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 partner
Kindling
Kindling Fund IV · No. 008700102029374553606672778185899295979899100100%
M. Lindqvist
Authorised signatureThe cheque is signed
Company · Exited
Tidewater
Treasury for companies that sell in thirty currencies.
- SectorFintech
- EntrySeed 2019
- NowIPO 2025
- First cheque$1.0M
Company · Exited
Tidewater
Treasury for companies that sell in thirty currencies.
- SectorFintech
- EntrySeed 2019
- NowIPO 2025
- First cheque$1.0M
Company · Exited
Tidewater
Treasury for companies that sell in thirty currencies.
- SectorFintech
- EntrySeed 2019
- NowIPO 2025
- First cheque$1.0M
The story
Why we wrote the first cheque.
Treasury for companies that sell in thirty currencies.
Tomas Reiner was a finance lead who closed the books in eleven currencies by spreadsheet. Tidewater gives a mid-sized exporter one account, one ledger and hedging that a controller can set up alone.
Tidewater listed in 2025. We wrote its first cheque in 2019 and remain a shareholder.
The round, step by step
From a memo to where it stands.
- Day 14Six pages, one partner, a yes.
- Seed 2019First cheque: $1.0M
- The team3 → 460 people
- TodayIPO 2025
In the founder's words
Eleven currencies and one spreadsheet was the whole pitch. They understood it in a single call.
More from the portfolio
Other cheques we were first to sign.
The story
Why we wrote the first cheque.
Treasury for companies that sell in thirty currencies.
Tomas Reiner was a finance lead who closed the books in eleven currencies by spreadsheet. Tidewater gives a mid-sized exporter one account, one ledger and hedging that a controller can set up alone.
Tidewater listed in 2025. We wrote its first cheque in 2019 and remain a shareholder.
The round, step by step
From a memo to where it stands.
- Day 14Six pages, one partner, a yes.
- Seed 2019First cheque: $1.0M
- The team3 → 460 people
- TodayIPO 2025
In the founder's words
Eleven currencies and one spreadsheet was the whole pitch. They understood it in a single call.
More from the portfolio
Other cheques we were first to sign.
The story
Why we wrote the first cheque.
Treasury for companies that sell in thirty currencies.
Tomas Reiner was a finance lead who closed the books in eleven currencies by spreadsheet. Tidewater gives a mid-sized exporter one account, one ledger and hedging that a controller can set up alone.
Tidewater listed in 2025. We wrote its first cheque in 2019 and remain a shareholder.
The round, step by step
From a memo to where it stands.
- Day 14Six pages, one partner, a yes.
- Seed 2019First cheque: $1.0M
- The team3 → 460 people
- TodayIPO 2025
In the founder's words
Eleven currencies and one spreadsheet was the whole pitch. They understood it in a single call.
More from the portfolio
Other cheques we were first to sign.
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 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