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Design partners are not paying customers; conversion to paid is the real question.\nPillar 3 — Capital efficiency: Unclear. $2.5M for a pre-seed with three large enterprise design partners is plausible, but the implied runway is short for an enterprise sales motion.\n\nDisqualifiers: stage (we typically wait for $500K+ ARR), single-founder for an infra play.\n\nOpen questions: founder background, why solo, design-partner contract terms (purchase commitment vs. evaluation), competitive landscape (does anyone else ship this primitive?)."},{"id":"1fed0c45-46e2-4f04-8c88-7940b7933b03","company_name":"Finch","founder_name":"Jordan Bell","status":"passed","stage":"Seed extension","industry":"Consumer / Mental health","raise_amount":"$4M seed extension","intro_source":"cold","thesis_fit_score":"weak","company_summary":"Finch is a B2C mobile mental-health app with a gamified daily check-in and a virtual pet retention loop. $200K MRR, 14 months in, 8% MoM growth from App Store organic. Single-founder company. Raising a $4M seed extension.","thesis_fit_analysis":"B2C consumer is out of our default thesis but the unit economics here look unusually clean for a category that usually flames out post-launch.\n\nPillar 1 — B2B/SaaS: Out of thesis (B2C subscription).\nPillar 2 — Growth quality: Moderate. 8% MoM organic is real but App Store organic concentration is a single point of failure.\nPillar 3 — Defensibility: Weak. The \"virtual pet retention loop\" is interesting but not durable IP.\n\nDisqualifiers: consumer subscription churn dynamics, App Store dependency, single-founder for a Series A trajectory.\n\nOpen questions: Day-30 / Day-90 retention by cohort, paid-vs-organic mix, founder's plan for the second hire."},{"id":"41bd7a9a-2d35-400a-a650-f70aa9cec24d","company_name":"Lattice","founder_name":"Marisol Vega","status":"advancing","stage":"Seed","industry":"Vertical SaaS / Agriculture","raise_amount":"$3M Seed","intro_source":"event","thesis_fit_score":"strong","company_summary":"Lattice is a vertical SaaS for agricultural co-operatives in Latin America. $480K ARR across 14 co-ops in Mexico and Colombia, growing 18% MoM. Founder Marisol Vega is ex-McKinsey with grew-up-on-a-coffee-farm context; co-founder Tomás Aguirre is ex-Globant.","thesis_fit_analysis":"Vertical SaaS in an emerging market — squarely on thesis if traction and unit economics hold up.\n\nPillar 1 — Vertical SaaS: Strong. Co-ops are an underserved buyer with consolidated decision-making and high switching costs.\nPillar 2 — Verifiable traction: Moderate. $480K ARR is early but 18% MoM is fast; need to verify GMV through co-op concentration.\nPillar 3 — Founder-market fit: Strong. Marisol has the rare combination of operator background and lived domain context.\n\nDisqualifiers: LatAm market means USD-revenue concentration risk and FX exposure; need to understand how they price.\n\nOpen questions: customer concentration in top 3 co-ops, how Lattice differentiates from existing co-op management software (e.g. Cropsifter), unit economics on the freemium tier."},{"id":"31a2419a-4ba7-4a1f-93a2-5fee2538d9ee","company_name":"NorthPole Energy","founder_name":"Grace Okonkwo","status":"passed","stage":"Series A","industry":"Climate / Energy storage","raise_amount":"$20M Series A","intro_source":"warm_intro","thesis_fit_score":"out_of_thesis","company_summary":"NorthPole Energy builds modular zinc-bromine flow batteries for utility-scale grid storage. 18 months into operation. One pilot deployment underway with a Texas utility. Existing $4M seed led by Energy Impact Partners. Raising $20M Series A to scale.","thesis_fit_analysis":"Climate hardware sits outside our software-only thesis. The team and credentials look strong from the email alone, but the capital efficiency and time-to-revenue profile of a grid-scale hardware company is fundamentally different from what we underwrite.\n\nPillar 1 — Software-first: Out of thesis. Hardware capex.\nPillar 2 — 12-18 month time to revenue: Out of thesis. Grid deployments take 3-5 years.\nPillar 3 — Capital efficient: Out of thesis. $20M Series A on a single pilot is a structural commitment; the next round will likely be $50M+.\n\nDisqualifiers: capital intensity, hardware risk, regulatory dependency. Nothing wrong with the company, just not for us."},{"id":"323ba75b-04f8-474f-adfd-7ae039d7aa88","company_name":"Stellate","founder_name":"Alex Chen","status":"reviewing","stage":"Series A","industry":"Developer infrastructure","raise_amount":"$5M @ $45M post","intro_source":"cold","thesis_fit_score":"strong","company_summary":"Stellate is a developer-infrastructure SaaS that caches database query results at edge POPs to cut SaaS application cloud bills by 30-40%. The team is 9 FTEs, all ex-Vercel/Cloudflare. They claim $1.2M ARR with 25% MoM growth, 138% NRR, and 47 paying customers including Notion and Linear. Burning $400K/mo with 18 months of runway pre-raise.","thesis_fit_analysis":"Aligns strongly with two of the three thesis pillars (developer-tools focus and instrumentation-heavy products with measurable cost savings); the third pillar (vertical SaaS) is not a fit and the team is candid about that.\n\nPillar 1 — Developer infrastructure: Strong. Founders are well-credentialed (ex-Vercel, ex-Cloudflare). Product addresses a clearly-quantified pain point (cloud bills). Customer logos suggest the buyer persona is engineering leadership at high-growth SaaS, which matches our typical comparable companies (e.g. PlanetScale, Upstash).\n\nPillar 2 — Verifiable traction: Strong. 25% MoM revenue growth at $1.2M ARR is unusual; if true it implies $4M+ ARR exit by next year. NRR of 138% is high. We should verify against Stripe data (open question for diligence).\n\nPillar 3 — Vertical SaaS: Out of thesis as a horizontal infra play, but the founder mentions explicit vertical packaging in retail and fintech. Worth probing in Q&A.\n\nDisqualifiers: None visible from the email alone. Series A round is led by a top-tier co-investor (Sequoia), so we'd be filling out the round rather than leading.\n\nOpen questions: revenue concentration in top 10 customers, retention of those NRR numbers when they hit $5M+ ARR, churn cohort behavior, why the existing investors aren't taking the full round."}],"notes":[{"id":"14e3d783-45dd-4775-80f2-4f996ad8b4e7","company_id":"8b396e22-1612-4737-8d09-5dbf593bb08f","content":"GitHub stars passed 5K. Elena is presenting at NeurIPS next month — great visibility for enterprise pipeline.","created_at":"2026-03-08"},{"id":"3895cf36-93a9-41da-8393-ec19d72e7de6","company_id":null,"content":"LP update call next Thursday. Prepare portfolio summary with highlights from Benchline and RouteWise.","created_at":"2026-03-08"},{"id":"2d08ab56-a4c8-4f8a-a66a-ab16c32e8042","company_id":"d4fef540-f26b-426f-9aef-96144a6579ce","content":"FDA pre-submission meeting went well. Team expects to file for regulatory clearance in Q2 2026.","created_at":"2026-03-08"},{"id":"679ff9b4-0608-4e48-b893-1ebc0dc0a737","company_id":"b4870bad-ddd4-42d1-a300-7111899cf154","content":"Board meeting recap: team presented Series C readiness plan. Targeting Q3 2026 raise at $50M+ valuation.","created_at":"2026-03-08"},{"id":"52974a9b-4c82-44a6-9dcc-21ac30b46a93","company_id":"a67954cb-474b-404b-858b-49c240c22027","content":"Sarah mentioned they are exploring a strategic partnership with Salesforce. Follow up in next 1:1.","created_at":"2026-03-08"},{"id":"8dfff174-1675-4691-b659-c8aa7bd20586","company_id":null,"content":"Q4 portfolio review scheduled for March 15. Need updated financials from all companies by March 1.","created_at":"2026-03-08"}],"interactions":[{"company_id":"b4870bad-ddd4-42d1-a300-7111899cf154","subject":"Series C timing discussion","summary":"James wants to start Series C conversations in Q3 2026. Discussed target raise ($30-40M), potential leads (a]6z, Coatue), and whether to hire a CFO before the process.","date":"2026-06-23"},{"company_id":"d1263d61-e648-4906-b991-f831fb74a186","subject":"Re: Customer expansion update","summary":"Emily shared that three large enterprise prospects are in late-stage trials. Discussed pricing strategy for annual contracts above $200K and whether to offer multi-year discounts.","date":"2026-06-20"},{"company_id":"a67954cb-474b-404b-858b-49c240c22027","subject":"Re: Q4 board prep","summary":"Sarah shared draft board deck and asked for feedback on the ARR bridge slide. Discussed hiring plan for Q1 and whether to bring on a VP Sales now or wait until Series A+ closes.","date":"2026-06-16"},{"company_id":"2231479f-1bf3-4646-9173-abc5d31fd515","subject":"FX hedging strategy","summary":"Kemi flagged Naira volatility impacting USD-reported metrics. Discussed hedging options and whether to open a USD treasury account for operational reserves.","date":"2026-06-13"},{"company_id":"d4fef540-f26b-426f-9aef-96144a6579ce","subject":"FDA pre-submission feedback","summary":"Priya shared positive feedback from FDA pre-submission meeting. Regulatory pathway looks clearer than expected. Team targeting Q2 2026 for clearance filing.","date":"2026-06-11"},{"company_id":"a67954cb-474b-404b-858b-49c240c22027","subject":"Intro: Sarah Chen <> David Park (VP Sales, AcmeCorp)","summary":"Introduction between Sarah Chen (NovaTech CEO) and David Park (VP Sales at AcmeCorp) to discuss enterprise sales motion and playbook for scaling from $3M to $10M ARR.","date":"2026-06-09"},{"company_id":"35dea40d-dd6f-4916-b566-deb40872d579","subject":"Grant application update","summary":"Anna confirmed DOE grant application submitted. $500K grant decision expected Q2. Also discussed adding a sales hire to target CSRD-affected European companies.","date":"2026-06-06"},{"company_id":"d08a27bc-39e4-4fb1-a624-7a286d83e929","subject":"Intro: Jamie Lin <> Sam Patel (Head of Growth, GrowthStack)","summary":"Connected Jamie with Sam Patel at GrowthStack to discuss potential integration partnership and co-marketing for ad creative optimization in the SMB segment.","date":"2026-06-03"},{"company_id":"8b396e22-1612-4737-8d09-5dbf593bb08f","subject":"Intro: Elena Vasquez <> Chris Nguyen (CTO, ApexData)","summary":"Introduction between Elena Vasquez (Lattis founder) and Chris Nguyen (CTO at ApexData) to discuss potential design partnership on multimodal embeddings for enterprise RAG use cases.","date":"2026-06-01"},{"company_id":"b4870bad-ddd4-42d1-a300-7111899cf154","subject":"Intro: James Okafor <> Maria Santos (COO, GlobalFreight)","summary":"Introduction between James Okafor (RouteWise CEO) and Maria Santos (COO at GlobalFreight) to explore potential partnership for last-mile delivery optimization.","date":"2026-05-27"},{"company_id":"2231479f-1bf3-4646-9173-abc5d31fd515","subject":"Intro: Kemi Adeyemi <> Rachel Kim (PayBridge)","summary":"Connected Kemi with Rachel Kim from PayBridge to discuss cross-border payment infrastructure and potential integration for TapFin's merchant onboarding flow.","date":"2026-05-22"},{"company_id":null,"subject":"LP meeting follow-up — portfolio allocation discussion","summary":"Follow-up from LP advisory meeting covering Fund II deployment pace, reserve strategy, and initial Fund III timeline. LPs want to see more detail on Fund I realized returns at next meeting.","date":"2026-05-17"}],"investments":[{"company_id":"d1263d61-e648-4906-b991-f831fb74a186","vehicle":"Fund II","type":"investment","date":"2022-01-15","round":"Seed","cost":300000,"share_price":1},{"company_id":"b4870bad-ddd4-42d1-a300-7111899cf154","vehicle":"Fund I","type":"investment","date":"2022-03-20","round":"Seed","cost":400000,"share_price":1},{"company_id":"d1263d61-e648-4906-b991-f831fb74a186","vehicle":"Fund II","type":"investment","date":"2023-04-01","round":"Series A","cost":1200000,"share_price":4,"note":"Full pro-rata"},{"company_id":"a67954cb-474b-404b-858b-49c240c22027","vehicle":"Fund I","type":"investment","date":"2023-06-15","round":"Seed","cost":500000,"share_price":1,"note":"Led seed round"},{"company_id":"b4870bad-ddd4-42d1-a300-7111899cf154","vehicle":"Fund I","type":"investment","date":"2023-07-15","round":"Series A","cost":1000000,"share_price":3,"note":"Full pro-rata"},{"company_id":"2231479f-1bf3-4646-9173-abc5d31fd515","vehicle":"Fund II","type":"investment","date":"2023-09-01","round":"Seed","cost":350000,"share_price":1},{"company_id":"d4fef540-f26b-426f-9aef-96144a6579ce","vehicle":"Fund I","type":"investment","date":"2024-01-10","round":"Seed","cost":750000,"share_price":1,"note":"Co-led seed with BioFund Partners"},{"company_id":"35dea40d-dd6f-4916-b566-deb40872d579","vehicle":"Fund II","type":"investment","date":"2024-04-15","round":"Seed","cost":600000,"share_price":1,"note":"Led seed round"},{"company_id":"d08a27bc-39e4-4fb1-a624-7a286d83e929","vehicle":"Fund I","type":"investment","date":"2024-06-01","round":"Series A","cost":2000000,"share_price":2.5,"note":"Co-invested with Growth Capital"},{"company_id":"d1263d61-e648-4906-b991-f831fb74a186","vehicle":"Fund II","type":"investment","date":"2024-08-01","round":"Series B","cost":2500000,"share_price":10,"note":"Led Series B at $85M pre"},{"company_id":"8b396e22-1612-4737-8d09-5dbf593bb08f","vehicle":"Fund II","type":"investment","date":"2024-08-15","round":"Pre-Seed","cost":250000,"share_price":1,"note":"Angel round"},{"company_id":"a67954cb-474b-404b-858b-49c240c22027","vehicle":"Fund I","type":"investment","date":"2024-09-01","round":"Series A","cost":1500000,"share_price":2,"note":"Pro-rata follow-on"},{"company_id":"b4870bad-ddd4-42d1-a300-7111899cf154","vehicle":"Fund I","type":"investment","date":"2024-11-01","round":"Series B","cost":2000000,"share_price":7,"note":"Led Series B"},{"company_id":"2231479f-1bf3-4646-9173-abc5d31fd515","vehicle":"Fund II","type":"investment","date":"2024-12-01","round":"Series A","cost":1500000,"share_price":3,"note":"Co-led with Fintech Africa"},{"company_id":"d08a27bc-39e4-4fb1-a624-7a286d83e929","vehicle":"Fund I","type":"unrealized_gain_change","date":"2025-12-31","unrealized_change":1200000,"mark_share_price":4,"note":"Based on latest revenue multiple"},{"company_id":"a67954cb-474b-404b-858b-49c240c22027","vehicle":"Fund I","type":"unrealized_gain_change","date":"2025-12-31","unrealized_change":2500000,"mark_share_price":3.6,"note":"Q4 2025 mark based on Series A+ term sheet"},{"company_id":"b4870bad-ddd4-42d1-a300-7111899cf154","vehicle":"Fund I","type":"unrealized_gain_change","date":"2025-12-31","unrealized_change":6800000,"mark_share_price":12.5,"note":"Q4 2025 409A valuation"},{"company_id":"d1263d61-e648-4906-b991-f831fb74a186","vehicle":"Fund II","type":"unrealized_gain_change","date":"2025-12-31","unrealized_change":9500000,"mark_share_price":18.82,"note":"Q4 2025 mark based on $10M ARR milestone"},{"company_id":"d4fef540-f26b-426f-9aef-96144a6579ce","vehicle":"Fund I","type":"unrealized_gain_change","date":"2025-12-31","unrealized_change":250000,"mark_share_price":1.33,"note":"Modest mark-up based on grant milestones"},{"company_id":"2231479f-1bf3-4646-9173-abc5d31fd515","vehicle":"Fund II","type":"unrealized_gain_change","date":"2025-12-31","unrealized_change":2100000,"mark_share_price":5.65,"note":"Mark based on GMV growth trajectory"}]}