Anti-Portfolio
Companies we passed on — and what each one taught us
3
Missed Opportunities
2
Good Passes
7
Total Passed & Tracked
Runway Robotics
MissedRoboticsPassed Jun 2021 at SeedWhy we passed: We believed warehouse automation required hardware capital we could not support at seed, and we were uncomfortable with a 22-month deployment cycle.
Lesson: We priced hardware risk correctly but underpriced the founding team's ability to raise growth capital. When the team is exceptional, financing risk is not our risk to underwrite.
Valuation at pass
$18M
Valuation today
$1.4B
Multiple foregone
78x
Cobalt Ledger
MissedFintechPassed Nov 2021 at Pre-seedWhy we passed: Solo founder at the time of the round. We applied our two-founder minimum strictly.
Lesson: The two-founder rule is directionally right but should be a strong prior, not an absolute gate. This founder recruited a world-class CTO within four months of the round.
Valuation at pass
$8M
Valuation today
$620M
Multiple foregone
77x
Pelham AI
Good passAI / MLPassed Mar 2022 at SeedWhy we passed: Thin wrapper on a third-party model with no proprietary data and a $24M valuation on $140K ARR.
Lesson: Our commoditisation test worked exactly as intended. The company shut down in 2024 when the underlying model provider shipped the feature natively.
Valuation at pass
$24M
Valuation today
Shut down
Multiple foregone
0x
Meridian Freight
NeutralLogisticsPassed Sep 2022 at SeedWhy we passed: Valuation was ahead of traction and the sector sat outside our mandate.
Lesson: Correct decision on process even though the company has done fine. A 3.2x over four years would not have moved the fund.
Valuation at pass
$30M
Valuation today
$95M
Multiple foregone
3.2x
Stackline Security
MissedCybersecurityPassed Feb 2023 at SeedWhy we passed: We were already exposed to security through Piper Identity and applied our sector concentration limit.
Lesson: Concentration limits should be measured against thesis overlap, not sector labels. Machine identity and cloud posture management do not actually compete for the same outcome.
Valuation at pass
$26M
Valuation today
$540M
Multiple foregone
20.8x
Bellhaven Bio
Good passBiotechPassed Jul 2023 at SeedWhy we passed: Outside our competence — we cannot evaluate preclinical scientific risk.
Lesson: Staying inside our circle of competence was correct. The lead asset failed phase I in 2025.
Valuation at pass
$40M
Valuation today
Shut down
Multiple foregone
0x
Tidewater Payments
NeutralFintechPassed Jan 2024 at SeedWhy we passed: Founder was unwilling to answer direct questions about a prior company's wind-down.
Lesson: Evasiveness in diligence remains our single most reliable negative signal. We would pass again.
Valuation at pass
$21M
Valuation today
$44M
Multiple foregone
2.1x