Thesis
Online retail is one fifth of all retail. The other four fifths are next.
Every purchase that moves online needs a storefront, a payment, a warehouse and a van. We invest across that whole chain, and we only invest there.
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Brands
Consumer brands that sell direct and own the customer relationship. We like repeat purchase categories and founders who know their unit economics by heart.
What we look forContribution margin above 30% and payback on CAC inside six months.
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Checkout and payments
Software that sits between the cart and the bank. One-click checkout, local payment methods, fraud screening, instalments and merchant financing.
What we look forMeasured lift in conversion for merchants and take rate that holds at volume.
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Fulfilment and logistics
Warehouse systems, carrier networks, returns and cross-border customs. The unglamorous work that decides whether an order arrives on time.
What we look forCost per order shipped that falls as volume grows.
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Seller tools
Products for the millions of merchants on marketplaces and storefront platforms. Sourcing, pricing, inventory planning, listings and retail media.
What we look forNet revenue retention above 110% across small and mid-size merchants.