Methodology
How we pick funds, and what we don't claim.
Every methodology document should pass the test of a skeptical founder reading it at midnight. Here's ours: what's in, how the numbers are computed, what we never do, and how to correct us when we're wrong.
01 Inclusion criteria
A fund appears here when all five are true.
We're conservative on inclusion, a misleading listing wastes a founder's week. If you're borderline, we'd rather wait and verify than list you and retract.
Quantum-active
Either an explicit quantum thesis on the fund's website, or at least two announced quantum investments closed in the last 36 months. Generalist deep-tech funds with a single opportunistic cheque don't qualify, we want investors who'll write the next one too.
Active in the last 18 months
At least one announced primary quantum investment (new position, not a follow-on) closed within the last 18 months. Quantum round cycles run longer than typical SaaS, so we use 18 months instead of 12. Dormant or winding-down funds are delisted within a quarter.
Primary investor vehicle
Institutional funds, evergreen funds, family offices with a mandate, and structured syndicates. We exclude pure SPV-only vehicles and dealflow-sharing groups.
Public-facing
Working website, visible portfolio, reachable contact (not a Typeform with a 6-month queue). Stealth funds are listed only once they surface a public persona.
Verifiable thesis
A "where we fit" statement we could verify from public writing or portfolio. Theses that contradict the last 10 cheques get flagged in the card, not silently passed on.
02 Fund Signals
How the four numbers on every card are computed.
These are best-effort estimates from public data. Estimates have error bars. When a signal is softer than usual, we mark the card with a confidence flag.
Quantum cheques / year
Pace of new quantum positions
Three-year trailing average of announced primary quantum investments. Generalist deals (AI, biotech, climate) and follow-ons are excluded, we only count cheques that match the directory's scope.
avg(new_quantum_positions[Y-1], [Y-2], [Y-3])
Lead ratio
How often they set terms
Share of recent rounds where the fund priced the round or acted as the lead. Sourced from press, LP reports, and the TS of public deals.
led_rounds / total_rounds_in_window
Decision window
First meeting → term sheet
Self-reported by the GP, triangulated with interviews of 3+ recent portfolio founders. Expressed as a range (fast/slow).
[p25, p75] in weeks
Reserve %
Follow-on capacity
Share of the fund reserved for follow-ons on portfolio companies. Sourced from LPAs where available, else GP disclosure.
reserves / total_committed
03 Data sources
Public, transparent, and verifiable.
We use a small set of sources and cross-check them against each other. When two sources disagree, we default to the more conservative number and note the discrepancy.
Fund websitesprimary source of thesis, portfolio, contact, stage, ticket range.
Press releases & LP disclosuresprimary source of cheque pace and lead ratio.
Quantum ecosystem trackersThe Quantum Insider deal database, GQI reports, EU Quantum Flagship and QuIC public data, reference for fund vintage, lifecycle signals, and quantum-specific deal flow.
Founder interviews5–10 per month, on-the-record when possible. Key input to decision window.
GP correspondenceeach GP gets to confirm their card before publication.
We never usepaid screen-scrapers, anonymous rumors, or LinkedIn signal trackers.
04 Update cadence
When each thing is refreshed.
Fund profile (thesis, stage, ticket)
Monthly
Fund Signals
Monthly
Portfolio list
Monthly
Contact details
Continuous
Removal request from GP
Same day
Correction from founder or GP
Within 7 days
05 What we don't do
Boundaries matter as much as features.
A directory that over-promises becomes a ranking, and rankings quietly turn into ads. These are lines we don't cross.
✕We don't rank funds. Order is alphabetical or filter-driven. No "top 10" list, ever.
✕We don't predict outcomes. A fund matching your profile is a fund whose mandate fits. It's not a fund that'll say yes.
✕We don't broker introductions. This is a directory, not an intro network. If you want hands-on raise support, that's CFO Fractal's separate advisory offer.
✕We don't take money from funds. No pay-to-list, no sponsored slots, no featured placements. Ever.
✕We don't share founder data with funds. Your profile is for your search, and for our aggregate stats. Never for sale.
✕We don't hide mistakes. When we're wrong, we correct it publicly and timestamp the fix on the fund card.
06 Errors & corrections
We'll get things wrong. Here's how to tell us.
Data changes. Teams pivot. Fund mandates shift. If something on a card is out of date, misleading, or flat wrong, the fastest fix is to fill out the submission form with the "correction" flag. We respond within 7 days, faster for removal requests from a fund.
Spotted something off?
Use the submit form, flag it as a correction, we'll handle the rest.
Submit a correction →