Essays
The case for the long first cheque
Why we write fewer, larger first cheques, hold back more than half of each fund for follow-ons, and accept the slower pace that comes with both.
Theo Marchetti
Insights
Essays, playbooks for founders, and every letter we send to the investors in our funds.
Investor letters
Third-quarter letter, 2026
Our letter to the partners in our funds for the third quarter of 2026: two new commitments, a partial sale of Payfield, and progress at Albedo and Juniper.
Grant Holloway and Sofia Ortega
Playbooks
Running a board meeting that helps you
A practical guide for founders to board meetings that earn their time: the pre-read, the agenda, how to reach decisions, and how often to meet.
Nadia Mensah and Lena Fischer
Investor letters
Second-quarter letter, 2026
Our letter to the partners in our funds for the second quarter of 2026: two new Fund V investments, early results at Amperra and Kiln, and where Fund III stands after Ostra.
Grant Holloway and Sofia Ortega
Essays
Boring software, durable companies
Why we keep backing infrastructure software that few people outside engineering teams will ever see, and what makes it so hard to replace once it is in.
Rafael Costa and Jun Seo
Essays
The grid is the bottleneck
Clean power is now cheap to build and slow to connect. Why our climate investing has shifted towards storage, grid software and the industries that must plug in.
Clara Novak and Hana Weber
Essays
What we look for in a founding team
At seed and Series A we are mostly backing people. The qualities we have learned to look for in a founding team, and a few we have learned to discount.
Grant Holloway and Kwame Asante
Playbooks
The first eighteen months after a seed round
What to do with the eighteen months after a seed round closes: where the money should go, what to measure, and when to start thinking about the next raise.
Hana Weber and Lena Fischer
Investor letters
Annual letter, 2025
Our annual letter to the partners in our funds: closing Fund V, the sale of Ostra, Tidewater's first year as a public company, and the first five Fund V investments.
Nadia Mensah and Theo Marchetti