Sector
Technology
Software and systems, when the economics are real.
What we look for
- Retention we can audit, not a cohort slide we are asked to trust.
- A product a customer would miss.
- Spending that does not need the next round in order to look sane.
Questions we ask
- 01Is this a tool, or a feature of someone else’s tool?
- 02What does gross margin look like after the truth-telling?
- 03Who owns the relationship, and the data?
How we might structure it
A significant minority in a private company. Listed equity when the multiple and the business have parted company.
We would rather decline
Revenue that is mostly ambition, and capital that only funds the next story.