14 July 2026 · Essay
The pre-seed market has quietly become a seed market
Median pre-seed rounds in our pipeline are now 2.4x larger than they were in 2021, and founders are being asked for the traction that used to justify a Series A. We looked at 480 rounds to work out what actually changed — and why the extra capital is buying less runway, not more.
The short version: expectations inflated faster than cheque sizes did, and the gap is being paid for in founder equity.
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2 July 2026 · Portfolio
Griddle raises a $14M Series A
Led by Northwind Capital, with participation from 99SA. Griddle now forecasts load for eleven European distribution utilities.
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18 June 2026 · Essay
Evaluate the eval, not the demo
How we run technical diligence on applied AI companies: what a credible evaluation harness looks like, and the four ways teams accidentally fool themselves with benchmarks.
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3 June 2026 · Notes
Why we passed on eleven climate deals last quarter
Anonymised, aggregated reasons — mostly unit economics that only worked with a subsidy that expires in 2029.
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21 May 2026 · Essay
The first ten enterprise contracts
A practical guide from Tomas Brennan on pricing, pilots, procurement and the security questionnaire that will eat your quarter.
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30 April 2026 · Portfolio
Chartwise expands to twenty-two hospital systems
Eighteen months after our pre-seed cheque, and still with a team of nineteen people.
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9 April 2026 · Notes
What a good data room contains
Eleven documents, no more. Anything beyond this list has never once changed our decision.
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17 March 2026 · Essay
Regulated buyers are a moat, not a delay
Adaeze Nwosu on why an eighteen-month compliance cycle is the best defensibility a seed-stage company can buy.
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