Nicholas Chirls has spent 15 years building what he calls the first pre-seed firm in NYC at Notation Capital and now Asylum, explicitly treating founders as artists rather than assets and seeking companies that are too early in markets that don't exist yet. He co-created the Origins podcast to interview LPs and demystify venture capital's money side, while maintaining an anti-institutional approach with small funds and direct founder relationships modeled after creative studios like A24.
What they've been talking about across their social media accounts

- Critique of the industrialization of venture capital. He frequently expresses frustration with large firms behaving like investment banks that treat innovation like a commodity to be indexed. He argues that in a market where everything is optimized, the only true competitive advantage remaining is courage, urging founders to ignore industry noise and chart their own distinct course.
- Strong belief in the intersection of art and entrepreneurship. He views the best founders as creators who paint or sculpt rather than just manage, and he actively blends these worlds through events that combine pizza with visits to artist studios in New York. This suggests a preference for founders who treat their startup as a creative expression rather than just a financial asset.
- Skepticism regarding the Silicon Valley echo chamber. He posits that building outside of the traditional tech hub epicenter is actually an advantage, as it prevents founders from getting sucked into groupthink and allows them to play by their own rules. He consistently signals a strong affinity for the New York City ecosystem.
- Respect for relentless shipping and product velocity. He highlights teams that manage to push updates consistently at scale, viewing this operational rhythm as a key differentiator. He also commends founders who ensure their teams are rewarded along the journey, such as facilitating secondary sales for employees rather than making them wait indefinitely.
- Admiration for resilience and repeat founders. He celebrates entrepreneurs who choose to jump back into the arena for another venture, referencing the return of specific consumer fintech founders as a positive signal for the sector. He values the grit required to commit to a mission long-term, noting that building great things is a slow process that requires sticking around through various market cycles.
About their Fund
Sectors
Web3 / Crypto, SaaS, Fintech, Health, Data
Rounds
Pre-Seed - Seed
Avg Check Size
$250K - $750K
Notable Investments
Notation Capital writes the very first check for technical founding teams at the moment of company creation, treating pre-seed as a distinct risk profile and working "in the trenches" with founders on "day 0:00" rather than just writing smaller checks. The firm operates with unusual transparency by publishing its internal operating manual on GitHub and running a podcast that interviews LPs to demystify venture fund underwriting, while also running a free, equity-free program for future founders in underestimated ecosystems beyond Silicon Valley.
Other partners at the fund
Notable Fund
Investments
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