Deal Flow Pulse: February 2026

February at Plantec was a month of pattern recognition across both our direct investment work and the mandates we support.

Sectors in focus

Across direct investment and mandate conversations, three areas showed the most consistent activity:

• B2B fintech infrastructure, founders eliminating administrative layers between existing financial products

• Defense-adjacent technology, drawing selective attention away from crowded AI categories

• Proptech and logistics hybrids, working capital yield models with compelling unit economics when they work

What we're observing

The strongest founders we met shared one trait. They had already made the hard cuts themselves. One company adding meaningful recurring revenue had simultaneously reduced operating costs substantially. That discipline is what is getting term sheets across the line right now. We are also seeing a return to high-touch service models backed by proprietary technology. Pure self-serve fatigue is real, and founders who have wrapped automation in hands-on delivery are outperforming on retention.

On the mandate side, we continued to notice a gap between what investors say they want and what they will actually fund. Geographic mandates are also fragmenting. The generalist global seed fund is becoming rare. Series A remains difficult but not broken. Companies with strong fundamentals are still getting priced, but the bar is high. You need a credentialed lead committed before the round can fill. Conversations continuing into March. 🌱