Growth Equity
True Capital
True Capital takes minority stakes in growing companies, usually without full control, from United Kingdom. It states a focus on software & internet, consumer & retail, business & professional services and food & beverage.
Stated investment criteria
What True Capital says it buys
Read from True Capital’s own website in August 2026. This is what the firm says it buys, not what anyone has recorded it buying, and figures are shown in the currency the firm itself used - nothing here is converted. Every line links to the page it was read from.
| People listed on its team page | 241 |
Source
A stated mandate is a firm’s description of itself and was true of the page on the day it was read; firms widen and narrow what they will look at without updating the site. True Capital states that it will take either a controlling or a minority stake. The team figure counts the people the firm shows on one team page, so it is a floor rather than a headcount: firms that split their team across tabs or load it in pages will read low. Nothing here is a commitment by True Capital to consider any particular business, and nothing on this page is represented as being for sale.
Regulatory record
How True Capital is registered
From this firm's Form ADV, the annual filing every registered and exempt investment adviser makes to the SEC.
| Adviser status | Exempt reporting adviser |
| Regulatory assets under management | Not reported by an ERA |
| Private funds advised | 7 · $3.4bn gross |
| SEC adviser number | CRD 313542 |
An exempt reporting adviser is not required to report regulatory assets under management, so the blank above means the question was not asked rather than that the answer is unknown. Where a figure exists it is the gross asset value of the private funds the firm advises, which is a different and usually larger measure.
Portfolio
Disclosed holdings
Companies True Capital lists on its own website. No investment years are published.
| Company | Invested | Years held | Recorded transaction |
|---|---|---|---|
| 10% | — | — | — |
| ADAY | — | — | — |
| ARPalus | — | — | — |
| AlexandAlexa | — | — | — |
| Apparel Brands Limited | — | — | — |
| Awe Inspired | — | — | — |
| Bedfolk | — | — | — |
| Beeline | — | — | — |
| Bleach London | — | — | — |
| Bonnet | — | — | — |
| Boy Smells | — | — | — |
| BrandLab360 | — | — | — |
| Brawn | — | — | — |
| Buywith | — | — | — |
| By Rotation | — | — | — |
| COAT | — | — | — |
| Ciao | — | — | — |
| City Pantry | — | — | — |
| Fable | — | — | — |
| Fabric | — | — | — |
| Fertifa | — | — | — |
| Fluus | — | — | — |
| Frugi | — | — | — |
| German Doner Kebab | — | — | — |
| Haeckels | — | — | — |
| Hoxton | — | — | — |
| Huboo | — | — | — |
| Hullabalook | — | — | — |
| Hush | — | — | — |
| Inde Wild | — | — | — |
| JENA | — | — | — |
| Jitty | — | — | — |
| Localistico | — | — | — |
| LoveCrafts | — | — | — |
| Maude | — | — | — |
| Mirthy | — | — | — |
| Mishipay | — | — | — |
| Moonsift | — | — | — |
| Moselle | — | — | — |
| NearSt | — | — | — |
| Peanut | — | — | — |
| Pinpoint | — | — | — |
| Placed App | — | — | — |
| Ray Studios | — | — | — |
| Reskinned | — | — | — |
| Ribble | — | — | — |
| Rotaready | — | — | — |
| Sava | — | — | — |
| Serious Pig | — | — | — |
| Shameless Pets | — | — | — |
| Shellworks | — | — | — |
| Shuffle | — | — | — |
| Sneak | — | — | — |
| Soulfresh | — | — | — |
| Spirable | — | — | — |
| The Cotswold Company | — | — | — |
| ThirdEye | — | — | — |
| Unmind | — | — | — |
| Urban Legend | — | — | — |
| VITL | — | — | — |
| Warpaint | — | — | — |
| Zwift | — | — | — |
Compiled from True Capital’s published portfolio page. Where a recorded transaction is shown, that company was the target of a reported deal and has most likely already been realised. Nothing here is represented as being for sale.
Valuation context
Transaction values in Software & Internet
What companies have actually sold for in software & internet, across 2,672 recorded transactions.
The full software & internet picture - most active acquirers, recent transactions and every investor in the sector.
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Comparable investors
Similar mandates
Other growth equity investors active in software & internet.