[ { "id": "fenwick-grove", "name": "Fenwick Grove Ventures", "type": "Venture fund", "tagline": "Seed and Series A in unglamorous B2B software", "location": "London, UK", "founded": 2016, "fund_size": "£140M", "vehicle": "Fund III", "check": "£500K – £3M", "check_min_usd": 650000, "check_max_usd": 3900000, "stages": [ "Seed", "Series A" ], "sectors": [ "Manufacturing", "Data", "Biotech", "Logistics" ], "leads": true, "board_seat": "When leading", "response_time": "10 days", "about": "Fenwick Grove backs software sold into industries that do not read tech press: machine shops, laboratories, freight. The partnership is three people, all of whom have operated rather than banked, and it deliberately runs a concentrated portfolio of eight to ten companies per fund.", "process": "An intro call, then a two-hour working session with the team on the actual product. If both go well, a partner meeting and a term sheet inside three weeks. No committee theatre.", "wants": "Ten or more paying customers, a founder who has done the job the software replaces, and a market where the incumbent is a spreadsheet.", "avoids": "Consumer, crypto, and anything whose go-to-market depends on a platform they do not control.", "team": [ { "name": "Helena Fenwick", "role": "Managing Partner" }, { "name": "Oliver Grove", "role": "Partner" }, { "name": "Ada Nwosu", "role": "Partner" } ], "portfolio": [ "Kilnworks", "Sable Analytics", "Trellis Labs" ] }, { "id": "northstack", "name": "Northstack Capital", "type": "Venture fund", "tagline": "Infrastructure, data and security at Series A and B", "location": "San Francisco, US", "founded": 2012, "fund_size": "$620M", "vehicle": "Fund V", "check": "$8M – $25M", "check_min_usd": 8000000, "check_max_usd": 25000000, "stages": [ "Series A", "Series B" ], "sectors": [ "Data", "Security", "Robotics", "Logistics", "Fintech" ], "leads": true, "board_seat": "Always", "response_time": "3 weeks", "about": "Northstack invests in technical companies where the buyer is an engineer or an operator, and where the moat is difficulty rather than distribution. It runs an in-house team of eight on recruiting and enterprise introductions, which is the part of the value-add founders actually use.", "process": "Partner sponsor, then a technical deep-dive with an operating partner, then customer references. Four to six weeks from first meeting to close, and they will tell you no quickly.", "wants": "$2M+ ARR growing at 2x or better, a repeatable sales motion, and a technical founder still in the code or the factory.", "avoids": "Pre-revenue, services businesses dressed as software, and rounds priced ahead of the metrics.", "team": [ { "name": "Marcus Ivey", "role": "General Partner" }, { "name": "Diane Chao", "role": "General Partner" }, { "name": "Sam Okafor", "role": "Principal" } ], "portfolio": [ "Sable Analytics", "Signal Reef", "Quarry Robotics", "Cobalt Yards", "Harborlight" ] }, { "id": "terra-nine", "name": "Terra Nine", "type": "Venture fund", "tagline": "Climate infrastructure and the software around it", "location": "Copenhagen, DK", "founded": 2020, "fund_size": "€180M", "vehicle": "Fund II", "check": "€1M – €6M", "check_min_usd": 1100000, "check_max_usd": 6600000, "stages": [ "Seed", "Series A" ], "sectors": [ "Climate", "Proptech", "Manufacturing" ], "leads": true, "board_seat": "When leading", "response_time": "2 weeks", "about": "Terra Nine is a European climate fund that avoids the hardest capital-intensity: it looks for the software and services layer sitting on top of assets someone else has financed. Grid, buildings and heavy industry are the three areas it knows well.", "process": "Two partner meetings and a technical review with an external expert, usually someone from the industry in question. Diligence includes talking to a regulator or a grid operator, which adds a week.", "wants": "A clear regulatory tailwind, a paying customer whose economics improve immediately, and carbon impact you can measure without a consultancy.", "avoids": "Offset origination, hydrogen, and anything requiring a new factory before first revenue.", "team": [ { "name": "Anders Holm", "role": "Managing Partner" }, { "name": "Nadia Farouk", "role": "Partner" } ], "portfolio": [ "Verdant Grid", "Stonefold" ] }, { "id": "cedarline", "name": "Cedarline Capital", "type": "Venture fund", "tagline": "Healthcare services and software, growth stage", "location": "Boston, US", "founded": 2009, "fund_size": "$450M", "vehicle": "Fund IV", "check": "$5M – $20M", "check_min_usd": 5000000, "check_max_usd": 20000000, "stages": [ "Series A", "Series B" ], "sectors": [ "Healthcare" ], "leads": true, "board_seat": "Always", "response_time": "4 weeks", "about": "Cedarline only does healthcare, and only where a payer or provider is writing the cheque. Its partners have run reimbursement strategy inside health systems, which is why its portfolio companies tend to have a coding and billing answer before they have a sales team.", "process": "Slow and thorough. Expect a reimbursement review, clinical reference calls and a data room request early. Six to eight weeks, but very few broken processes.", "wants": "$1.5M+ ARR, a reimbursement pathway that exists today, and clinical evidence you did not fund yourself.", "avoids": "Direct-to-consumer health, wellness, and anything betting on a CPT code that has not been issued.", "team": [ { "name": "Ellen Barr", "role": "Managing Partner" }, { "name": "Victor Alvarez", "role": "Partner" }, { "name": "Dr. Simone Tate", "role": "Venture Partner" } ], "portfolio": [ "Cadence Health", "Halden Care" ] }, { "id": "ravel-capital", "name": "Ravel Capital", "type": "Venture fund", "tagline": "Vertical software for regulated industries", "location": "Toronto, CA", "founded": 2018, "fund_size": "CA$120M", "vehicle": "Fund II", "check": "CA$1M – CA$5M", "check_min_usd": 750000, "check_max_usd": 3700000, "stages": [ "Seed", "Series A" ], "sectors": [ "Legal", "Fintech", "Manufacturing", "Education" ], "leads": true, "board_seat": "When leading", "response_time": "2 weeks", "about": "Ravel looks for software sold into industries with a licence requirement, on the theory that regulation slows competitors down more than it slows a focused startup. Strong bias toward Canadian and Northern European founders selling into North America.", "process": "One call with an associate, one with a partner, then references. They give a written no with reasons, which founders consistently mention as the reason they come back.", "wants": "A wedge product with obvious annual contract value, and a founder who can name the regulation by number.", "avoids": "Horizontal tools, marketplaces without a take rate, and pre-product teams.", "team": [ { "name": "Jonathan Reeve", "role": "Managing Partner" }, { "name": "Priti Shah", "role": "Partner" } ], "portfolio": [ "Northbeam Legal", "Kilnworks" ] }, { "id": "alder-finch", "name": "Alder & Finch", "type": "Angel syndicate", "tagline": "Operator angels writing first cheques", "location": "New York, US", "founded": 2021, "fund_size": "$14M/yr", "vehicle": "Rolling syndicate", "check": "$150K – $600K", "check_min_usd": 150000, "check_max_usd": 600000, "stages": [ "Pre-seed", "Seed" ], "sectors": [ "Consumer", "Fintech", "Logistics" ], "leads": false, "board_seat": "Never", "response_time": "5 days", "about": "A syndicate of about 90 operators from consumer and commerce companies. They do not lead and do not want a board seat, but they will fill $150K to $600K of a round quickly and open doors to retail and marketplace buyers.", "process": "A 30-minute call with the two organisers, then a memo circulated to the syndicate with a seven-day window. You will know inside a week.", "wants": "A lead already in place or close to it, and a product with early organic pull.", "avoids": "Deep tech, biotech, and anything needing more than $3M to reach the next milestone.", "team": [ { "name": "Rebecca Alder", "role": "Organiser" }, { "name": "Ian Finch", "role": "Organiser" } ], "portfolio": [ "Palta Foods" ] }, { "id": "marlow-angels", "name": "Marlow Angels", "type": "Angel syndicate", "tagline": "UK operators backing technical founders early", "location": "London, UK", "founded": 2019, "fund_size": "£6M/yr", "vehicle": "Rolling syndicate", "check": "£50K – £400K", "check_min_usd": 65000, "check_max_usd": 520000, "stages": [ "Pre-seed", "Seed" ], "sectors": [ "Healthcare", "Security", "Education", "Data" ], "leads": false, "board_seat": "Never", "response_time": "1 week", "about": "Around 40 angels, most of them former engineering and product leaders at UK scale-ups. They are EIS and SEIS eligible for UK companies, which for a British pre-seed is often the deciding factor.", "process": "Pitch to the group on a monthly call. Members commit individually within ten days. One member acts as the point of contact afterwards.", "wants": "A working product, a technical founder, and a UK entity for tax relief purposes.", "avoids": "Non-UK entities, capital-intensive hardware, and pre-product concepts.", "team": [ { "name": "Charlotte Emery", "role": "Organiser" }, { "name": "Dev Patel", "role": "Organiser" } ], "portfolio": [ "Cadence Health", "Signal Reef", "Fernway" ] }, { "id": "bright-harbor", "name": "Bright Harbor Partners", "type": "Family office", "tagline": "Patient capital from a shipping and trade family", "location": "Singapore, SG", "founded": 2014, "fund_size": "Evergreen", "vehicle": "Family balance sheet", "check": "$2M – $15M", "check_min_usd": 2000000, "check_max_usd": 15000000, "stages": [ "Series A", "Series B" ], "sectors": [ "Logistics", "Fintech", "Manufacturing" ], "leads": false, "board_seat": "Observer", "response_time": "6 weeks", "about": "The investment arm of a family with four decades in shipping and commodity trade across Asia. It has no fund life and no pressure to exit, which suits companies whose sales cycle is measured in years. Its network inside ports and trading houses is the real asset.", "process": "Relationship-led and slow. Expect several meetings before any diligence, and a preference for co-investing behind a lead they know.", "wants": "A real business with revenue, ideally something the family's operating companies could use themselves.", "avoids": "Anything pre-revenue, and sectors where they cannot add a customer.", "team": [ { "name": "Lim Kai Cheng", "role": "Head of Investments" }, { "name": "Serena Loh", "role": "Investment Director" } ], "portfolio": [ "Harborlight", "Cobalt Yards" ] }, { "id": "kestrel-ventures", "name": "Kestrel Ventures", "type": "Venture fund", "tagline": "First institutional cheques across East Africa", "location": "Nairobi, KE", "founded": 2019, "fund_size": "$45M", "vehicle": "Fund II", "check": "$150K – $1.5M", "check_min_usd": 150000, "check_max_usd": 1500000, "stages": [ "Pre-seed", "Seed" ], "sectors": [ "Logistics", "Fintech", "Consumer", "Education" ], "leads": true, "board_seat": "When leading", "response_time": "3 weeks", "about": "Kestrel writes the first institutional cheque into companies in Kenya, Uganda, Rwanda and Tanzania. It runs a small platform team that helps with the things that actually stall companies in the region: licensing, hiring senior engineers, and getting a bank to open an account.", "process": "Two meetings and a market visit. They will sit in your operations for a day, which tells them more than the deck does.", "wants": "Revenue in local currency, unit economics that work without subsidy, and founders who have lived in the market.", "avoids": "Copycat models with no local adaptation, and businesses dependent on a single government contract.", "team": [ { "name": "Wanjiru Kamau", "role": "Managing Partner" }, { "name": "Emeka Obi", "role": "Partner" } ], "portfolio": [ "Mint Route" ] }, { "id": "foundry-row", "name": "Foundry Row", "type": "Pre-seed fund", "tagline": "Small cheques, written fast, in European B2B", "location": "Berlin, DE", "founded": 2022, "fund_size": "€35M", "vehicle": "Fund I", "check": "€200K – €800K", "check_min_usd": 220000, "check_max_usd": 880000, "stages": [ "Pre-seed" ], "sectors": [ "Proptech", "Fintech", "Data", "Logistics", "Legal" ], "leads": true, "board_seat": "Never", "response_time": "4 days", "about": "Foundry Row exists to remove the four-month pre-seed process. Two partners, no investment committee, standard documents, and a decision within a week of the first meeting. They lead small rounds and expect to be diluted by a proper seed within 18 months.", "process": "One call, one follow-up with a written memo from you, then yes or no. Standard German or Dutch SAFE, no negotiation on terms below €800K.", "wants": "Two founders, a product in the hands of at least one paying customer, and a European B2B market.", "avoids": "Solo founders without a technical co-founder, and anything requiring a licence before launch.", "team": [ { "name": "Jana Brandt", "role": "Partner" }, { "name": "Léo Mercier", "role": "Partner" } ], "portfolio": [ "Stonefold", "Ledgerly" ] } ]