Growth capital and founder liquidity
We specialise in backing the exceptional companies that have achieved impact in valuable markets without raising signficant outside capital.
We respect what that takes, and see privilege in the opportunity to become shareholders.
We typically make minority investments of between €10 million and €30 million.
Companies with a use not a need for capital
We typically invest where continued self-financing growth or outright sale are viable alternatives. Our capital is used to de-risk founders, align them with ambitious growth, and fund operating investments necessary to accelerate.
Supportive minority shareholders
Our partnership allows founders to retain control of their companies, whilst benefiting from the capital and board-level support to achieve their goals. We do not second guess operational matters, working instead to provide a strategic sounding board in the areas where it is most welcomed.
Return objectives consistent with sustainable growth
Underpinning this approach is a realistic sense of what success looks like. Most of the founders we back have built businesses that are worth €50m – €100m at the time we invest. We align with them in driving towards a value horizon of €200m – €500m, whilst sharing a sense of what is possible beyond.
Experience, networks and understanding built on specialism
By analysing, investing in, and working only with software companies, we develop the expertise necessary to be a substantive and helpful partner. Every company is different and brings new learnings, but we bring understanding of the strategic landscape in which they operate; and appreciation for the operational and go to market trade offs that founders often face.
We are not formulaic in our approach, preferring to listen to the good reasons that founders have built their business the way they have built it.
Whether built for SaaS from day one, or embarking on a business model transition; focused narrowly on SME, mid market, enterprise or a mix of the above; targeted at IT decision makers or business users; architected for vertical use cases or simply marketed that way; we can calibrate the opportunity and invest with conviction.
What the companies we partner with do have in common is authenticity of leadership, and a combination of the following:
- Demand growth from new and existing customers, in new and existing geographies
- Diverse base of high retention, referenceable customers, enjoying a clear return on their investment in the product
- Differentiated products, with architectural edge over better capitalised competitors