Approach
How we decide,
and on what terms.
Four tests, a generational holding period, and a set of parameters we would rather state plainly than leave to inference.
Four tests
What every holding has to answer.
Parameters
Where we play, in numbers.
Settled policy rather than guidance. If what you are building sits outside these lines and the thesis still fits, write to us anyway.
- Stage
- Pre-seed through growth, with most activity where the need is proven and the product is not.
- Cheque size
- £200,000 to £3m. Expertise is part of what we invest rather than a service bolted on afterwards.
- Ownership target
- No fixed target. We will hold a quiet minority or take an active seat, whichever the company actually needs.
- Geography
- International. No single-market mandate.
- Structures
- Equity, co-build and joint venture, licences and royalties, secondaries, and token or protocol positions where the asset requires one.
- Follow-on reserve
- Held against every position. We would rather fund a lean business whose growth compounds than one that needs topping up.
- Consulting fee basis
- Cash or equity, whichever suits the company better.
- Holding period
- Indefinite. We underwrite to hold, and treat a sale as a decision rather than an assumption.
Process
What happens after you write to us.
- A conversation, not a form. The first call is with someone who can make a decision.
- A written view. If we are interested, we write down what we think the company is and send it to you. You get to correct us before anything else happens.
- Diligence proportionate to the cheque. Commercial, technical and regulatory, in that order, and we tell you who we intend to speak to.
- A decision with a reason. If it is a no, you will be told why, in enough detail to be useful.
Stewardship
Holding digital assets for decades.
A generational horizon creates obligations a ten-year fund never has to think about. Keys, credentials and administrative control have to survive the people who set them up. Licences and intellectual property have to be renewed by somebody who understands why they were acquired. Governance rights have to be exercised by the next custodian rather than quietly forgotten.
We treat custody, documentation and succession of our holdings as investment work rather than back office, and we expect the same discipline from the companies we hold.