Europe's First Compute-for-Equity AI Fund

The fund that turns GPU costs
into competitive advantage

Compute Capital is a GP/LP venture fund investing in AI-first companies at Seed+ and Series A across Europe & the UK. We offer exclusive access to discounted GPU infrastructure via our strategic partnership with CUDO — NVIDIA's preferred compute partner — reducing capital requirements and accelerating every portfolio company's path to market.

How It Works View Fund Terms →
£50M
Target AUM
25%+
Target Net IRR
50%
Cheaper GPU vs Hyperscalers
Team

Experienced Leadership

A balanced team with an impressive track record — combining 15+ years of fund management, 200+ investments, founder & startup experience, operational AI knowledge and deep compute infrastructure expertise.

Chris Wheatcroft
Managing Partner
14 years early-stage investing · 200+ investments · Funds at Ascension & Angels Den · Early CUDO investor · Exits: Capdesk (→ Carta), Fizzback.
Dimitrios Samaras
COO & Investor Relations
Big 4 data & ML background · Founded & exited HomeCooked · Advisor at MassChallenge and Ascension · Investments: Tailor Bio, Maji, Magic Agents.
Venture Partners
Susanne Chishti
FinTech & AI
Ofer Shayo
VC & Compute
Walter Gonzalez
AI & Engineering
Gavin Samwell
Exited Operator
Constantinos Nikolaidis
FO & VC Advisor
Vasilis Theofanopoulos
Sovereign & Growth Funds
Strategic Compute Partner
Matt Hawkins
Founder & CEO, CUDO · cudocompute.com
20+ years cloud infrastructure · Built & exited UK's largest data centre marketplace · CUDO: $1Bn+ deal pipeline, NVIDIA Cloud Partner, $150M Series B underway.
Fund Thesis

No Compute, No Success

AI-first companies face a structural problem that traditional VC ignores. Compute Capital was built to solve it.

75%
up to 75% of investor capital spent on compute (GPUs) by AI-native startups building LLMs, agentic systems and inference infrastructure
⚡
Compute is existential for AI companies
LLMs, agentic workflows and inference workloads demand massive, continuous GPU access. It's not an overhead cost — it is the product. Without compute, there's no company.
🔒
GPU access creates durable competitive advantage
Early access to the right compute determines who reaches market first. GPU availability is a strategic differentiator as powerful as IP or talent.
💰
Traditional VC misallocates capital
When 75% of funding goes to cloud bills, founders are de-risking hardware instead of building product. We fix that structural inefficiency — reducing burn and extending runway without additional dilution.
📈
Demand is accelerating
High-performance computing demand has grown exponentially since 2022. GPU supply constraints remain the binding bottleneck for Europe's most ambitious AI companies.
Our Model

How We Invest

Compute Capital is a GP/LP venture fund. The compute partnership enhances our VC economics — improving capital efficiency, extending runway and delivering stronger returns for investors.

How We Invest
A GP/LP fund — cash invested for equity
Cash for Equity
We invest cash in exchange for equity on the same terms as co-investors.
GP/LP Fund Structure
Capital will be deployed over a 24-month period.
VC Economics
2% management fee (→1% after year 5) · 20% carry with 8% hurdle.
Compute-for-Equity Layer
Activated when founders choose CUDO
Exclusive GPU Access
Via CUDO partnership — H100s, B200s, GB300s at 50% below hyperscaler pricing. Access unavailable going to CUDO directly.
GPU Credits for Equity (Optional)
When founders opt for CUDO, we can substitute GPU credits for some or all of our cash investment — unlocking immediate value.
5% CUDO Rebate to Fund
CUDO pays Compute Capital a 5% rebate on all compute contracted — calculated on the founder's full spend, regardless of our ticket size.
Immediate LP Value Uplift
Valuation discounts via partner rebates create an immediate uplift in portfolio NAV for LP investors.

The compute layer enhances our VC economics — lower burn, better capital efficiency, stronger returns for investors.

Mechanism

How It Works — Worked Example

A Series A raise demonstrating how our model reduces total capital required and generates LP returns from the compute layer.

01
Company X raises £4M Series A for 24 months of runway
50% of funds — £2 million — will be spent on high-performance AI compute (GPUs). This is typical for AI-native companies at this stage.
02
Compute Capital invests £1M cash for equity on co-investor terms
This is a standard GP/LP cash investment — the founder has full flexibility on how they deploy it.
03
The £1M cash invested buys £2M of compute via CUDO
If the founder opts to source compute (i.e. GPUs) via CUDO rather than AWS, Oracle or Azure, the £1M cash invested buys £2M worth of compute — a 50% saving. The round effectively shrinks from £4M to £3M with less dilution for everyone.
04
CUDO pays a 5% rebate to the Fund — distributed to LPs
A £1M compute contract generates £50K returned to the Fund if the founder opts for CUDO. Crucially, the rebate is calculated on the founder's total compute spend — if the company procures £6M via CUDO, the Fund earns £300K regardless of ticket size.
Strategy

EU & UK Focus

We invest primarily in continental Europe and the UK, with selective opportunistic exposure to the Middle East and US.

Primary
Continental Europe
Majority of portfolio companies will be EU-domiciled. Strategic focus on emerging AI hubs across France, Germany, Netherlands, Nordics and Southern Europe.
Primary
United Kingdom
Core market with deep ecosystem ties, strong AI talent pipeline and established co-investor network.
Opportunistic
Middle East & US
Selective co-investments only. Strong co-investor relationships with US/European funds active in these markets.
Technology Focus
AI-Centric Companies
Agentic Workflow Systems
LLM Training Infrastructure
Inference Workloads
Sectors
TechBio & Healthcare
Financial Services & Enterprise
Research & Defence
Robotics & Physical AI
Stage
Seed+
Series A
Series B (follow-on only)
31 companies total
Key Partnership

CUDO — Our Strategic Compute Partner

CUDO is NVIDIA's preferred compute partner, providing portfolio companies with exclusive access to the latest GPU infrastructure at significantly reduced cost.

🌍
Global Infrastructure
Neocloud with access to the latest AI hardware in partnership with NVIDIA — H100s, B200s and GB300s available to Compute Capital portfolio companies exclusively.
⚡
100 MW Secured for 2026
100 MW of European data centre capacity secured, ensuring reliable, scalable GPU supply for the full portfolio through 2026 and beyond.
💼
$1Bn+ Valuation · Series B
CUDO is raising $150M Series B. Chris Wheatcroft invested in the first round — giving the fund deep access and preferential terms unavailable to the market.
🔧
Full Managed Services
End-to-end cluster management, 24/7 monitoring, and SLAs covering hardware, networking, storage and OS — freeing founders to focus on product.
📋
Qualified Deal Pipeline
Compute Capital provides CUDO with a qualified customer pipeline even for companies the Fund does not invest in — making the partnership profitable for both parties at all times.
Deal Flow

Investment Pipeline — March 2026

Active pipeline of compute-intensive AI companies across the UK & Europe.

20+
Companies in active pipeline
£4.8M
Average round size
£1.6M
Average budgeted compute cost
Sector Description Round Size Compute Requirement
Biotech AI-enabled data curation for drug development £20,000,000 £6,000,000
Defence Combatting disinformation £2,250,000 £500,000
Robotics Building datasets & training grounds for physical AI £2,000,000 £700,000
Industrial AI-enabled methane and gas leaks detection £1,500,000 £500,000

Sample pipeline shown for illustrative purposes. Company names withheld.

Fund Terms

Term Sheet Summary

Compute Capital AI Fund — key commercial terms for prospective LP investors.

Fund Structure
GP/LP Venture Fund
Returns Period
5 years (vs 10 years traditional VC)
Geography
Europe & UK (primary) · Middle East & US (opportunistic)
Management Fees
2% p.a. → 1% after year 5
Target AUM
£50 million
Target Returns
>3× net TVPI · 25%+ net IRR
Portfolio Size
31 companies total
Carry & Hurdle
20% carry · 8% hurdle
Deployment Period
24 months
Liquidity
Semi-liquid secondary market — LP transfers facilitated via Floww
Institutional Investors

European Investment Fund — Potential Eligibility

We believe Compute Capital is well-positioned for the EIF InvestEU equity programme. The following outlines our assessment of structural fit.

Criteria EIF Requirement Compute Capital Status
Fund Structure Independently managed closed-end fund GP/LP Venture Fund (Floww Funds Management, EU AIFM) ✅
Investment Strategy VC/PE investing in EU SMEs & startups Seed+ & Series A AI companies, Europe & UK primary focus ✅
Geography Funds investing in EU Member States & associated countries Europe & EU primary ✅
ESG / Policy Fit InvestEU Digital & Innovation Thematic required AI compute strongly aligns with EU digital transition priorities ✅

Get in Touch

Chris Wheatcroft
+44 7900 198 310
Dimitrios Samaras
+44 7716 684 871