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Velocity is high and target pipelines are crazy given how fragmented the market is, so lots of capital available to these names.

Flip side is that so many of these have popped up. Am not an expert by any means, but I struggle to see how they differentiate. There's obviously the branding, positioning, SEO type shit (which I know nothing about) but I don't know what you do beyond that. Feels almost like a race to scale.

Have come across a couple of interesting ones that are very niche, e.g., rolling up partners in a big ecosystem like Shopify, maybe that's the play? I don't know, I still struggle to see it but I'm also a skeptic by nature.

 
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