Approach
How we invest
Our own capital
Moat Capital invests from its own balance sheet. We do not raise from outside investors and we do not manage money for anyone else. The practical effect for a founder is that there is one decision-maker, no committee calendar, and no pressure from a fund clock.
What we look for
A specific customer with a specific problem, and evidence that someone has already paid to have it solved. Hardware that has survived contact with a real operating environment. Founders who can explain their bill of materials and their certification path without a deck. A reason the business gets harder to copy as it grows.
We are unbothered by unglamorous. Inspection contracts, survey work, spare parts, training, and maintenance are where a good part of this industry's actual money is.
What we don't do
We do not invest in businesses we cannot understand in one meeting. We do not participate in rounds priced on narrative alone. We do not take control positions, we do not run auctions, and we do not charge companies fees of any kind — not for introductions, not for advice, not for a place on a list.
How a conversation goes
First call, 30 minutes. What you're building, who pays for it, what's actually hard.
Materials. Whatever you already have. We do not need a data room to form a view.
Answer. Usually within a week of the second conversation. If the answer is no, we will tell you why, and we will tell you quickly.