What we look for

We are looking for the next Atlassian; deep tech companies with a strong competitive edge in a global market led by extraordinary founders. We are looking for:

Extraordinary team

The earlier the stage of the company, the more critical the founders’, temperament and experience. Founder “fall out” or poor performance is perhaps the highest risk for early stage startups.

  • Intellectual firepower and a voracious appetite to learn, unimpeded by emotional barriers
  • People we think we will enjoy working with and trust
  • A strong track record of achievement
  • The passion and tenacity to battle through challenges and make the business work
  • Interpersonal skills; people who can engage and work with others to realise their vision
  • Product expertise and deep customer understanding
  • Skin in the game – founders have significantly invested and are working full time

Evidence of product-market fit

  • market traction metrics, or at least an MVP; and
  • evidence of an effective solution to a real customer pain point, for which they will pay. (The highest returns can be made investing at a low valuation, pre-traction).

Scaleability & path to revenue growth

  • Clear revenue strategy (and controlled cash burn)
  • a huge global market

Competitive edge

Innovative and strong technology giving the business a significant advantage over competition. Our technology expert performs technical due diligence.

Exit options

Visible prospects of a profitable exit.

Terms for growth

  • Fair investor protections – founder retention provisions, 1x liquidation preference & follow on rights
  • Fair valuation
  • Strong founder incentives

Purpose

Making the world better in some way, even if this is just increasing efficiency. We do not invest in anything that is likely to cause harm to people (e.g. gambling, tobacco, alcohol) or the environment.