For this episode of Uncapped I got to sit down with my close friend @Max, cofounder of Instacart 🥕 We talked about the key moments of Instacart...how it got started, critical wins, tough losses, competitive dynamics, earned insights, going public, and Instacart's future. Max is also an awesome startup investor, and we talked about what he looks for in founders, consumer investing, and what he's building with Workshop. He's one of the best people I know, hope you enjoy. (0:00) Intro (0:36) The inception of Instacart (4:55) Finding product market fit (7:20) Landing Trader Joe’s (11:04) Big levers for growth (13:36) Operationally complex businesses (14:55) Amazon’s acquisition of Whole Foods (17:50) COVID and Instacart’s IPO (20:02) Prioritizing profitability (23:21) Avoiding temptations (24:59) The future of Instacart (25:53) Investing in consumer (28:21) Irrationally optimistic founders (29:49) B2B vs consumer founders (30:35) How to work with investors (33:38) Building Workshop

1/ Today, we're launching @Mercury Books. AI-powered accounting software, for your bookkeeper or you, that categorizes and reconciles your transactions the moment they happen.

Beyond excited to share that @highstock_x has raised a $30M Series A led by @a16z with participation from @GreylockVC, @AbstractVC, @Daybreak_Fund, and angels. We are doubling down on our mission of creating value for brands with unproductive inventory. With this raise, we are expanding our team and building on our success in beauty to unlock a new category: apparel. @omooretweets, @venturetwins and @jeff_jordan are the right partners to take this company to new heights - they've invested in great marketplaces like Instacart (I may be biased :) ), and have studied how AI will scale marketplace models that were previously too labor intensive to be financially viable. Thank you to our angels: @Max, @lennysan, JJ and John. Most of all, thank you to our customers and team. We would not be here without you. Read my reflections on our journey below.

Today we are introducing Dyna-2, a world-action model pre-trained on one million hours of human video. At this scale, for the first time, we discovered several new scaling laws: • world-action models exhibit scaling law on human data across four orders of magnitude, from 1000 to 1,000,000 hours, • this human data scaling law implied a scaling law on never seen robot data, • both data and objective matter; world modeling and scaling on video data are essential for cross-embodiment scaling transfer to emerge 🧵

Introducing Willow Frontier Mini and Willow Frontier Pro. Frontier Mini gives everyone free, unlimited dictation. Frontier Pro is our most accurate model yet, built for power users and teams who want the fastest and best dictation experience.

Introducing Horizon from @0rinlabs: the first long-horizon learning benchmark made from real agent logs - SOTA is 21% on the hardest section - 7-35M tokens of real agent history per task - Models are hardly getting better on the hardest tasks - Humans can score 100% (1/7)

🚀 After a year of quiet building, I’m excited to officially announce @champ_hq out of stealth. We're also announcing our $8.5M Seed round led by @Redpoint with participation from @defyvc , @Max , @svangel, and a great group of angels. Watch the quick launch video below

Introducing the Printing Press, a CLI-factory and a CLI-library. Built with @trevin. 🏭🖨📚 Most APIs suck for agents. Most MCPs suck for agents. Most official CLIs suck for agents. They waste tokens and time. @steipete started making his own because of this. 📚 A Library of agent-native CLIs you install today (Linear, ESPN, Flight GOAT (Google Flights + Kayak nonstop), Contact Goat (LinkedIn + Happenstance + Deepline more) +30+ more) 🏭 A factory that prints new ones for any service - just type /printing-press CLIs are fast, local, SQLite-backed. Work in Claude Code, Codex, OpenClaw, Hermes. 🌐 printingpress.dev

📣 Update: we raised our $60m Series B from @Lux_Capital, @IndexVentures and @01Advisors, with participation from @sequoia, @eladgil and @BainCapVC . When we came out of stealth 283 days ago, we had negotiated contracts worth $30m for our clients. As of last month, that number is over $1 billion. We work with the most ambitious companies in the world, including @tryramp, @clay and @RogoAI. Today, we want you to hear from some of them directly. Contracts are the rails of commerce. @crosbylegal is a hybrid AI law firm that gets them signed 80% faster. We’re announcing our Series B to keep scaling the dream law firm.

1/ Mercury Personal is now free (normally $240/yr) for active Mercury Business users** Personal comes with: * Free wires * 3.25% APY * Mercury Invest for s&p and t-bills funds * Joint accounts and auto transfer rules * All in the same powerful app you love

I’m really excited to share that I’m joining Benchmark. The past two years as a full time investor have been the most rewarding of my career. I really love venture capital, which is not something I ever imagined I’d say when I was kid, but here we are. I love new ideas and being part of a team with a mission. I love getting to be there for people who are struggling towards goals they really care about. I love learning from people who are better CEOs than I ever was. I love the texture of the work, the competition, and the way the job lets you invest in relationships. I love it so much that I’ve even turned into a little venture nerd with a podcast who goes around harassing great investors and founders, trying to learn as much as I can as fast as possible. I’ve certainly learned what I care most about, and what kind of investor I want to be. What I’ve realized is that I love investing at the Series A, when there’s enough going on that an investor can be useful but not so much that you can’t have an impact. I think there are many amazing ways to practice venture, it’s just the way that most speaks to me. And as I came to realize that, I started to think about how to best set myself up to do that craft as well as possible. It became clear to me there is nowhere better for this than Benchmark; the way they’re structured, their principles, their overall approach to investing, and their track record all create an environment that I believe will let me do my best work as an investor and help founders the most I possibly can. As I’ve gotten to know the team at Benchmark I’ve come to admire so much about each of them. Peter is truly playing his own game. A lot of what he says sounds like poetry at first, but as the ideas roll around in your head for a while you realize how much depth they have. I first heard about Eric many years ago from my friend Saji at Benchling while I was building Lattice, who described him as the most amazing board member and attributed him with a lot of the company’s success. That’s the kind of partner I want to be one day. Chetan is brilliant and truly thinks for himself; I’ve realized over time what a courageous guy he is. And then there’s my friend Ev, whose skills complement mine and who I just love to be around. I can’t wait to have him as a partner in crime. When given the chance to work with this group I just knew I had to go. One of my motivating north stars with Alt Capital was to build a firm and be a partner that I most would have wanted as an entrepreneur. Although I haven’t gotten everywhere I want to be yet, I’m proud of the work so far. And now I’m excited to build on that work at Benchmark, where I hope to increase my rate of learning and get armed with the power of a partnership so I can help founders reach their dreams even more. Thank you to the companies who’ve let me invest with them at Alt Cap. I’m keeping all my board seats and supporting everyone just the same as before. Thank you to the LPs who’ve backed me as well. I am so excited about the portfolio we have and am grateful I can stick with all those companies. And finally thank you to my teammates, Bala, Vivek, and Nate. Bala took a bet on me and started investing with me before it was remotely obvious, and we’ve been able to grow so much figuring it out together as investors. I credit Nate with helping Alt start feeling like a firm. He joined us from First Round over a year ago and made everything run smoothly. And while Vivek joined just a little while ago, even in the short time we’ve worked together he’s had a meaningful impact on how we think and invest. They’re all joining Benchmark with me. So pumped for this chapter.

In this special live event, @FoundersInArms brings together a room full of founders at Mercury's San Francisco headquarters for an intimate conversation about building, investing, and the future of AI. Max Mullen is co-founder at Instacart, where he led product and grew it from a contrarian idea into the leader in online grocery delivery and eventually a publicly traded company. Now @max is an active investor and runs a founder community in San Francisco called Workshop. Max shares lessons from over a decade of building and his perspective on AI's transformative potential. In this episode, we cover: (00:00) Welcome to the first live Founders in Arms event at Mercury HQ (00:43) Introduction to Max Mullen and his early investment in Mercury (03:58) Max's origin story and first startup at Startup Weekend (04:36) Building a social network and getting acquihired (05:39) The path from acquihire to founding Instacart (06:19) Why Max wanted to solve real-world operational problems (07:17) Starting Instacart when there was no gig economy (09:15) Overcoming the "grocery delivery is dead" narrative (11:48) Market timing and why Webvan was too early (14:37) Being a non-technical co-founder in a technical role (17:45) The PARE framework for building company culture (22:09) Max's approach to M&A at Instacart (24:00) The Caper smart shopping cart acquisition story (25:31) How founders can position for acquisition (28:26) Why product-market fit attracts acquirers (29:46) Evaluating investments: market size vs. founder quality (32:54) Max and Immad's differing investment philosophies (35:39) The current state of VC funding and AI companies (36:51) The three best times to raise money as a founder (39:15) Instacart's seasonal business patterns and fundraising timing (39:59) The most interesting opportunities in AI right now (40:24) Why every profession will have AI agent co-pilots (41:44) What AI-native companies will look like for the next generation

In 20+ years of building @firstround, I’ve never hired for this specific role before. I’m kicking off a search to hire an Investor who will work directly alongside me. They will share my obsession to meet with the highest potential founders as early as possible, often before they even have a clear “imagine if” yet. Although the role itself is still being defined, my commitment is to work closely with this person to help them build the foundation of their investing career. Here’s what’s probably true about you if you’re the right fit: - You’re enthusiastic and obsessive. Following your curiosity has taken you down often weird and winding paths. - You already know a lot of brilliant builders — and more importantly, they enjoy spending time with you. You have a unique ability to generate followership, likely because you give more than you take. - You actually enjoy the work of building relationships from scratch: the cold emails, the endless events, the persistent follow-ups, the months of coffee chats. It requires relentless execution, and that excites you. You go about this work in an authentic way that isn’t conventional “networking.” If you’re looking for a role where the title does all the heavy lifting for you, this isn’t it. - You don’t find it difficult to put unreasonable hours into your work because it doesn’t feel like work to you. You’d call yourself a “work enthusiast.” - You’ve been immersed in the startup world long enough to have real context. What matters most is you’ve been close enough to startups to understand how they actually work and what great looks like. - You obsess over markets, customers, and why some businesses work while others don’t, but you can also hang when a conversation goes deep into technical choices. - You’re an exceptional communicator who tends to be more of a “simplifier” than a “complexifier.” - We’ll work together incredibly closely, but you aren’t someone who needs to be managed. You learn best by watching, by doing, by asking well-calibrated questions — preferring to “take the wheel” instead of being a passenger. You’d rather shape a role than fill one. If you want to spend your time with builders at the very beginning — and learn this craft of early-stage investing alongside someone who’s been at it for two decades and still thinks it’s the best job in the world — I’d love to meet you. SF or NYC only, with long days and lots of travel in both directions. Apply below. jobs.ashbyhq.com/firstround/…

1/ @Mercury Personal launching publicly today! Its been my primary account for a while and changed my financial life: Joint account with my wife, cards+controls for my nanny. Auto transfer money between high-yield-savings + Invest* + checking. Easy+free wires