Fintech · 2017
Ox.org
B2B fintech infrastructure with a category-defining outcome — the biggest single multiple in the Unruly track record to date.
Realized
—Track record
Our model consistently
finds large outcomes.
Unruly invests against “alpha windows” — sector waves where the opportunity, the technology, and the talent line up at the same time. Five known windows so far (SaaS, Fintech, Crypto, Climate, AI), four emerging (RWD, Depopulation, Peptides, New Sovereigns). We try to be early to each, and the track record is below.
Known alpha windowsEmerging alpha windows
*RWD = Real World DecentralizationMarkers placed on each window’s curve at the year of investment.
Highest multiple230xrealized outcome
>100× Outcomes5across 5 known windows
Biggest returns
Ranked by outcomeSaaS · 2011
iubenda
Privacy + compliance for the web — became the default tool for thousands of sites and the largest exit in the early Italian SaaS scene.
Realizedwww.iubenda.com ↗
Fintech · 2014
TrueLayer
Open-banking infrastructure for Europe. One of the picks-and-shovels companies that made the PSD2 era possible.
Still activetruelayer.com ↗
SaaS · 2018
Replit
AI-native developer environment. From a small bet on browser-IDEs to one of the canonical AI coding platforms.
Still activereplit.com ↗
Crypto · 2020
Morpho
On-chain credit infrastructure. Now one of the largest DeFi lending protocols by total value locked.
Still activemorpho.org ↗
Climate Tech · 2021
Renaissance Fusion
Stellarator-based nuclear fusion. Building toward clean baseload energy at industrial scale.
Still activestellarator.energy ↗
Climate Tech · 2020
Twelve
CO₂ transformation — turning captured carbon into industrial chemicals and fuels at commercial scale.
Still activewww.twelve.co ↗
Climate Tech · 2021
Heart Aerospace
Electric regional airliners. Replacing short-haul jet fuel routes with battery-electric airframes.
Still activeheartaerospace.com ↗
This page shows the biggest hits from across the pre-Fund-I record (Smallholding, the Atomico Angel Programme, the Planet+ syndicate, and Stefano’s personal angel book) plus the early-realized highlights from Fund I.
For the full transaction log across every fund, see portfolio. For the live Fund I dashboard, see dashboard.