An Early-Stage VC

FKA Oryzn Capital

Is the SaaS era truly coming to an end? And how is AI enabling founders to reach technological and business validation faster than ever?

In this episode, Horizon Capital Co-founders Lior Segal and Yaniv Jacobi discuss Pre-Seed and Seed investing in a market reshaped by AI. They explore why founders are now expected to generate meaningful revenue with less initial funding, when raising venture capital may no longer be the right choice, and the types of founders Horizon would never invest in.

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As a founder, you’re not just offering a company; you’re presenting a compelling narrative, a potential future. Securing venture capital isn’t merely a financial transaction; it’s a strategic “go-to-market” campaign where your company is the coveted product and investors are your discerning customers.

In the VC world, we review hundreds of pitches each year. The founders who truly captivate us possess more than just impressive metrics. They are master orchestrators, carefully sculpting how the ecosystem perceives them long before the first meeting.

This guide focuses on the marketing prowess that draws serious attention from venture funds. We’ll explore how to leverage your digital presence, craft strategic content, and utilize ecosystem touchpoints to create genuine, credible FOMO around your funding round.

1. Beyond the Round: Crafting Your Foundational Narrative

Before updating your deck, pause. Crystallize your company’s narrative – your core identity.

Define Your Universe: What category are you aiming to dominate? “We are the X for Y,” or “We’re building the operating system for Z.” This clarity is crucial.

Seize the Moment: Why is now the time? Connect your story to a palpable macro trend (AI, regulation, new platforms). This demonstrates foresight.

The “Why You” Factor: What makes your team uniquely positioned? Highlight your founder-market fit: a distinctive insight, relevant past experience, or an unfair advantage.

Ensure this narrative permeates every aspect of your public presence: deck, LinkedIn, company page, emails. This unwavering consistency builds trust and transforms you into a story that’s easily “sold” within a VC partnership.

2. The Golden Play: Engineering Authentic FOMO & Building Community

The most potent accelerant in fundraising is social proof. VCs are more inclined to lean in when they perceive two critical signals:

  1. You are becoming a definitive point of reference in your category.
  2. Other astute individuals are already keenly observing your progress.

Your mission: compress visible momentum into a concise timeframe, creating a sense that your startup is the most interesting conversation in town. This means doing something truly out of the ordinary to generate buzz and FOMO among investors.

Create Unforgettable Buzz: Spark conversations around your company. This could involve distributing unique, memorable merchandise at industry events or placing eye-catching, thought-provoking signage in key VC hubs like Sarona or central Tel Aviv. The goal is to make your startup the hottest topic of discussion.

Launch a “Build With Us” Initiative: Partner with design partners to co-develop, publicizing it by saying: “We’re opening 5 spots for security teams to co-design our next release. Already confirmed: [credible logo/role].”

Create a community around you: Engage your future users and Ideal Customer Profile (ICP) in the product-building journey. Even if it’s not open-source development, foster an experience where the community feels empowered to contribute to building a better product. This not only gathers valuable feedback but also builds fierce loyalty and advocacy, demonstrating real market pull to investors.

3. Supercharging Your Digital Presence for Investor Appeal

For investors, your LinkedIn profile and overall online presence serve as the primary gateway to your world. Treat your digital footprint as the dynamic landing page for your fundraising efforts.

Optimize Your LinkedIn Profile: This is your digital storefront.

Consistent, High-Signal Content on LinkedIn: Appear in investors’ feeds for the right reasons.

Beyond LinkedIn: Elevating Your Broader Digital Footprint: Show investors that your domain is part of your lifestyle. Publish insightful articles on platforms like Medium or your company blog, solidifying your expertise, or consider launching a focused newsletter in your field, engaging a dedicated audience, and demonstrating deep engagement.
Your digital presence is the “pre-DD” layer, making it easy for VCs to understand your offering and its relevance quickly.

In Summary: Your Simple Execution Checklist

In the critical 4–6 weeks leading up to and during your raise, aim to:

  1. Refine Your Core Narrative: Ensure one clear, consistent story across your deck and all digital assets.
  2. Activate FOMO & Community: Spark unforgettable buzz with unique initiatives and actively build an engaged user community around your product.
  3. Optimize Digital Presence: Upgrade LinkedIn profile, consistently share high-signal content, and establish thought leadership beyond LinkedIn.
  4. Coordinate Intros and Meetings: Schedule these into a tight timeframe to generate momentum and authentic FOMO.

Founders who win our attention are not the loudest but the most intentional. Combine sharp execution with smart signaling, and you won’t just get a meeting; you’ll make it hard for the right investors to ignore you.

Read more from the serial ‘Founder’s Guide’ HERE

At the beginning of every startup journey, your Minimum Viable Product (MVP) should have a “SuperPower”, a unique ability that solves a critical pain point for early customers. However, the key to a successful launch isn’t just about having a functional MVP but also selecting the right design partners and defining clear proof-of-concept (POC) success criteria. These steps are crucial in shaping your product and validating its market fit.

This article will guide you through:

  1. Choosing the right design partners
  2. Setting clear expectations for the POC
  3. Measuring success effectively

By following these principles, you can accelerate your startup’s progress, avoid costly pivots, and increase your likelihood of securing early adopters and investors.

Why Your First Design Partners Matter

A design partner is an early customer who collaborates with you to refine your product. They are not just beta testers; they are strategic partners who provide critical insights to help you fine-tune your solution.

How the Right Design Partners Can Shape Your Product

Choosing the Right Design Partners

Not every potential customer is a good design partner. The wrong partner can waste your time and lead you in the wrong direction. Here’s how to select the right ones:

  1. They Feel the Pain Deeply
    • Ideal partners experience the problem your product solves daily. If they don’t have an urgent need, they won’t be invested in your success.
  2. They Have a Strong Incentive to Solve It
    • The problem should be a priority for them. If your product is just a “nice to have,” they may not dedicate the necessary time to collaboration.
  3. They Have Decision-Making Power
    • If your champion is too low in the organization, their feedback may not translate into actual adoption.
  4. They Are Willing to Provide Meaningful Feedback
    • A great design partner provides detailed insights rather than just saying, “This looks good.”

How Many Design Partners Should You Have?

A common mistake is choosing too many or too few partners.

Defining the Right Proof-of-Concept (POC) Results

Many startups struggle to determine what constitutes a “successful” POC. Without clear goals, you risk wasting months on an experiment that leads nowhere. From day one, set clear, measurable expectations for what a successful POC looks like.

Key Elements of a Strong POC Plan

  1. Clear Success Criteria
    • Define what success looks like in quantifiable terms. Examples include:
      • Performance Improvement: “The solution should reduce processing time by 40%.”
      • User Adoption: “At least 70% of pilot users should engage weekly.”
      • Operational Impact: “Reduce customer support tickets by 30%.”
      • Financial Justification: “Enable cost savings of $X per month.”
  2. Defined Timeline
    • POCs should be time-boxed (e.g., 60-90 days). Open-ended trials lead to never-ending feedback loops without tangible results.
  3. Agreement on the Evaluation Method
    • Ensure both you and your design partner agree on how success will be measured. This avoids disputes later on.
  4. Defined Next Steps After a Successful POC
    • If the POC is successful, what happens next? Ideally, the partner should commit to moving into a paid engagement.

Mistakes to Avoid in a POC

Measuring the Impact of Your POC

Once the POC is complete, conduct a structured retrospective analysis with your design partners. Key questions to ask:

Quantitative and qualitative feedback should guide your next development cycle.

Key Takeaways:

Want to read more from Bar Maaravi, Click Here

It’s become a bit of a sport lately to declare that “SaaS is dead.” It’s a sharp, punchy headline that makes whoever says it sound like they’re already living in 2030. But the more people repeat it, the less accurate it gets. What we are witnessing isn’t the death of SaaS; it’s a phase shift. The form is changing, the mechanics are evolving, and pricing models are being broken and rebuilt – but the core concept of Software as a Service isn’t going anywhere. On the contrary, we are entering an era where building a larger, faster software company is easier than it was a decade ago. And that is exactly why SaaS is about to be everywhere.

Let’s start from the top. When headlines scream “SaaS is dead,” do they really mean the era of Software as a Service is over? Are they suggesting that organizations no longer consume software through a provider that maintains, secures, improves, and supports it? Not quite.

Neither AI breakthroughs – which allow anyone to build a “custom tool”- nor a regression to a world of local installations, manual upgrades, broken versions, and total dependence on internal IT teams is coming to save us. Organizational reality isn’t heading in that direction. It’s moving the opposite way: more service, more provider accountability, more automation, more integration, and higher standards. This isn’t the “end of SaaS”; it’s its maturation.

Market Uncertainty is a Repricing, Not a Collapse in Demand

The primary reason the “SaaS is dead” narrative feels credible is that markets, especially public ones, have undergone painful corrections. Valuations dropped, multiples shifted, and the narrative became “the category is over.” But a drop in multiples isn’t proof that a category has lost its utility. It simply means the market isn’t sure how to price the future.

This is where AI enters like a thick fog, raising two heavy questions: How easy will it be to commoditize features? And can companies maintain their pricing power? Without clear answers, investors are hitting the brakes. But inside this fog, the dry facts remain: the SaaS market is massive and continues to grow, even if the pace has shifted.

The point isn’t the exact growth percentage. The point is that underlying demand remains. Companies are reporting lower-than-expected churn rates, and the actual workload handled by software is increasing. Organizations still need CRMs, security tools, operational systems, data management, and automation. What’s changing is the distribution, the integration, and the business package—not the need itself.

The “Build-It-Yourself” Myth

The second argument goes like this: If we can generate anything today using models and agentic layers, why would companies buy? Why not just build? This leads to a better question: Can organizations customize more deeply than before? Yes. Do they want to build and maintain the core of every business system themselves? Almost always, no.

If I’m a pharmaceutical company, I have zero reason to turn into a software house just to build an internal CRM. I might want unique automations and integrations tailored to my business, but I don’t want to own the infrastructure, the continuous R&D, the maintenance, or the security layers around sensitive data. I want a SaaS product that allows for more flexibility.

Then there’s the stuff no one likes to put in a tweet: security, compliance, regulations, audits, and permissions. Any serious enterprise handling customer names, contracts, and financials won’t “play” with their data. They won’t risk an unmonitored, unmanaged environment without logs or role-based access control. They would prefer a product that comes with built-in protection, protocols, and a roadmap.

And even if we set security aside, what happens when there’s a bug? Who’s responsible for the fix? Who provides support? One of the greatest promises of SaaS is that you aren’t buying “code”; you’re buying a living system that someone is committed to operating and improving for you. AI doesn’t eliminate this need; it only raises the expectation for the system to improve faster.

From “Seat-Based” to “Value-Based” Pricing

The third argument is where the real shift is happening: pricing. Seat-based SaaS worked for years because it was simple: more employees meant more licenses, and growth was easy to model. But in the world of automation and AI agents, output won’t scale linearly with headcount. Teams will do the same work with fewer people, and if revenue is tied to seats, that math fuels the simplistic logic: “Fewer users = lower revenues = SaaS is dead.”

But that conclusion undervalues what the product actually delivers and ignores its continued relevance. Instead, we are witnessing a clear move toward usage-based pricing, volume-based models, or “value-based” (per outcome) pricing. It won’t matter if two employees use the system or fifty; if the system saves hours, mitigates risk, or increases conversion, it should be priced accordingly.

So yes, in the short term, uncertainty is pushing multiples down. But in the longer term, as the “build-it-yourself” myth fades and pricing shifts from seat-based to value-based, valuations will move back in line with the real demand behind SaaS products. That’s why SaaS isn’t going anywhere. The category is simply maturing, and we are about to see a new generation of SaaS companies built for this reality.

Read the Full article in CTech

Read more from Yaniv Jacobi HERE

Following the turbulence of recent years and the stabilization of 2025, the Israeli tech ecosystem is entering a new era: The Next Leap. Jacobi and Segal joined CTech to share insights for its VC Survey 2026.

ID Card:
Name of fund/funds: Horizon Capital
Total sum of the fund: $50M
Partners: Yaniv Jacobi and Lior Segal 
Notable/select portfolio companies (active): Datarails, Siteaware, Verbit, Vee, Spikerz, Aiode, Orbb.
Notable exits: Own (Acquired by Salesforce), Nanorep (Acquired by LogMeIn), Ondigo (Acquired by Gong), BlueRibbon (Acquired by DraftKing).

The Liquidity Leap: After a period defined by cash preservation, will 2026 see the reopening of the IPO window for Israeli tech, or will M&A remain the sole viable liquidity event?


After a prolonged period of caution defined by war-driven uncertainty, the second half of 2025 marked a clear release of pent-up momentum. Private funding climbed back to around $15.6B, and we’re seeing strong signs that strategics are no longer sitting on the sidelines – they’re actively buying.

Looking ahead to 2026, we expect M&A to remain the dominant liquidity path. Naturally, activity will continue in Israel’s flagship sectors like cyber, but a parallel trend is taking shape: many solid companies that demonstrated real growth but ran out of runway are now seeking soft landings. On the other hand, corporates and PE firms that preserve capital are on the hunt for
undervalued opportunities. This creates a wave of exits with smaller ticket sizes – but high strategic value.

IPOs may reopen, but we see that as more realistic toward late 2026, and only for a select group of truly public-ready companies. Even then, the IPO path will compete with compelling acquisition offers (like ServiceNow’s $7.75B deal for Armis), so founders will continue to weigh certainty versus timing.

The Valuation Leap: Moving past the market correction, what is the single most critical metric (e.g., EBITDA, NRR) that will drive premium valuations in 2026?

    As early-stage investors, we’re seeing that the path to a Series A isn’t defined by hitting a magic ARR number anymore. It’s about showing healthy QoQ growth and underlying efficiency – that’s what gets a partner meeting today.

    We don’t believe there’s a single metric that tells the full story, but we’ve always had a strong bias toward NRR, especially when it’s paired with healthy, consistent growth. NRR is the cleanest signal of real product pull: customers expand over time, pricing power compounds, and growth becomes less dependent on landing new logos. It shows whether the product becomes more essential after adoption – not just whether it can be sold once.

    And in frothy markets, it’s the best lie detector: expansion either happens or it doesn’t. With capital flowing back into the market and more institutional money entering the ecosystem, fundamentals can get blurry. NRR helps cut through that noise.

    The Agentic Leap: As we transition from ‘Copilots’ to autonomous ‘Agents,’ which specific vertical will be the first to fully trust AI with independent decision-making?


    Truly, we don’t think full autonomy will land in 2026 across most industries. Where we do expect agents to earn real trust quickly is in data-driven functions with tight feedback loops – starting with marketing and paid growth. Outcomes are measurable and fast (CPA, ROAS, creative performance,
    funnel conversion), so teams can set guardrails and still let agents optimize continuously.

    Beyond marketing, we expect meaningful autonomy in other domains where the loop is similarly closed and well-scoped. QA is a good example: agents can generate tests, run suites, detect regressions, and triage failures end-to-end under clear governance. The same pattern applies to additional operational areas where success is objective, measurable, and quickly verifiable.

    In coding, finance, and sales, we don’t expect true end-to-end autonomy yet. The workflows are higher-risk, harder to fully verify, and require deeper context. That said, we do think agent capabilities will accelerate rapidly, so while full autonomy isn’t here in 2026, it’s getting closer than most people expect.

    The Dual-Use Leap: Israel has mastered Defense Tech. Which civilian industry (e.g., Construction, Agri, Logistics) will see the biggest disruption from adapting these battle-tested technologies?

      Wartime innovation in Israel is extraordinary – extreme constraints force solutions that are faster, tougher, and more operationally grounded than “lab tech.”  Horizon’s view is simple – almost anything proven under battlefield conditions can become a commercial product once it’s translated into civilian workflows and procurement realities. 

      That said, the biggest disruptions will come where speed, resilience, and coordination matter most: logistics and supply chain, emergency response, and real-time situational awareness. The winners will be the teams that productize it cleanly – simple UX, measurable ROI, and auditability for
      regulated customers.

      The Contrarian Leap: What is one sector or trend currently ignored by the herd that you believe represents the most undervalued opportunity for the coming year?


      One area we think will rise in 2026 is PropTech. In 2022-2025, higher interestrates and slower transaction volumes put the global category on pause, but as the cycle starts to loosen, we’re already seeing capital and adoption return – especially to products that cut real operating costs, not just “digitize the brochure.”

      The rebound is visible: in 2025, global PropTech and adjacent real-estate tech investment reached $16.7B (up ~68% YoY), a meaningful shift after the slowdown. We believe 2026 will be the year when the next wave breaks through: vertical, workflow-owning systems (often agentic) that can manage property operations, building, maintenance, and energy optimization.

      Real estate customers don’t adopt because it’s cool – they adopt when ROI is undeniable. The winners will be the companies tied to measurable efficiency, lower vacancies or operating costs, and faster cycles – not speculative growth narratives.

        Finally, what are 2-3 startups that, in your opinion, are likely to make a leap forward in 2026?

        Vee.com: Vee.com is an AI-powered platform helping nonprofits get funded quickly and easily. With AI members, Maggie, Grant, and Donna, work alongside nonprofits to streamline social media management, grant discovery and writing, and donor relations, so they can focus on what matters most – making a difference.

        Spikerz: Spikerz is a social media security SaaS platform built for brands and public figures. It automatically detects and eliminates social media threats, including cyber-attacks, fake accounts, harmful comments, phishing attempts, spam, and scams. Spikerz keeps hackers out and protects every social channel in real time.

        Bites: Bites was born from the real-world challenges of delivering training and communication to a modern workforce. Today, Bites empowers companies to train and upskill frontline teams with AI-driven, social-style content – delivered instantly through the channels they already use. In a world where people are immersed in social media and instant messaging, the idea for Bites became clear.

        Read the dull interview here

        Beyond having a game-changing concept, your startup’s health and potential are determined where innovation meets the market. Unit economics is essential for navigating towards positive ROI and ensuring financial sustainability. It’s not just a buzzword in board meetings; it’s the compass that directs a startup toward profitability and success. This post explores why every startup founder should understand the basics of unit economics.

        What is the Essence of Unit Economics?

        Unit economics breaks down a company’s value proposition to its most fundamental level: on a per-unit basis. It answers essential questions like:

        How much money does the business make for each product or service sold? And more important, what does it cost to provide it? 

        These answers provide a clear picture of a business model’s profitability and scalability. Understanding unit economics helps founders make informed decisions, optimize resources, and strategize for growth. It’s about knowing the financial mechanics that drive your startup and using that knowledge to build a sustainable and successful company.

        Why Unit Economics Matter?

        Clarity in Profitability

        Fundamentally, unit economics helps entrepreneurs assess whether their ventures will generate a profit per unit. It simplifies general financial statements so that the profitability of specific transactions is the main emphasis. This clarity is essential for startups when resources are limited, and efficiency is paramount.

        Decision-making Tool

        Founders can use knowledge of unit economics to decide on pricing, cost management, and customer acquisition techniques. When a startup compares its cost to acquire a customer (CAC) to its lifetime value (LTV), it may make informed resource decisions and project its long-term survival.

        Scalability Insights

        A positive Unit Economic indicates that a business is scaling sustainably. If selling additional units increases profits without an unreasonable increase in costs, the startup is on a growth path. On the other hand, if Unit Economics is negative, scaling up would only indicate losses, signaling a need for a strategic pivot.

        Attracting Investments

        Investors are looking at Unit Economics for startups because it offers a transparent picture of a startup’s potential for profitability and growth. Because it shows a clear path to creating returns on investment, a firm with strong Unit Economics is more likely to attract financing.

        Adaptability and Resilience

        Understanding Unit Economics lets founders adapt their business models in response to market changes. By focusing on the economics of individual units, startups can pivot more effectively, optimizing their offerings and cost structures to improve profitability.

        Calculating The primary metrics of Unit Economics: LTV & CAC

        Customer Lifetime Value (LTV): The total revenue a business expects from an individual customer throughout their relationship.
        Customer Acquisition Cost (CAC): The total cost of acquiring a new customer.

        A healthy startup typically has a lifetime value-to-customer acquisition cost ratio of 3:1 or higher, indicating that the customer’s value is at least three times the cost of acquiring them.

        Conclusion

        In the dynamic and unpredictable journey of building a startup, unit economics for startups can serve as a guiding light – directing all founders toward profitable and sustainable growth. 

        This powerful tool helps founders focus on what truly matters—creating value for customers economically and sustainably. 

        By simplifying financial analysis, unit economics transforms complexity into clarity. Understanding and leveraging unit economics is not just about survival – it’s about establishing a strong infrastructure for a successful, scalable enterprise. 

        This perspective is essential for any startup aiming to stand out and succeed in the competitive business world.

        We can help you Master Uncertainty – Download our recommended budget template Here.  

        If you’re raising your first pre-seed, there’s a good chance you’ll use a SAFE – “Simple Agreement for Future Equity.” A SAFE is an investment contract: investors give you money now, and later (usually at your next priced round) the SAFE converts into shares. Y Combinator standardized SAFEs to make early fundraising faster than a full-priced round.

        The surprise: many founders don’t model dilution correctly with post-money SAFEs, especially if they “stack” several SAFEs over time. The result is often more dilution to founders and employees than expected.

        A quick glossary

        What “post-money SAFE” really means

        “Pre-money” vs. “post-money” refers to how the cap math is calculated. With a post-money SAFE, the investor’s ownership at the cap is easier to estimate, and each SAFE can behave like it’s buying a defined slice at that cap – so adding more SAFEs can mean selling more slices.

        A worked example 

        Assume you raise $1.5M on post-money SAFEs with a $10M valuation cap, closing in three chunks:

        1. $500k SAFE at $10M cap
        2. $500k SAFE at $10M cap
        3. $500k SAFE at $10M cap

        A simple approximation of the slice each SAFE implies at the cap is:

        So each $500k implies about 5% ($500k ÷ $10M). Stack three, and you’ve effectively promised ~15% to SAFE holders before the priced round even happens. With post-money SAFEs, dilution often lands more heavily on common stock (founders + employees) than founders intuitively expect.

        Now add the two things that commonly happen at Seed:

        1. Option pool top-up. If the lead wants a 10% option pool after financing, that creates more dilution.
        2. New preferred investors. Your Seed buyers add another ownership block.

        YC’s SAFE guidance emphasizes that conversion mechanics and option pool decisions at the priced round are where surprises show up if you didn’t model.

        Two more pitfalls

        Mixing instruments: if you raise on pre-money SAFEs, later on post-money SAFEs, and maybe a convertible note (debt that converts to equity), the conversion math gets non-intuitive. Different holders may convert at different effective prices, and dilution can land in unexpected places. When possible, keep one template and one cap/cap-table story.

        Cap vs discount: when a SAFE has both, the investor typically uses whichever gives the better deal. Model both cases.

        When you model, look at “fully diluted” ownership: founders + all SAFEs as-if-converted + the option pool.

        Why MFN can amplify dilution

        MFN sounds fair: “Early supporters get the best terms.” The catch is retroactivity. If SAFE #1 has MFN and later you offer SAFE #3 a better cap (say $8M instead of $10M to close a strong investor), MFN can upgrade SAFE #1 too—boosting dilution across more of the stack than you budgeted for.

        How to avoid getting surprised (a founder checklist)

        1. Set a SAFE dilution budget: decide the maximum % you’ll sell on SAFEs pre-seed.
        2. Re-model every close: each additional SAFE changes outcomes. If you’re unsure, have counsel or your cap-table tool run scenarios before you sign; ten minutes now saves painful renegotiations later with investors too.
        3. Keep terms consistent: avoid mixing SAFE types or many different caps/discounts.
        4. Treat MFN as real economics: assume your best later terms might apply earlier too.
        5. Plan the option pool with a hiring plan (12–18 months), not “just in case.”

        The mindset shift

        A post-money SAFE isn’t “free delay.” It’s a lightweight way to sell equity. Track your SAFE stack like a priced round, and you’ll protect founder ownership, keep hiring flexibility, and walk into Seed with fewer nasty surprises.

        If you’re navigating SAFEs, caps, discounts, or option pool math and want a second set of eyes, feel free to reach out with your specifics. I’m happy to help you sanity-check your cap table and avoid the dilution surprises.

        Read More From Bar Maaravi Here

        In 2025’s AI-driven startup landscape, defensibility doesn’t come from algorithmic exclusivity. It emerges from execution and data. Speed in iteration and access to unique, compounding data have become the most resilient moats.

        1. Beyond Proprietary Code: The Rise of Execution as Moat

        With foundation models like GPT-5 and LLaMA (by Meta) now broadly accessible, startups are no longer judged by having built the smartest model. They’re judged by how quickly they ship, learn, and scale.

        This “fail fast, double down” model isn’t new. It echoes the agile and MVP practices of the lean era. What’s changed is the pace. In AI, iteration cycles are measured in days, not quarters, and customer feedback is fuel for the product engine.

        2. The Data Moat: From Buzzword to Strategic Differentiator

        Moats built purely on proprietary datasets are losing their shine, but that doesn’t mean data isn’t vital. The difference today lies in data loops and data gravity—ongoing user interaction that fuels better models and deeper lock-in.

        Two foundational forms help explain this:

        3. Real-World Proof Points

        Treefera, a London-based climate AI startup, demonstrated this dual-moat principle at scale. By aggregating satellite and drone data about the very first mile of supply chains, it created a hard-to-duplicate dataset. That unique data, packaged via APIs, helped secure $30 million in Series B funding.

        Meanwhile, strategic analyses underscore that lasting AI defensibility requires layered strategies that include proprietary data, distribution, compute access, and regulatory positioning.

        4. Execution + Data: How the Moats Unite

        Execution and data are interdependent:

        5. What Investors Now Evaluate

        Here’s what separates AI startups that merely exist from those that endure:

        Execution alone can win early. Data-driven execution builds the long-term moat.

        In today’s AI economy, defensibility isn’t anchored in code. It’s anchored in speed and sustained, data-fueled insight. Execution lays the foundation, but it’s the data gathered through that execution—the loops, the insights, the gravity. That forms a moat that others can’t easily breach.

        Read more from Bar Maaravi HERE

        As the Jewish year comes to an end, we decided to pass the mic to the exceptional founders in our portfolio, voices that capture the strength and creativity of Israeli tech today.
        While Israel continues to face deep challenges, this Jewish year also brought growth, resilience, and real progress to the Innovation and Tech.

        Naveh Ben Dror, CEO at Spikerz

        This year taught me the importance of agility and responsiveness to market needs. This year was a breakthrough year for Spikerz – we were named one of Israel’s 15 most promising startups by The Marker, took part in EY’s JournEY competition final, signed multiple contracts with international clients, and closed our first six-figure deal, which grew by another 50% just two months later.However, none of these milestones occurred by chance; they were the result of rapid, strategic shifts. We started the year targeting SMBs and influencers, but as we went, we refined our GTM strategy and moved upmarket, which also meant reshaping the team. We hired, we let go, and we adapted quickly, always guided by what we were hearing from the field. That’s our commitment as a company, aiming to lead our category.

        May Piamenta, CEO at Vee.com

        This year taught me that management is not about control but about trust. This year, we opened our HQ in New York and Miami, driven by a simple truth: if we’re building for the U.S. market, we need to be close to the people we serve. For the company, it was a meaningful step, one that required real adjustments from our team. As CEO, I learned the power of giving people ownership and creating an environment where they feel safe, supported, and inspired to do their best work. I learned that customers deserve not just great products but genuine partnership – listening, anticipating, and walking alongside them. And most of all, I learned that leadership is about presence: showing up with clarity, with empathy, and with integrity.

        Idan Dobrecki, CEO at Aiode

        This year taught me that clarity in communication is king. In an AI-native company, the risks are amplified. The pace of technological change, combined with the deep interdependence of every team, means that even minor misalignments can trigger cascading effects across the organization. At Aiode, a simple oversight – treating training data in milliseconds instead of seconds – can invalidate an entire pipeline. With foundational AI models, when delays happen, they don’t just stay in R&D. Marketing misses launches, product teams make decisions based on flawed feedback, and strategy drifts off-course. Radical clarity must therefore go beyond documenting tasks on Slack. By embedding clarity into the company’s operations, we reduce the risk of misinterpretation and ensure every team remains focused on shared objectives. The core lesson I learned is that success lies not only in defining what we aim to achieve, but in aligning every stakeholder around the pathway to achieving it.

        Din Golan, CEO at Orbb

        This year taught me that building a company isn’t really about pushing harder; it’s about where the energy goes, mine and the team’s. I used to think being a founder meant carrying as much as possible on my own, but I’ve realized the real job is making sure the team has the space and energy to do their best work. When the vibe is right – when people feel trusted, supported, and excited – everything else flows: the ideas, the execution, and the wins. What surprised me most is how much of my role is just paying attention to that balance, making sure we don’t lose the spark that keeps us moving. At the end of the day, the team is everything, and I’ve learned my job is less about pushing them forward and more about keeping the energy alive so we can go the distance together.

        If you’re building a B2B SaaS startup and still figuring out how to land your first 10, 50, or 100 customers, this one’s for you.

        In the early days, trust is low, product maturity is thin, and you’re probably doing most of the sales yourself. So, how do you create a repeatable way to turn curious visitors into happy paying customers? The answer: a simple, focused sales funnel.

        Think of the funnel as your customer journey, from “Who are you?” to “Here’s my credit card.” Let’s walk through each stage and talk about what works when you’re just getting started.

        Stage 1: Awareness – Make Sure They Know You Exist

        Your first job is simple: Get noticed by the right people.

        Most buyers won’t just stumble across your startup. You have to go find them. That means sending thoughtful cold emails, posting regularly on LinkedIn, showing up in niche communities like Product Hunt or Reddit, and getting warm intros from your network. If you’re a founder, you are the brand at this stage, so don’t hide behind your product.

        The key is to define a super-narrow Ideal Customer Profile (ICP) and speak directly to their pain. Don’t try to boil the ocean. Focus. And once you’re getting in front of the right people, track open rates and replies. Tools like Instantly, Apollo, or Lemlist can help you scale outbound without spamming.

        Want bonus points? Launch a mini content series like “Why we’re building this” to share your vision and show you understand the problem.

        Stage 2: Interest – Get the Hand Raise

        Now that people know you exist, you want them to raise their hands.

        That could mean booking a call, signing up for early access, replying to a message, or downloading something helpful. But here’s the trick: make it easy.

        Skip the salesy pitch. Instead, invite them in with a low-friction ask. Try something like, “We’re building this for teams like yours, do you mind giving quick feedback?” often works better than “Book a demo.”

        Try different calls to action: “Try Free,” “Join Waitlist,” or “Chat with the Founder.” Keep your forms short, offer quick scheduling links, and always test what works best. This stage is all about starting the conversation.

        Stage 3: Consideration – Build Trust and Show the Value

        Once someone shows interest, your job is to dig deeper and figure out if they’re a fit and if you can really help them.

        Start with a short discovery call before jumping into the demo. Ask about their workflow, their current pain, and what success would look like. Then customize your demo to speak directly to that. Don’t show every feature. Show how you solve their specific problem.

        At this stage, your biggest challenge is early-stage skepticism. They might like your idea, but wonder if it’s too soon to take the plunge. Help them feel safe. Share short testimonials, early case studies, or even raw feedback from other users. Show that real people are getting real value, even if it’s only a few.

        Want to improve? Record your calls (with permission) and rewatch them. You’ll quickly see what’s landing and what’s not.

        Stage 4: Decision – Close the Deal with Confidence

        Now we’re getting close to the money. The prospect is leaning in. Time to close.

        But don’t rush it.

        Even small companies can have approval chains. There’s often someone who needs to check the budget, someone who asks about security, and someone who’s just plain skeptical. Expect it.

        Make it easy to say yes. Offer a simple starter plan, maybe a low-commitment paid pilot or a month-to-month deal. Share a short pricing plan with two or three clear options.

        Also, help your internal champion pitch it internally. Create a short internal deck or email they can forward. This shows you’re a partner, not just a vendor.

        And yes, use a little urgency, but keep it real. “We’re onboarding 3 more teams this month” is better than fake scarcity.

        Stage 5: Onboarding, Retention, and Expansion – Deliver the Aha

        Closing the deal isn’t the end. It’s actually where the real work begins.

        Your next job is to make sure the customer actually gets value, and as fast as possible. If they don’t hit that first “Aha moment” within the first week or two, odds are they’ll disappear.

        So guide them. Personally onboard them. Send a welcome email, a checklist, maybe a quick training video. If possible, hop on a call. Define what success looks like, for example, “3 users active in 14 days”, and track it closely.

        Then stay close. Send a check-in at 30 and 90 days. Ask what’s working, what’s not. And when will they start using it more? That’s your chance to expand – add more users, upsell features, or even introduce annual plans.

        This stage is where great SaaS companies are built.

        Cross-Funnel Metrics to Watch

        To know if your funnel is healthy, track a few simple metrics at each stage:

        You don’t need 100 dashboards. Just a few key metrics that show progress.

        Read More From Bar Maaravi Here