Anyone can build a software product today. Vibe coding, no-code tools, AI, the barrier to
launching a tech business has never been lower.
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That is genuinely exciting.
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But it has also accelerated something that was already a problem. Build fast, scale fast, flip
fast. Raise a round, inflate the valuation, find the next buyer, and repeat.

The incentive structure of most growth capital pushes business leaders in one direction:
maximize short-term value. Every decision gets filtered through one question, does this
increase the valuation for the next raise?
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That causes long-term thinking to become a liability. And it prevents great business leaders to
build great companies, because building great companies takes time and patience.
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This short term thinking is what we aim to change at Althera42. Royalty capital is not linked
to valuations or short-term exit timelines, it’s linked to revenue, to building fundamental
value. That single structural difference changes how a business leader runs their business.
There is no pressure to manufacture a growth story for the next investor and no pressure to
sacrifice margins for headline numbers.
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Just a shared interest in building something great that genuinely grows steadily, sustainably,
over time.
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Europe's best IP-based businesses were not built in three years. They were built with
patience, conviction, and the right capital structure behind them.
That is what we invest in, and that is what we are here to support.

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