Thema Raises $6.2M To Map Market Expansion For Private Equity

The total includes $4.5 million in pre-seed funding led by Stride.vc, with participation from KDX, Capital Allocators, and angel investors from private equity, investment banking, and enterprise software including the former chair of KPMG.

Thema also secured a $1.7 million UK government grant, in partnership with the University of Cambridge, to advance trustworthy AI.

The repricing of software markets has exposed weaknesses in how private equity firms evaluate portfolio exposure and growth opportunities. As valuations compress, these processes often remain fragmented and manual.

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For investors building platform companies, expansion strategy drives significant value yet decisions are still frequently made using disconnected tools and individual judgment.

Thema is developing what it calls Portfolio Expansion Infrastructure a system designed to help private equity investors identify expansion opportunities, originate deals and assess risk across their portfolios. Traditional sourcing tools typically focus on identifying companies rather than analyzing market structures, often lacking broader context.

Thema aims to replace static consulting reports and fragmented sourcing tools with a continuously updated view of market dynamics.

Its AI infrastructure creates versioned representations of companies and evolving market structures. Using proprietary techniques developed by co-founder Dr. Dimo Angelov, the platform processes web-scale data to map how companies cluster into markets, identify adjacencies, and track structural changes over time.

The result is a continuously refreshed market map designed to surface competitive dynamics and expansion paths that conventional databases may overlook.

Developed in collaboration with tier-one private equity firms and through a UK government-backed program with the University of Cambridge, Thema’s platform aims to help investors build conviction faster, define clearer platform strategies and support investment decisions grounded in structural market insights.

With the new funding, the company plans to expand its R&D and commercial operations while accelerating customer onboarding.

Led by CEO Finn MacCabe, Thema is building Portfolio Expansion Infrastructure a contextual AI layer designed to help investors understand markets. Initially focused on private equity platform expansion decisions, it maps market structures, adjacencies, and growth pathways to inform and guide billion-dollar investment strategies.

Founded in 2022, Thema is building the AI infrastructure layer for understanding markets. Its platform maps market structures, adjacencies, and competitive dynamics to help investors make smarter expansion decisions. By transforming fragmented data into contextual, continuously updated insights, Thema enables more confident, data-driven investment strategies.