Purplle, GIVA, Jar, Niyo, Leverage Edu, Dezy, Agilitas. Ask what sector connects them and you cannot answer. Ask what they have in common as purchase decisions and the mandate becomes obvious: Spring underwrites commoditised categories where brand is the only available moat — which is exactly where a fund of ex-CMOs is worth more than its capital.
Bold Care, Perfora, Asaya, Blue Tokai, GreenGrahi. Read them as sectors and they scatter. Read them as consumer beliefs and one pattern holds: every one is a category with a wrong default, where the first mover pays for the education and the second mover free-rides on it.
At seed, the best deal flow comes from founders you have already backed. Reputation among founders is not a soft asset; it is the pipeline. Almost no fund measures it. Kae Capital does, and publishes the number — which is more interesting than the number itself.