The fund's stage is the beginning. If a round already has a name and a lead, the fund is late.
The fund
One fund.
First checks.
A short list.
W² invests at pre-seed and earlier, writing the first institutional check into a company and then spending six months inside it, pushing it to grow. The fund is small on purpose, so that every company gets the firm.
How the fund invests
Four commitments the fund keeps with every company.
W² writes the first check. The fund is built for companies that have not taken one.
A few companies at a time, so the firm can actually be in them.
The check is the start of the work, not the end of it. The firm stays inside the company and pushes it to grow exponentially.
The instrument
A post-money SAFE, with a cap set for the company.
The fund's check converts into equity at the company's next priced round. The valuation cap is the most the company will be valued at for that conversion, so the fund's ownership at the cap is simply the check divided by the cap. The cap is drafted for each company after diligence, and the firm shares its reasoning.
More on termsWorked example
First check$100,000
Valuation cap, post-money$5,000,000
Ownership at the cap2.0%
If the next round prices the company above the cap, the fund converts at the cap. If it prices below, the fund converts at the round price. Figures are illustrative.
From pitch to check
The whole process, in the order it happens.
- 01Pitch
A deck and a short written application. Every one is read and answered.
- 02Decision
The partners read the company closely and talk to the founders.
- 03Diligence
Short and specific: the team, the product in use, the numbers so far.
- 04Terms
Drafted for the company. The valuation cap is set for this company, not from a table.
- 05The check
Wired. The company is in the partnership.
- 06Six months
A weekly working session and the firm's people inside the company, with one job: exponential growth.
What the fund does not do
The lines that keep the brief narrow.
- Later rounds
The fund does not come in after an institutional check. The first check is the whole brief.
- Pricing from a table
No standard cap. Terms are drafted for each company from where it actually stands.
- Fees to founders
Nothing is charged to a company for the firm's time, the program, or the introductions.
- Spectating
No wait-and-see positions. If the fund invests, the firm is in the company.
Questions about the fund
The short answers. More on the FAQ.
What does the fund invest with?
A post-money SAFE with a valuation cap. The cap is set for each company after diligence and converts at the company's next priced round.
How is the valuation cap decided?
From the company: the team, what is already in use, the market, and what the first check needs to accomplish. The firm shares its reasoning with the founders.
Does the fund lead?
The fund writes the first institutional check and sets terms for it. When the company raises a priced round later, the firm helps with the narrative, the materials, and the introductions.
Who is behind the fund?
W² is a private partnership. Its limited partners join by invitation and take part in each company individually. Nothing on this site is an offer of securities.
If the fund would be your first check, pitch W².
Pre-seed or earlier, no institutional check yet. Every application is read by the firm. Companies a few months early can start with acceleration.