119,119);"><span style=3D"color: rgb(119=
,119,119);text-decoration: underline;">Unsubscribe</span></a></p></div><p c=
lass=3D"footerSection-EHR0jG small powered-by-substack" style=3D"padding: 0=
 24px;font-size: 12px;line-height: 20px;margin: 0;color: rgb(119,119,119);f=
ont-family: system-ui,-apple-system,BlinkMacSystemFont,'Segoe UI',Roboto,He=
lvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Sym=
bol';padding-bottom: 0;margin-top: 0;"><a href=3D"https://substack.com/redi=
rect/51f6e3b6-35b9-4bf4-95d4-879629779b66?j=3DeyJ1IjoiM2dmeXZtIn0.xu76uFObq=
ArDfP822j-jnN48_jCfgM3m0rbAsF0l24U" style=3D"color: rgb(119,119,119);text-d=
ecoration: none;display: inline-block;margin: 0 4px;"><img src=3D"https://s=
ubstackcdn.com/image/fetch/$s_!IzGP!,w_262,c_limit,f_auto,q_auto:good,fl_pr=
ogressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-butt=
on%402x.png" srcset=3D"https://substackcdn.com/image/fetch/$s_!DIki!,w_131,=
c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%=
2Fimg%2Femail%2Fgeneric-app-button.png, https://substackcdn.com/image/fetch=
/$s_!IzGP!,w_262,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2=
F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-button%402x.png 2x, https://su=
bstackcdn.com/image/fetch/$s_!QWua!,w_393,c_limit,f_auto,q_auto:good,fl_pro=
gressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fgeneric-app-butto=
n%403x.png 3x" width=3D"131" alt=3D"Get the app" height=3D"40" style=3D"max=
-width: 550px;border: none !important;vertical-align: middle;"></a><a href=
=3D"https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9zdWJzdGFjay5jb20vc2l=
nbnVwP3V0bV9zb3VyY2U9c3Vic3RhY2smdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1mb2=
90ZXImdXRtX2NhbXBhaWduPWF1dG9maWxsZWQtZm9vdGVyJmZyZWVTaWdudXBFbWFpbD1zdWJzQ=
GVtYWlsc2hvdC5pbyZyPTNnZnl2bSIsInAiOjE5MDAwMTU1OCwicyI6MjI5Mzc1MSwiZiI6dHJ1=
ZSwidSI6MjA5MDE3NDI2LCJpYXQiOjE3NzU3MTYzMjgsImV4cCI6MjA5MTI5MjMyOCwiaXNzIjo=
icHViLTAiLCJzdWIiOiJsaW5rLXJlZGlyZWN0In0.dDOguhnsFiCPy51aUZIOE2AxuUztdsq-WW=
rwHg9CuVE?" style=3D"color: rgb(119,119,119);text-decoration: none;display:=
 inline-block;margin: 0 4px;"><img src=3D"https://substackcdn.com/image/fet=
ch/$s_!LkrL!,w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A=
%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png" srcset=3D"https=
://substackcdn.com/image/fetch/$s_!wgfj!,w_135,c_limit,f_auto,q_auto:good,f=
l_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-butt=
on.png, https://substackcdn.com/image/fetch/$s_!LkrL!,w_270,c_limit,f_auto,=
q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2=
Fpublish-button%402x.png 2x, https://substackcdn.com/image/fetch/$s_!KjtY!,=
w_405,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstac=
k.com%2Fimg%2Femail%2Fpublish-button%403x.png 3x" width=3D"135" alt=3D"Star=
t writing" height=3D"40" style=3D"max-width: 550px;border: none !important;=
vertical-align: middle;"></a></p></div></div></td><td></td></tr></tbody></t=
able><img src=3D"https://eotrx.substackcdn.com/o/328eef376fa8cf4e/p.gif?tok=
en=3DeyJtIjoiPDIwMjYwNDA5MDYzMTEyLjMuMjgxY2VjYjIwMmQ2NGVjMkBtZy1kMC5zdWJzdG=
Fjay5jb20-IiwidSI6MjA5MDE3NDI2LCJyIjoic3Vic0BlbWFpbHNob3QuaW8iLCJkIjoibWctZ=
DAuc3Vic3RhY2suY29tIiwicCI6MTkwMDAxNTU4LCJ0IjoibmV3c2xldHRlciIsImEiOiJvbmx5=
X3BhaWQiLCJzIjoyMjkzNzUxLCJjIjoicG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoiYm90dG9=
tIiwiaWF0IjoxNzc1NzE2MzI4LCJleHAiOjE3NzgzMDgzMjgsImlzcyI6InB1Yi0wIiwic3ViIj=
oiZW8ifQ.omZj4lz7Xh3YfXQ2ELqThq4tZqNhO-ndd3QUsebVq8k" alt=3D"" width=3D"1" =
height=3D"1" border=3D"0" style=3D"height:1px !important;width:1px !importa=
nt;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !impor=
tant;margin-right:0 !important;margin-left:0 !important;padding-top:0 !impo=
rtant;padding-bottom:0 !important;padding-right:0 !important;padding-left:0=
 !important;"/><img width=3D"1" height=3D"1" alt=3D"" src=3D"https://email.=
mg-d0.substack.com/o/eJw80N3O2yAMxvGrKWeLDCEQDriWyMFOi0Yg4mNT7n5qO72nj6W_fn=
LAzs9Sb3-V1gV5M-OxkGAvrV2sNPMMgk-MaXty5oqdacP-c1Wrdlq8_BHIkVN23Ql5tsYhOWOPV=
a4oF9KLiF6BMqDBgZmlVNM8qVUGDrsCRUZzUA8N5_MXwdTG3jqG31Mop4htOyp_CL7XweIN3XBQ=
5BzYl5zu7cJI3z2Slw4A5LKs36XfF_vMf1vi3rmKa-xbKOc5cuz3xhn3xPS_PPYUA_ZY8juklJv=
tIkX1b9BDwwfRXqVPsYg2dionxuzTiC2lUjk30b9_HI3rJwEOpNXKiD9e_QsAAP__WqN4kQ"></=
body></html>
--569c46c96b195a3c4af26fc2c4ed65b6d3c17b72f47a714bb9782ca513ef--