What True. does

True (legal entity: True Capital Limited) is a London-based consumer and retail sector-specialist investment and advisory firm founded in 2013 by Matt Truman and Paul Cocker following their exit from alexandalexa.com. The firm operates a multi-strategy alternatives platform comprising a Private Equity fund (investments from £10m to £150m, both majority and minority, across B2C, B2B, and B2B2C), a Venture Capital fund (initial investments of £250k-£1m at Pre-Seed to Series A, up to £5m with reserves), and a Public Markets fund. Aggregate assets under management exceed £600m. True holds majority and minority positions in consumer and retail brands including The Cotswold Company, Ribble Cycles, Zwift, Represent, Sneak, Apparel Brands Group, and German Doner Kebab, alongside VC investments in Shellworks, Pinpoint, Alpa, HelloSky, Cambiotics, Jitty, and 10%.

The firm's underlying "technology" is non-product in nature: it operates the Live Network, a community platform connecting 8,000+ companies for sharing solutions, ideas, technology, and resources; True House, a physical workspace and event hub at 29 Buckingham Gate, London Victoria; and proprietary database scanning, horizon scanning, and technology scouting capabilities delivered to corporate advisory clients. Distribution is delivered through direct engagement with founders and management teams for PE, pitch applications and warm introductions for VC, and enterprise field sales for advisory mandates, supplemented by events (Innovation Challenges, World Retail Congress partnership, True House events), True Stories content marketing, and a monthly newsletter.

Revenue is generated through three streams: (1) management fees and carried interest from PE and VC fund investments, (2) management fees and performance returns from the Public Markets fund, and (3) advisory fees from technology scouting, strategy and execution, and executive support engagements with global corporates including Walmart, Marks & Spencer, TJX, Warner Bros. Discovery, Walgreens, Primark, Diageo, Associated British Foods, and John Lewis & Partners. The firm is FCA-regulated, B Corp certified (since 2021), and headquartered at 29 Buckingham Gate, London SW1E 6NF, with a team of approximately 30 professionals across investment, advisory, and innovation functions.

Name

True.

Legal name

True Capital Limited

Website

https://true.global

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

London-based consumer and retail specialist investment and advisory firm operating private equity, venture capital, and public markets strategies with over £600m AUM, serving global corporates and consumer brands through investment, advisory, and its 8,000+-company Live Network ecosystem.

Ownership category

akta.pro rank

Product category

Consumer & Retail Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Emerging Manager / Small Fund Secondaries (FSANAFAL)

Keywords

• Venture capital funds
• Private equity investments
• Consumer brand advisory
• Retail investment firm
• Technology scouting services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Private Equity Management: Management fees and carried interest from PE fund investments up to £100m, targeting retail, consumer, leisure and technology businesses.
2. Venture Capital Management: Management fees and carried interest from VC fund investments from Pre-Seed to Series A, typically £250k to £1m initial investments.
3. Advisory Services: Fees for technology scouting, strategy and execution, and executive support services to global corporates including Walmart, M&S, TJX, and Warner Bros. Discovery.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

True is a consumer and retail sector-specialist investment and advisory firm. It operates a Private Equity fund (£10m–£100m+ investments in retail, consumer, leisure, and technology businesses), a Venture Capital fund (£250k–£5m Pre-Seed to Series A in B2C and B2B consumer/retail tech), and a Public Markets fund. It also provides an Advisory practice offering technology scouting, strategy, and executive support to global corporates including Walmart, M&S, Warner Bros. Discovery, TJX, and Walgreens. The offerings are underpinned by the Live Network community platform of 8,000+ companies and True House, a London Victoria workspace and ecosystem hub.

Product overview

True is a consumer and retail sector-specialist investment and advisory firm operating a multi-fund investment model alongside advisory and innovation services. The core offerings consist of a Private Equity Fund (up to £100m investments), a Venture Capital Fund (£250k-£1m initial investments from Pre-Seed to Series A), and an Advisory Services practice providing technology scouting, strategy, and executive support. These are supported by the True Live Network platform connecting over 8,000 companies, and True House, a physical co-working space in London Victoria. The firm's unique model bridges the world's biggest consumer brands with pioneering tech startups through both its investment portfolios and wider advisory community.

Differentiator

Problem solved

Functional benefit

Products and services

• True Private Equity Fund Private equity fund investing £10m to £150m+ in retail, consumer, leisure, and technology businesses across B2C, B2B, and B2B2C sectors in the UK and Western Europe, for both majority and minority stakes.
• True Venture Capital Fund Venture capital fund investing £250k to £5m at Pre-Seed and Seed stages in B2C and B2B consumer and retail technology companies in the UK and Europe, with reserved follow-on capital for the most promising portfolio companies.
• True Advisory Services Technology scouting, strategy and execution, and executive support services helping global retailers and consumer brands understand, access, and adopt innovation and technology solutions; clients include Walmart, M&S, TJX, ABF, Primark, Warner Bros. Discovery, Walgreens, Diageo, and John Lewis & Partners.
• True Live Network Community platform connecting more than 8,000 companies across the consumer ecosystem to share solutions, ideas, technology, and resources and to enable collaboration and growth.
• True House Workspace hub at 29 Buckingham Gate, London Victoria, featuring meeting rooms, podcast studio, bars, and wellness suite, used as a meeting point for portfolio companies, corporate partners, and the wider True ecosystem.

Quantifiable outcome

• Revenue grew ~4x and EBITDA ~8x since 2016 acquisition for The Cotswold Company
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• UniversifycoreStrategic or Co-development PartnerTrue partnered with Universify since 2023, supporting the charity's work helping Year 10-11 students from non-selective state schools access university. Programme participants 18x more likely to gain places at top universities.
• Tommy'scoreOthersTrue's charitable partner funding research into causes of miscarriage, stillbirth and premature birth. Part of True's B Corp commitment to social impact.
• Michael McGoohancoreOthersTrue appointed Michael McGoohan as Managing Director across CEO, Board, and Consumer Practices. Former USTA Chief Growth Officer and Solo Stove President with experience at Mondelēz (Cadbury, Oreo).

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Beringea: Transatlantic growth investor with consumer and tech focus. Comparable mid-market growth equity approach, including consumer brand and retail technology deals.
• MMC Ventures: London-based early-stage VC with consumer and SaaS focus. Comparable UK seed-to-Series A consumer thesis and fund size band to True's VC strategy.
• TSG Consumer Partners: Long-standing consumer specialist PE firm investing in retail, food, beauty and wellness. Directly comparable on consumer-only thesis and growth-stage control investments.
• Livingbridge: UK mid-market PE firm with a significant consumer practice. Comparable cheque size, UK focus and consumer/retail sector specialism at the growth-equity level.
• Active Partners: UK-based specialist PE investor in consumer brands. Closely comparable on consumer-only sector focus, UK mid-market deal size and founder-led operator model.
• Frog Capital: European specialist growth investor focused on consumer and digital/subscription businesses. Closely comparable on sector specialism, fund size band and UK/Europe geography.
• L Catterton: World's largest consumer-focused PE firm with global mandate. Comparable sector specialism and PE/VC multi-strategy approach, though materially larger and US-headquartered.
• Felix Capital: London-based venture and growth fund focused on digital lifestyle, consumer and creative industries. Most direct competitor to True's VC strategy given shared UK base and consumer/internet thesis.

Broad incumbents

• Octopus Ventures: One of the largest UK VCs, with deep consumer and retail technology exposure. Comparable on UK consumer thesis but materially larger fund size and broader sector coverage.
• BGF: UK's largest growth investor, active across consumer and broader sectors. Comparable UK mid-market equity investor though much larger and sector-agnostic rather than consumer-specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/true-capital
• Xx.com/truegloballive

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments84 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about True.