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▶ 43:19 · $AURA · Nico Wetenborn invested in Aura via SPV: sleep health thesis from Calm experience
episode briefing
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Pacing the Frontier, Perfect Little Angels, Nico Wittenborn IRL, Home Depot with Acquired

2026-09-14 · 8 company · 0 thematic
sentiment
7 bull0 bear1 neu
speakers
nico wettenborn

Former investor at Point Nine (early Zendesk, Loom) and Insight Partners (consumer mobile); founded Adjacent in 2019 as solo GP, now investing Fund IV; backed Aura, Speechify, RevenueCat, Popcorn, Inversion Space, Tractive (sold to Bending Spoons).

scott

Co-founder of Cognition, an AI coding agent company. Former founder hired by Joe Lonsdale in a previous venture. Leads a team of 20+ Olympiad gold medalists building autonomous software engineering agents.

ben

Co-host of the Acquired podcast with David, which analyzes business histories and strategies. They interviewed Andrew Ross Sorkin about his media career and productivity.

farajali

40-year semiconductor veteran; founded two public semiconductor companies (DSL and 10G data center chips); now building AI for chip design (ACI) to collapse design cycles using proprietary dataset and physicist-designer pairing.

quote
“the reason we understood aura back then even though it was a hardware device then with no subscription was that we had done calm and calm had inflicted by launching sleep stories. So a lot of the growth actually came from people not wantin…”
—nico wettenborn
now playing · $AURA
$AURAbullish· high· posnico wettenborn
Nico Wetenborn invested in Aura via SPV: sleep health thesis from Calm experience
Aura's hardware+subscription model taps into the massive sleep health market, validated by Calm's sleep stories driving growth; the ring form factor creates sticky subscription re…
$REVENUECATneutral· medium· posnico wettenborn
Nico Wetenborn: RevenueCat data shows explosion of new consumer apps raising venture bar
RevenueCat powers 60% of new app subscriptions, revealing immense increase in app launches that raises competition and makes venture-scale outcomes harder despite more niches serv…
$POPCORNbullish· medium· posnico wettenborn
Nico Wetenborn backs Popcorn: AI-enabled telco infrastructure with eSIM and call assistant
Popcorn builds core telco infrastructure with eSIM and AI call screening, representing deeper technology differentiation than typical consumer apps.
$BSP···bullish· highnico wettenborn
Nico Wetenborn: Bending Spoons rollup strategy buying software at 3x revenue with AI synergies will attract copycats
Bending Spoons acquires stagnant venture-backed software companies at ~3x revenue, applies AI-driven efficiency to generate 60-70% EBITDA margins, creating exceptional free cash f…
$INVERSION-SPACEbullish· medium· posnico wettenborn
Nico Wetenborn: Adjacent portfolio company Inversion Space doing hypersonic delivery from space, NASA/Anduril contracts
Inversion Space develops hypersonic reentry vehicles for global delivery, secured NASA contract and Anduril Golden Dome partnership, representing defense/space logistics innovatio…
$SCOUT-MOTORSbullish· high· posscott
Scout Motors CEO: VW-backed EV truck/SUV with range extender targets high-$50s, direct-to-consumer
Scout leverages VW Group supply chain for cost advantage, uses range extender (gas generator + EV) to eliminate range anxiety, sells direct with service infrastructure, targets pr…
$HD···bullish· highben
Acquired hosts: Home Depot best total return stock since 1981 IPO ($1k→$17M), aging housing tailwind
Home Depot's moats include scale economies (50% market share), tradespeople staff driving customer lifetime value, employee stock ownership culture, aging US housing stock creatin…
$COGNI-CHIPbullish· high· posfarajali
Cogni Chip CEO: AI for semiconductor design (ACI) collapses 5-year chip cycles using proprietary dataset
Cogni Chip builds artificial chip intelligence (ACI) trained on largest semiconductor dataset, pairing physicists/mathematicians with veteran chip designers to automate 90% of des…