Ask Capiva PIFinTech · SPV formed by Fox Ventures who’ve invested in an SPV formed by Sax Capital LLC (different carry fees; will not exceed a combined 20%) · USA · direct investment · first invested Jan 2022
Pipe
Written downInvested$50.0kat cost · 1 ticket
Current mark$0workbook · 8 Sep 2025
MOIC0.00xon paper
Ownership—no cap table on file
Next round—none recorded
IRR—workbook, per ticket dates
Thesis vs. reality · what we underwrote at entry, measured against now
What must be trueEach claim is what the company said would be true, checked against the filed accounts and later updates. A claim with no second source stays on watch.
Entry memo on fileInvestment Memo - Pipe.docx · Sep 2021. Its claims have not been extracted, so nothing is tracked against it yet. Not tracked
Latest founder update
No founder update for Pipe is in the data room.
Watch & flags
What to keep an eye on
ClearNo open data issues for this holding.
Our position
PositionIncubayt's tickets and marks come from the IRR workbook; the legal entity from the company's cap table or registers.
InstrumentsSPV formed by Fox Ventures who’ve invested in an SPV formed by Sax Capital LLC (different carry fees; will not exceed a combined 20%) $50.0k (Jan 2022)
Company valuation—
BoardNot recorded
Legal entityNot recorded