Live positions
Seven positions, all currently live. Between them, a bit over $10.9M committed. I keep this page honest: numbers come straight from the cap tables and treasury, not the deck, not rounded up. When a position gets marked down, I write that down too.
- 7 active positions
- $10.9M committed across the book
- $1.56M mean check
- 4.6 years average target hold
Brickken$1.20MSeed3.4%6/4/2025
Volume$1.50MSeed5.1%8/21/2025
Trilobio$2.50MSeed6.8%10/9/2025
Untangled Finance$2.50MSeries A4.2%11/30/2025
Depay$1.00MSeed2.4%1/18/2026
Ellipsis$750KPre-seed5.0%2/27/2026
AminoAnalytica$1.50MSeed4.6%3/12/2026Brickken
- Sector
- RWA tokenization
- Stage
- Seed
- Geography
- Barcelona
- Live since
- 6/4/2025
- Ticket
- $1.20M
- Total committed
- $1.20M
- Ownership
- 3.4%
- Follow-ons
- 0
I followed the Barcelona team's filings under MiCA for nine months before I called. The thesis is plain: every European mid-market issuer eventually wants compliant on-chain rails for equity, debt, and real-estate exposure. Brickken's no-code stack is the only one I diligenced where the regulatory story was the product, not a footnote. I led the European secondary tranche on the seed at a €22.5M post.
No-code RWA tokenization platform riding MiCA tailwinds — 150+ clients across 14 countries, ~$300M tokenized.
Volume
- Sector
- A2A payments
- Stage
- Seed
- Geography
- London / Milan
- Live since
- 8/21/2025
- Ticket
- $1.50M
- Total committed
- $1.50M
- Ownership
- 5.1%
- Follow-ons
- 0
Most A2A startups died this cycle — Fast collapsed, Kevin went insolvent. Volume survived by compressing the entire bank-to-bank flow into a single embeddable widget. Co-founders Simone Martinelli and Krzysztof Tarnawski ship at a pace I rarely see in fintech. I wrote into the seed alongside United Ventures and Fabrick, sized for asymmetric upside.
Italian-origin one-click account-to-account checkout — sub-1% transaction fees vs the 2-8% Stripe charges, and a UX as easy as PayPal.
Trilobio
- Sector
- Lab automation
- Stage
- Seed
- Geography
- San Francisco
- Live since
- 10/9/2025
- Ticket
- $2.50M
- Total committed
- $2.50M
- Ownership
- 6.8%
- Follow-ons
- 1
Co-founders Roya Amini-Naieni and Maximilian Schommer came up through the iGEM circuit and Asimov before starting Trilobio. The wedge is narrow but real: every synbio lab I've talked to spends a third of its time on calibration and pipetting, and existing automation rigs cost more than most seed rounds. Trilobio is a five-year position with a binary outcome. I underwrote the founders, not the roadmap.
Whole-lab automation built by biologists — making fully-automated synbio research accessible to labs without the biggest budgets.
Untangled Finance
- Sector
- Tokenized private credit
- Stage
- Series A
- Geography
- Sydney / London
- Live since
- 11/30/2025
- Ticket
- $2.50M
- Total committed
- $2.50M
- Ownership
- 4.2%
- Follow-ons
- 1
Co-founders Manrui Tang and Quan Le opened two private credit pools alongside Fasanara Capital — the first I've underwritten where the off-chain origination team was the asset, and the on-chain rails were the wrapping. I led the secondary tranche in the A and reserved follow-on for the next pool launch.
On-chain private-credit pools across Celo and Polygon — invoice financing, salary-advance loans, and green-asset financing.
Depay
- Sector
- LATAM payments
- Stage
- Seed
- Geography
- Buenos Aires
- Live since
- 1/18/2026
- Ticket
- $1.00M
- Total committed
- $1.00M
- Ownership
- 2.4%
- Follow-ons
- 0
Four-person founding team out of Buenos Aires. Joaquín Fagalde led the first crypto payments project at AB InBev in the region before quitting to build this, alongside Sebastian Kennel, Marcelo Sánchez, and Federico Testoni. Depay processed over $400M in instant payments in their first year. I wrote into the seed alongside North Island Ventures and DCG; sized small because the round was crowded, but the geography is in my top-three pipeline.
Real-time cross-border payment rails across Latin America — connected to 300+ wallets, processing for Binance, Belo, Brubank, and Ualá.
Ellipsis
- Sector
- Developer tools
- Stage
- Pre-seed
- Geography
- San Francisco
- Live since
- 2/27/2026
- Ticket
- $750K
- Total committed
- $750K
- Ownership
- 5.0%
- Follow-ons
- 1
Smallest check in the book, possibly the best one. Ellipsis was getting consistent buzz from other founders before I called — that's usually a signal I trust more than any pitch. I wrote into the pre-seed for the discipline trade: a small position, deliberately concentrated by ownership rather than dollar size, that earns its weight if the team holds against the wave of generic AI-code-review tools that arrived after them.
AI code reviews and automated fixes inside GitHub — YC W24, replacing the $80K full-time reviewer with a $40 automated pull-request agent.
AminoAnalytica
- Sector
- Protein engineering
- Stage
- Seed
- Geography
- San Francisco
- Live since
- 3/12/2026
- Ticket
- $1.50M
- Total committed
- $1.50M
- Ownership
- 4.6%
- Follow-ons
- 0
Two-person team out of YC S24. Abhi and Adam shipped a no-code interface that lets a single protein engineer do what used to take a ten-person computational team. I treat AminoAnalytica as a vault position — small ticket, long horizon, binary outcome on whether the protein-language-model thesis compounds. Either way I learn something.
AI-native operating system for protein engineering — YC S24, a single agent (Amina) that does end-to-end design, simulation, folding, and docking.
In evaluation
Four positions on the bench right now. Two are scheduled. One is a position I like more every week. One is a position I drafted about myself, which I'm not going to deploy because it isn't interesting enough to deserve the capital. Longer notes live on the Notebook page.
Every position is anchored to my treasury. Watch the on-chain wallet if you want to see the next wire clear the moment it does.