01 / 0519 companies
Kindling
Kindling Fund IV · No. 008700102029374553606672778185899295979899100100%
M. Lindqvist
Authorised signatureThe cheque is signed
Fund IV · pre-seed and seed
We write the first cheque.
One partner, one memo, a decision in fourteen days. Pick a stage, move the slider and see what a round with Kindling looks like.
Fund IV · pre-seed and seed
We write the first cheque.
One partner, one memo, a decision in fourteen days. Pick a stage, move the slider and see what a round with Kindling looks like.
Fund IV · pre-seed and seed
We write the first cheque.
One partner, one memo, a decision in fourteen days. Pick a stage, move the slider and see what a round with Kindling looks like.
The thesis
We back technical founders before there is a product to show. One partner reads, one partner writes six pages, and you have an answer in fourteen days. No committee to charm, no warm introduction to find: the work is the pitch, and the first cheque is ours to write.
- 01$012345678901234567890123456789Min Fund IV
- 0201234567890123456789companies backed
- 0301234567890123456789 %first cheque in
- 0401234567890123456789exits
We invest alongside
Northline Capital, Harbour & Vane, Aldgate Seed, Ferrous Ventures, Quiet Mile, Tessel Partners, Longhand Fund, Orchard Row, Copperfield, Meridian Nine, Slate & Oar, Halcyon Seed
Northline CapitalHarbour & VaneAldgate SeedFerrous VenturesQuiet MileTessel Partners
Northline CapitalHarbour & VaneAldgate SeedFerrous VenturesQuiet MileTessel Partners
Longhand FundOrchard RowCopperfieldMeridian NineSlate & OarHalcyon Seed
Longhand FundOrchard RowCopperfieldMeridian NineSlate & OarHalcyon Seed
The thesis
We back technical founders before there is a product to show. One partner reads, one partner writes six pages, and you have an answer in fourteen days. No committee to charm, no warm introduction to find: the work is the pitch, and the first cheque is ours to write.
- 01$012345678901234567890123456789Min Fund IV
- 0201234567890123456789companies backed
- 0301234567890123456789 %first cheque in
- 0401234567890123456789exits
We invest alongside
Northline Capital, Harbour & Vane, Aldgate Seed, Ferrous Ventures, Quiet Mile, Tessel Partners, Longhand Fund, Orchard Row, Copperfield, Meridian Nine, Slate & Oar, Halcyon Seed
Northline CapitalHarbour & VaneAldgate SeedFerrous VenturesQuiet MileTessel Partners
Northline CapitalHarbour & VaneAldgate SeedFerrous VenturesQuiet MileTessel Partners
Longhand FundOrchard RowCopperfieldMeridian NineSlate & OarHalcyon Seed
Longhand FundOrchard RowCopperfieldMeridian NineSlate & OarHalcyon Seed
The thesis
We back technical founders before there is a product to show. One partner reads, one partner writes six pages, and you have an answer in fourteen days. No committee to charm, no warm introduction to find: the work is the pitch, and the first cheque is ours to write.
- 01$012345678901234567890123456789Min Fund IV
- 0201234567890123456789companies backed
- 0301234567890123456789 %first cheque in
- 0401234567890123456789exits
We invest alongside
Northline Capital, Harbour & Vane, Aldgate Seed, Ferrous Ventures, Quiet Mile, Tessel Partners, Longhand Fund, Orchard Row, Copperfield, Meridian Nine, Slate & Oar, Halcyon Seed
Northline CapitalHarbour & VaneAldgate SeedFerrous VenturesQuiet MileTessel Partners
Northline CapitalHarbour & VaneAldgate SeedFerrous VenturesQuiet MileTessel Partners
Longhand FundOrchard RowCopperfieldMeridian NineSlate & OarHalcyon Seed
Longhand FundOrchard RowCopperfieldMeridian NineSlate & OarHalcyon Seed
Portfolio
The index: eight first cheques, and where they are now.
We were the first money in for each of these. Pick a name to meet the founder who cashed it.
All companiesCompanySectorFirst cheque inNow
Portfolio
The index: eight first cheques, and where they are now.
We were the first money in for each of these. Pick a name to meet the founder who cashed it.
All companiesCompanySectorFirst cheque inNow
Portfolio
The index: eight first cheques, and where they are now.
We were the first money in for each of these. Pick a name to meet the founder who cashed it.
All companiesCompanySectorFirst cheque inNow
What we back
Five sectors we know cold.
We invest where a partner has built or shipped before. If your company sits between two of these, even better.
See the portfolio
02 / 0517 companies
03 / 0514 companiesRobotics
Machines for factories of two hundred people.
The large plants were automated twenty years ago. The small ones were left out because programming cost more than the arm. That gap is closing.
In the portfolio
04 / 0521 companiesFintech rails
Treasury, ledgers and payments for companies that export.
We do not back another card. We back the plumbing a finance team needs when it sells in thirty currencies.
In the portfolio
05 / 0515 companies
What we back
Five sectors we know cold.
We invest where a partner has built or shipped before. If your company sits between two of these, even better.
See the portfolio- 01 / 0519 companies
- 02 / 0517 companies
- 03 / 0514 companies
Robotics
Machines for factories of two hundred people.
The large plants were automated twenty years ago. The small ones were left out because programming cost more than the arm. That gap is closing.
In the portfolio - 04 / 0521 companies
Fintech rails
Treasury, ledgers and payments for companies that export.
We do not back another card. We back the plumbing a finance team needs when it sells in thirty currencies.
In the portfolio - 05 / 0515 companies
What we back
Five sectors we know cold.
We invest where a partner has built or shipped before. If your company sits between two of these, even better.
See the portfolio- 01 / 0519 companies
- 02 / 0517 companies
- 03 / 0514 companies
Robotics
Machines for factories of two hundred people.
The large plants were automated twenty years ago. The small ones were left out because programming cost more than the arm. That gap is closing.
In the portfolio - 04 / 0521 companies
Fintech rails
Treasury, ledgers and payments for companies that export.
We do not back another card. We back the plumbing a finance team needs when it sells in thirty currencies.
In the portfolio - 05 / 0515 companies
How we decide
From first e-mail to a term sheet in fourteen days.
One partner takes your pitch from the first e-mail to the term sheet. No committee tour and no silence: you always know which day you are on.
Pitch usThe fourteen days
01 / 05
01234567891011121314Day01234567890123456789of 14
Day 00 · Pitch01 / 05
Send the deck, or a paragraph.
No warm intro needed. Every pitch is read by a partner, and you hear back within two working days.
Written by one partnerDay00Kindling
Day 02 · First call02 / 05
Forty-five minutes, one partner.
We ask about the problem and why you are the ones to solve it. You ask us anything about the fund.
Written by one partnerDay02Kindling
Day 06 · The memo03 / 05
Six pages, written for you.
Your partner writes the case for investing: market, product, team and risks. You read the draft and correct us where we are wrong.
Written by one partnerDay06Kindling
Day 10 · Partner meeting04 / 05
One hour with the partnership.
You present and the memo has already been read. We vote the same afternoon and call you before the day ends.
Written by one partnerDay10Kindling
Day 14 · Term sheet05 / 05
A cheque and a clean term sheet.
Standard terms, no board seat asked at pre-seed and seed. The money is in your account within a week of signing.
Written by one partnerDay14Kindling
How we decide
From first e-mail to a term sheet in fourteen days.
One partner takes your pitch from the first e-mail to the term sheet. No committee tour and no silence: you always know which day you are on.
Pitch usThe fourteen days
01 / 05
01234567891011121314Day01234567890123456789of 14
Day 00 · Pitch01 / 05
Send the deck, or a paragraph.
No warm intro needed. Every pitch is read by a partner, and you hear back within two working days.
Written by one partnerDay00Kindling
Day 02 · First call02 / 05
Forty-five minutes, one partner.
We ask about the problem and why you are the ones to solve it. You ask us anything about the fund.
Written by one partnerDay02Kindling
Day 06 · The memo03 / 05
Six pages, written for you.
Your partner writes the case for investing: market, product, team and risks. You read the draft and correct us where we are wrong.
Written by one partnerDay06Kindling
Day 10 · Partner meeting04 / 05
One hour with the partnership.
You present and the memo has already been read. We vote the same afternoon and call you before the day ends.
Written by one partnerDay10Kindling
Day 14 · Term sheet05 / 05
A cheque and a clean term sheet.
Standard terms, no board seat asked at pre-seed and seed. The money is in your account within a week of signing.
Written by one partnerDay14Kindling
How we decide
From first e-mail to a term sheet in fourteen days.
One partner takes your pitch from the first e-mail to the term sheet. No committee tour and no silence: you always know which day you are on.
Pitch usThe fourteen days
01 / 05
01234567891011121314Day01234567890123456789of 14
Day 00 · Pitch01 / 05
Send the deck, or a paragraph.
No warm intro needed. Every pitch is read by a partner, and you hear back within two working days.
Written by one partnerDay00Kindling
Day 02 · First call02 / 05
Forty-five minutes, one partner.
We ask about the problem and why you are the ones to solve it. You ask us anything about the fund.
Written by one partnerDay02Kindling
Day 06 · The memo03 / 05
Six pages, written for you.
Your partner writes the case for investing: market, product, team and risks. You read the draft and correct us where we are wrong.
Written by one partnerDay06Kindling
Day 10 · Partner meeting04 / 05
One hour with the partnership.
You present and the memo has already been read. We vote the same afternoon and call you before the day ends.
Written by one partnerDay10Kindling
Day 14 · Term sheet05 / 05
A cheque and a clean term sheet.
Standard terms, no board seat asked at pre-seed and seed. The money is in your account within a week of signing.
Written by one partnerDay14Kindling
Founders
Founders on the first cheque.
61 % of our founders wrote to us cold
Brightpath
Loftline
Greyfield
Anvil Systems
Parallax
Lumen LabsI sent a cold e-mail on a Tuesday. Nine days later the money was in the account and Mara had already introduced our first customer. Nobody asked for a board seat.
They wrote a memo about us that was better than our own deck. We still use two of its paragraphs when we hire.
When the Series A fell through three days before signing, Kindling bridged the round in a weekend and stayed quiet about it.
I have raised from six funds. This is the only one where the partner who said yes is the partner who picks up the phone.
Daniel found the bug in our benchmark during diligence. He invested anyway and then helped us fix it.
Freya's team placed our first sales lead and sat in on the first ten customer calls. That was worth more than the cheque.
01 / of 06
Founders
Founders on the first cheque.
61 % of our founders wrote to us cold
BrightpathLoftlineGreyfieldAnvil SystemsParallaxLumen LabsI sent a cold e-mail on a Tuesday. Nine days later the money was in the account and Mara had already introduced our first customer. Nobody asked for a board seat.
They wrote a memo about us that was better than our own deck. We still use two of its paragraphs when we hire.
When the Series A fell through three days before signing, Kindling bridged the round in a weekend and stayed quiet about it.
I have raised from six funds. This is the only one where the partner who said yes is the partner who picks up the phone.
Daniel found the bug in our benchmark during diligence. He invested anyway and then helped us fix it.
Freya's team placed our first sales lead and sat in on the first ten customer calls. That was worth more than the cheque.
01 / of 06
Founders
Founders on the first cheque.
61 % of our founders wrote to us cold
BrightpathLoftlineGreyfieldAnvil SystemsParallaxLumen LabsI sent a cold e-mail on a Tuesday. Nine days later the money was in the account and Mara had already introduced our first customer. Nobody asked for a board seat.
They wrote a memo about us that was better than our own deck. We still use two of its paragraphs when we hire.
When the Series A fell through three days before signing, Kindling bridged the round in a weekend and stayed quiet about it.
I have raised from six funds. This is the only one where the partner who said yes is the partner who picks up the phone.
Daniel found the bug in our benchmark during diligence. He invested anyway and then helped us fix it.
Freya's team placed our first sales lead and sat in on the first ten customer calls. That was worth more than the cheque.
01 / of 06
The partners
One partner, start to finish.
The partner who reads your first e-mail writes the memo, signs the cheque and takes your call three years later. Pick the one who knows your field.
Meet the team
Backs
Climate software
Mara started Kindling in 2012 after selling a grid analytics company. She still reads every memo.
31 first cheques
Ask me about: Grid, carbon and anything a utility buys
Mara LindqvistFounding partner
Backs
AI infrastructure
Daniel led a compiler team before he invested. He writes the technical half of our memos himself.
24 first cheques
Ask me about: Compilers, evaluation and inference cost
Daniel OseiGeneral partner
Backs
Fintech rails
Priya ran treasury for an exporter in eleven currencies. She backs the tools she wanted then.
19 first cheques
Ask me about: Ledgers, treasury and cross-border payments
Priya RamanGeneral partner
Backs
Robotics
Jonas built production lines for fifteen years. He visits the factory before he reads the deck.
12 first cheques
Ask me about: Automation for small and mid-sized plants
Jonas WeberPartner
Backs
Hiring and first customers
Freya runs the platform team: first ten hires, first ten customers, the next round.
86 companies supported
Ask me about: Your first sales hire and your Series A
Freya HoltPartner, platform
The partners
One partner, start to finish.
The partner who reads your first e-mail writes the memo, signs the cheque and takes your call three years later. Pick the one who knows your field.
Meet the teamBacks
Climate software
Mara started Kindling in 2012 after selling a grid analytics company. She still reads every memo.
31 first cheques
Ask me about: Grid, carbon and anything a utility buys
Mara LindqvistFounding partner
Backs
AI infrastructure
Daniel led a compiler team before he invested. He writes the technical half of our memos himself.
24 first cheques
Ask me about: Compilers, evaluation and inference cost
Daniel OseiGeneral partner
Backs
Fintech rails
Priya ran treasury for an exporter in eleven currencies. She backs the tools she wanted then.
19 first cheques
Ask me about: Ledgers, treasury and cross-border payments
Priya RamanGeneral partner
Backs
Robotics
Jonas built production lines for fifteen years. He visits the factory before he reads the deck.
12 first cheques
Ask me about: Automation for small and mid-sized plants
Jonas WeberPartner
Backs
Hiring and first customers
Freya runs the platform team: first ten hires, first ten customers, the next round.
86 companies supported
Ask me about: Your first sales hire and your Series A
Freya HoltPartner, platform
The partners
One partner, start to finish.
The partner who reads your first e-mail writes the memo, signs the cheque and takes your call three years later. Pick the one who knows your field.
Meet the teamBacks
Climate software
Mara started Kindling in 2012 after selling a grid analytics company. She still reads every memo.
31 first cheques
Ask me about: Grid, carbon and anything a utility buys
Mara LindqvistFounding partner
Backs
AI infrastructure
Daniel led a compiler team before he invested. He writes the technical half of our memos himself.
24 first cheques
Ask me about: Compilers, evaluation and inference cost
Daniel OseiGeneral partner
Backs
Fintech rails
Priya ran treasury for an exporter in eleven currencies. She backs the tools she wanted then.
19 first cheques
Ask me about: Ledgers, treasury and cross-border payments
Priya RamanGeneral partner
Backs
Robotics
Jonas built production lines for fifteen years. He visits the factory before he reads the deck.
12 first cheques
Ask me about: Automation for small and mid-sized plants
Jonas WeberPartner
Backs
Hiring and first customers
Freya runs the platform team: first ten hires, first ten customers, the next round.
86 companies supported
Ask me about: Your first sales hire and your Series A
Freya HoltPartner, platform
The fund
Fund IV. $420M to write first cheques.
Raised in 2024 from founders we backed, two university endowments and a family office. Every dollar goes into pre-seed, seed and the first Series A of companies we already hold.
- Vintage
- 2024
- Companies planned
- 40
- Kept for follow-ons
- 40 %
Kindling Fund IV LPDeployment · Sheet 04
$420M
committed capitalAs of September 2026
46 % deployedof the fund
Kindling · 3 stagesM. Lindqvist
The fund
Fund IV. $420M to write first cheques.
Raised in 2024 from founders we backed, two university endowments and a family office. Every dollar goes into pre-seed, seed and the first Series A of companies we already hold.
- Vintage
- 2024
- Companies planned
- 40
- Kept for follow-ons
- 40 %
Kindling Fund IV LPDeployment · Sheet 04
$420M
committed capitalAs of September 2026
46 % deployedof the fund
KindlingM. Lindqvist
The fund
Fund IV. $420M to write first cheques.
Raised in 2024 from founders we backed, two university endowments and a family office. Every dollar goes into pre-seed, seed and the first Series A of companies we already hold.
- Vintage
- 2024
- Companies planned
- 40
- Kept for follow-ons
- 40 %
Kindling Fund IV LPDeployment · Sheet 04
$420M
committed capitalAs of September 2026
46 % deployedof the fund
KindlingM. Lindqvist
Writing
We put our thinking in writing.
Memos, essays and the letter we send our own investors. Read how we decide before you pitch us.
All writing
01MemoMar 4, 20265 min readThe six-page memo
02EssayFeb 12, 20264 min readWhy fourteen days
03EssayJan 28, 20264 min readWhat a first cheque should cost
04LetterJan 9, 20266 min readLetter to our investors, 2026
05EssayDec 2, 20253 min readWhat we mean by «technical founder»
06MemoNov 11, 20253 min readNo warm intro needed
Memo01 / 06Mar 4, 20265 min readWhy every investment we make starts as six pages of prose, and why the founder gets a copy.Read itWriting
We put our thinking in writing.
Memos, essays and the letter we send our own investors. Read how we decide before you pitch us.
All writing- 01MemoMar 4, 20265 min read
The six-page memo
- 02EssayFeb 12, 20264 min read
Why fourteen days
- 03EssayJan 28, 20264 min read
What a first cheque should cost
- 04LetterJan 9, 20266 min read
Letter to our investors, 2026
- 05EssayDec 2, 20253 min read
What we mean by «technical founder»
- 06MemoNov 11, 20253 min read
No warm intro needed
Writing
We put our thinking in writing.
Memos, essays and the letter we send our own investors. Read how we decide before you pitch us.
All writing- 01MemoMar 4, 20265 min read
The six-page memo
- 02EssayFeb 12, 20264 min read
Why fourteen days
- 03EssayJan 28, 20264 min read
What a first cheque should cost
- 04LetterJan 9, 20266 min read
Letter to our investors, 2026
- 05EssayDec 2, 20253 min read
What we mean by «technical founder»
- 06MemoNov 11, 20253 min read
No warm intro needed
Questions
Asked before the first call.
Straight answers on stage, ownership, board seats and how long a decision takes.
Memo · To founders
Read in2 daysNo warm intro needed.
Sixty-one per cent of our companies arrived as a cold e-mail. Send six lines on what you are building. A partner reads it within two working days.
Write topitch@kindling.vc
Pre-seed and seed are most of what we do: usually between $250,000 and $4M as the first institutional cheque. We also lead a small number of Series A rounds, mostly in companies we already back.
No. Sixty-one per cent of our portfolio came through a cold e-mail or the pitch form. A partner reads every one within two working days.
Fourteen days from the first call at seed, ten at pre-seed and twenty-one at Series A. If the answer is no, you get it early and with the reasons.
About 8 % at pre-seed, a little under 10 % at seed and about 16 % at Series A. The cheque at the top of this page works out the stake for any amount.
Not at pre-seed or seed. At Series A we ask for one seat. We are happy to be an observer earlier if you want us in the room.
Climate software, AI infrastructure, robotics, fintech rails and developer tools. We read pitches outside these and say quickly if it is not for us.
Yes. We keep reserves for every company and have taken our share in four of every five follow-on rounds.
Europe and North America. The partners are in London and New York, and we travel for the first meeting if the company cannot.
Questions
Asked before the first call.
Straight answers on stage, ownership, board seats and how long a decision takes.
Pre-seed and seed are most of what we do: usually between $250,000 and $4M as the first institutional cheque. We also lead a small number of Series A rounds, mostly in companies we already back.
No. Sixty-one per cent of our portfolio came through a cold e-mail or the pitch form. A partner reads every one within two working days.
Fourteen days from the first call at seed, ten at pre-seed and twenty-one at Series A. If the answer is no, you get it early and with the reasons.
About 8 % at pre-seed, a little under 10 % at seed and about 16 % at Series A. The cheque at the top of this page works out the stake for any amount.
Not at pre-seed or seed. At Series A we ask for one seat. We are happy to be an observer earlier if you want us in the room.
Climate software, AI infrastructure, robotics, fintech rails and developer tools. We read pitches outside these and say quickly if it is not for us.
Yes. We keep reserves for every company and have taken our share in four of every five follow-on rounds.
Europe and North America. The partners are in London and New York, and we travel for the first meeting if the company cannot.
Memo · To founders
Read in2 daysNo warm intro needed.
Sixty-one per cent of our companies arrived as a cold e-mail. Send six lines on what you are building. A partner reads it within two working days.
Write topitch@kindling.vc
Questions
Asked before the first call.
Straight answers on stage, ownership, board seats and how long a decision takes.
Pre-seed and seed are most of what we do: usually between $250,000 and $4M as the first institutional cheque. We also lead a small number of Series A rounds, mostly in companies we already back.
No. Sixty-one per cent of our portfolio came through a cold e-mail or the pitch form. A partner reads every one within two working days.
Fourteen days from the first call at seed, ten at pre-seed and twenty-one at Series A. If the answer is no, you get it early and with the reasons.
About 8 % at pre-seed, a little under 10 % at seed and about 16 % at Series A. The cheque at the top of this page works out the stake for any amount.
Not at pre-seed or seed. At Series A we ask for one seat. We are happy to be an observer earlier if you want us in the room.
Climate software, AI infrastructure, robotics, fintech rails and developer tools. We read pitches outside these and say quickly if it is not for us.
Yes. We keep reserves for every company and have taken our share in four of every five follow-on rounds.
Europe and North America. The partners are in London and New York, and we travel for the first meeting if the company cannot.
Memo · To founders
Read in2 daysNo warm intro needed.
Sixty-one per cent of our companies arrived as a cold e-mail. Send six lines on what you are building. A partner reads it within two working days.
Write topitch@kindling.vc