Essays
Longer arguments about markets, companies and how we invest.
Essays · September 16, 2026
The case for the long first cheque
Why we write fewer, larger first cheques, hold back more than half of each fund for follow-ons, and accept the slower pace that comes with both.
Theo Marchetti
Essays · June 24, 2026
Boring software, durable companies
Why we keep backing infrastructure software that few people outside engineering teams will ever see, and what makes it so hard to replace once it is in.
Rafael Costa and Jun Seo
Essays · May 20, 2026
The grid is the bottleneck
Clean power is now cheap to build and slow to connect. Why our climate investing has shifted towards storage, grid software and the industries that must plug in.
Clara Novak and Hana Weber
Essays · March 10, 2026
What we look for in a founding team
At seed and Series A we are mostly backing people. The qualities we have learned to look for in a founding team, and a few we have learned to discount.
Grant Holloway and Kwame Asante