Supabase Series C

Rare sighting: a VC deal that doesn't make me want to throw my laptop into the sea. Supabase raising $116M at $1.16B from Craft Ventures, Y Combinator is the kind of disciplined capital allocation we almost forgot existed. The other market is genuinely huge, the team has shipped before, and the unit economics aren't complete fiction. Series C feels appropriately priced for where they are—maybe even a slight discount if you're bullish on the category. The main risk here is execution, not delusion, which is refreshingly novel. I'm still cynical about venture returns in general, but if I had to pick a basket of deals to not regret, this would make the cut.