Investment approach
Capital for technology companies, from the first working product to wider customer adoption.
CIR Ventures invests globally from seed to Series B. We consider the technology, the business it can support and the resources required to develop both.
Explore the stagesInvestment parameters
- Typical initial investment
- €2M to €5M
- Indicative follow on capacity
- €6M to €10Mper company
- Target ownership
- 10% to 25%
These ranges are indicative. Investment amounts, structure and ownership are determined for each company. Follow on funding is assessed separately and is not a guaranteed allocation.
From seed to Series B
The questions change as a product moves into customers’ operations. Its maturity, sector and route to market determine which evidence is relevant.
| Stage | Technical progress | Customer evidence | Use of capital |
|---|---|---|---|
| SeedEstablishing the product | A working prototype, measured results and the technical questions still to resolve. | A defined customer problem, early conversations and a reason to choose the product. | The engineering, people and testing needed to reach the next development milestone. |
| Series ALearning from deployment | Performance in customer environments, reliability and the work required for installation. | Paid use, purchasing decisions and the first evidence of continued demand. | Product development, customer implementation and the capacity to support growing use. |
| Series BBuilding repeatable delivery | A product that can be delivered and maintained consistently as demand increases. | Retention, repeat purchases and the economics of reaching and serving each customer. | Production or delivery capacity, the organisation and resources needed for expansion. |
These considerations vary by company; financing stages do not prescribe a fixed development sequence.
Understanding the investment case
A technical result is part of a larger business decision. We look at what the product enables, who needs it and what it takes to deliver.
Technical differentiation
A product needs a useful advantage over the alternatives available to its customer. Measured performance, the conditions behind a result and the remaining engineering risks help explain whether that advantage can carry through to regular use.
Customer adoption
The user, the buyer and the team responsible for implementation may have different priorities. Understanding the purchase decision, deployment requirements and ongoing cost of service connects technical progress to a commercial opportunity.
People, time and capital
Founders’ experience and responsibilities need to fit the work ahead. A development plan brings together hiring, suppliers, delivery and cash requirements, including how the company would respond if engineering or sales take longer than expected.
The development plan depends on the product.
A semiconductor business may need to fund qualification, manufacturing and customer design work before production revenue arrives. Enterprise software brings different demands: integration, implementation and the cost of supporting each account.
Those differences affect the amount and timing of capital. The funding plan should explain the next technical and commercial milestones, the resources they require and the assumptions that could change them.
Explore our technology focusPreparing for a conversation
Introduce the customer problem, the product, your team and the work the next round would fund.