Why I’m writing this
After reading Steph Ango’s reflections on vcware and quality software, the contrast between Obsidian’s funding model and Anytype’s became hard to ignore. Obsidian chose to remain 100% user‑supported; Anytype is source available but backed by multiple venture funds. I want to lay out what that means for Anytype’s future, and ask openly whether our interests as a community are still aligned with the incentives of its investors.
What we know about Anytype’s funding
Anytype has taken three rounds of external funding so far:
- 18 February 2019 – $200k from Techstars
- 12 March 2020 – $1.2M from Altair, System.One, Tiny VC, Ash Egan (source)
- 23 August 2023 – $13.3–13.4M Series A led by Balderton Capital, with participation from Connect Ventures, Foreword Ventures, Inflection.xyz, New Forge, Protocol Labs, Script Capital, SquareOne, and several angels (source)
Venture funds operate on fixed lifecycles: they raise capital, invest it, then must return significantly more to their own investors. That model structurally pushes toward exits—typically acquisition or IPO—within a predictable window. In 2024 alone, 966 U.S. tech startups shut down, a 25.6% increase over 2023, which is one symptom of this high‑pressure environment.
Anytype’s legal and governance story is more nuanced. The Any Association in Zug, Switzerland is presented as the body that “governs” the software, but this sits alongside a cap‑table with multiple VC funds and a Balderton Partner on the board. Those investors still hold equity and have clear expectations of financial return.
Patterns that worry me
One concrete shift was the 90% reduction in free storage, from 1 GB to 100 MB. New users are now on a much tighter free tier, and paid memberships have become central to the product story. That change looks a lot like classic vcware behaviour: subsidize early to drive adoption, then squeeze once conversion to paid becomes the main priority.
On the positive side, Anytype explicitly rejects paid user acquisition, and has committed to 100% organic growth through community, referrals, and content. In that respect, it is closer to Obsidian than to ad‑driven industrial software. But where Obsidian reached 1M+ users without VC funding, Anytype’s slower growth now has to coexist with the expectations attached to a $13.4M Series A.
The 2025 roadmap underlines this tension. The publicly shared plans include:
- Web publishing (January)
- Chats, Discussions & Notifications (February)
- API & Local AI integration (February)
- Email‑based login
- Improved collections, sets & lists
(source)
The emphasis is on ambitious expansion: multiplayer, communication, AI, and publishing. Seen through the vcware lens Steph describes, this looks like the familiar pattern where priorities gradually spread out to support ever‑bigger narratives, rather than consolidating around reliability and depth.
VC pressure, Colin Hanna, and the roadmap
The Series A from Balderton and others does more than add cash. It adds structural pressure for an exit: a $13.4M cheque from a growth‑oriented fund is not patient, indefinite capital. Balderton Partner Colin Hanna joined Anytype’s board as part of that round, bringing a background shaped by SoundCloud’s period of explosive growth, where he helped drive aggressive user acquisition and product‑market fit.
Hanna’s playbook is visible in Anytype’s current priorities:
- Simplifying the UI to reduce cognitive load and appeal to a broader audience
- Pushing collaborative and social features: chats, discussions, notifications
- Building network effects through spaces, groups, and shared contexts
- Monetizing engagement via memberships and paid storage tiers
This is classic vcware product strategy: optimize for viral loops, network effects, and metrics that translate cleanly into “we’re ready for the next round.” The shift to chat‑first development—with Chats, Discussions & Notifications added to the roadmap even though they were not at the top of community requests—fits that pattern.
At the same time, the bug backlog keeps growing. The community forum shows:
- Long‑standing issues like lost audio files, broken space switching, and heavy iOS CPU usage
- Core integrity problems with import/export workflows
- Platform‑critical issues on Android interaction
While these are being addressed gradually, Anytype’s own 2024 recap highlights hundreds of new features and improvements, but only around 600 bug fixes across desktop, mobile, web, and API combined. For a mature tool, 30–50% of engineering effort is often dedicated to fixing bugs and improving robustness; Anytype appears to be spending less, while pushing hard on new capabilities.
If you put these together, you get a clear signal stack:
- VC funding with board representation
- Pricing changes that squeeze the free tier
- An aggressive roadmap heavy on social and AI features
- A large and persistent bug backlog
This is exactly the cluster of behaviours Steph flags when he talks about vcware.
What the exit path could look like
Given Balderton’s model and track record, it’s hard to avoid the conclusion that an exit is not a hypothetical—it’s the default scenario. Anytype was founded in 2018; its Series A closed in August 2023. For most funds, real exit pressure starts five to seven years after a company is first backed at scale. Balderton’s own growth funds, like Balderton Growth Fund II, are designed with this kind of window in mind.
A plausible sequence looks like this:
- 2026–2027 – Anytype demonstrates strong DAU and MAU growth, particularly around spaces, chat, and collaboration, plus credible revenue from memberships.
- Optional Series B – If growth curves look steep enough, a larger round (e.g., $200–500M valuation) extends runway and ramps expectations.
- 2027–2029 – A strategic acquirer appears: a major productivity vendor, cloud provider, or Web3 infrastructure player looking for a local‑first knowledge graph and community.
- Acquisition in the hundreds of millions delivers 15–60x returns on the Series A, which is exactly the kind of outcome a fund like Balderton is built to chase.
- Post‑acquisition, the Anytype brand and team are partially retained, partially absorbed; the product roadmap and community priorities are now downstream of a much larger corporate strategy.
Along the way, Anytype continues to emphasise community ownership and user sovereignty. But in practical governance terms:
- Board control sits with Balderton and other VCs, not with the user community
- There are dozens of equity investors; “community” has, at most, an advisory voice
- The Any Association can guide values, but it cannot veto a high‑value acquisition offer
When that exit happens, investor equity is cashed out by design. Community ownership becomes, at best, a moral claim—one that doesn’t show up in the transaction documents.
Sovereignty, vcware, and an open question
Anytype’s stated goals are “digital freedom, privacy, user sovereignty.” In some ways, the architecture backs this up: local‑first data, source‑available code, open protocols like AnySync, and a refusal to buy growth through ads or surveillance capitalism. Users can export their data and, in principle, migrate away if things go bad.
But true sovereignty also means no reliance on investor‑driven lock‑in: no need for deep moats, no dependence on network effects that trap users, no pricing patterns that slowly ratchet up switching costs. Right now, the direction of travel points both ways at once. On one side: local‑first design, organic growth, open infrastructure. On the other: VC money, a board seat from a growth‑focused fund, chat and social features built for engagement, and a free tier that has already been narrowed dramatically.
That contradiction is what this post is trying to name. Not to accuse the team of bad faith, but to ask plainly: is Anytype ultimately being steered toward a vcware‑style exit, or is there a credible path where the product, the community, and the funding structure all genuinely align with the values it advertises?