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Three filters. No exceptions.
We say no quickly and specifically, so you can get back to your round. Here is exactly what we look for — and what makes us pass.
What we need to see
1 Revenue, not a prototype
Every company we back is already charging someone money, with at least three months of it behind them. The number can be small — it has to be real and recurring enough that we can see it move. Letters of intent, waitlists and pilots don’t count.
2 Incorporated in the UK, US, Canada or Australia
A Delaware C-corp, a UK limited company, a Canadian corporation, or an Australian Pty Ltd. If you’re incorporated anywhere else we’ll pass on the first email rather than waste your quarter — it’s about how we hold the position, not about you.
3 Room for a small position on clean terms
We take a modest stake on the terms you’ve already agreed, in US dollars or the local-currency equivalent, and leave the cap table clean for whoever leads. If the round is closed or the terms are unusual, we’re probably not a fit.
What makes us pass
- Pre-revenue, however good the idea or the team.
- Incorporated outside our four markets.
- Raising on a valuation with no lead and no external reference point.
- A cap table already crowded with small cheques on conflicting terms.
- Anything requiring a board seat, heavy reporting, or control terms — that’s not what a first cheque this size should ask for.
None of these are judgements about whether you’ll succeed. They’re just the edges of what we do, stated plainly so you don’t have to guess.
Sectors
We’re generalists — software, consumer, hardware, marketplaces, property, energy. What matters is real revenue, not the category. The one thing we look for everywhere is a customer who has already chosen to pay.
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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