Three stages of formation.
Seed, rounds, and secondaries — one doctrine, met at the right moment for each company.
At formation
Back the team and the insight while the layer is still forming.
- Founder–layer fit
- Is the insight real and early?
- Path to first proof
As it takes shape
Join priced rounds at the inflection, when a technology turns from thesis to proof.
- Revenue, contracts, deployments
- Customer and syndicate quality
- Use of proceeds vs. next milestone
Once it has formed
Buy into proven layers at a disciplined entry price, with a clearer path to liquidity.
- Discount to last round
- Proof the layer is won
- Liquidity window and transfer terms
| No. | Stage | When we enter | What we underwrite | Status |
|---|---|---|---|---|
| 01 | Seed | At formation | Team, insight, the layer | Open |
| 02 | Rounds | As it takes shape | Inflection, customers, syndicate | Open |
| 03 | Secondaries | Once it has formed | Entry price, liquidity path | Open |
| C | Co-invest | Alongside our positions | Same memo, same fit test | By invitation |
Every company, read the same way.
Gather current facts
Funding, valuation, investors, technology, customers, market, and risks — dated and sourced.
Write the memo
One format for every company: thesis, the layer, comparables, risks, roadmap, and return profile.
Check before deciding
What's disclosed and what's inferred is made explicit, and the biggest risk is flagged every time.
Four questions, every time.
Curiosity
What has this company discovered? What's the insight?
Leads
Is it leading its frontier — a company the ecosystem can build on?
Advancement
If it wins, does everything above it move faster, cheaper, or further?
Discovery
Is it a real discovery, and does the entry match the moment of formation?