Every startup in your deal flow is scored out of 100 against your criteria, strongest fit first.
What is thesis fit?
A percentage showing how well a startup fits what you've told us you're looking for.
It's built from your criteria on one side and what the founder has told us about their round on the other. Open any startup and you'll see the reasons behind its fit.
What do the percentages mean?
90% and above: Excellent
75 to 89%: Strong
60 to 74%: Good
50 to 59%: Fair
Below 50%: Weak
How is it worked out?
Your criteria split into two kinds, and they do different jobs.
Essential criteria are a hard line. A startup that doesn't meet them can't apply to you at all, whatever else it has going for it.
Preferred criteria shape the percentage fit. The more of them a startup meets, the higher its fit, and that's what decides the order your deal flow comes in.
There's more on this in Your investment criteria.
Where do the startups come from?
Founders raising a round apply to you. Every application is measured against your criteria before it reaches you, which is why what's in your deal flow already fits your essentials.
How close a startup has to be on your preferences is up to you, and that's what Matching strictness controls.
Does a high fit mean I should invest?
No. Fit explains the ordering, nothing more.
It tells you how closely a startup lines up with the criteria you gave us, which is a useful way to decide what to read first. What you make of the startup itself is your call.
Why is a startup's fit lower than I'd expect?
Usually because of a preference it doesn't meet, and the reasons behind the percentage will tell you which one.
If the same preference keeps pulling fits down and it matters less to you than it used to, it's worth editing your criteria.