a. Hello!

Hard industries face a 15:1 funding gap versus soft ones.

We are entrepreneurs who built in overlooked, offline industries.

Now, we invest in businesses serving the 81% of the U.S. economy ignored by early-stage capital.

B. Why?

Problem

We built companies in boring industries, and it was lonely when we started. Venture capitalists said our companies were too difficult to scale, and we were too early for private equity. We were outsiders.
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Now, we can look back at the $40 billion of value created and the 40,000 employees whose financial trajectories we altered. The very qualities that made our businesses unattractive early are now our greatest strengths.
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Our entrenched assets serve as a barrier to entry, our higher-quality revenue is tied to our customers' daily habits, and our loyal employees, who once made $20 per hour, now make $80K per year.

We chose the harder path, built the right kind of businesses, and improved America.

Decades later, the left side of the balance sheet has evolved with brilliant technologies. But, the right side has remained stagnant.

Solution

We invest in early-stage companies that transform boring trades, hard work, and unpleasant spaces. We know first-hand that exceptional operators can modernize these critical industries.

Now is the perfect time. California is out of water, a generation can’t afford a home, and our skilled tradespeople are in their fifties. Raw input, supply chain, and labor crises silently crack America’s infrastructure.

Today, 19% of the U.S. GDP attracts more than 50% of capital inflows.

81% of the U.S. GDP is under-invested. Trillions of dollars of value are locked up in serious, unsolved problems across the 81%.

Tackle a real, often very difficult problem. Use technology, cash flow, and a long-term mindset. America needs you to, and know that we exist to lighten your load.

C. Theses

1. Boring Services

"Too Low Margin"

The world doesn't need another app.

We still need to fix recycling, modernize nursing homes, and give small businesses a chance.

2. Hard Work

"Too Capital Intensive"

We live in the greatest economic period in global history, but the profits have gone to a few.

It's time to rebuild the real economy by lifting manufacturers, suppliers, and customers.

3. Unpleasant Spaces

"Too Resistant to Change"

The metaverse is nice, but 58% of Americans still work in physical spaces.

We have hundreds of made-up currencies, but an entire generation still can't afford a home.

% GDP by Industry

1. Boring Services

"Too Low Margin"

The world doesn't need another social media app.

We still need to figure out recycling, improve nursing homes, and give small businesses a chance.

2. Hard Work

"Too Capital Intensive"

Blue collar industries have been largely left out of the digital revolution.

Computing power can now materially impact machines. We've made smarter ovens and better fitness equipment, but there are many more machines who need to learn.

3. Unpleasant Spaces

"Too Resistant to Change"

The metaverse is nice, but 58% of Americans still work in physical spaces. Plus, we all need a home. A real one.

IoT and automation can significantly improve our physical world.

4. Inequitable Structures

"Too Much Red Tape"

Many great Americans are still blocked from opportunities.

COVID-19 cracked legacy infrastructure in education, government, and social assistance. Entrepreneurs can now exploit these cracks to democratize access.