Tree McGlown

Mercator.ai, which provides commercial contractors with real-time insight into early-stage project activity has expanded its AI business development platform into Florida. This follows rapid adoption in Texas and growing demand from contractors for earlier visibility into private projects. via Mercator.ai & Mann Report https://lnkd.in/geJzsBuX

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What’s old is new. Funny to watch VCs flood back to out-of-favor business models—hardware-enabled software, marketplaces, consumer tech—which are now viewed as more defensible because AI can't easily replicate physical infrastructure, network effects, or brand.

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It’s tech week in Atlanta (and all over I think), and founders are pitching investors all day long. Here’s an exercise 👇 Can you tell your story in 60 secs? Give it a try…

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Diving into Atlanta-based VC deal activity in 2025: Last week, I shared a post on ATL 2025 Early-Stage VC deal flow (link in comments), focusing on investments into Atlanta-based startups. This week, I’m shifting the lens to Atlanta-headquartered VC firms (ATL VC)—specifically, the number of early-stage deals they participated in. I’m focusing on deal count because it’s difficult to isolate how much capital in each round came from individual investors. In 2025, ATL VCs: • Participated in 230 early-stage VC deals • Led 41 of those deals Deal participation by sector: • 🤖 AI-enabled: 67 deals | 40% • 💻 SaaS: 36 deals | 26% • 🌱 Climate / Cleantech: 26 deals | 15% • 💳 FinTech: 21 deals | 12% • 🏭 Manufacturing: 12 deals | 7% • 🚀 Space Tech: 2 deals | <1% A few observations: • While Space Tech accounted for only two deals, both involved Atlanta-based startups and together represented 21% ($167M) of all Atlanta-based startup funding last year. This category is likely to grow meaningfully, and Atlanta is well-positioned to be a major player. • Climate and Cleantech often aren’t associated with ATL VC activity, yet the sector ranked third by deal count, ahead of FinTech. That said, only 7 of the 26 deals involved Atlanta-based startups. We can—and should—do better in 2026. • Despite the strong pipeline of Georgia Tech–educated AI engineers, there’s a notable gap between the share of AI-enabled deals ATL VCs participate in (62%) and the share of AI-enabled deals from Atlanta-based startups (34%). This is a trend worth watching closely in 2026. Would love to hear your thoughts if you are either an Atlanta-based VC or startup that raised/ tried to raise capital last year: Bill Nussey, Sean O'Brien, Michael Cohn, Andy Marshall, Aly Merritt, Jennifer Singh, Hannah Turner, Donnie Beamer Jr., CFA, Raghupathy Sivakumar, Anthony Oni, Elizabeth Blankenship-Singh, Chadd Evans, CFA, CAIA, Anthony Clark, Sean Banks, Christopher Klaus, Hernando B., Mike Dowdle, Blake Patton, Frank Tighe, parichit kumar, De'Havia Stewart, Henk Both, Erin Keller, Barry Givens

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For the GTM-obsessed: here’s a tool that can give you a bucket load of insights. If there’s a data point, there are at least ten ways to interpret it. One way: inform how you deploy strategies in similar cities. Say a GTM strategy worked in Birmingham, AL. By identifying the most crucial indicators (GDP per capita? industry clusters? population density?)you can adjust these visualizations to find similar cities where that strategy is likely to succeed again. Birmingham mirrors Shreveport, Des Moines, and Worcester across key economic metrics: familiar customer profiles, likely similar pain points. Use it as a gut check for where your business goes next. How would you slice this data to uncover new GTM opportunities? Tool: Metroverse by Harvard (link in comments)

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Agency M&A is on fire. 🔥 At Merge, we’re seeing more activity than ever, especially for agencies valued under $20M. Buyers are coming from every direction: PE-backed platforms, strategic acquirers, and first-time entrepreneurial buyers. It’s simple economics: demand is outpacing supply. Here’s what’s happening in the market 👇 1️⃣ The sub-$20M sweet spot This is where the action is, and it’s all about the size of the buyer pool. At this level, agencies attract interest from every buyer type: strategic acquirers, PE groups, entrepreneurs, and even financial or silent investors. The moment you move above $20M, that pool narrows fast, leaving mostly private equity. Under $20M, the field is wide open, and that competition is driving pricing and velocity. 2️⃣ The rise of the entrepreneurial buyer A few years ago, agency M&A was dominated by PE firms and large strategics. Not anymore. Now everyone wants to be an entrepreneur, and agencies have become one of the most accessible, profitable entry points. Today’s market is full of independent entrepreneurs, many using SBA financing to buy their first agency. This new wave of buyers is keeping demand hot and competition fierce. 3️⃣ The AI effect (and reality check) Last year, everyone was nervous about AI. Now buyers are confident. AI is reshaping (not replacing) the landscape. Brands still need to drive growth, visibility, and revenue. The agencies leveraging AI intelligently, not fearing it, are the ones commanding premium multiples. 4️⃣ Story clarity wins every time If a buyer can instantly understand what you do and who you serve, you’re already ahead. The agencies getting the most attention have a crystal-clear story, whether that’s a defined vertical or a sharp capability focus. You might alienate some buyers, but for the right one, you’re a perfect fit. ❤️ 5️⃣ Down year? Still sellable. Revenue dips aren’t deal killers. Buyers care about normalized profitability and strategic fit. If you’ve right-sized your team and tightened margins, we can adjust the expense base in modeling, and buyers will still line up if the fundamentals are strong. What we’re seeing on multiples 💰 • Agencies under $2M in adjusted EBITDA: 3–6× • Agencies over $2M: 5–8× Where you fall within that range depends on what you do, how well you do it, and the risks buyers perceive about your agency. Typical structure: 💵 Majority cash at close 📈 Performance-based earnouts 🤝 Rollover equity when there’s a platform angle Bottom line: The agency M&A market is booming. Smart founders are taking advantage of it. The “wait and see” crowd is missing the moment. 💬 Send me a message to talk about what your agency is worth in today’s market!

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As someone who has been based in Nashville for 30+ years, I have connected with many individuals who are a testament to Tennessee’s thriving private capital ecosystem. Thanks to Greater Nashville Private Capital Association's 2025 Impact Report: Tennessee Private Markets Breakdown powered by PitchBook - we now have the hard data to illustrate this growth. Great work coordinated by Judith Byrd, Nathan Buttrey, Bruce Evans, Baxter Webb, Shelby McKeown, & Gregory Papajohn. Tennessee continues to outperform. Read the full report via https://gnpca.org/

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Big milestone for Firmable. We’ve raised $14m Series A led by Airtree. Sales has moved through a few big waves: intuition-led, CRM-led, data-led. We’re now entering the next one – intelligence-led sales. The opportunity isn’t just better data. It’s turning that data into clear direction and action, without adding more work for sales teams. That’s what we’re building at Firmable: a foundation of trusted external data, layered with intelligence that helps sellers know who to focus on and when. Led by Airtree, this round supports our expansion across Asia and into the US – and accelerates the build-out of AI agents that take the admin work off sales teams so they can focus on what they do best. Proud of the team, grateful to our customers and investors. We’re just getting started. Read the exclusive in the AFR. https://lnkd.in/gr66uknb Leigh Jasper | Tara Salmon | Karthik Venkatasubramanian| Chester Thompson| Chath Widanapathirana

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Hello Package Blazing New Trail With Tech Startup Hub The heart of the innovation corridor of Atlanta, Georgia is where Brown and White Ventures portfolio company Hello Package will introduce itself to an entire new wing of the package industry. CEO Paul Favorov announced Hello Package will install its cutting edge system into the Atlanta Tech Village, the 4th largest tech space in the U.S. where a community of innovation has flourished  deep connections to Atlanta’s business and investment community. The Tech Village, launched by serial entrepreneur David Cummings in 2013, is 103,000 square feet of coworking and incubator space with hundreds engaged. Atlanta Tech Village has created more than 10,000 jobs. Its mission: to be the nerve center of Atlanta's effort to crack into the nation's tech startup top-five. For Hello Package, it's the crossing of a new threshold for its package delivery system: entry into commercial installation. "We love working with trailblazers," Favorov said. "Atlanta Tech Village is exactly that." The agreement broadens Hello Package's reach beyond its focal markets of dormitories and multifamily properties.Favorov believes his company's news partner is a perfect fit. "Because delivery chaos is not just a multifamily problem," Favorov said.

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