Thesis

We focus on businesses that serve sophisticated B2B enterprise clients, have validated market demand through pilots or early commercial revenues (for software), or have proven the hypothesis in the biotech / engineering space. We invest primarily in the UK and Europe, with a minority allocation for USA and Asia.

What we focus on

We focus on companies that serve a B2B clientele and innovate in:

  • Enterprise software
  • Biotech
  • Engineering and scientific space

We invest in businesses operating in large fundamental sectors, such as:

  • Industrials and Manufacturing
  • Healthcare
  • Financial services
  • Mobility
  • Agriculture
  • Clean energy
  • Defence and aerospace

We concentrate on ventures in the UK and Europe, with a minority allocation for USA and Asia.

Typical deal

We back early disruptors at seed stage and follow-on with meaningful capital in subsequent rounds. We personally invest in every deal we syndicate.

Seed // We write $100-500k 1st checks at seed stage post a thorough DD process. Typical deal profile:

  • Launched product/service (software) or proven hypothesis (biotech/hardtech), demonstrated market demand, core team
  • >30x exit potential in 3-7 years
  • Up to $3m round size
  • Minority stake (5-20%)
  • Lead or co-invest with VCs
  • Follow-on rights
  • Board, observer or advisory positions

Follow-on // We provide follow on capital of up to $2.5m over subsequent rounds. Typical deal profile:

  • Advanced commercial revenues with reputable clients (post PMF), demonstrated unit economics
  • >10x exit potential in 1-3 years
  • Up to $30m round size
  • Minimum $250k allocation
  • Follow reputable lead VCs, usually at same terms

What we look for

  1. Team with deep subject matter expertise, drive, perseverance, and a demonstrated ability to attract and empower talent (established and ready to scale and/or identified near-term hires)
  2. Defensibility
    1. Deep, complex technology
    2. IP or trade secrets
    3. Proprietary data and know-how
    4. Uniquely skilled team
    5. Advanced traction and market share that creates a significant time advantage over competition
  3. Very large fundamental markets
  4. Traction
    1. Enterprise software – launched product or service and evidence of market demand from a sophisticated B2B clientele (e.g. pilots with paid customers, early commercial revenues, or customer engagement)
    2. Biotech – proven hypothesis / pre-clinical trials stage (e.g. animal models)
    3. Engineering & science – completed R&D process, launched MVP, evidence of market demand (e.g. pilots)
  5. Profitable and scalable unit economics
  6. Clear and achievable 18-month plan with milestones and cash requirements
  7. Institutional or strategic participation (preferred)
  8. If UK-based, S/EIS qualifications (preferred)

What to expect in our DD process

  1. A quick initial decision // After an initial meeting and review of materials entrepreneurs can expect a quick (24-48 hrs) initial decision – we will either pass or commit to a due diligence process.
  2. A rigorous and collaborative DD deep dive // Our due diligence process takes 2-6 weeks and will be focused on following areas:
    • Team (interviews, references)
    • Product / service DD, including IP (expert assessments)
    • Market and Competition
    • Commercial DD (business plan assessment, reconstruction of financial projections)
    • Customer interviews (2–3 customer IVs)
    • Investor interviews (prior investors, co-investors)
    • Confirmatory DD (accounting, legal, HR)

If everything looks good, we will syndicate an investment. If not, we will provide our work product to the company as constructive feedback.

What we bring

  • Capital // We invest in 2-6 new deals per year and provide follow-on capital. We lead or co-invest alongside VCs
  • Commercial expertise // We are entrepreneurs turned investors. Once we are in, you can call us anytime to simply bounce ideas or dive deep into any particular issues you are facing
  • Network // We provide a bridge between Europe, USA, and Asia and our network includes experts, angel groups, and early stage VCs. We are part of the Chicago Booth venture ecosystem