—Track record

This 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
SaaSFintechCryptoClimate TechAIRWD*DepopulationPeptidesiubenda190xTrueLayer166xOx.org230xReplit150xMorpho100xTwelveRenaissance Fusion~50xHeart Aerospace09’11’13’15’17’19’21’23’25’27’29’31’33’35’37’
*RWD = Real World DecentralizationMultiples reflect last known valuation; active = still in portfolio.
Highest multiple230xOx.org
Featured outcomes8across 5 known windows
Active bets6still compounding
Emerging windows3where Fund II is investing
—

Biggest returns

Sorted by multiple
Fintech · 2017230x

Ox.org

B2B fintech infrastructure with a category-defining outcome — the biggest single multiple in the Unruly track record to date.

Realized
SaaS · 2011190x

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 · 2014166x

TrueLayer

Open-banking infrastructure for Europe. One of the picks-and-shovels companies that made the PSD2 era possible.

Still activetruelayer.com ↗
SaaS · 2018150x

Replit

AI-native developer environment. From a small bet on browser-IDEs to one of the canonical AI coding platforms.

Still activereplit.com ↗
Crypto · 2020100x

Morpho

On-chain credit infrastructure. Now one of the largest DeFi lending protocols by total value locked.

Still activemorpho.org ↗
Climate Tech · 2021~50x

Renaissance Fusion

Stellarator-based nuclear fusion. Building toward clean baseload energy at industrial scale.

Still activestellarator.energy ↗
Climate Tech · 2020Active

Twelve

CO₂ transformation — turning captured carbon into industrial chemicals and fuels at commercial scale.

Still activewww.twelve.co ↗
Climate Tech · 2021Active

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.