Hello
Welcome to the best of the Alts Community.
📢 Note: The weekly community update is now sent on Mondays. We think it will serve you better.
As always, do your own research; nothing here constitutes financial advice. Stay safe out there, kids.
Let’s go 🚀
Table of Contents
🚀 Live Deals
🎞️ Film Co-Invest
In 2024, we launched Film I, an SPV that makes bridge loans to film producers. The portfolio, backed by AA+ collateral, has generated IRRs approaching 100%.
Three months ago, we doubled down with Launch JV, which follows the same formula but has a mandate to scale the portfolio with senior debt.
We’ve got an executed term sheet in hand for a $55 million warehouse facility for this, which we hope to close by February 2026.
In the meantime, we’ve got a problem; maybe you can help us out.
Our deal pipeline is overflowing.
We’re seeing more Tier-1 loan opportunities than we can fund on our own, and rather than turn them away, we’re opening the books.
Starting today, Altea members can deploy capital directly alongside us, deal by deal.
Not an Altea member?
👋 New Members
Welcome to the 17 new members this week 👋
A few notable members..
🇪🇸 Tyler Martin is our newest Altea member. He founded Copyright.sh, an AI-era content licensing layer for web creators, and Clef.pro, an attribution, provenance, and royalty system for AI-generated music. He is based in Madrid.
⚕️ Arnon Krongrad is a Miami-based surgeon who introduced laparoscopic radical prostatectomy (now known as robotic prostatectomy.) He once ran the Boston Marathon with a broken foot — and finished!
🏎️ Auto I Update
David Spickett shared an update announcing an important early milestone for Auto I — the first full rotation of capital.
The fund successfully acquired and placed a Subaru P1, delivering a 5.8% return in just over 14 days and demonstrating how quickly the strategy can turn capital.
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“Excited to see the proof of the fund thesis which is quick turnaround and alpha. If this proves to be repeatable, we got ourselves a winner again! excited to see what 2026 brings.” – Cindy Shen
📝 Poll Results
🧵 New Space: Random
Random is a new low-stakes, off-topic corner of the community.
No asks, no deals, just whatever doesn’t fit elsewhere. Observations, random thoughts, memes, links. Totally fine to lurk, totally fine to post.
💬 New Discussions
- Jose dropped in this read about Europe’s rare opportunity to turn the Euro into a true global reserve currency.
- Clemens has founded a platform that enables fractional trading of collectibles, bundled like ETFs
- The share of crowdfunding raises with VC backing has climbed steadily since 2022.
“I don’t think this has much to do with ‘better deals.’ I think you’re seeing a slew of startups that raised from VC in 2020-2022 and are now running out of cash. They can’t get further VC funding, since VC basically only funds AI startups at this point, and so they’re turning to crowdfunding markets…” – Stefan
“The tightening of VC funding is definitely forcing startups to look elsewhere for growth capital. Reg CF can be a viable option for them to leverage their community and set their own terms.” – Dorian
- Florian shares details of the champagne market starting to fizz again
- Some 2026 predictions from Blu Family Office
- Has the Labubu bubble popped?
- Bookstore tourism is growing
- Travis shares some thoughts on my barbell strategy
“For those looking for deep dives…which pick up some of the 2025-2030 part of Wyatt’s investment thesis, I recommend Jordi Visser’s weekly youtube podcast. He is great at spotting trends early and finding unconventional winners…” – Travis
🙏 New Asks & Offers
Copyright.sh — PayPal for AI licensing
Tyler Martin has spent the last year building copyright.sh — the PayPal layer for AI content.
As Stefan discussed last week, the AI licensing world is full of one-off negotiations, lawsuits filling gaps, and no shared settlement infrastructure.
But music is just the canary. Text, images, video, research, and niche editorial content follow the same curve.
Disney just signed a $1B licensing deal with OpenAI, and HTTP 402 Payment Required (x402) is now live, enabling machine-to-machine payments.
What he’s built
Tyler has built the missing payments layer:
- Publishers set price via a meta tag or WordPress plugin
- CDNs return HTTP 402 Payment Required
- Any AI agent with a wallet can pay and proceed
Rights, attribution, enforcement, and compliance sit underneath.
The surface behavior is simple: AI pays as it goes.
How you can help and invest
Tyler is raising a $1–2m pre-seed (SAFE) and exploring crowdfunding.
He’s looking for:
- Intros to serious independent publishers (Wirecutter-scale or strong niche verticals)
- Folks deep in WordPress or edge/CDN ecosystems
- Opinions on crowdfunding platforms that actually work for protocol-level companies
If you’re thinking “remember when browsers said 404 — now they’ll say 402,” you’re probably already on the right side of this.
This is one of those moments where internet plumbing quietly decides the future.
Here’s his one-pager.
DM Tyler or reach out directly: [email protected]
