As an angel investor, I help and advise early-stage startups find product/market fit faster, improve their distribution and organise functioning communities. I've backed over 20 startups including these organisations: Replit, Yayzy, Tandem, Brewdog, Monzo and Superdry.
Monzo: From Banking App to Banking Economics
I first invested in Monzo in February 2016, when the company was still challenging traditional banking with a radically different approach to financial services. This analysis revisits that investment as Monzo evolves into a scaled banking business, examining its revenue growth, profitability, deposit economics, regulatory risks and long-term valuation.
Using Monzo's FY2025 financial results, I assess the economics underpinning its growth and develop bear, base and bull valuation scenarios to explore what the business could be worth under different assumptions.
Read the full investment analysis →
Replit: Who Captures the Value When Software Builds Itself?
I invested in Replit in April 2022, before AI-powered software development became one of the most closely watched areas of technology. This research revisits the investment thesis as Replit evolves from a collaborative coding platform into an AI-powered software creation environment.
Drawing on developments through March 2026, I examine Replit's competitive positioning, AI agent economics, enterprise opportunities and potential sources of long-term defensibility. The central question is whether Replit can capture lasting value as AI dramatically lowers the barriers to building software.