Get the commercial work done. Keep more of your cash.
When we believe in your company, we can invest part of our fee instead of invoicing it. You get senior commercial capability now, you keep the cash you need for what has to be paid in cash, and we carry part of the risk alongside you.
The idea
Deeptech companies need commercial work before they have the revenue to pay for it comfortably. Customers, market validation, partnerships, funding and investment all take commercial capability, and building that capability costs money at the exact moment money is scarce.
A consultancy gets paid whether or not anything comes of it. The company carries all of the risk, so the commercial work gets postponed precisely when it matters most. We can carry part of that risk ourselves by investing part of our fee instead of invoicing it.
How much we invest
Anywhere from nothing to the full fee, and every level is a good deal. At 0% you get senior commercial work, priced as outcomes rather than hours, from a partner willing to back the work with its own capital. At 50% we each fund half, so you get the same capability for half the cash. At 100% you pay no service fee in cash and we invest the full value of our work. These are illustrations of the principle, not packages to choose from.
We decide. What moves the number: the quality of the company and the team, the technology, the size and attractiveness of the commercial opportunity, how mature the company is, how much we think our work can increase its value, and how much investment capacity we have available.
We do not invest in every company we work with. If we think the company is strong, the opportunity is large and our work can materially increase its value, we may invest part or all of our fee.
The mechanism
- 01
We do the agreed commercial work.
- 02
The part of the fee we choose to invest accumulates as an investment amount.
- 03
At a future qualified funding round, that amount converts into equity.
- 04
Conversion uses the valuation of that round, with an agreed investor discount and standard investment protections.
The exact mechanics are set out in the investment agreement. This page explains the principle; the full specifications set out the standard terms in detail.
Try the numbers
Move the sliders to see how the invested amount and a future round valuation combine into a stake. The percentage follows from the price of that round, so the stronger the company is by then, the smaller the share our investment buys.
We would end up with about
Converted at a 20% discount to that round's price.
An illustration, not an offer. The real terms are set in the investment agreement.
How we value invested capacity
When we invest our work, we value that capacity fairly, close to the real cost of senior commercial talent, rather than at inflated agency rates. That keeps the exchange fair on both sides: you preserve cash, we get exposure to the upside, and the dilution stays proportionate to the work actually being invested.
What this is not
- It is not a discount. The price of the work does not change.
- It is not payment in shares because you cannot afford us.
- It is not a fund. We are a commercialisation company that can put its own economics at risk.
Frequently asked
How do you estimate the value of my company?
We don't. Your company's value is set by the market, not by us. What we invest accumulates as an amount, and it converts into equity at the valuation of your next qualified funding round, with an agreed investor discount. We never have to agree on a valuation today.
What is a qualified funding round?
A real, priced equity round: new investors put in money at a negotiated valuation, above an agreed minimum size. A grant, a loan or an internal reshuffle does not count. The exact definition is fixed in the investment agreement so there is no debate later.
What does the investment look like, technically?
It works like a convertible instrument, comparable to a convertible loan or SAFE. The invested part of our fee accumulates as an investment amount and converts into shares at the next qualified round, at that round's price with an agreed discount and standard investor protections. No board seat, no daily involvement, no control rights.
What if I don't want the investment?
Then we don't invest. At 0% you hire us and pay the fee in cash, priced as outcomes rather than hours. The work, the team and the commitment are exactly the same.
How much will you dilute me?
Only at a moment you choose, and less than most people expect. Nothing converts until a priced round sets a value. The stake equals the invested amount divided by that round's price per share, adjusted for the agreed discount. As an illustration, €18,000 invested into a €10M round valuation is roughly 0.2% before the discount. The stronger your company is by then, the smaller the share our investment buys.
How do you decide how much to invest?
We look at the team, the technology, the size of the commercial opportunity, the stage of the company, how much our work can increase its value, and our available investment capacity. We decide per company. It is an investment decision, not a pricing tier.
When do I pay, and what do I pay in cash?
You only pay the part we do not invest, invoiced on the normal payment terms of the engagement. The invested part never appears on an invoice.
What happens if there is never a funding round?
Then the investment stays outstanding under the terms of the agreement. We do not force a round and we do not call in a debt, and the terms for that case are agreed before we start. Our interest is in your company succeeding, whichever path it takes.
Is this a discount on your price?
No. The price of the work does not change. We would rather own part of what we are helping build than be paid for all of it in cash.
Want the full detail? Read the investment specifications, see how we work, or tell us what you've built and we will walk you through it for your company.