VC: "Software Is Basically Worth Zero Now" | Tyler Hogge, Ex-Pelion

Episode notes

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.