Floating Point raises $70 million for VC fund focused on complex sectors

• "A lot of funds see their jobs as trying to identify a possible winner in the market and then pour money into it to make it the winner, spending on ad dollars and customer acquisition, instead of building a defensible business," Segel says. "I think we can find software-like growth in other sectors that do require a lot of capital, but spent more efficiently."

Catch up quick: Floating Point's co-founders are Eddie Segel and John Loser, who first met as quant traders at Bridgewater Associates before both helping to launch health insurer Oscar.

• Portfolio companies include tech-enabled rollups in the car wash and orthopoedics practice spaces, plus a flood tracker for climate insurance and a timber supply chain management platform.