Approach

A fast yes. A clear no. Nothing in between.

The worst outcome of a fundraise is not rejection. It is six weeks of politeness that ends in silence. We built our process to make that impossible.

Read the thesis first

Process

From first email to money in the bank.

You write to us

Any partner, any channel, no introduction needed. We answer within three business days. If we are not the right firm, that reply says so and names two who might be.

First conversation

One hour with the partner who would sponsor the investment. We spend most of it on the problem and the customer, not the market size slide.

Working session

Three to four hours on the real substance of the business. You will meet a second partner. We will disagree with each other in front of you, which tells you more than a polished pitch would.

Reference and customer calls

Four to six calls, always with your knowledge. We ask your customers what would happen if your product disappeared tomorrow.

Decision

The partnership meets on Mondays. You hear the outcome that day, with the reasoning. A yes comes with a term sheet in the same week and no exploding deadline attached.

What a yes looks like

A term sheet in plain English, usually under three pages. A price we can defend, a board seat only if we lead, and standard terms with no participation, no ratchet, and no surprises in the long-form documents.

We will also tell you what we are worried about, in writing, on the same day we commit. Those concerns become the first things we work on together.

What a no looks like

A written explanation naming the specific thing that stopped us, not a paragraph about focus or timing. If the reason is us rather than you, we say that too.

We will tell you what would change our mind, and we mean it. Nine companies in the current fund were passes we revisited later.

What we ask for

A short list, and nothing you have to build.

A deck or a memo
Whatever you already have. We have funded companies from a two-page document and passed on beautiful forty-slide decks.
The numbers as they are
A spreadsheet is fine. We would rather see your actual model than a cleaned-up version of it.
Customer access
Four to six calls. We tell you who we spoke to and what we heard, including the parts you will not enjoy.
Access to the product
A login and half an hour of your engineer's time beats any demo you could give us.
What we do not ask for
A data room, a market study, a five-year forecast, or a second meeting with a partner who will not sponsor the deal.
3 daysReply to any inbound note
2Meetings before a decision
2 weeksFrom first meeting to an answer
100%Of passes get a written reason
The pass was more useful than most of the term sheets we received. They named the one thing that was actually wrong, and they were right.
Founder we did not invest in, and then did, eighteen months later
Governance

How we behave once we are on the cap table.

We take one board seat when we lead and we treat it as a job rather than a right. Meetings run for two hours, decisions are made in the room, and we send our thoughts before the meeting instead of performing them during it.

We do not block financings we dislike if the founder and the lead are aligned. We do not shop your company. We do not talk to your competitors about you, and we say so in writing at the start.

Ready when you are.

Send the note. We will read it, and either way you will hear back inside three days.