01First check
$25K – $100K
Typically a SAFE
We come in early, when the grudge is still raw and the cap table is still clean. First money on a SAFE note so we move at the speed of spite, not the speed of paperwork.
§ Exhibit A — How we invest
The thesis
We write early checks for intense founders at pre-seed and seed. Small, fast first money on a SAFE, and real follow-on capital held in reserve for the ones who prove the target was right to worry.
The checks we write
§ First money and follow-on
02Follow-on
Seed rounds
Priced or SAFE
When a company we backed starts throwing off cash and taking share, we reload. Follow-on capital is reserved for the seed round of the founders already proving the target was right to be afraid.
Where we come in
§ Pre-seed and seed
Pre-seed
The default entry point. An intense founder, a target worth resenting, and enough of a wedge to start taking margin. We write the first check here.
Seed
For companies showing early cash flow and a clear path to bleeding the incumbent. We lead or follow, and we double down on the ones already drawing blood.
How we deploy
§ Rules of engagement
Speed over ceremony
A SAFE means we can decide fast and fund faster. No priced-round theater before there is anything to price. Conviction, a wire, and back to work.
Reserves for the winners
We hold capital back specifically to follow our best companies into their seed rounds. The ones drawing blood get the reload; the rest do not.
Cash flow buys freedom
We index on businesses that pay for themselves early. A company that funds itself can hold a grudge indefinitely and never has to beg for the next round.