Investment Thesis
We invest in what
Europe cannot afford
to get wrong.
A focused mandate, applied with conviction. We back technical founders at the seed stage — in cybersecurity and digital infrastructure — where Europe's sovereign capability is still being defined.
Three domains. One conviction.
Cybersecurity
We invest in companies with genuine technical defensibility — not repackaged tools or narrative-driven positioning. The domains we find most compelling: identity and access, data sovereignty, supply chain integrity, endpoint security for regulated industries, and security tooling for AI systems.
We look for founders who understand the attack surface deeply enough to have made hard product tradeoffs — not founders who have mapped the market from the outside.
Digital Infrastructure
The invisible layer that everything else depends on. API-first, auditable, sovereign — built for scale without losing control. We back founders who treat infrastructure as a long-term commitment and understand the operational realities of enterprise deployment.
The best infrastructure companies earn their position slowly and defend it permanently. We are patient partners for that kind of building.
Applied AI
When AI is not a layer on top of an existing product but the structural reason the product can exist at all, we pay attention. Particularly in security operations, threat detection, regulatory compliance automation, and intelligent access control.
The wedge must be technically defensible and the problem must be urgent enough that customers cannot wait for the category to mature. We are skeptical of AI-wrapped point solutions without a clear defensibility story.
How we evaluate companies.
We call our evaluation framework FAST — not because we make quick decisions, but because these four lenses are the ones that actually predict outcomes in our domain.
Team quality and belief. Technical founders who understand the problem from the inside. We evaluate judgment, honesty about risk, and evidence of compounding capability — not charisma or pedigree.
A massive, timely opportunity. Not a niche workaround — a real structural shift that creates durable demand. We look for markets being reshaped by regulation, AI adoption, or sovereign infrastructure imperatives.
A product solving a real problem with demonstrable technical depth. Not a feature dressed as a company. We look for clear differentiation and founders who can explain precisely why their approach is better and by how much.
Early signals that the market is responding. At seed, this might be design partners, a paying pilot, or technical validation from a credible institution. We need to see evidence that something is real — not a hypothesis waiting to be tested.
What we look for.
We are not passive capital. Every investment comes with the assumption that we will show up — in the hard conversations and the strategic ones.
Fits what you're building?
We're happy to have an early conversation — even before you have a deck or a defined ask.