UNDERWRITING DIGITAL VENTURES. FROM THE MODEL TO THE CAPITAL TABLE.
From the model to the capital table.
Thesis before narrative.
“The filter is the product. The vehicle opens after.”
INSTITUTIONAL SELECTIVITY AS A REPUTATIONAL STANDARD
Who we are
Capitaltech Block is a strategic advisory firm at the intersection of innovative businesses, startups, and crypto-asset projects. Our craft is not to produce attractive decks. It is to decide, with method, whether a project is financeable — and only then to build the file that lets a credit committee, a fund, or a private investor say yes with enough information.
We see a high flow of business models. Most stop at diagnosis. A small number clear our internal filter. Those are the ones we prepare for capital and, when warranted, the ones we take to a circle of clients, partners, and allies through a segregated vehicle or SPV.
VISION
To be the thesis desk founders and sponsors come to when an idea must survive a credit committee, a venture fund, or a demanding private investor.
MISSION
Separate what is financeable from what is merely interesting. Deliver a feasibility opinion — commercial, legal, and financial — and, when the case deserves it, the file and the vehicle through which capital can enter in an orderly way.
Principles
How we work
Three stages. We do not skip the first.
Investment-thesis study
Business feasibility, map of the applicable legal framework, and financial viability. The deliverable is an opinion: proceed, reframe, or stop.
Committee dossier
Model, narrative, numbers, and risks packaged for credit committees, venture capital, seed capital, and private investors. The aim is not to impress: it is to let the reader vote.
Selective mandate
Only on cases that survived the filter. We present the thesis to our circle of clients, firm friends, and business partners, and we structure a segregated vehicle or SPV to participate as an equity partner in that specific venture.
Services
“We do not publish a catalog of ten specialties. We publish the cycle.”
Investment-thesis study
Before asking for money, we establish whether the business exists. We review the commercial thesis, the competitive field, unit economics, the legal framework that enables or blocks the operation — including the treatment of crypto-assets when relevant — and the model’s capacity to support a capital structure. The output is an internal underwriting memo: assumptions, sensitivities, residual risks, and an explicit recommendation.
- Business and market feasibility.
- Study of the legal framework required to operate and to receive capital.
- Financial feasibility: cash, structure, dilution, stress cases.
- When the case requires it: a reading of synergies for a merger, acquisition, or exit.
Committee dossier
Institutional capital does not buy enthusiasm. It buys a file an analyst can reconstruct. We assemble the proposal, the model, and the presentation to the standard a credit committee, a fund, or a family office expects: thesis on one page, model in the annex, risks in plain language, use of proceeds, and governance of the round.
- Business model and equity story.
- Minimum viable data room: numbers, material contracts, cap table, assumptions.
- Narrative tuned to the table: debt, seed equity, growth, or private investor.
Selective capital mandate
We are not a mass placement agent and not a fund open to the public. We are a desk that, by reviewing many models, isolates a handful of defensible theses. In those cases we act as originators: we present the opportunity to a closed circle and offer a segregated vehicle or SPV to invest in that particular venture as an equity partner.
- Internal selection before any approach to investors.
- Vehicle structuring and round documentation.
- Pitch to the firm’s circle — clients, partners, and allies — not to an anonymous market.
Who it is for
- Founders of startups and innovative businesses about to sit in front of a committee or a fund.
- Sponsors of crypto-asset projects who need a thesis, not a white paper.
- Operating teams seeking a round or a partial sale with an institutional file.
What we do not do
- We do not manage investment portfolios for individuals.
- We do not run a trading platform or issue market signals.
- We do not raise capital for everything that reaches the desk.
Preliminary conversation under confidentiality agreement.
“If your project must survive a capital table — not just a room of friends — start with the thesis study. The rest of the cycle opens only if the opinion supports it.”
Preliminary conversation under confidentiality agreement:
All preliminary interaction and review of assumptions is conducted under a strict mutual confidentiality agreement.