Behind Genius Ventures
Investing in the best technical storytellers at preseed and seed
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This updated edition of What It Takes analyzes the 100 most recent $1B+ tech exits, incorporating 45 new outcomes since our original April 2025 study. We examine how valuation, timelines, sector dynamics, and revenue at exit are evolving in a post-2021 venture environment. The data shows a reopening exit market, persistent power-law concentration, and an 11-year average journey to liquidity, with AI infrastructure beginning to compress timelines. The result is a quantitative blueprint for founders and investors navigating the shift from the cloud era to the AI era.
This post details our conviction in deciding to invest in Intermezzo, the problems and complexities in today's global payroll market, how their unique architectural approach landed them a huge key partner early on, and their vision for the future.
