Investors in the second-stage growth of software, data, and software services companies
Success through focus
We are a proven platform for ambitious companies to scale and deliver sustainable outperformance.
Specialist investors
Our sharp focus on the B2B software sector is based on our belief in the long-term, drivers for its growth and expansion. We invest in proven, profitable companies whose business models are either product-or service-led, applying our sector expertise to quickly understand the business and evaluate the opportunities ahead.
Relationship-driven
Our experienced team takes a grounded, personal approach to every partnership. As individuals, we are engaged and motivated, and have spent our careers investing, operating and advising in the software sector. We regard our purpose as enabling business leaders to build great companies and maximise their potential, investing in the strong relationships that are fundamental to success.
Proven experience
Our extensive track record provides reassurance and fosters confidence in our companies, for many of whom we are the first institutional investor. We understand their needs, the stage of maturity they have reached, and the inflection point at which they find themselves. We have invested successfully through multiple economic cycles, supporting businesses to navigate changing conditions with consistent, profitable growth.
Shared ambition
We dedicate our resources to the success of a select number of companies, so we only get involved if we share a leader’s ambition and excitement about the opportunity ahead. Once we commit, we're 'all in' as a partner on the journey. Our focus on a small portfolio of companies means the success of every company really matters to us, and once in, we are completely dedicated to realising it.
What we look for
Sectors
Software
B2B product-led businesses that have developed proprietary products:
- Applications (vertical or horizontal)
- FinTech
- Cyber security
Software services
Service-led models operating independently or within larger software vendors’ ecosystems, including:
- Channel partners
- Managed service providers
- Cloud and digital transformation
Data
B2B data or analytical products or services, including:
- Price reporting agencies
- Benchmarking & ratings
- Research & analytics
Business Characteristics
Proven business model
- Post-venture risk – product-market fit achieved with attractive unit economics established
- Product-led businesses that have achieved £4m+ revenue
- Service-led businesses with EBITDA of £1m+
Established reputation
- Market recognition for product or service quality
- Strong gross margins with low capital investment requirements
- Ambitious management team ready to evolve
UK or Ireland exposure
- Revenues can be generated domestically and/or internationally, but some business revenue is generated from within the UK or Ireland
- Some locally based management team to enable face-to-face meetings.
Investment Parameters
£5-25m equity requirement
- We manage committed funds which can invest between £5-25m of equity capital into each portfolio company
- We will invest on the basis of a collaboratively developed three-to-five-year growth plan
- Additional support is available for companies that grow beyond that investment range
Flexible use of funds
- We're often the first institutional investor alongside founders, and have developed an extremely flexible approach to structuring investment
- We often provide a mix of capital to buy out and de-risk existing shareholders, and fund growth and/or acquisitions
Minority or majority investment
- We're typically the only institutional investor with board representation, alongside the executive team
- Our shareholdings range between 30% and 90%.
- We approach all-sized investments with the same mindset and personal focus.
