Home / Cheque size
One number, and how we get to it.
Every cheque we write lands between $10,000 and $100,000, in US dollars. Here is how we size it, and when we write a second one.
We write every cheque in US dollars, wherever you're incorporated.
How we size it
The number is small on purpose. We are the first institutional money in, next to friends, family and angels — not the round’s lead.
Where a cheque lands inside the range comes down to three things: how much revenue you already have, how much of the round is still open when you reach us, and how clean the terms are. Most cheques sit around $25,000. We go to $100,000 for companies whose revenue we can already see compounding month over month.
What the money is priced on
We don’t set your price. We take the terms you’ve already agreed with your lead or your priced round and sign the same paper as everyone else, in US dollars or the local-currency equivalent.
Follow-on
A first cheque is exactly that — first, not only. When a company we’ve backed raises again and is clearly working, we look hard at writing a second, larger cheque. There is no promise here, and no penalty for raising elsewhere; the first cheque never carries pro-rata obligations for you.
Why US dollars
We invest out of a single US-dollar book so our accounting, tax and reporting stay simple — which is part of how we keep the process fast. If your round is denominated in pounds, Canadian or Australian dollars, we convert at the time we wire. The currency switch above is only there to help you picture the amount; the cheque itself is always USD.
Send us the numbers.
What you're building, where you're incorporated, and what you've billed in the last three months.
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