Capital
Pre-seed investment.
We write small cheques at pre-seed, often alongside other angels, using an ASAa SAFE or a priced round. We help on the technical side whenever you ask, and we don’t need a board seat.
Terms
What our cheques look like.
- Cheque size
- Small, and agreed for each deal. Tell us what you’re raising and we’ll say where we can fit in.
- Stage
- Pre-seed.
- Instrument
- An Advance Subscription Agreement (ASA), or a priced equity round.
- Tax relief
- We prefer companies that qualify for SEIS or EIS. Our ASAs are SEIS-compatible.
- Involvement
- Technical advice when you want it. We don’t need a board seat.
- Reporting
- A quarterly update email, and your annual accounts.
- Cheque size
- Small, and agreed for each deal. Tell us what you’re raising and we’ll say where we can fit in.
- Stage
- Pre-seed.
- Instrument
- A post-money SAFE, usually with a valuation cap, or a priced equity round.
- Involvement
- Technical advice when you want it. We don’t need a board seat.
- Reporting
- A quarterly update email, and your annual accounts.
Why an ASA
We use ASAs so you keep SEIS.
A SAFE and an ASA both turn money now into shares later. The SAFE is the US standard, and in the UK it usually doesn’t qualify for SEIS relief. A well-drafted ASA does.
SEIS and EIS
Advance assurance
Alongside others
How we invest
Standard paper, small cheques.
We use the post-money SAFE because founders and investors already know it. There’s nothing new to read and nothing to negotiate beyond the cap.
Post-money SAFE
Valuation caps
Alongside others
Using both routes.
If you need a product and runway, we can build it under Build to Buyout and invest a cheque at the same time. Each has its own agreement, so the investment doesn’t depend on the build.
Raising at pre-seed?
Send us your deck and tell us about the round. We’ll let you know quickly whether we can invest, and roughly how much.