Case study · Venture capital · Sourcing · AI

Find the startups your fund wants before they ask anyone for money.

You're a junior investor at a fund backing young companies in the Middle East and North Africa. The best ones often never email you. Describe the kind of startup your fund wants to back. Alpha Scout returns a scored shortlist from the web, each score backed by a quote and a link.

Try the demo Video walkthrough Code The model companies are fictional. Results name real companies found in public sources.
3extra checks per company: website, LinkedIn, funding news
4criteria scored 1 to 5, each with a quote and a link
4 of 10requested companies passed the filters, in each saved search
5regional startup news sources searched by default, editable
For
A venture capital fund backing young companies in MENA
Users
You, the junior investor, and the head of the fund, who reports to its investors
Data
Live web search on sources you choose; 2 saved searches
Built with
Gemini, Python, Streamlit, Langfuse
TechniquesAILLM entity extraction (Gemini)AIGrounding: names must appear in the sourceAIRubric scoring with quote and linkAIAI review step on the resultsData engDomain-restricted web search (Tavily)Data engEnrichment: website, LinkedIn, funding newsData engSkip list for known missesEvalQuote check, traced in Langfuse
01 · VISION

Your fund meets the best founders first.

A fund that waits for founders to come to it meets them after faster funds do. The vision: you search from the profile of one of your best portfolio companies, on the sources you trust, and every company on the shortlist comes with checked evidence.

02 · THE PROBLEM

Five things go wrong today.

1 · You miss companies outside your network

You find startups through founders who contact the fund, and through people you know.

2 · You review companies you can't back

Funding stage, size and region in news articles are often wrong or out of date.

3 · You can't trust the summary

AI-written company summaries can invent facts.

4 · You can't compare what you found

Companies found in different places have no common scores.

5 · You pay for the same misses twice

The same ineligible companies come back in every search.

03 · THE SOLUTION

The AI searches and scores. Code checks the quotes. You decide who to contact.

  1. Search from a model company. Its profile becomes one search, run only on the sources you select.
  2. Keep only real names. A company name must appear in its source text, or it's dropped.
  3. Check eligibility three ways. Website, LinkedIn and funding news. Filters remove companies too large, outside MENA or past your stage.
  4. Score with evidence. Offer, sales, technology and founders, 1 to 5, each with a quote, a link and whether the quote was found.
  5. Skip known misses. Companies that fail a filter go on a skip list for later searches.
04 · HYPOTHESES AND IMPACT

One job, one bet, one number each.

Your jobHypothesisMetric and target, then resultExpected impact
When I look for deals, I want startups like our best portfolio company found on sources I trust, so I see them before they ask for money.If you search from the profile of one of your best portfolio companies, you find eligible companies you didn't know, because the search covers sources you don't read daily.Share of shortlisted companies not yet in the CRM: up. Baseline unobserved. Guardrail: share outside the thesis stays flatMore first meetings with founders (unobserved)
When a company shows up, I want its stage, size and region checked, so I only review companies we can back.If each company is checked against three sources, fewer ineligible companies reach you, because one article is often out of date.Share of shortlisted companies you mark ineligible: down. Baseline unobservedLess time on companies you can't back (unobserved)
When I read a score, I want its quote and link, so I can check it in seconds.If every score shows a checked quote, you verify faster and trust the shortlist more, because you check one quote instead of reading the article.Share of scores whose quote is found in the source: up. Measured per company; not yet added upA shortlist that holds up at committee
When I compare companies, I want the same 4 criteria for all, so my colleague and I agree on who to call first.If companies are scored on the same 4 criteria, two investors agree more on who to contact first, because they compare like with like.Top-3 picks two investors share on the same search: up. Baseline unobservedFaster agreement on who to contact (unobserved)
When I search again, I want known misses skipped, so I don't pay twice.If ineligible companies go on a skip list, later searches make fewer paid API calls per eligible company, because known misses are skipped before the extra checks.API calls per eligible company over repeated searches: down. Baseline unobservedLower cost per eligible company

No investor has measured how many results turn out useful. Every baseline is unobserved.

05 · THE VALUE

What it's worth, and what it asks of you.

A company that fits your fund gets written up on a regional startup news site. Nobody at your fund reads that article, so a rival fund calls the founders first.

You, the junior investor
You get
A shortlist of eligible startups that haven't asked for money yet, each with the evidence behind its score.
Will you believe it?
Medium. Every score carries a quote and a link to check. Search quality depends on the sources chosen.
How fast
Low delay. A 10-company search took a few minutes, start to finish (seen on 2 searches, not timed).
What it takes
Low. Pick a model company and run. Filters and sources can be edited.
What you give up
Low. You still decide who to contact. You give up building the scored view yourself.
The head of your fund
They get
The first fund to meet the best companies it wants to back, with a list it can show its own investors.
Will they believe it?
Low to medium. No data yet on whether companies found this way lead to investments.
How fast
High delay. Investment results take quarters to show.
What it takes
Medium. Set up API keys (access codes for outside services), and the team agrees on scoring criteria once.
What they give up
Medium. Searches that describe what the fund wants go to outside search and AI companies.

The weak link is belief, for both. The cheapest fix: track 3 months of shortlists and count how many lead to a first meeting with founders.

06 · LIMITATIONS

What this doesn't prove yet.

07 · SCOPE AND NEXT STEPS

What it won't do, and what comes next.

Non-goals
  • Outreach. No automatic contact. You decide and write.
  • Ranking decks founders send in. That's Deck Rank.
  • Running the AI model in-house to keep search data private.
  • Syncing with the CRM.
  • Investment decisions.
Next
  1. 3 months of shortlists, counting first meetings with founders.
  2. 10 searches checked against the CRM to measure new companies found.
  3. An investor labels eligibility on 2 searches, with and without the extra checks.
  4. Two investors rank one saved search, with and without scores.
  5. The same model company run 3 times to compare API call counts.
RESOURCES

Go deeper.

Try the demo, step by step three steps, in order
  1. Open "Open a saved search" in the sidebar and load an example. It costs nothing.
  2. Read the comparison table and the 2x2 matrix. Then open a company and check each score against its quote and link.
  3. Pick a fictional model company (the app calls it a portfolio seed), adjust your filters and run a live search. 2 per visit, up to 5 companies each.

The model companies are fictional. Results name real companies found in public sources. Live searches share a free allowance that resets daily. Video walkthrough (YouTube).

Main learnings saved examples, model change, tests
  • Saved examples: 2 searches on fictional model companies, 10 companies requested each. 4 companies passed the filters and were scored in each.
  • Model change: gemini-2.5 models returned "no longer available to new users" on a new key. The app now uses gemini-3.8-flash.
  • Tests: 4 demo tests on the cost meter, keeping each visitor's session separate, and the fictional model companies.
Hypotheses in full before and after, and the test for each

1 · DISCOVERY

Before -> after
founders who contact the fund and personal contacts only -> similar startups found on chosen sources
Hypothesis
If investors search from the profile of one of their best portfolio companies, then they find eligible companies they didn't know, because the search covers sources they don't read daily.
Metric
Share of shortlisted companies not yet in the fund's CRM. Up. Baseline unobserved. Guardrail: share later judged outside the fund's thesis stays flat.
Test
Run 10 searches, check each result against the CRM.

2 · ELIGIBILITY

Before -> after
stage and size taken from the article -> checked against website, LinkedIn and funding news
Hypothesis
If each company is checked against three sources, then fewer ineligible companies reach the investor, because one article is often out of date.
Metric
Share of shortlisted companies an investor marks ineligible. Down. Baseline unobserved.
Test
An investor labels eligibility on 2 searches, with and without the extra checks.

3 · EVIDENCE

Before -> after
AI summary taken on trust -> quote and link per score, quote checked against source
Hypothesis
If every score shows a checked quote, then investors verify faster and trust the shortlist more, because they check one quote instead of reading the article.
Metric
Share of scores whose quote is found in the source. Up. Measured per company on the page; not yet added up.
Test
Count quotes found vs not found in their source across the 2 saved searches.

4 · COMPARISON

Before -> after
notes in different places -> one table and a 2x2 matrix on the same 4 criteria
Hypothesis
If companies are scored on the same 4 criteria, then two investors agree more on who to contact first, because they compare like with like.
Metric
How many of two investors' top-3 picks match on the same search. Up. Baseline unobserved.
Test
Two investors rank one saved search, with and without scores.

5 · REPEAT WORK

Before -> after
same ineligible companies every search -> put on a skip list and ignored
Hypothesis
If ineligible companies go on a skip list, then later searches make fewer paid API calls (requests to outside services) per eligible company, because known misses are skipped before the extra checks.
Metric
API calls per eligible company over repeated searches. Down. Baseline unobserved.
Test
Run the same model company 3 times and compare call counts.
All sub-problems the 6 found, and the 5 this build tackles
  1. Discovery. Junior investors find startups through founders who contact the fund, and through people they know. Companies outside both are missed.
  2. Eligibility. Funding stage, size and region in news articles are often wrong or out of date.
  3. Evidence. AI-written company summaries can invent facts.
  4. Comparison. Companies found in different places can't be compared side by side.
  5. Repeat work. The same ineligible companies come back in every search.
  6. Outreach. Getting from a shortlist to a first meeting is done by hand.

This build tackles 1 to 5. Outreach is a non-goal.

How it's built search, name check, extra checks, filters, scoring, review
  1. A model company profile (problem, clients, industry, technology, region, size) becomes one search, run only on the sources the investor selects. Defaults: MENAbytes, Wamda, MAGNiTT, ArabNet, Crunchbase MENA.
  2. An AI model pulls company names from the results. A company name must appear in its source text, or it's dropped.
  3. Three extra checks run per company: its website, its LinkedIn page, and its funding stage from news.
  4. Filters remove companies with too many employees, outside MENA, or past the latest funding stage allowed.
  5. Each remaining company is scored 1 to 5 on how strong its offer is, how well it sells, how hard its technology is to copy, and how strong its founders are. Each score has a quote and a source link. The page shows whether the quote was found in the source.
  6. A review step checks the results. Companies that failed a filter go on a skip list, so later searches ignore them.
How success is tracked leading and lagging metrics
MetricTypeTests hypothesisHow measured
Share of shortlist not yet in the CRMLeading1CRM match per result
Share an investor marks ineligibleLeading2Label per result
Share of quotes found in their sourceLeading3Quote-check flag per score
Top-3 picks shared by two investorsLeading4Both rank the same search
Shortlisted companies that get a first meetingLagging1 to 4CRM status after 3 months
Scope in scope and out of scope
In scopeNon-goal (incl. untackled sub-problems)
Search for similar companies from a model company profile, on chosen sources6 Outreach: no automatic contact. The investor decides and writes
Website, LinkedIn and funding stage checks; size, region and stage filtersRanking pitch decks founders send in: that's Deck Rank
Scoring on 4 criteria with quote, link and quote-check flagRunning the AI model in-house to keep data private
Comparison table, 2x2 matrix, report, Excel and PDF exportSyncing with the CRM
Target list, saved searches, skip list, chat with the AI about targetsInvestment decisions
Trade-offs what was chosen, over what, and the cost
ChoseOverGainCost
search only chosen sourcessearch the whole webthe investor controls qualitymisses companies those sources haven't covered
drop names not found in source textaccept every name the AI pulls outno invented companiesfewer companies
check eligibility on 3 sourcestrust the articlefewer ineligible resultsabout 3 extra searches per company
skip list for ineligible companiesre-check every timecheaper repeat searchesa company that grows into eligibility stays hidden until removed
Terms on this page plain definitions
  • Venture capital (VC): money invested in young companies for a share of them.
  • Early-stage: a company at its first funding rounds (seed, Series A).
  • Portfolio company: a company the fund already owns a share of.
  • Thesis: the kinds of companies a fund chooses to back.
  • Inbound / outbound: founders contact the fund / the fund contacts founders.
  • Eligible: right size, region and funding stage for the fund.
  • CRM: the fund's database of companies and contacts.
  • Quote check: confirms a quote really appears in its source.
Related project and links Deck Rank, code, video

Shared goal: see the best companies the fund wants to back first, and be the first to commit. Alpha Scout is the half where the fund goes looking (see first). Deck Rank is the half that ranks pitch decks founders send in (act first).

How it was built with PM OS the product process, step by step
StageArtifactRepeatable with
DiscoveryUser stories table per persona (README)/prd-draft
Strategy3 ways to find companies: like a portfolio company, like regional success stories, from founders who apply/write-prod-strategy
BuildAI steps for search, extra checks and scoring, each logged in Langfuse (an AI monitoring tool)/code-first-draft
EvaluationAn AI grading the scores, quality checks on the extra checks, review step/feature-metrics
LaunchVideo walkthrough/prototype
ShowcaseThis page, real-name check, demo with usage limits, saved examples/portfolio-case-study, /name-audit

Skills are mapped from the artifact each stage produced. They show how each stage repeats with PM OS; the original working sessions were not logged.

PM OS skills used

/prd-draft /write-prod-strategy /code-first-draft /feature-metrics /prototype /portfolio-case-study /name-audit