First of all, thanks for thinking we look like the sort of place that’s raising a round.

We’re not.

retension is deliberately designed to run on fees, not financing:

• No term sheets, no cap table gymnastics. We want the freedom to choose the work and the pace that make sense for our people and our clients, not for a growth curve.

• Mission before multiples. Our model only works if we can pay juniors fairly, treat seniors like humans and stay picky about who we work with. That’s hard enough without a “10x or bust” clock ticking in the background.

• Built for decades, not an exit. Long term, we’d love to move towards a structure where no one “owns” the upside – something closer to a company limited by guarantee or non-profit. That doesn’t sit well with traditional equity.

So there isn’t a data room to open or a SAFE to sign.