thesis

Making people happy

We invest in companies re-enchanting the world through technology. Empowering us to live the lives we want to live.

1

Investing
in happiness

Technology is a powerful tool in our joint pursuit of happiness. When used for the right ends, technology is truly magic. Technology broadens access. It powers creativity. It spreads joy. It makes us more human.

Search isn’t about classifying the world’s information. It’s about helping you find stuff.

Video chats aren’t about protocols or encoding. They’re about connecting kids with their grandparents. A travel booking platform isn’t about the check-out process. It’s about letting you discover the world.

We invest in companies that make people happy. That empower us to live the lives we want to live. In ways that we couldn't previously imagine.

2

For the user

Technology and the internet continuously change the equation of consumer markets by putting power into the hands of the end-user. They allow consumers to make up their own minds. To discover and choose the best product for them.

Fulfilling end-users’ needs in unprecedented ways is what ultimately drives innovation and value creation. We look to work with founders who share the core belief in the primacy of the end-user.

Founders who start with extraordinary insight into consumers' needs and behavior. Who build products that satisfy these desires in novel ways. And demonstrate that they'll go above and beyond to serve those needs like no one else before them.

3

We’ve only
just begun

In a short 20 years, computing, software, and the internet have changed pretty much everything, creating several iconic consumer technology companies in the process. Yet, we firmly believe that this has only just begun. The next two decades will accelerate and deepen the changes to the ways in which we live, work, and play.

Despite a majority of people being online, most of their money isn’t. In Europe less than 7% of total consumer spending has moved online.

Major consumer spend categories such as housing, healthcare, education, or food have barely begun to come online. In more mature categories that already partly yielded to the “end user revolution” of the internet, we see new online businesses being built — tackling harder problems, broadening access, and expanding markets.

We invest in companies challenging the status quo across the entire spectrum of consumer spend categories and business models. From marketplaces, subscription, novel commerce or the decentralized web.