The Necessity Doctrine

Necessity is the Thesis.

Seed-stage capital into the companies people need to eat, heal, move, power, and supply. Four markets in developed APAC, on a regulatory clock.

See the five Necessities ↓ See the research →

  1. 19,416 Companies in the four-market universe
  2. 33.5% Pass the regulation filter
  3. 2,625 In Necessities at seed stage
  4. 174 Four-market regulations live or in flight
  5. 34 In-flight regulations 2024-2030

The filter

Regulation does the deterministic cut.

Each dot is one company in the four-market classified universe. Highlighted dots survive the regulation filter; the brightest survive to seed-stage Necessities-aligned.

Source: hmm Ventures four-market dataset.

The universe

19,416

Companies in the four-market dataset.

Australia, Japan, New Zealand, Singapore. Every classified technology company in scope.

The cut

6,505

Pass the regulation filter.

Companies sitting behind a Tier 1 licence or a Tier 2 compulsion barrier. 33.5% of the universe. No human triage.

The cohort

2,625

In Necessities, at seed stage.

The addressable cohort. 13.5% of the universe. 25 enter the portfolio.

Nine named exits across the four markets →

The five Necessities

Eat. Heal. Move. Power. Supply.

The systems society cannot allow to fail are where AI becomes infrastructure.

  1. AUS Australia
    Companies
    9,389
    Regulations
    56
    T1 / T2
    41 / 15
  2. JPN Japan
    Companies
    2,995
    Regulations
    49
    T1 / T2
    36 / 13
  3. NZL New Zealand
    Companies
    2,130
    Regulations
    28
    T1 / T2
    25 / 3
  4. SIN Singapore
    Companies
    4,902
    Regulations
    41
    T1 / T2
    35 / 6

If you allocate capital

Learn more.

A short note on the office, the mandate, and what you have read.

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If you build what people need

Tell us what you are building.

Heal, power, move, supply, eat. Read the doctrine before sending a deck.

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