Pre-seed
Structure-aware, pre-round. We invest before the company is legible to a traditional fund, because we can read the structure risk others price blind.
New Circle Capital — Early-stage investment
Capital for companies that will outgrow their first structure.
New Circle Capital invests €20M+ in pre-seed, seed and Series A companies building in AI verticals and AI infrastructure. Same discipline as the structures: the entity comes last.
The clearest thing we can tell you, so we lead with it.
New Circle Capital is an investment entity. It is not the advisory practice. The two share a name and a standard — nothing else. Separate entity, separate team, separate books. The advisory practice has never been a party to a structure it designed; the investment entity has never taken a fee for advice it gave. That line is the product.
The line
Two entities. One line between them.
New Circle Capital is
- An investment entity deploying its own capital
- Focused on AI verticals and AI infrastructure
- The capital partner behind Veyron Accelerator
- Bound by conflicts rules we would design for any client
New Circle Capital is not
- The advisory practice — no shared mandates, no shared fees
- A fund manager raising external capital (not today)
- An advisor to its own portfolio — structural work for portfolio companies is done by the advisory practice, at cost, under a separate mandate
- A condition inside any advisory engagement — an introduction to Capital is never the price of advice from New Circle
Thesis
We invest where the structure and the model are the same problem.
AI verticals and AI infrastructure share one trait: the company and its structure are inseparable from the investment case. Where the IP sits, who owns it, which jurisdiction the compute agreements live in — for an applied-AI or infrastructure company, these are not compliance questions. They are the moat.
Most funds meet a company at the round. We meet companies at the structuring table — months earlier, before the deck, when the answers are still cheap. That is not a sourcing trick. It is the consequence of being the entity that designs the seams.
Stages
Pre-seed to Series A. AI only.
€150k–500k
€500k–1.5M
Seed
Applied AI with a defensible data or IP position; infrastructure with real usage.
€1.5–3M
Series A
Follow-on reserves held for the best positions from earlier rounds.
Tickets in EUR or USD equivalent. We underwrite the business, not the category — but the category is AI.
What we don't do.
- Token sales or primary crypto-token investments
- Companies where we drafted the structure under an advisory fee — recusal is the default
- Leading rounds above €3M
- Investments on standard terms we wouldn't sign ourselves
Sourcing
Sourcing at the speed of the business.
New Circle Capital does not run an application pipeline. Veyron Accelerator does. Veyron runs sourcing, diligence and portfolio support — decision in 14 days, standard terms, founder-friendly by default. New Circle Capital provides the capital and the AI-specific underwriting. Sector-agnostic speed on one side; structural depth on the other.
Founders apply through Veyron. Capital comes from New Circle Capital. Structure — when the company genuinely needs it — comes from New Circle, at cost, under a separate mandate.
Apply via Veyron Accelerator →Introductions
Every mandate is a lead. Every lead is opt-in.
The AI & IP holding practice at New Circle sits with companies in the exact window before a round: IP unplaced, holding undecided, investor base unshaped. With explicit, documented consent, the advisory team may introduce a mandate to New Circle Capital. The introduction is never a condition of the advisory work, the advisory fee never depends on it, and the investment committee never sees an advisory file it hasn't been formally given.
Governance
The seams, designed.
- Separate legal entities, accounts and investment committee
- No cross-compensation in either direction
- Structural work for portfolio companies priced at cost, separately documented
- Recusal where Capital and an advisory mandate touch the same company
- Annual review of this boundary by counsel outside both entities
If a structure isn't warranted yet, we will tell you that — on both sides of the line.
Contact
Bring the model. We'll bring the map and the capital.
Founders: apply through Veyron Accelerator — metrics, not a deck. Companies at the structuring stage: start with New Circle, the advisory practice. Both roads lead to the same table. They are not the same road.