Nebular focuses on what it calls esoteric risk—companies where the uncertainty lies in the market, the founder, the technology, or social acceptance—rather than competing for already-hot AI-lab alumni or ex-IPO founders, and it builds its approach around the founder first, deciding on the category later, while promising to move quickly, lead rounds, and stay out of a company's day-to-day decisions afterward. Founder Finn Murphy combines investing and building experience, having co-founded and served as interim CEO of portfolio company Project Eleven, and also hosts the podcast Forecast 2050, giving the fund a distinct identity built around backing unusual ideas such as AI teddy bears, space-based data infrastructure, and post-quantum cryptography.