What We Look For
Our strategy is to invest in companies that will become leaders in an attractive market. Over long years of investing we have found that these companies attract the highest multiples on exit and investing in them is the best way to generate returns for our investors. Companies with potential to lead attractive markets generally have the following characteristics:
- Great team – execution is a pre-requisite for success and we need to be confident the team can deliver
- Great product – startups win markets because they have fantastic products which fit with the market requirement
- Large market – the addressable market needs to be large enough that the company can grow to tens or hundreds of millions of dollars and then beyond after exit
- Scalability – attractive markets are usually highly productised, offering startups the potential for high operational leverage
- Defensibility – markets are rarely attractive unless there are significant impediments to new entrants, these can take the form of intellectual property, network effects or brand
We invest in companies from pre-revenue stage upwards although we usually look for at least some evidence of customer uptake as proof of the product and market fit.
We lead the majority but not all of our investments.