Investing Through Market Cycles

Tyler Hogge helped take Divvy from zero to a $2.5B acquisition by Bill.com. Now, as General Partner at Pelion Ventures, he argues that charging for software is dead, per-seat pricing is collapsing, and the next decade of venture-scale companies will be built on outcomes, not subscriptions.

In this episode of the GTMnow VC Podcast, Tyler sits down with Max to break down what comes after SaaS pricing, why founder intensity is the only trait that still matters in 2026, and how Pelion concentrates capital into its biggest winners (Cloudflare alone returned over $1B to the fund). He also shares why most startups won't survive going head-to-head with OpenAI and Anthropic, the "bent the odds" contract he signed with Redo's CEO, and the lesson from raising four kids that changed how he leads.

This is an honest, no-fluff conversation about where venture is going as AI commoditizes software.

Chapters:
00:00 Intro
01:14 Intro
18:48 Tyler joins
23:09 "Sell Jesus, sell anything"
27:42 The $2.5B Divvy exit
34:39 The "bent the odds" contract
38:11 Startups vs. OpenAI and Anthropic
39:05 "Software is worth zero"
40:55 The death of per-seat pricing
43:02 Lessons from raising 4 kids
46:44 "LinkedIn is the trailer park"

Connect with Tyler:
https://x.com/thogge
https://www.linkedin.com/in/thogge/

Connect with Max:
https://x.com/hackitmax
https://www.linkedin.com/in/maxaltschuler/

Connect with Paul:
https://x.com/PaulGTM
https://www.linkedin.com/in/paulsirving/

About Tyler Hogge:
Tyler Hogge is a General Partner at Pelion Ventures, Utah's oldest and largest venture fund with $500M AUM across eight funds. Before Pelion, Tyler was VP of Product at Divvy, which sold to Bill.com for $2.5B in 2021. Earlier in his career, he was a product leader at Wealthfront under Andy Rachleff and Adam Nash. He's based in Utah and one of the most active venture capitalists on X.

About GTMnow:
GTMnow is the media arm of GTMfund, a pre-seed and seed-stage B2B SaaS venture firm backed by an LP base of 300+ C-suite and VP-level operators from the best go-to-market organizations in tech. The GTMnow VC Podcast publishes every other week with the investors and operators shaping the next decade of B2B software.

Brought to you by: AngelList
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The GTMnow Podcast
The GTMnow Podcast is a weekly podcast featuring interviews with the top 1% GTM executives, VCs, and founders. Conversations reveal the unshared details behind how they have grown companies, and the go-to-market strategies responsible for shaping that growth.

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