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.

THE THREE M's
01 · Market

Is this the right area of focus?

We look for markets that are growing or established — not shrinking — where a real, functional problem exists and demand is provable, not assumed.

02 · Management

Is this the right team?

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.

03 · Model

Is this the right business?

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.

FIRST PRINCIPLES

Every business gets a different weighting on each M

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.

What we consistently look for

A real, provable problem being solved
A founding team with integrity and skin in the game
A path to sustainable, cash-conscious economics
An entry price with genuine margin of safety
A medium-to-long-term investment horizon
A NOTE ON PROCESS

We keep our full evaluation framework close

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 company

Curious about the mechanics?

Read how a conversation with us actually unfolds — from first outreach to Investment Committee — on our Process page.

See our process →