Every fund we have raised has started with the same promise: we will be the first money in. Ten years and four funds later, that promise still shapes almost every decision we make, from who we meet to how we spend our time after we invest.

It is the riskiest place to invest. There is often no product, no revenue and sometimes no company yet, just two or three people with a clear view of a problem. It is also where we can help the most, because the decisions made in the first eighteen months are the hardest to undo.

Small cheques, big decisions

A first cheque is rarely large. But it shapes who joins the company, how the next round is priced, and what the founders believe is possible. A good first investor makes the next investor's job easier. A poor one leaves a mess that takes years to clean up.

That is why we keep our first rounds simple. Clean terms, no unusual rights, and enough money to reach a real milestone rather than the next pitch meeting.

It is also why we meet founders early, often before there is a product, and why we keep each partner to six companies at most. You cannot be useful to twenty companies at once.

What we look for

We look for founders who understand a problem better than anyone else, and who can explain why now is the moment to solve it. Everything else, from hiring to pricing to fundraising, can be learned together.

We pay close attention to how founders make decisions with limited information. The best ones move quickly, change their minds when the facts change, and are honest about what they do not know.

What comes after

The first cheque is the start of a long relationship. We reserve money for every company we back, so we can invest again when it matters. In our last fund, more than half of the capital went into follow-on rounds.

If you are building something early and think we might be a good fit, we would like to hear from you. Send us a short note. A deck helps, but it is not required.