For each investment, we conduct a 20+ page write-up that follows a formulaic template to assess the project's fundamentals. These are similar to deal memos in traditional VC. We then take this qualitative writeup and quantify each line item across 30+ variables, such as team, business model, value accrual, etc. We view these as living documents, which we update on a quarterly basis as these early stage projects either grow and evolve or stagnate and die.
To date we have completed over 400 project write-ups across 24 verticals. Once write-ups for a vertical are complete, we debate the merits of each as an investment committee.
We drive investment decisions from proprietary data dashboards that highlight the key success metrics in each vertical, built on fundamental, quantitative, sentiment, and capital-flows analysis. Grouping by vertical lets us compare peers and surface undervalued opportunities. We monitor these metrics in real time and, because our positions are liquid, reallocate toward the strongest projects as risk-reward changes. Agatha, our internal AI research tool, tracks portfolio constitution and performance and flags material changes in the metrics our write-ups identify as decisive.
