Merritt Hummer is a growth-stage partner at Bain Capital Ventures who focuses on the intersection of fintech, proptech, and B2B marketplaces, with a particular thesis around embedded marketplaces and embedded procurement as the next wave of vertical SaaS monetization. She brings an unusually quantitative and operating background to venture investing, combining top-tier strategy experience from Bain & Company, growth equity experience from Goldman Sachs, engineering training from Princeton, an MBA from Harvard Business School where she was a Baker Scholar, and CFA certification.

• Deep interest in B2B marketplaces that function as the operating systems for their specific verticals. The core belief here is that marketplaces must go beyond simple matchmaking between buyers and sellers by offering a broad software suite that helps users manage their businesses. An example of this is the backing of Ankorstore, a platform designed to disrupt wholesale trade and transform independent retail.
• A strong investment thesis regarding embedded fintech and the evolution of business models. There is a conviction that traditional SaaS revenue will increasingly be replaced by transactional revenue generated through embedded payments, insurance, and procurement. A specific strategy highlighted is giving software away for free as an acquisition hook to monetize via financial services, as seen with the investment in Pleo, a spend management platform.
• Focus on the digitization of legacy supply chains and logistics to reduce waste and inefficiency. This involves using technology to streamline complex, offline industries where goods pass through too many hands. A vivid example shared was the global flower trade, where technology is needed to solve the inefficiency of a majority of the world's flowers passing through a single building in the Netherlands.
• Enthusiasm for PropTech and the intersection of real estate and technology. This includes investments in companies that modernize the home buying process or manage smart building infrastructure. Specific excitement was expressed regarding the rapid maturation of this sector, citing SmartRent and Properly as key examples of companies transforming the property landscape.
• Prioritization of strong financial fundamentals and a flight to quality. The perspective is that the venture landscape has shifted away from growth at all costs, meaning the winners in the current environment will be defined by positive unit economics. This was reinforced by a declaration that unit economics are back in vogue and are a primary filter for evaluating new opportunities in 2023 and beyond.