ScaleSignals
Ben Botes | GP & 4x FounderWhere private capital is opening and closing, and what an active GP would do about it. By Ben Botes, GP and four-time founder.
| Platform |  | Pricing | Only paid issues | Publishes | Twice weekly |
|---|---|---|---|---|---|
| Issues | 109 | Founded | a year ago | Last Issue | 15 days ago |
| Active | |||||
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scalesignals.substack.comLatest Issues
Where Capital Is Opening Up — October 2026
A scored read of where private capital actually moved in September, and the gap between what LPs committed and what borrowers received.
A scored read of where private capital actually moved in September, and the gap between what LPs commit...
The Data Room Test Founders Don't Know They're Taking
After this, you'll be able to name the four places your own numbers disagree with each other before an investor finds them.
Every data room holds two companies: the one on the slides, and the one in the spreadsheets.
When the Funding Market Recovers Without You
Capital can return to the market before it becomes available to your company. The danger is letting the headline set your spending plan.
Ben Botes · ScaleSignals · 20 September 2026
Venture Debt vs Equity: What It Actually Costs You at the Next Round
Small rounds are vanishing and debt is filling the gap. What warrants, covenants and liquidation preferences really cost founders at exit — with the numbers.
A founder I spoke to this year had a plan that would have worked in 2021. Raise t...
The Gap Between Investor Interest and Investment Conviction
Why visible fundraising activity is a poor proxy for internal belief, and what changes when an investor begins spending organisational capital
A founder has had four good meetings with a fund in six weeks. The partner asked for the data ro...
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The writers behind this newsletter.
The edge that gets you to the right yes, faster. Ben Botes — active GP and four-time exited founder on how capital really moves and the calls founders get wrong.
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