Notes

Convictions and analysis.

What we learn by investing and operating in cybersecurity, applied AI and B2B software. Written by operators, not observers.

12 September 2026

'What has already failed?', the question that saves us the most time

The third question in our filter is the least welcome in a meeting, and by far the most informative. Here is what we are actually looking for.

5 September 2026

The subject matters to us and we follow it closely. We still do not make it one of our investment fields, and this note explains why.

22 August 2026

Strong technical teams, very few companies reaching scale: what holds back French cyber startups is not technology, it is selling.

1 August 2026

A structurally growing market, an existential problem, an operator advantage: why Menlo invests in cybersecurity first.

These notes describe what we look for. If you recognise yourself in them, write to us.