Kindling Fund INo. 01
committed
11 companies
Raised in London from nine people who had built companies themselves. Fully returned.
Kindling
Kindling Fund IV · No. 008700102029374553606672778185899295979899100100%
M. Lindqvist
Authorised signatureThe cheque is signed
The fund
Four funds.One job.
Since 2012 every Kindling fund has done the same thing: write the first cheque and keep enough back to follow it.
- Fund IV$420M
- Vintage2024
- Cheque size$250K to $12M
- Deployed46 %
The fund
Four funds.One job.
Since 2012 every Kindling fund has done the same thing: write the first cheque and keep enough back to follow it.
- Fund IV$420M
- Vintage2024
- Cheque size$250K to $12M
- Deployed46 %
The fund
Four funds.One job.
Since 2012 every Kindling fund has done the same thing: write the first cheque and keep enough back to follow it.
- Fund IV$420M
- Vintage2024
- Cheque size$250K to $12M
- Deployed46 %
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
Four funds since 2012
Every fund did one job: the first cheque.
Each fund is about twice the one before it, and each one still writes the same cheque: the first money into a company, from one partner, in fourteen days.
2012
2016
Kindling Fund IINo. 02
$01234567890123456789M
committed
19 companies
The New York office opens. The first exits come from this fund.
2020
Kindling Fund IIINo. 03
$012345678901234567890123456789M
committed
27 companies
The six-page memo becomes the rule. Tidewater and Lumen Labs are in this one.
2024
Kindling Fund IVNo. 04
$012345678901234567890123456789M
committedInvesting now
29 companies so far
The fund we invest from today. Pre-seed, seed and a few Series A rounds.
How a cheque is sized
Three rules, written down.
Rule 0101 / 03
The round sets the cheque
We size from what the next eighteen months cost, not from the valuation we would like. If you need $1.5M, we do not talk you into $3M.
Holds for every chequeRule01KindlingRule 0202 / 03
We ask for about a tenth
The usual seed cheque buys close to 9.5 % of the company. Enough for us to work hard, small enough that you still own it at Series B.
Holds for every chequeRule02KindlingRule 0303 / 03
No board seat at seed
At pre-seed and seed we take no board seat and add no special terms. You get one partner, one phone number and a standard term sheet.
Holds for every chequeRule03Kindling
Who invests in Kindling
The money behind the fund is patient.
Fund IV has a ten-year life. Nobody in it needs the money back next year, so nobody asks us to sell your company early.
- 01234567890123456789 %University endowments
- 01234567890123456789 %Family offices
- 01234567890123456789 %Founders we backed
Share of the $420M committed to Fund IV
40 % of Fund IV is kept for the companies we already back.
We keep reserves for every company and have taken our share in four of every five follow-on rounds. When a round comes together, your partner can say yes without raising a new fund first.
Four funds since 2012
Every fund did one job: the first cheque.
Each fund is about twice the one before it, and each one still writes the same cheque: the first money into a company, from one partner, in fourteen days.
2012
Kindling Fund INo. 01
$01234567890123456789M
committed
11 companies
Raised in London from nine people who had built companies themselves. Fully returned.
2016
Kindling Fund IINo. 02
$01234567890123456789M
committed
19 companies
The New York office opens. The first exits come from this fund.
2020
Kindling Fund IIINo. 03
$012345678901234567890123456789M
committed
27 companies
The six-page memo becomes the rule. Tidewater and Lumen Labs are in this one.
2024
Kindling Fund IVNo. 04
$012345678901234567890123456789M
committedInvesting now
29 companies so far
The fund we invest from today. Pre-seed, seed and a few Series A rounds.
How a cheque is sized
Three rules, written down.
Rule 0101 / 03
The round sets the cheque
We size from what the next eighteen months cost, not from the valuation we would like. If you need $1.5M, we do not talk you into $3M.
Holds for every chequeRule01KindlingRule 0202 / 03
We ask for about a tenth
The usual seed cheque buys close to 9.5 % of the company. Enough for us to work hard, small enough that you still own it at Series B.
Holds for every chequeRule02KindlingRule 0303 / 03
No board seat at seed
At pre-seed and seed we take no board seat and add no special terms. You get one partner, one phone number and a standard term sheet.
Holds for every chequeRule03Kindling
Who invests in Kindling
The money behind the fund is patient.
Fund IV has a ten-year life. Nobody in it needs the money back next year, so nobody asks us to sell your company early.
- 01234567890123456789 %University endowments
- 01234567890123456789 %Family offices
- 01234567890123456789 %Founders we backed
Share of the $420M committed to Fund IV
40 % of Fund IV is kept for the companies we already back.
We keep reserves for every company and have taken our share in four of every five follow-on rounds. When a round comes together, your partner can say yes without raising a new fund first.
Four funds since 2012
Every fund did one job: the first cheque.
Each fund is about twice the one before it, and each one still writes the same cheque: the first money into a company, from one partner, in fourteen days.
2012
Kindling Fund INo. 01
$01234567890123456789M
committed
11 companies
Raised in London from nine people who had built companies themselves. Fully returned.
2016
Kindling Fund IINo. 02
$01234567890123456789M
committed
19 companies
The New York office opens. The first exits come from this fund.
2020
Kindling Fund IIINo. 03
$012345678901234567890123456789M
committed
27 companies
The six-page memo becomes the rule. Tidewater and Lumen Labs are in this one.
2024
Kindling Fund IVNo. 04
$012345678901234567890123456789M
committedInvesting now
29 companies so far
The fund we invest from today. Pre-seed, seed and a few Series A rounds.
How a cheque is sized
Three rules, written down.
Rule 0101 / 03
The round sets the cheque
We size from what the next eighteen months cost, not from the valuation we would like. If you need $1.5M, we do not talk you into $3M.
Holds for every chequeRule01KindlingRule 0202 / 03
We ask for about a tenth
The usual seed cheque buys close to 9.5 % of the company. Enough for us to work hard, small enough that you still own it at Series B.
Holds for every chequeRule02KindlingRule 0303 / 03
No board seat at seed
At pre-seed and seed we take no board seat and add no special terms. You get one partner, one phone number and a standard term sheet.
Holds for every chequeRule03Kindling
Who invests in Kindling
The money behind the fund is patient.
Fund IV has a ten-year life. Nobody in it needs the money back next year, so nobody asks us to sell your company early.
- 01234567890123456789 %University endowments
- 01234567890123456789 %Family offices
- 01234567890123456789 %Founders we backed
Share of the $420M committed to Fund IV
40 % of Fund IV is kept for the companies we already back.
We keep reserves for every company and have taken our share in four of every five follow-on rounds. When a round comes together, your partner can say yes without raising a new fund first.
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