How We Invest Process · Terms · Stewardship

A long game, played deliberately.

What you can expect from us before, during, and after a check is written. We have written this down so you don't have to ask, and so we are easier to hold accountable.

$500K
Min check
$8M
Max initial
10yr+
Hold period
10 days
Time to first answer
// Capital Profile

Capital sized for genuine conviction.

Min Check
$500K
Sized for genuine conviction, not portfolio theory.
Max Initial
$8M
Lead or follow at seed and Series A.
Hold Period
10yr
Patience compounds when others lose theirs.
Re-up Rate
62%
We follow on with the companies we know best.
// Process

From intro to close.

Five steps. Roughly four weeks. We will tell you yes or no with a real reason at every stage.
Day 1–3// Step 01

Intro & first read.

You submit a memo (no deck required). A partner reads it within seventy-two hours and either books a call or replies with a clear no and our reasoning. We do not ghost.

Day 4–10// Step 02

Founder conversation.

One or two calls. We share what we are skeptical about; you share what you are sure of. We do not use this stage to extract IP or pitch you on us — both parties are evaluating.

Day 10–18// Step 03

Diligence.

Reference calls (we tell you who we are calling), technical review with a domain advisor where relevant, and a written investment memo. You see the memo before our partnership meets — and you have the right to correct it.

Day 18–22// Step 04

Partnership decision.

Two partners must sponsor, three must vote yes, and one veto from a domain-aligned partner kills the deal. We tell you the outcome the same day, with reasoning, regardless.

Day 22–28// Step 05

Term sheet & close.

Standard NVCA-aligned terms. No exploding offers. No mandatory transaction bonuses. We close on the timeline you set, not ours.

The check is the easy part. What we do for the next decade is the actual product.

Cadence we default to.

  • Weekly, when it matters. Major hires, major customers, major decisions. We answer the phone at the hour it rings.
  • Monthly, by default. A standing 30-minute working session with the assigned partner. Agenda set by you.
  • Quarterly, in writing. A formal letter from your partner with what we see across the portfolio, what we are worried about, and what we are excited about.

Where we earn our keep.

  • Hiring. Five candidates per role from the partnership, screened. Plus access to our talent partner.
  • Customer introductions. Warm intros only. We do not send mass emails to our enterprise contacts on your behalf.
  • Follow-on capital. We re-up at the next round 62% of the time. When we don't, we tell you why with enough time for you to find another lead.
  • Domain experts. 40+ operating partners across our six theses. On-call by Slack within 24 hours.

What we will not do.

  • Take a board seat with mandatory protective provisions. Veto rights are for the founder, not us.
  • Send unsolicited intros and book them on your calendar.
  • Post your fundraise to LinkedIn, Twitter, or our LP newsletter without explicit consent.
  • Pressure you to take a follow-on from us if you have a better lead.
"Useful early. Unobtrusive often. Honest always." — Astraeus Partner Manual, §3

We use the NVCA model documents and resist negotiating against them. The clauses below are how we typically structure a round:

  • Pro-rata rights. Standard, transferable to LPs where the company prefers.
  • Information rights. Quarterly financials and cap table updates. No more than the next round will demand.
  • Board seat. Only when we lead. Observer seats only when we ask for them and you say yes.
  • Protective provisions. Limited to the standard NVCA list. We do not negotiate for additional vetoes.
  • No participating preferred. 1× non-participating liquidation preference, weighted-average broad-based anti-dilution.

Our standard term sheet is available on request. We will send it to you before our first conversation if you ask.

// Apply

Ready to start the conversation?

Founder applications go to a partner. Investor inquiries go to investor relations. Both are read by a human within 48 hours.

Open the form