Investment criteria
First cheques for companies that have more insight than revenue.
We invest before product-market fit and before revenue. This page sets out the size of our first cheque, the companies we look for and the measures we pay attention to when we assess them.
First cheque range
First investments of up to £250,000.
This is the maximum first investment, not the typical one. Investment size varies according to the business, its stage and the round. We also reserve capital for follow-on investment in selected portfolio companies, although we rarely lead those later rounds.
- Maximum first investment
- £250,000
- Typical first investment
- [CONFIRM]
- Minimum first investment
- [CONFIRM]
- Follow-on reserve
- [CONFIRM]
- Target ownership
- [CONFIRM]
- Round sizes we participate in
- [CONFIRM]
All figures are illustrative and depend on individual circumstances. The amount invested, the role we take and the terms of any follow-on participation will be agreed on a case-by-case basis.
What we look for
- Stage
- Inception and pre-seed, with selective early seed investments where we can add clear strategic value. Product-market fit and revenue are not requirements.
- Geography
- Companies based across the United Kingdom, with a particular interest in those able to build a meaningful connection to the City of London.
- Sector
- Fintech, payments, regtech, insurtech, wealthtech, financial infrastructure, cybersecurity, data and artificial intelligence, and enterprise technology for financial and professional services.
- Role in the round
- We often lead or invest alone on a first cheque, sometimes co-lead alongside like-minded funds, and occasionally follow other funds in larger rounds.
- Team
- Founders with a specific insight into the problem, the ability to learn quickly and the resilience to sell into institutional buyers.
- Market
- An uncapped opportunity, where a small early team can credibly reach a large market from a UK base.
Metrics we prioritise
The few measures that tell us something real.
- 01
Depth of insight
What the founders understand about the problem that others have missed, and the evidence behind it.
- 02
Speed of learning
How quickly the team moves from question to answer. Learning rate matters more to us than the number of customers.
- 03
Evidence of demand
Conversations, pilots, letters of intent or usage that show a real buyer with a real budget, at whatever scale exists today.
- 04
The right metrics
Whether the team has identified the few measures that genuinely reflect progress, rather than chasing arbitrary numbers.
- 05
Capital efficiency
How much has been achieved with the resources available. Staying lean until product-market fit is usually the right approach.
- 06
Route to the City
Whether customers, advisers or capital in the Square Mile could accelerate the company, and whether we can help open those doors.
No single measure decides an investment, and we do not apply revenue or traction thresholds at this stage.
What we are unlikely to invest in
- Businesses seeking debt or working capital finance
- Companies at a stage where our cheque would not be meaningful
- Opportunities where we cannot add commercial value beyond capital
- Sectors we do not understand well enough to assess responsibly
Additional exclusions: [CONFIRM]
How a decision is made
- 01Introduction or direct approach
- 02Initial investment review
- 03Founder meetings
- 04Commercial and technical assessment
- 05Investment decision
- 06Terms and documentation
- 07Completion and follow-on planning
Nothing on this page is an offer of investment or financial advice, and meeting these criteria does not guarantee an investment, introductions or follow-on funding.
Frequently asked questions
Cheque size, round size and follow-on.
How large is your first cheque?+
First investments are of up to £250,000. That is the maximum rather than the typical amount, and the size of any individual investment depends on the business, its stage and the round.
What is a typical first cheque?+
[CONFIRM Typical first investment]
Is there a minimum first investment?+
[CONFIRM Minimum first investment]
What size of round do you usually invest in?+
[CONFIRM Typical round size at first investment]
Can you take part in larger rounds?+
[CONFIRM Maximum round size in which we can play a meaningful role]
Do you lead rounds?+
We often lead or invest alone on a first cheque. We sometimes co-lead alongside like-minded funds, and occasionally follow other funds in larger rounds. We rarely lead follow-on rounds.
Do you reserve capital for follow-on investment?+
Yes. We reserve capital to follow on into selected portfolio companies, although a first investment does not commit us to any further funding.
How much follow-on capacity is available per company?+
[CONFIRM Follow-on reserve per company]
How is a follow-on decision made?+
Follow-on decisions are made in the same way as a first investment: on the evidence the company has generated since we invested, its capital requirements and the terms of the round. Participation cannot be guaranteed.
Do we need revenue or product-market fit?+
No. We invest at inception and pre-seed, before revenue and before product-market fit, and we do not apply traction thresholds at this stage.
Figures marked for confirmation will be published once approved. Nothing here is an offer of investment or financial advice.
Tell us what you have learned.
You do not need revenue, a finished product or a warm introduction. Tell us about the problem, the insight behind your approach and what you have worked out so far.