The investment process is designed to help us understand your business, learn about your vision and give you the time to get to know us.
If we have a long-standing relationship or you’re at the very early stages, it can take just a few meetings to reach an investment decision. If you’re raising a large round and we haven’t met before, it can take longer.
While we like to make swift investment decisions, we encourage founders to take their time getting to know investors—it’s a decade-long decision, so a few additional weeks of diligence is likely well-spent.
This is how you’ll experience an investment process with us:
1. We’re often introduced to founders via email. This email hopefully includes a compelling deck that explores their idea. When reviewing the materials the founder sent, we look for a few things: a unique insight about an important problem in a big market, a bright vision, and a world-class team with the ambition to go after it. At this stage, we’ll determine whether the business fits our investment philosophy and ensure it’s not directly competitive with any of our existing investments.
2. The first meeting will be 45 minutes to an hour and may happen online or in person. We encourage the founder to do most of the talking and hope we spend the time exploring the insights of their team and specifics of their business.
3. We may meet a few more times to explore any remaining concepts and give the founder plenty of time to ask questions about how we partner with founders and ensure they’re comfortable. You may meet other members of the investment team at this stage.
4. To receive a term-sheet, you’ll meet the global investment team for a one-hour conversation. The team will have already read a detailed briefing note on your business and be prepared with questions they hope you’ll answer. Though high-stakes, this meeting is friendly and conversational. Once the meeting ends, the investment team will vote whether to approve the investment—this means two ‘yes’ votes from the partnership.
5. The Investor you’ve worked closely with will be in touch that evening to discuss next steps.
In anonymous feedback from our founders, we’ve been told we run a quick, transparent and collaborative investment process. Founders have often remarked that the investment process helped them to deepen their understanding of their business. For all founders who meet the team, we aim to ensure this is your experience, too.