Capital moves in trusted circles.

We back generational founders from first check to final introduction.

Two monumental marble hands pass a small gilded sphere.

A closed-loop ecosystem.^*

We invest in founders who build enduring companies, create liquidity, and eventually discover the next generation on our behalf.

* Except for the money constantly entering from outside.

A circular marble relief depicts figures passing a gilded sphere through a procession.

A disciplined process.

The order matters. Especially to the people who arrived first.

We invest early.
Enough capital to discover product-market fit. Not enough to discover work-life balance.
You create liquidity.
Acquisition, IPO, or a sufficiently spiritual valuation. We are flexible on the mechanism.
Conviction compounds.
Successful founders develop unusually strong opinions about pre-seed companies.
The circle continues.
A warm introduction becomes a term sheet. A term sheet becomes an ecosystem.

The thesis, in motion.

Twenty-three seconds of disciplined capital formation.

A fictional fund. A very real flywheel.

This is not a Ponzi scheme. We have a matrix.

Some people see circular incentives. We see ecosystem design. The distinction is mostly typography.

What you noticed	People call it	We call it
Early participants benefit from later participants	Suspicious	A power law
Everyone is encouraged to bring their friends	A red flag	A warm introduction
The system needs a steady supply of believers	Recruitment	Community-led growth
New money creates liquidity for existing holders	The obvious one	A secondary
Questions are treated as a lack of vision	Cult behavior	High conviction
The diagram is doing a lot of work	The diagram is doing a lot of work	The flywheel

A scheme collapses when new money stops entering. Venture capital experiences a temporary valuation reset followed by a podcast.

We invest in the inevitable.

Usually immediately after everyone else agrees.

Artificial intelligence

Software was eating the world. Then it got hungry again.

Network effects

Your product becomes more valuable as more people join. Especially investors.

Humanity

Technology should serve humanity, starting with knowledge workers who already have seven productivity apps.

Companies building the future. Or something adjacent to it.

Selected investments across AI, also AI, and companies becoming AI.

Wrapper

AI that puts your other AI in a nicer rectangle

Roundr

A marketplace for oversubscribed rounds

Intro

Warm introductions as a service

Moat

Proprietary datasets from public PDFs

Pivot

Version control for company narratives

Stealth

LinkedIn optimization for unannounced startups

Atoms

Hardware with software margins in the deck

Liquidity

A newsletter

A marble founder points west while carrying a travel bag with a gilded sphere.

Great companies can be built anywhere.

Great narratives are built in San Francisco.

Remote work is the future. The future is located within a six-block radius of Hayes Valley.

Move with conviction

Frequently defended positions.

Is this a Ponzi scheme?

No. Ponzi schemes promise returns. We promise introductions.

Do I need a warm introduction?

No. You may use our open submission form, which produces a warm feeling of participation.

Do I have to move to San Francisco?

No. You are also free to be wrong.

Do you invest outside AI?

Absolutely. We invest in any company that will be described as AI by the next round.

What happens after I exit?

We send you an angel memo template and introduce you to the future.