§ 04 / Criteria
What we look for, and what we don’t.
We want to make it easy for the right seller, operator, or referrer to decide whether we’re worth a conversation.
A fit
We like overlooked industries where a more technical operating company can be structurally better than the incumbents.
- Real customers and real revenue
- Operationally complex markets with expensive back-office or expert labor
- Regulated or compliance-heavy categories
- Fragmented incumbents not investing in technology
- Repeat or recurring demand
- Operators with deep context inside one industry
Not a fit
We are usually not the right home for a few categories. We say so up front to save everyone time.
- Pure financial engineering
- Distressed turnarounds
- Roll-ups built for resale
- Horizontal SaaS without operating depth
- Services businesses where technology cannot change the cost structure
- Venture-burn companies dependent on the next round