Firm brain/Northbeam Ventures · Fund III
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MemoriesLearned since 2019
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Firm brain

What Northbeam has learned from every deal, pass and IC since 2019.

0memories+8 this week
Memory growthLearned since 2019
+182
in 8 months · hover for monthly adds
What it knows
IC notes & deal files95174%Founder notes21217%Patterns464%Partner preferences383%Pass reasons312%Anti-portfolio60.5%
Firm thesisWhat every memo and agent is checked against
Stage
Seed to Series A, B2B software and software-led hardware
Sectors
Fintech and finance ops, AI tooling, logistics software
Check size
Up to $2M first cheque, 10–15% ownership
Fit bar
Fit 75+ gets a founder call; 55–74 is a maybe
Seed checks
Deck metrics + founder call
Pass on
Services revenue above 30%, single-customer concentration
Thesis proposalsLearned from outcomes · nothing changes until a partner approves2 waiting
Check size
Up to $2M first cheque
Up to $3M first cheque
3 of your last 4 Series A leads needed $2.6M+ to reach 12% ownership.
Deal Desk · from outcomes4 outcomes
Sectors
Fintech, AI tooling, logistics
+ Vertical SaaS
3 of your last 5 vertical SaaS passes raised up-rounds; partners marked 2 as “should have met”.
Deal Desk · from pass reasonsPass log · 5 deals
OutcomesWhat happened after we decided
Invested2/3 on plan
Passed0/3 right call
  1. Aug ’25Arcline investedARR 1.6× in 12 mo
  2. Jun ’25Corvid invested8.4 mo runway · bridge
  3. Jan ’25Tidepool investedARR 2.9× since seed
  4. Oct ’24Closeloop passed$6M → $13M ARR
  5. Mar ’24Relay passedRaised Series C
  6. Nov ’23Brightside passedAcquired · 6×
PriorsUsed in every memo
Pre-money / verified ARR8.9×
median of 5 investments · IQR 8.2–9.6×
Deck ARR overstated4 of 9
avg gap 14% · prepaid most common
IC → term sheet48%
last 12 months · firm avg 44%
First meeting → term sheet34 days
median, last 12 months
Recent memories6 of 1,284 · pick a category to see more
  • Prepaid contracts often inflate ARR in close softwareSepPattern3 dealsmodel.xlsx
  • Saurabh wants the ARR bridge before any ICAugPartner preference12 memosGmail
  • Founders who go quiet 2+ weeks rarely closeJulPattern8 dealsCrustdata
  • Passed on Closeloop at $6M ARR: market too smallOct ’24Pass reason1 dealIC notes 2024
  • Bridges below 9 months of runway raised within 6 months, 2 of 3 timesTodayPatternCorvidPortfolio · 3 bridges
  • Pinecrest: services revenue at 45%, above our 30% lineThuPass reason1 dealDecision · Thu
Learned overnight:IC wants churn by cohort