Investment
Philosophy
Investment
Philosophy
Over the last decade and a half, we’ve learnt that great impact and great returns usually come from the same place: Strong founders, deep understanding of customers, and disciplined, capital-efficient growth. Our investment philosophy rests on three simple ideas.
Over the last decade and a half, we’ve learnt that great impact and great returns usually come from the same place: Strong founders, deeply understood customers, and disciplined, capital-efficient growth. Our investment philosophy rests on three simple ideas.
Over the last decade and a half, we’ve learnt that great impact and great returns usually come from the same place: Strong founders, deeply understood customers, and disciplined, capital-efficient growth. Our investment philosophy rests on three simple ideas.


Treat founders as partners, not counterparties

Strive to be clear and responsive in our engagement – whether the answer is yes or no

Spend real time on the ground with customers, testing the founder’s insight, the product’s value proposition and the quality of customer delight


Treat founders as partners, not counterparties

Strive to be clear and responsive in our engagement – whether the answer is yes or no

Spend real time on the ground with customers, testing the founder’s insight, the product’s value proposition and the quality of customer delight
We start with founders, and stay close to their customers
We start with founders, and stay close to their customers
For us, every partnership begins with the founder. We look for people who are ambitious about scale, grounded in reality, and obsessed with the lives of the customers they serve.
For us, every partnership begins with the founder. We look for people who are ambitious about scale, grounded in reality, and obsessed with the lives of the customers they serve.
For us, every partnership begins with the founder. We look for people who are ambitious about scale, grounded in reality, and obsessed with the lives of the customers they serve.
We invest for intrinsic value, not momentum
We invest for intrinsic value, not momentum
We are thesis-driven investors. Our most successful outcomes have been in companies that changed the structure of a market – whether in financial infrastructure, education, mobility, agriculture or SME tools – and did so over years, not quarters.
We are thesis-driven investors. Our most successful outcomes have been in companies that changed the structure of a market – whether in financial infrastructure, education, mobility, agriculture or SME tools – and did so over years, not quarters.
We are thesis-driven investors. Our most successful outcomes have been in companies that changed the structure of a market – whether in financial infrastructure, education, mobility, agriculture or SME tools – and did so over years, not quarters.


Technology that enables faster, cheaper access to distributed customers

Science / IP that creates differentiated products or defensible moats

Business model innovation – for example, new revenue models, capital-efficient ways of building supply, or unusually strong unit economics


Technology that enables faster, cheaper access to distributed customers

Science / IP that creates differentiated products or defensible moats

Business model innovation – for example, new revenue models, capital-efficient ways of building supply, or unusually strong unit economics


Start focused when searching for product-market fit

Demonstrate robust unit economics before scaling

Build towards healthy margins and operating leverage, not just top-line growth


Start focused when searching for product-market fit

Demonstrate robust unit economics before scaling

Build towards healthy margins and operating leverage, not just top-line growth


Start focused when searching for product-market fit

Demonstrate robust unit economics before scaling

Build towards healthy margins and operating leverage, not just top-line growth
We back capital efficient, durable growth
We back capital efficient, durable growth
We back capital
efficient, durable
growth
Our experience through multiple funding cycles has reinforced a simple truth: companies that respect capital tend to endure.
Our experience through multiple funding cycles has reinforced a simple truth: companies that respect capital tend to endure.
Our experience through multiple funding cycles has reinforced a simple truth: companies that respect capital tend to endure.

