Earl Grey Capital

Confidential · LPs only

Earl Grey Fund II

Complete Portfolio - Schedule of Investments

Active Exited Write-off

Company Round Date Invested Total Value MOIC
CrewAI Pre-Seed Feb 2024 $275,000 $2,222,827 8.08x
CrewAI Seed Aug 2024 $83,349 $252,645 3.03x
CrewAI Series B May 2026 $331,991 $331,991 1.00x
Layer2 Financial (Rail) ▸ Seed Aug 2022 $300,000 Exited $614,400 Ripple retained 5.16x
Layer2 Financial (Rail) ▸ Series A Mar 2024 $100,000 Exited 2.09x
Rubie Pre-Seed Jun 2024 $300,000 $942,192 3.14x
Archetype AI Seed Dec 2023 $150,000 $444,006 2.96x
Archetype AI Series A Sep 2025 $349,998 $349,998 1.00x
The Clearing Co. ▸ Pre-Seed Jun 2025 $500,496 Exited $316,797 COIN retained 2.34x
Zeer.ai Pre-Seed Mar 2025 $500,000 $500,000 1.00x
Zeer.ai Follow-on Jun 2026 $150,000 $150,000 1.00x
The Standard Electron Co. Seed Jun 2026 $500,000 $500,000 1.00x
DoubleFifth Seed Jun 2025 $375,000 $375,000 1.00x
AI Assessment Co Pre-Seed Nov 2025 $500,015 $500,015 1.00x
DataChain Pre-Seed Nov 2025 $250,000 $250,000 1.00x
Sava Seed Dec 2025 $500,000 $500,000 1.00x
Dreambase Seed Dec 2025 $300,000 $300,000 1.00x
Andromeda Surgical Series A-1 Mar 2026 $475,000 $475,000 1.00x
TakeShape Seed Sep 2022 $300,000 $0 Write-off
Active Total (SOI) · 18 positions (excludes exited positions) $6,140,849 $9,024,871
Cash on Hand Undeployed from Capital Call #3 $2,542,476

Click an exited position to expand details

CrewAI · Top Performing Position (On-Paper)

Total Invested
$690K
Current Value
$2.81M
Blended MOIC (ex-Series B)
6.91x
% of Active Portfolio
31%
Pre-Seed
8.08x
$275K @ $15M SAFE
Seed
3.03x
$83K @ $40M SAFE
Series B
1.00x
$332K @ $185M post

Q3 2026

  • · CrewAI launched Crew Studio to general availability (Jul 28), publicly announcing the $20M Series B alongside.
  • · Sava cleared its key regulatory gate: the Nevada Financial Institutions Division issued a non-objection on the trust charter application (Aug 5). Targeting a fall opening.
  • · AI Assessment Co (Legend.org) acquires the Mastery Transcript Consortium from ETS (Jul 23); now operating as Mastery.org.
  • · Standard Electron ramping fast: multiple commercial systems live, with ConocoPhillips coming online next — demand is already outpacing the capacity they've allocated to deploy.

Q2 2026

  • · CrewAI $20M Series B closed at $185M post, Sinewave-led (May 7). Fund adds $331,991 pro-rata.
  • · Rubie Series A closed: $12M at $60M post (Outsiders-led). SAFE converted April 28.
  • · Archetype AI launched Newton Agents (Jun 25): five ready-to-deploy physical AI agents for industrial operations, powered by the Newton foundation model.
  • · Archetype AI profiled in The National: long-form feature on physical AI and Newton (Apr 27).
  • · Capital Call #3 issued May 29. Fund reaches 70% called.
  • · New investments (Jun 4): The Standard Electron Co. $500K SAFE, Zeer.ai $150K follow-on.
  • · $30K escrow distribution to LPs (May 15).

Q1 2026

  • · Clearing Company acquired by Coinbase (Jan 2). Second exit, 2.34x return.
  • · $475K of Clearing Co proceeds recycled into Andromeda Surgical via QSBS 1045 rollover.
  • · New investment: Andromeda Surgical (surgical robotics, Series A-1, Standard Capital led).
  • · AI Assessment Co (Legend) raised ~$4M SAFE at $35M cap. Bloomberg Beta led.

Q4 2025

  • · New investment: AI Assessment Co (edtech/AI). Co-founded by Matt Sornson and MasterClass co-founder.
  • · New investment: DataChain (AI data infra). Founded by creator of DVC. True Ventures led.
  • · New investment: Sava (fintech/trusts).
  • · New investment: Dreambase (analytics/Postgres). Felicis-led seed.
  • · TakeShape written off ($300K).

Q3 2025

  • · Rail acquired by Ripple for $200M+. First exit, 5.16x on seed.
  • · First LP distributions: ~$938K returned. Fund DPI reaches 0.16x.
  • · Archetype AI Series A: $35M at $145M post. Co-led by IAG and Hitachi. Jeff Bezos participated.
  • · Archetype pro-rata executed ($350K).
  • · Clearing Company came out of stealth (USV/Haun co-led round).
  • · CrewAI: first seven-figure deal. Blowout revenue quarter.

Q2 2025

  • · New investment: Clearing Company ($500K at $60M post). Largest non-lead position behind USV, Haun, Variant.
  • · New investment: DoubleFifth ($375K at $15M post).
  • · CrewAI reaches $1M revenue quarter. Doubled Q1.
  • · Rubie approaching $200K ARR.
  • · Capital call #2. Fund reaches 45% called.

Q1 2025

  • · Zeer.ai incubation formed. Amit co-founding, Santosh Sharan as CEO.
  • · New investment: Zeer.ai ($500K pre-seed, ~10% ownership at formation).
  • · Amit met President Donald Trump and spoke at Mar-a-Lago on behalf of Earl Grey.

Q4 2024

  • · CrewAI enterprise launch. First paid product live.
  • · CrewAI on track for $1M+ ARR in first months of monetization.
  • · Archetype: enterprise pilots with Kajima, Volkswagen, Diageo.
  • · Rail surpasses $10M ARR.
  • · Fund final close completed. Fund size ~$13M.

Q3 2024

  • · CrewAI seed pro-rata: $83K at $40M (Boldstart led, Craft, Andrew Ng, Dharmesh, Jack Altman).
  • · New investment: Rubie ($300K at $13.5M cap, pre-seed). Afore led.

Q2 2024

  • · Jeff Bezos invests in Archetype at $80M SAFE.
  • · CrewAI: 5K daily OSS downloads, 500+ enterprise inbound requests.
  • · Archetype publicly launches (Wired feature). Enterprise pilots initiated.

Q1 2024

  • · New investment: CrewAI ($275K at $15M pre-seed). First check in.
  • · Rail closes Series A at $65M post (Galaxy Digital led). First fund markup.
  • · Rail pro-rata: $100K at $65M.
  • · Principal Forrest Hardy joins the team.

Q4 2023

  • · Clearbit acquisition by HubSpot closes (Dec 1). Nine-figure exit.
  • · New investment: Archetype AI ($150K at $30M, seed). Venrock, Amazon, Hitachi in round.
  • · Rail hits $3.3M ARR, up from near-zero eight months prior.

Q3 2023

  • · Fund I close. First capital call (20%).
  • · New investment: TakeShape ($300K, seed).
  • · New investment: Rail / Layer2 Financial ($300K at $30M, seed). First check written in Fund II.

Earl Grey Investment Fund II, LP · Confidential · July 2026 · v29 · Administrator Statements · Unaudited amit@earlgrey.capital