Thesis

The world needs to cure cancer, clean the planet, increase productivity in industries and agriculture, and feed 10bn people by 2050. The world does not need another delivery or dating app.

We invest in companies that solve pressing societal problems. Equally important, we do not invest in ventures that promote consumerism and social media exposure (e.g. advertising, social media platforms), speculative assets (e.g. crypto tokens), or non-tech-enabled businesses (e.g. property).

We seek businesses that serve sophisticated B2B enterprise clients in very large markets, have validated 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

Technology & business model

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

  • Enterprise software (50-75% of investments)
  • Computational biotech (15-25% of investments)
  • Engineering and scientific space (10-25% of investments)

Defensibility

We seek defensibility that assures significant barriers to entry through:

  • Deep, complex technology
  • IP or trade secrets
  • Proprietary data and know-how
  • Uniquely skilled team
  • Network effects (as the venture matures)
  • Advanced traction and market share that creates a significant time advantage over competition (as the venture matures)

Sector

We invest in businesses that impact large fundamental sectors, such as:

  • Industrials and Manufacturing
  • Healthcare
  • Communication and data management
  • Defence and aerospace
  • Construction
  • Clean energy
  • Mobility
  • Agriculture
  • Financial services

Geography

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.

Seed

We write $200-500k first 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 $5m round size
  • Minority stake (5-20%)
  • Lead or co-invest with VCs
  • Follow-on rights
  • Board, observer or advisory positions (optional)

Follow-on

We provide follow-on capital of up to $3m 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
  • 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

We engage in a rigorous and collaborative DD deep dive. Our due diligence process takes 2-6 weeks and will be focused on the following areas:

  1. Team (interviews, references)
  2. Product / service DD, including IP (expert assessments)
  3. Market and Competition
  4. Commercial DD (business plan assessment, reconstruction of financial projections)
  5. Customer interviews (2–3 customer IVs)
  6. Investor interviews (prior investors, co-investors)
  7. Confirmatory DD (accounting, legal, HR)

What we bring

Capital

We invest in 2-5 deals per year and provide follow-on capital. We lead or co-invest alongside other 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