| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Square Peg delivered strong portfolio performance with 30% compounding over 12 months and total realizations exceeding $1 billion since inception, driven by fundamental growth across vintages and material valuation uplifts in companies including Airwallex, Supabase, Aidoc, and others. The firm has developed a framework for assessing AI disruption based on whether AI is a structural tailwind or headwind and whether companies act AI-native, applying this to both portfolio management and new investments. Existing portfolio companies like Airwallex, Supabase, and Aidoc are successfully integrating AI to strengthen moats and accelerate growth, with Airwallex reaching $1.3 billion annualized revenue and Supabase seeing 600% growth in database launches driven by AI agents. Recent early-stage investments concentrate on AI-native companies attacking labor markets, including Byron, Lorikeet, Sumble, and Cuttable. The firm views Singapore's emergence as a global tech hub as a significant opportunity, with their APAC-wide strategy providing pattern-matching advantages during this period of unprecedented value creation and elevated entry valuations.
Square Peg is positioned to capitalize on the AI era by backing AI-native startups attacking labor markets far larger than traditional software budgets, while their existing portfolio of founder-led companies demonstrates the capability and mindset to create substantial incremental value by embracing AI as an accelerant rather than a threat.
Square Peg expects the coming decade to produce technology companies of a scale the world has not seen before, with a number emerging from APAC. They view the next few years as an extraordinary period of value creation by AI-native startups, with larger markets producing bigger winners despite higher failure rates. The firm enters this period with fresh capital, a portfolio embracing AI from a position of strength, and confidence that their multi-geography strategy provides significant advantages in pattern-matching and opportunity selection.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 27 2026 | 2026 Q2 | - | AI, APAC, Enterprise Software, Fintech, Healthcare IT, Portfolio Performance, Singapore, Venture Capital | - | Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. |
| Jan 22 2026 | 2025 Q4 | GOOGL, LYFT, NVDA, TSLA, UBER | AI, Applications, growth, innovation, portfolio, Robotics, technology, Venture Capital | - | Square Peg delivered 24% portfolio growth over six months while positioning for unprecedented AI-driven transformation across industries. Their focus on AI-native applications at the application layer builds on 13 years of SaaS expertise, with portfolio companies spanning foundational models to enterprise applications. They view current AI adoption as early days of profound technological change. |
| Jul 22 2025 | 2025 Q2 | CANV, META | AI, Australia, growth, innovation, Israel, Southeast Asia, technology, Venture Capital | - | Square Peg is aggressively capitalizing on the AI revolution across Australia, Israel, and Southeast Asia, with AI investments now comprising the majority of their deal flow. The firm has enhanced their investment process through AI-powered tools while maintaining founder relationships, positioning for what they believe will be the greatest value creation opportunity since the Internet era. |
| Jan 22 2025 | 2024 Q4 | AWLX, CVNA | AI, Australia, Fintech, portfolio, SaaS, Southeast Asia, Venture Capital | - | Square Peg delivered 21% portfolio growth in 2024 while returning $220m to investors. Their largest holdings Canva, Rokt, Airwallex, and Kredivo are accelerating growth. The firm focuses on AI, FinTech, and SaaS across Australia and Southeast Asia, emphasizing long hold periods for compounding returns. They expect peak exits 2025-2027 for earlier vintages. |
| Jul 23 2024 | 2024 Q2 | AMZN, GOOGL, NVDA | AI, Australia, Fintech, Israel, SaaS, Southeast Asia, technology, Venture Capital | - | Square Peg returned US$187 million to investors while increasing investment pace in AI-first and SaaS-fintech companies across Australia, Southeast Asia, and Israel. Portfolio growth accelerated with strong unit economics after challenging 2022-2023 period. The firm leverages decade-long AI expertise to capitalize on unprecedented technology advancement and value creation opportunities. |
| Jan 22 2024 | 2023 Q4 | - | AI, Australia, early stage, Fintech, Israel, SaaS, Southeast Asia, Venture Capital | - | Square Peg maintains high conviction in their thematic approach to early-stage investing across SaaS, FinTech, and AI in Australia, Israel, and Southeast Asia. Despite slower 2023 activity, their portfolio remains resilient with strong performers like Canva and Airwallex. They enter 2024 excited about AI opportunities, expecting increased exit activity ahead while continuing their multi-geography strategy. |
| Jul 25 2023 | 2023 Q2 | GOOGL | AI, Fintech, innovation, SaaS, Startups, technology, Venture Capital | - | Square Peg declares we're entering the AI era, comparing it to the transistor's invention. With 25% of their portfolio already AI-focused since 2016 investments, they're doubling down on AI-first companies while navigating challenging venture markets. Valuations have declined with funding concentrated among top-tier startups, creating both portfolio pressure and new investment opportunities. |
| Jan 24 2023 | 2022 Q4 | - | - | - | |
| Jul 22 2022 | 2022 Q2 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AISquare Peg has developed a framework for assessing AI disruption based on whether AI is a structural tailwind or headwind for a company, and whether the company is acting AI-native. The firm is investing heavily in AI-native startups attacking labor markets far larger than traditional software budgets, including companies like Byron, Lorikeet, Sumble, and Cuttable. They view this as an extraordinary period of value creation with addressable markets that dwarf previous technology eras. |
AI-native Disruption Agentic Foundation models Software |
Enterprise SoftwareThe firm's existing portfolio companies are successfully integrating AI to strengthen their moats and accelerate growth. Examples include Airwallex compounding at $1.3bn annualized revenue with AI-native software for the agentic economy, Supabase becoming the default database for AI agents with 600% growth in database launches, and Aidoc deploying the first FDA-cleared foundation model for imaging triage across 2,000 hospitals. |
SaaS Infrastructure Database Workflow Regulatory moat | |
FintechAirwallex represents a clear case where AI expands rather than erodes the moat. The company has built an 85+ market regulatory-license stack paired with product velocity, now at $1.3bn annualized revenue growing 74% year-over-year with over 90% of revenue from multi-product customers. The firm views Airwallex's infrastructure moat as positioning its rails for the agentic economy. |
Payments Cross-border Infrastructure Regulatory Multi-product | |
Healthcare ITAidoc's clinical AI platform has a moat from regulatory depth and workflow integration rather than the AI itself. The company has built CARE, the first foundation model to win FDA clearance for imaging triage, now analyzing 60 million patient cases per year across nearly 2,000 hospitals. Square Peg views Aidoc as positioning itself as the default layer for deploying clinical AI at scale. |
Clinical AI FDA Imaging Diagnostics Workflow | |
SingaporeSquare Peg observes the rise of Singapore as an important global tech hub, shifting from regional businesses serving regional markets to globally important companies. Supabase is highlighted as the largest position in their 2022 vintage emerging from Singapore. The firm expects Singapore to produce a growing cohort of companies that are the best in the world at what they do. |
Tech hub Global Southeast Asia Emerging market | |
E-commerceRokt continues to improve its relevance engine with AI, positioning itself to benefit from AI-driven commerce where relevancy and preserved merchant economics only grow more valuable. The company is also expanding margins through AI-enabled operational efficiencies. Canva has repositioned itself from a software design tool into an agentic creative system through AI-focused M&A, talent, and product initiatives. |
Relevance Merchant economics Creative tools Agentic | |
| 2025 Q4 |
AIAI has been the defining theme of market leadership in 2025, driving data center capex and benefiting semis, electrical equipment, and tech hardware. The theme reasserted dominance after NVIDIA's strong earnings in late November, though concerns about durability caused temporary rotation. |
Data Centers Semiconductors Infrastructure |
ElectrificationPortfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in the Electrification theme. Bloom Energy benefited from AI data center power demands, providing clean, reliable power solutions for energy-intensive AI workloads. |
Power Energy Storage Grid | |
BiotechnologyBiotech delivered its best quarter in five years driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in driving drug discovery efficiencies. Sector was a standout performer during the quarter. |
Drug Discovery M&A Regulation | |
AerospacePortfolio maintains conviction in Aerospace theme alongside Electrification within Industrials sector exposure. Rocket Lab operates in Launch Services and Space Systems, providing rides to orbit for small satellites and manufacturing spacecraft components. |
Space Defense Launch Services | |
SolarFirst Solar benefited from Trump Administration's 'One Big Beautiful Bill' driving US demand for non-China solar products. Company differentiates with thin-film CdTe technology offering better performance in hot/humid/low light conditions for large scale deployment. |
Manufacturing Technology Policy | |
| 2025 Q2 |
AIThe AI investing opportunity set is growing significantly with over 50% of global venture dollars now invested in AI. Square Peg has accelerated their AI investing pace, with the opportunity set exploding across their regions, particularly in Israel which has been exceptional for years, while Australia & New Zealand and Southeast Asia have ramped up enormously. They believe some of the world's biggest businesses ever created will be founded in the AI era. |
Artificial Intelligence Machine Learning Venture Capital Technology Innovation Business Models |
Venture CapitalThe business of early-stage investing will look very different five years from now due to AI evolution. Square Peg is positioning themselves by utilizing their own data and insights from across multiple products and 13-year history, augmented with alternative data sources, to enhance their ability to rapidly find and assess investment opportunities while maintaining human relationships with founders. |
Early Stage Investment Process Data Analytics Sourcing Due Diligence | |
| 2024 Q4 |
AISquare Peg is excited about AI opportunities across their portfolio, particularly vertical applications. They highlight Cuttable as an automated content agency combining advertising craft with AI precision and speed, and Exodigo which uses advanced AI for underground mapping with multi-sensor fusion and 3D imaging. |
Artificial Intelligence Automation Vertical Software Content Mapping |
FinTechFinTech remains a core investment theme with strong performance from portfolio companies like Airwallex and Kredivo. Constantinople exemplifies their fintech focus, building banking-in-a-box software that simplifies how banks operate, targeting retail banking and embedded finance services. |
Financial Technology Banking Payments Embedded Finance Software | |
SaaSSaaS is identified as a core theme with strong portfolio performance. Supabase represents their global SaaS focus, providing an open-source database and developer platform that enables front-end developers to build applications without managing backend infrastructure, growing over 200% year-on-year. |
Software as a Service Developer Tools Database Platform Open Source | |
| 2024 Q2 |
AISquare Peg views AI as the defining technology theme for an extended period, with unprecedented intersection of rapid technological advancement, application creation, and enormous addressable markets. The firm has been actively investing in AI businesses since 2013, building domain knowledge and networks across their geographies. They believe AI will drive decades of new applications and create trillions in shareholder value. |
Artificial Intelligence Technology Innovation Applications Startups Value Creation |
FinTechFinTech remains one of Square Peg's core investment themes alongside AI and SaaS. The firm has made several new investments in businesses operating at the intersection of SaaS and fintech during the reporting period. |
Financial Technology SaaS Payments Financial Services | |
SaaSSoftware-as-a-Service continues as a core investment theme for Square Peg. The firm has invested in new portfolio companies operating at the intersection of SaaS and fintech, maintaining their focus on this sector across their geographic regions. |
Software Subscription Enterprise Cloud | |
| 2023 Q4 |
AI2023 was the year of AI, with the firm believing we are at the early stages of the AI era that may be the most fundamental tech era since the transistor in 1947. They expect 2024 to see founders with domain-specific knowledge founding AI companies to solve age-old problems, with durability found in businesses solving vertical or domain-specific problems. |
Machine Learning Domain Specific Vertical Solutions Technology Infrastructure Innovation |
SaaSSaaS remains one of three core thematic focus areas representing about three quarters of investing activity. The firm continues to pursue early-stage opportunities in SaaS alongside Fintech and AI as their primary investment themes. |
Software Enterprise Subscription Cloud B2B | |
FinTechFinTech is identified as one of three core thematic focus areas that will typically represent about three quarters of investing activity. The firm has significant exposure through companies like Airwallex with $5.6bn valuation and revenues in the $100-500m range. |
Financial Services Payments Digital Banking Financial Technology Innovation | |
| 2023 Q2 |
AISquare Peg views AI as the dawn of a new technological era comparable to the transistor invention. The firm has been investing in AI-first businesses since 2016 and sees this as potentially the most important innovation in human history. They are evaluating AI companies based on fundamental business strength, competitive advantages, and team positioning. |
ChatGPT OpenAI Machine Learning Foundational Models AI-first |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
