Notation is a first-check, pre-seed venture firm in Brooklyn, NYC that backs product-obsessed, technical founding teams on 'day 0:00' — before product-market fit and in many cases before product. They describe themselves as 'true risk capital investors,' leading or co-leading small first rounds (typically <$1M total) with an average $800k check, and they reject the idea that any team is 'too early.' They invest in roughly 8 capital-efficient software companies per year, concentrating in NYC but selectively backing technical teams in other 'underestimated geographies.'
Founders with unique insight into and genuine passion for a specific problem or market — the conviction that drives them to build, not a generic opportunity.
“Have unique insight into and passion for a specific problem or market.” — Notation Capital Operating Manual
“investing relatively small dollar amounts in extremely early technical founders or founding teams with the enduring will to bring interesting and innovative projects to life” — Nicholas Chirls
A product that is innovative in its business model or process and that can become defensible over time — via counter-positioning, scale economies, network economics, or switching costs.
“Innovative in their business model or process” — Notation Capital Operating Manual
“Can be defensible over time via counter-positioning, scale economies, network economics, or switching costs.” — Notation Capital Operating Manual
“We invest in about 8 new startups per year that tend to be tech heavy, scalable software products.” — Notation Capital Operating Manual
Markets that are initially fringe but can become mainstream, large but old and broken, or science-fiction-like — ideally with an external inflection point pulling them forward. Headline TAM matters less than the right kind of market story.
“Initially fringe but can become mainstream, or Large, but feel old and broken, or Science fiction and feel like the future.” — Notation Capital Operating Manual
“to partner with technical founding teams in underestimated geographies on day zero, before the opportunity is obvious” — Alex Lines
Little to no traction is expected. Notation invests pre-product-market-fit and often pre-product; what matters is a thoughtful strategy or go-to-market and the will to run a proper experiment, not metrics.
“betting on founders uncomfortably early, pre-product market fit, and in many cases pre-product” — Introducing Notation III
“the founders we meet are often extraordinary early in the company building process, and in many cases simply coming to us with an idea and a thoughtful strategy or go-to-market” — Notation Capital Operating Manual
“For most teams and projects, we've found that's usually enough to run a proper experiment and uncover whether or not there's something sustainable” — Notation Capital — 1 Year In
Technical founding teams (technologists first) who are high-integrity leaders, communicate clearly, have complementary skills and a healthy dynamic, are builders by nature, and have unique insight into their problem. Team is the dimension Notation weighs most heavily at pre-seed.
“High-integrity leaders who can communicate clearly, inspire, and prioritize their strategy” — Notation Capital Operating Manual
“technical founding teams on day zero of a new company” — Alex Lines
“we help small technical teams at the infancy of an idea build projects into enduring, valuable companies” — Notation Capital — 1 Year In
Capital-efficient software businesses with an innovative business model or process and a credible path to long-term defensibility. Notation prizes right-sizing capital and growth early rather than raising and spending aggressively.
“pre-seed product teams building capital-efficient software companies” — Introducing Notation III
“We will continue to focus on investing in pre-seed product teams building capital-efficient software companies based in NYC” — Introducing Notation III
“Can be defensible over time via counter-positioning, scale economies, network economics, or switching costs.” — Notation Capital Operating Manual
A differentiated angle that makes Notation think differently about the problem and solution, with a durable defensibility mechanism. They back teams before the opportunity is obvious to others, so being non-consensus is a feature.
“before the opportunity is obvious” — Introducing Notation II
“Can be defensible over time via counter-positioning, scale economies, network economics, or switching costs.” — Notation Capital Operating Manual
“to partner with technical founding teams in underestimated geographies on day zero, before the opportunity is obvious” — Alex Lines
A market shift or external inflection point that makes a once-fringe or sci-fi idea suddenly plausible. Notation actively wants to be early — they reject 'too early' as a reason not to invest.
“external inflection points” — Notation Capital Operating Manual
“Initially fringe but can become mainstream, or Large, but feel old and broken, or Science fiction and feel like the future.” — Notation Capital Operating Manual
“We don't consider anyone or any project 'too early.' In fact, we've heard those words too often ourselves (both as founders and as VCs raising Notation Capital), so you'll never hear us use them.” — Nicholas Chirls
A right-sized first round (typically under $1M total) where Notation can lead or co-lead with an ~$800k check. They prefer founders raising enough to run a real experiment, not over-raising, and they move to a decision within a month.
“our average check size is $800k and we prefer to lead or co-lead the first financing” — Notation Capital Operating Manual
“In our current iteration, our average check size is $800k and we prefer to lead or co-lead the first financing.” — Notation Capital Operating Manual
“For the pre-seed projects we invest in, we'd like to be the first $100,000-$200,000 (we're just fine being the only check to start) in rounds less than $1M total.” — Nicholas Chirls
“The goal we set for ourselves is to get to an investment decision with the founders that we meet within one month after the initial introduction.” — Notation Capital Operating Manual
“We don't consider anyone or any project 'too early.' In fact, we've heard those words too often ourselves (both as founders and as VCs raising Notation Capital), so you'll never hear us use them.”
“to partner with technical founding teams in underestimated geographies on day zero, before the opportunity is obvious”