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EST. MMXXIV · LISBON / NYC

A studio for durable digital companies.

We back operators who would rather build a business that compounds for a decade than tell a story about one.

View portfolio About the studio
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Operating companies
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Categories
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Offices
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Operating thesis
01Portfolio

Companies we operate.

A small number of independent businesses. Each is run by its own team, on its own terms — and stays in the portfolio for the long run.

See all six companies →
02Thesis

One operating belief.

Patience is a balance-sheet decision.

— Founder's letter · 2026

We invest our own capital, take board seats at the companies we back, and stay close for a long time. Most of our portfolio is profitable. None of it is for sale.

We don't run a fund. We don't have an exit timeline. We do have a point of view.

03Press

In conversation.