Welcome to Crown Castê, your financial literacy podcast for small businesses. We publish inspiring, insightful conversations with investors and stewards of capital.

In this episode of Crown Casté, we sit down with Kevin Fuller, co-founder of NoBa Capital — a hands-on early-stage venture firm investing behind the Future of Work. Kevin isn't your typical capital allocator. Before deploying a single pound into startups, he was building them. From founding TDX Group and exiting to Equifax, to launching Grove Capital and deploying over £200 million through credit fund structures, Kevin's journey from operator to investor shapes everything about how NoBa approaches early-stage venture investing in the UK (1:10).

Most capital allocators come from consulting or investment banking. Kevin makes the case that without operational experience, it's almost impossible to evaluate what early-stage execution actually looks like. When there's no deep financials, no long track record, and no proven client base to analyse — what's left is your ability to read the team. And that requires having lived it yourself (5:37).

Kevin also breaks down the difference between a strategic capability exit (like TDX to Equifax) and a financial expansion play (like Grove to an NYSE-listed acquirer). His advice to founders: think about your likely buyers early, and align your business model with the type of exit that creates the most value (10:43).

We explore why the UK has a "smart money" gap at the early stage. Kevin argues that too much EIS-driven capital flows through deployment-focused platforms that write cheques but don't roll up their sleeves. NoBa was built to fill that gap — not just providing cash, but what we call "cash plus": operational mentorship, sector networks, and hands-on support that helps founders go from product to business (15:49).

Kevin shares NoBa's thesis on the Future of Work — a 10 to 15 year structural shift driven by Gen Z workforce expectations, remote and flexible working models, mental health in the workplace, and the rise of AI agents as contributors to work delivery. By staying sector-focused rather than generalist, NoBa can build a portfolio of companies that collaborate with and learn from each other (17:41).

We get into what turns NoBa off — and on — when assessing early-stage founders. Purpose and motivation beyond financial reward. Evidence of execution, not just a polished pitch deck. And critically, a clear view on go-to-market strategy. Kevin warns that product-obsessed teams without a plan to sell are a red flag, no matter how impressive the tech (21:02).

Plus — NoBa's approach to backing diverse founders, their typical investment ticket sizes and process, Kevin's best advice on fundraising momentum, and much more.

Learn more about NoBa Capital and their portfolio at www.nobacapital.com

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