📶 what's ARR, really?

Thoughts on recurring revenue vs. annual run rate, underwriting small funds on potential, and the investors who have backed the top 100 AI companies

May 29, 2025 • Estimated Reading Time: 5 minutes

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Good morning 👋

Nobody knows what ARR actually means anymore.

More and more, when you lift the curtain, you find that a lot of that “recurring” revenue isn’t so “recurring” after all, and the spillover effects give the venture asset class a bad reputation.

Dan Gray (one of my new favorite accounts) gave his two cents …

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