The quick version:
Convey raised a 38 million dollar Series A today, led by Andreessen Horowitz, for its AI enterprise workforce platform.
AI-native companies are raising 15 to 20 million at Series A versus a 17 million median.
Investors now expect 2 to 3 million in ARR and net revenue retention above 120 percent.
Focused beats broad
Vertical SaaS, built for one industry rather than everyone, is outperforming generalist tools in fundraising. A purpose-built product for construction or wealth management shows faster time to value, stronger retention, and customers willing to pay more.
The bar is higher than it was
A Series A now tends to require real recurring revenue, strong retention, and an AI roadmap that lives in the core product rather than a few features. Miss those and you stall, no matter how good the deck looks.
The takeaway
Pick a lane and own it. A product that solves one industry’s problem deeply is raising more than a broad tool trying to serve all. Founders on Reddit keep asking why their horizontal tool struggles to raise, and the answer is usually that depth plus retention is what gets funded now, exactly what turned Convey’s pitch into a 38 million dollar round.
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