A small family of companies — building quiet, durable businesses in commerce and software.
TOBALF is a holding company, not a fund. We don't flip; we compound. We build and own a small number of businesses — in apparel & homeware commerce, and in applied software — and we hold them for a very long time. The aim is not to be the largest. It is to be the most considered.
Retail brands in apparel & homeware.
Direct-to-consumer labels with considered product, thoughtful manufacturing, and long customer half-lives. We build quietly, ship slowly, and own the relationship end-to-end.
Applied AI products.
A small portfolio of software companies applying machine learning to specific, unglamorous problems — where the work is mostly engineering, rarely demo.