Insights
Perspectives from our team on mobile, consumer internet, and the evolving venture landscape.
Thinking from Our Team
We share what we're learning — about markets, about founders, and about building enduring companies.
March 2020 — Fund Announcement
Insights WM Capital Closes $190M Seed Round
We are proud to announce the closing of our inaugural $190 million Seed Round, backed by Lightspeed Venture Partners. This milestone marks the formal launch of our fund to back the most promising founders in mobile and consumer internet.
February 2025
The Super-App Playbook: How Mobile Platforms Are Absorbing the Internet
Super-apps are rewriting the rules of mobile engagement. We examine the structural forces behind bundled mobile platforms and what they mean for seed-stage founders building for long-term platform utility.
January 2025
When the Feed Becomes the Store: The Mechanics of Social Commerce
Social commerce is collapsing the distance between content and purchase. We explore the mechanics, the winners, and what seed-stage founders need to understand about the next generation of mobile commerce.
December 2024
Mobile-First Marketplaces: Building Trust at Scale
The best mobile marketplaces are trust machines. We analyze the structural elements that make marketplace models defensible and what seed-stage founders must get right to build a durable business.
November 2024
Consumer App Retention: The Metrics That Actually Matter
DAU/MAU ratios, D1/D7/D30 curves, notification opt-in rates — which consumer app retention metrics predict long-term success? We share our analytical framework for evaluating mobile app quality at the seed stage.
October 2024
The Creator Economy at an Inflection Point
The creator economy has matured from novelty to infrastructure. We examine the structural shifts underway and where seed-stage opportunity concentrates for builders in the mobile-first creator ecosystem.
September 2024
The Power Law in Venture: How Seed Portfolios Actually Generate Returns
Venture returns are not normally distributed. Understanding the power law, outlier dynamics, and portfolio construction at the seed stage is essential for both founders and LPs building long-term relationships.
August 2024
Mobile Fintech in Emerging Markets: Beyond the Unbanked Narrative
The "unbanked" framing undersells the mobile fintech opportunity in emerging markets. We explore what the real opportunity looks like and where seed-stage founders with local insight can build lasting advantage.
July 2024
User Acquisition in the Post-ATT Era: Sustainable Growth for Consumer Apps
Apple's App Tracking Transparency upended mobile UA. We analyze what sustainable growth looks like for consumer apps in the privacy-first era and how founders should adapt their acquisition strategies.
June 2024
Vertical SaaS for Consumer Businesses: The Next Infrastructure Wave
The consumer internet economy needs specialized software. Vertical SaaS serving restaurants, salons, fitness studios, and other consumer businesses represents a major seed opportunity in the offline-to-online transition.
May 2024
The Gig Economy's Second Chapter: Platforms, Workers, and the Future of Mobile Labor
The first generation of gig platforms extracted value from workers. The second generation will redistribute it. We examine the opportunity in worker-centric mobile labor platforms and what makes them defensible.
April 2024
The Diligence Process: How We Evaluate Seed-Stage Consumer Startups
What does rigorous seed-stage diligence actually look like for mobile and consumer internet companies? We open our process — the questions we ask, the signals we trust, and the red flags we watch for.