Research

We write the thesis before we write the cheque.

Every sector we invest in starts as an internal report: how the market works, where it is broken, and what would have to be true for a company to win. These are the ones we publish.

Thesis reports

Six sectors, read end to end.

Our thesis

    From the desk

    Shorter notes on trends and sub-sectors.

    Between the long reports the team writes short internal notes. A selection is below; ask for any of them.

    Ask for a note

    Building in a sector we have written about?

    We invest from pre-seed to Series B, and we read every pitch.