THE COMPASS
How we think about an investment
We're rooted in fundamentals and a first-principles approach. Every opportunity we look at gets weighed against three things — in this order of what usually matters most.
We're rooted in fundamentals and a first-principles approach. Every opportunity we look at gets weighed against three things — in this order of what usually matters most.
We look for markets that are growing or established — not shrinking — where a real, functional problem exists and demand is provable, not assumed.
Integrity comes first, then meaningful skin in the game. We back founders who are self-aware about what they don't know and disciplined about what they do.
We favour a cash-conscious, sustainable operating model over growth financed purely by hope — and we weigh entry price as heavily as the opportunity itself.
There is no fixed scorecard. A deep-tech company earns a different mix of scrutiny on market and model than a consumer brand does. What stays constant across every deal is the weight we place on management — because able, honest, hungry teams solve most problems that a spreadsheet can't predict.
We treat entry price as inseparable from the investment decision itself: a great business bought at the wrong price can underperform, and a good business bought right can outperform. Timing, and the margin of safety it buys, matters as much as the thesis.
The detail of how we score, weight and stress-test a deal is intentionally not published — it's the product of years of investing and operating, and it evolves with every company we back. What you'll find above is the philosophy that sits above it.
If you're a founder, the best way to understand how we'll evaluate your business is to walk us through it directly.
Pitch your companyRead how a conversation with us actually unfolds — from first outreach to Investment Committee — on our Process page.
See our process →