Deal Flow Pulse: June 2026

June brought one of the most varied months on record in terms of inbound, with pre-product founders asking for conviction before the market had given them any, and late-stage profitable businesses past our typical entry point. Both ends of the spectrum sharpened our stage discipline.

Where capital moved

The opportunities that genuinely moved us this month sit in deep infrastructure. Three categories stood out:

• AI tooling that reduces the cost of running compute at scale. Semantic code translation and data compression at data-centre level. Picks-and-shovels plays before the category gets crowded.

• FinTech and telecoms infrastructure in emerging markets. Banking MVNOs and financial services distribution where mobile is the primary access point. South Africa in 2026 is an early signal, not a niche data point.

• B2B AI governance and orchestration. Enterprises are deploying agents faster than they can govern them. The control-plane layer is an underpriced category right now.

What it means for founders

The pre-product pitch this month reminded us why we need proof of behaviour change before we write a cheque. A compelling narrative is not enough. The late-stage inbound reminded us that our value-add is clearest when we are in early, not following the crowd at Series B valuations. Stage discipline is not a constraint. It is how we stay useful.

Mandate and Advisory

June was operationally dense on the capital advisory side. We are running multiple active raise processes in parallel: building curated investor lists, managing outreach attribution, and running the kind of structured process that gives founders the best chance of a clean close. The volume of parallel conversations this month was significant. The infrastructure we have built to manage it without cutting corners is what makes it possible.

Where we said no

A handful of conversations were clear misfires. A fintech pre-revenue with no licensing and no path to traction is not a capital problem. It is a sequence problem. We said that clearly and moved on. Fast, honest passes protect everyone.

The pipeline is live and moving. If you are raising a Seed to Series A round, planning an MBO, or working through a mandate process, we want to hear from you.