TNT Fund I

TNT Fund I: MIT & Harvard

$30M

We back the best founders at MIT and Harvard early,
help them build, and double down when they break out.

Confidential - For Qualified Investors Only

Disclaimers

This presentation (this "Presentation") has been prepared solely for, and is being delivered on a confidential basis to, a limited number of sophisticated prospective investors considering an investment in TNT Fund I, LP, a private investment vehicle (the "Fund") to be formed in the future, as described herein. This Presentation does not constitute an offer to sell or a solicitation of an offer to purchase limited partnership interests (the "Interests") in the Fund. Any such offer or solicitation will only be made pursuant to the Limited Partnership Agreement and Subscription Agreement of the Fund, each as amended and/or supplemented from time to time (the "Offering Documents"), which qualifies in its entirety the information set forth herein. Actual terms, and other important information which prospective investors should consider before making a decision to invest in the Fund, will be contained in the Offering Documents.

This Presentation contains confidential, proprietary, trade secret and other commercially sensitive information. Any reproduction or distribution of this Presentation, in whole or in part, or the disclosure of its contents, without the prior written consent of TNT Fund Management LLC (the "Manager"), which will serve as the Fund's investment manager, is prohibited and all recipients agree they will keep confidential all information contained herein and not already in the public domain and will use this Presentation for the sole purpose of evaluating a possible investment in the Fund. By accepting this Presentation, each prospective investor agrees to the foregoing.

The Interests will not be approved or disapproved by any securities regulatory authority of any state or by the Securities and Exchange Commission or by any securities regulatory authority in any other jurisdiction, nor will any such authority or commission pass on the accuracy or adequacy of this Presentation. Any representation to the contrary is a criminal offense. The Interests will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), the securities laws of any other state or the securities laws of any other jurisdiction, nor is such registration contemplated. The Interests will be offered and sold in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the Fund's offering will be made.

Prospective investors should make their own investigation of the investment described herein, including the merits and risks involved and the legality and tax consequences of such an investment. Prospective investors should not construe the contents of this Presentation as legal, tax, investment or accounting advice. Each prospective investor should make its own inquiries and consult its advisors as to an investment in the Fund and as to legal, tax, regulatory, financial, accounting and related matters concerning an investment in the Fund.

Overview

The Thesis

01The MIT/Harvard Advantage 02The Problem 03Why TNT 04The Sourcing Engine 05The Accelerator 06The Funnel

The Opportunity

07Portfolio 08Team 09Why Now 10Fund Structure 11Returns 12The TNT Platform 13The Ask

Appendix →

The Market

The MIT/Harvard Advantage

The best venture returns come from the best founders. MIT and Harvard produce a disproportionate share.

Metric	MIT/Harvard	Source
Unicorn founders produced	Harvard #2 (205), MIT #3 (184), behind Stanford (296)	Strebulaev, Stanford Venture Capital Initiative
VC-backed founders (undergrad)	Harvard #3, MIT #5 nationally	PitchBook University Rankings (2025)

Notable Alumni Companies

MIT and Harvard Have Dozens of Fragmented Programs.
They Still Don't Have an Entrepreneurial Culture.

School programs, student clubs, and classes each do a little. But none do enough on their own, they don't work together, and students end up operating in silos. We work with all of them.

School Programs

Sandbox, delta v, i-Lab, Trust Center

+ Can provide some funding and structure

But they're siloed by school, run on institutional timelines, and most have no vested interest in whether founders actually succeed.

Student Clubs

VC Club, AI Club, hackathon orgs, etc.

+ Build real communities, often more effective than institutions

But they reset every 2 years when leaders graduate. Institutional knowledge walks out the door. No continuity.

Classes

Entrepreneurship courses, labs, seminars

+ Good for education and exposure to entrepreneurship

But they can't support founders once they get serious about actually building. The classroom ends and the founder is on their own.

The Result: Founders Are on Their Own

A PhD at CSAIL with breakthrough research can't find a co-founder to help commercialize it. An MBA at HBS with industry expertise can't find a technical partner to build with. They're two miles apart, and the structured ways to meet are limited, so they hustle and often never connect. The programs don't bridge them. The clubs reset every year. The classes end. And the best founders don't slow down. They leave for San Francisco to find opportunities that should already exist here.

What's missing isn't another school initiative. It's the connective tissue that ties them all together, shapes the entrepreneurial culture, and stays with founders as they get serious.

Why TNT

TNT Is the Connective Tissue Shaping the Culture.

We're not a student club and we're not a university program. We're a professionally run organization dedicated to finding, funding, and supporting the best founders across MIT and Harvard, often before they even have a company.

1,000s

Event Attendees

30+

Partners

2,000+

Newsletter Subscribers

100+

Mentors

Embedded on Both Campuses

We work with the student clubs, faculty, and centers across MIT and Harvard. Our fellows are leaders of the most important clubs at both schools. We have relationships with CSAIL, the Trust Center, i-Lab, Rock Center, and the Harvard Grid.

We Bridge the Two Schools

Delta v is MIT only. i-Lab is Harvard only. We're the only organization connecting founders across both campuses. A CSAIL PhD meets an HBS MBA through us.

Our Fellows Build the Community

Student entrepreneurs who run the programming, surface founders, and keep the flywheel turning. Not resume-building VC scouts. Builders who care. And TNT persists as a company, not a club that resets every 2 years.

We Grow by Word of Mouth

We're not the program the school tells you to join. We're the one your friends are talking about. Founders tell other founders, and our newsletter has grown to 2,000+ subscribers organically. That's how culture gets built.

We See Founders 9-12 Months Before Anyone Else

By the time founders are ready to raise, we've already been building the relationship through our community, events, and mentors. We're the first call, not the last.

The Sourcing Engine

The Community Is Our Pipeline and Screening Mechanism.

No scouts, no cold outreach. Each layer of programming surfaces and develops founders. The best ones rise into the accelerator.

Step 1

Get Excited About Entrepreneurship

Firesides with the founders of Cloudflare, Boston Dynamics, Formlabs, Ginkgo, Liquid AI, and more. Students see what's possible.

Firesides Speaker Series

Cloudflare CEO

Boston Dynamics Founder

Step 2

Meet the Right People

We pair technical and business founders across MIT and Harvard. PhDs meet MBAs. Engineers meet operators. The cross-campus bridge.

Co-founder Matching Mixers Poker Nights

Step 3

Build Together

Community nights and hackathons where founders work side by side, form teams, and ship. We see who's serious and who has momentum.

Hackathons Community Nights

Step 4

Join the Accelerator

The best teams enter the cohort. $150K investment, credits, dedicated mentors, VC intros, and Demo Day. Now we're their first investor.

The Accelerator

We'll Invest $150K at Pre-Seed.
Help Them Build. Then Increase Our Investment When They Win.

With the fund, we invest $150K MFN SAFE to get in early. The program helps them get to their seed round. When they raise their Series A, we have the right to increase our investment with conviction built from watching them build.

Capital, mentors, credits, VC intros, and a demo day in front of 300+ attendees.

$600K+ in Credits (and growing) - Anthropic, Google Cloud, AWS, NVIDIA, 25+ partners

100+ Mentors - Custom-matched founders with exits, VCs, PhDs, and industry executives

Legal Support - Incorporation, SAFEs, IP protection

Enterprise Pilot Introductions - Brokering pilots through McKinsey, Bain, and our industry network

VC Office Hours & Intros - Weekly investor sessions during cohort, plus direct introductions

Demo Day - 300+ attendees, founders, partners

Hiring - Hiring from the MIT/Harvard network

"TNT connected us to the community in a way that changed our business. We raised our first round through VC introductions from the program, and we're now hiring out of MIT and Harvard."

Trevor Keith CEO, Solid ($6M raised)

Selection

200+ Applications Per Cohort. We Take the Best.

Founders come to us. Our fellows are embedded across MIT and Harvard labs, clubs, and classrooms, giving us access to founders months before they raise or even form companies. By the time founders apply, we've already watched them build. We don't chase deals. Deals come to us through the community we built.

Community

We get to know founders through hackathons, build nights, firesides, and co-founder matching long before they ever apply. Our fellows are with them for months.

Applications

When they apply, we already have context. AI tools help score on team, thesis fit, and execution readiness.

References

Professors, fellows, and industry contacts who've worked with the founders directly. Ground-truth signal, not cold diligence.

Deep Dives

30-minute interviews to pressure-test the founder, the market, and the technical depth.

Admit = Invest ($150K MFN + TNT Agreement)

Every company admitted receives $150K and signs the TNT Agreement. Admission is conviction. No signaling risk.

Exploring: Work trials where top teams execute on a real milestone before admission.

Track Record

1 Year. 3 Cohorts. Here's Who We've Backed.

Three cohorts since January 2025. $25M+ raised by companies that came through our program, all before we had a fund. Fund I puts capital behind the pipeline we've already proven.

AI Infrastructure

2 Stealth AI Frontier Labs

AI infrastructure born out of leading research at MIT CSAIL

Stealth

Cohort 3

Representative selection. Does not include all cohort companies. Cohorts are composed of PhD, undergraduate, and MBA founding teams.

Team

Leadership

Rob Blaine

Founder & General Partner

Selected and supported 45+ MIT and Harvard startups across 3 cohorts, building relationships with founders months before they raise. Portfolio companies have collectively raised $25M+. Built the sourcing infrastructure from inside both campuses with direct relationships across CSAIL, the Trust Center, i-Lab, and key student organizations. Previously helped B2B tech companies with AI, product, and GTM strategy at Thinktiv. Started in consulting at Deloitte.

MIT 3 Cohorts $25M+ Portfolio Raised

Team

Principal

Promoted from our current TNT Fellows. Leads day-to-day cohort operations, on-campus sourcing, and founder support. Embedded on campus with deep MIT/Harvard ties.

12-15 TNT Fellows

Current MIT and Harvard students who run events, manage community, and surface founders from every lab, club, and classroom. The pipeline renews every year.

Advisory Board

Brian Halligan

Co-founder & Chairman, HubSpot
Sequoia / MIT Sloan Faculty

Jason Kelly

CEO, Ginkgo Bioworks

Matt Rhodes-Kropf

Managing Partner, Tectonic Ventures
MIT Sloan Faculty

Additional operators and investors being added in 2026.

Timing

Why Now

Boston is having a moment, and TNT already has the pipeline built.

City, state, and private capital are converging on Boston. Sequoia is running programming here. Top-tier VCs are increasing their Boston presence. More attention validates the ecosystem, but none of them are embedded where the deals originate. TNT is already there, with nearly 200 applications per cohort and $25M+ raised across 3 cohorts.

The fund capitalizes on what's already working.

Three cohorts, $25M+ raised by portfolio companies, and a proven selection process, all before we had a fund. Fund I puts capital behind the pipeline we've already built.

The next generation of breakout companies is forming now.

MIT and Harvard produced Cursor ($50B), Etched ($5B), Liquid AI ($2.7B), and Suno ($2.5B) in the last 3 years. The next wave is already in our cohorts.

The talent is here. The infrastructure to keep it isn't.

VCs are increasing their Boston presence, but founders still leave for SF because there's no community, capital, or support system to keep them building here. TNT is that infrastructure.

AI has made it easier than ever to build. The bottleneck is now people, not code.

When anyone can build software, the advantage shifts to teams with proprietary research, deep domain expertise, and technical moats. MIT and Harvard have the deepest concentration of that talent in the world.

The Fund

Fund Structure

Fund Size$30M

Pre-Seed Check$150K uncapped MFN SAFE

TNT AgreementRight to invest in 2% of the company at Series A terms

Companies per Cohort20

Cohorts per Year2 (Spring + Fall)

Total Portfolio100 companies / 2.5 years

Follow-On Reserve$10M for Series A follow-on. Capital called as companies hit Series A (yrs 2-5).

Management Fee2% / year

Carry20%

GP Commit~1.7% ($500K)

Fund Life10 yrs + 2yr ext.

Fund CounselOrrick, Herrington & Sutcliffe

The TNT Agreement: We Help Them Become Hot Deals. Then We Follow On.

Every company receives $150K via uncapped MFN SAFE. We help them build through mentors, credits, VC intros, and demo day. When they raise their Series A, the TNT Agreement gives us the contractual right to invest in 2% at whatever terms the lead sets. Use it or lose it.

Why this matters: We help make these companies attractive to top-tier VCs. When Sequoia or a16z leads the Series A, our allocation is contractual, not discretionary. We don't chase hot deals. We create them and follow on.

The Barbell: 100 Companies + 5 Concentrated Bets

$15M gets us into 100 companies at pre-seed. $10M follows the best 5 at Series A. We invest early to get visibility, run them through our accelerator program, and follow on with conviction into the companies we know best. Remaining Series A rights are exercised via SPV (0% fee, 20% carry), giving Fund I LPs priority access to co-invest in every deal. Fund I builds the platform. Fund II scales it.

One fund, one return number. For Series A rounds that exceed per-company reserve allocation, Fund I LPs have priority access to co-invest via SPV. The hottest deals become exclusive LP opportunities.

The Barbell Strategy

Invest Early. Double Down When the Best VCs Lead.

The $150K is the call option. We invest at pre-seed or seed to build the relationship. The value-add makes the option valuable. Mentors, credits, VC intros. The 2% at Series A is the exercise. When a top firm leads the round, our allocation is contractual, not discretionary.

Get In Early

$150K MFN

First check in at pre-seed, or support after seed. Founders sign the TNT Agreement.

Help Them Win

The Value-Add

Cohort, mentors, $600K+ credits, fundraising help. We intro them to top-tier VCs.

Invest at Series A

2% Right

Contractual allocation alongside the lead. Same terms. Our allocation is contractual, not discretionary.

Example: How a $150K Pre-Seed Check Gets Us Into the Hottest Deals

Stage	We Invest	Dilution	Our Ownership	Position Value
Pre-seed (MFN)	$150K	--	SAFE	$150K
MFN converts at pre-seed ($15M post)	--	--	1.00%	$150K
After Seed round	--	~15%	0.85%	~$150K
Series A + 2% right ($100M post)	~$2M	~18%	2.70%	$2.70M
After Series B + C	--	~25% cumulative	~2.02%	--
$500M Exit	--	--	~2.02%	$10.1M
$1B Exit	--	--	~2.02%	$20.2M
$5B Exit	--	+Series D ~10%	~1.90%	$95.0M
$10B Exit	--	+Series D+E ~15.4%	~1.73%	$173.0M

Illustrative example. $150K MFN converting at $15M median pre-seed valuation (TNT portfolio observed), ~$2M follow-on (2% at $100M post Series A). Pre-seed to seed dilution ~15% (TNT observed). A/B/C dilution from Carta 2025 median data.

Fund Returns

3.6x Expected Gross Return, Before SPV Upside.

Expected MOIC

3.6x

~3.1x net to LPs

Stress (10%)

1.5x

~1.4x net

Base (40%)

2.6x

~2.3x net

Target (40%)

3.6x

~3.1x net

Upside (10%)

9.7x

~7.9x net

Series A Follow-On: Additional 1.5% Ownership on 5 of the 100 Companies Above

These 5 companies are a subset of the MFN portfolio below. This table shows the additional return from the 2% right (1.50% at exit after dilution). MFN returns on these same companies are already included in the MFN table.

Scenario	Total	Fail	Small Exit $10-50M	Moderate $50-200M	Solid $200-500M	Breakout $500M-1B	Unicorn $1B	Decacorn $10B	Return
Stress	5	2	-	1	1	1	0	0	$17.2M
Base	5	1	-	1	1	1	1	0	$32.2M
Target	5	0	-	1	1	1	2	0	$47.1M
Upside	5	0	-	1	1	1	1	1	$166.8M

MFN Portfolio: All 100 Companies x $150K = $15M Deployed (0.52% ownership at exit)

MFN converts at ~$15M median. Includes the 5 FO companies (their MFN returns). FO table above adds the additional 1.50% ownership layer on those 5.

Scenario	Total	Fail	Small Exit $10-25M	Moderate $50-200M	Solid $200-500M	Breakout $500M-1B	Unicorn $1B	Decacorn $10B	Return
Stress	100	57	20	14	7	1	1	0	$28.9M
Base	100	55	15	17	8	3	2	0	$44.7M
Target	100	52	11	18	12	4	3	0	$60.3M
Upside	100	45	11	17	16	7	3	1	$124.7M

SPV co-invest: Fund exercises 2% on 5 companies directly. Remaining Series A rights are exercised via SPV (0% fee, 20% carry) or reserved for Fund II. Fund I LPs get priority on all SPVs. Returns above exclude SPV upside.

Single-vehicle option: Fund returns are independent of SPV participation. SPV co-invest is per-deal, opt-in, and exclusive to Fund I LPs.

MFN converts at ~$15M median pre-seed. FO at 2% of ~$100M avg Series A post-money. Dilution: pre-seed to seed ~15% (TNT observed), A ~18%, B ~15%, C ~12%, D ~10%, E ~6% (Carta 2025). Weights: 10% stress, 40% base, 40% target, 10% upside. Gross of fees and carry. Exit rates: ~1.5-2x MIT/Harvard outperformance. Typical exits diluted through C. Mega/decacorn exits include D/E dilution. Returns reflect midpoint FO selection (12-18 months insider observation).

The Vision

We're Building the Flagship Accelerator for the East Coast,
Starting with MIT and Harvard.

Fund I proves the model. The brand, pipeline, and track record compound over time. Fund I LPs get priority access to every future fund and SPV.

Fund I (Now)

Prove the model. Build the community, invest in 100 companies, establish the brand as the first call for MIT and Harvard founders.

Fund II (Future)

Scale with proof. Stronger terms earned through track record. Expanded pipeline from growing alumni network and brand recognition.

Fund III (Future)

The platform is the moat. Hundreds of alumni founders, a decade of data on what works, and the most trusted brand in the Boston ecosystem.

The Ask

$30M

TNT Fund I

100 investments into the best MIT/Harvard founders
$150K MFN + 2% at Series A. Early visibility, later-stage conviction.
Proprietary deal flow. 2 years of insider data before we follow on.
3.6x probability-weighted expected return
Priority co-invest on Series A SPVs (0% fee, per-deal opt-in)

hello@tnt.so

Minimum LP commitment: $200K • Target close: Q3 2026

Confidential. For qualified investors only. Past performance does not guarantee future results.

Important Notices

No assurance can be given that the Fund's investment objective will be achieved or that investors will receive a return of any of their capital. In particular, the risks of investing in the Fund may include the following:

Dependence on the success of the venture capital investment strategies employed by the Fund;
Lack of liquidity in that there may be no secondary market for Interests in the Fund and none is expected to develop;
Restrictions on transferring Interests in the Fund; and
Less regulation and higher fees than mutual funds (as discussed below).

This is not intended to be a complete description of the risks of investing in the Fund. Investors should rely on their own examination of the potential risks and rewards. The Offering Documents will discuss these and other important risk factors and considerations that should be carefully evaluated before making an investment in the Fund.

Unlike a mutual fund, the Fund will not be registered as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Consequently, investors will not be afforded the protections of the Investment Company Act.

No person has been authorized in connection with this offering to give any information or to make any representations other than as contained in this Presentation and, if given or made, such information or representation must not be relied upon as having been authorized by the Fund, the Manager or the Manager's affiliates. Statements in this Presentation are made as of the date hereof unless stated otherwise herein, and neither the delivery of this Presentation at any time, nor any sale hereunder, shall under any circumstances create an implication that the information contained herein is correct as of any time subsequent to such date.

Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third party sources. The Manager believes that such information is accurate and that the sources from which it has been obtained are reliable. The Manager cannot guarantee the accuracy of such information, however, and has not independently verified the assumptions on which such information is based. The Manager does not undertake to update this information, which is subject to change.

In considering the prior performance information contained herein, prospective investors should bear in mind that past performance is not a guarantee, projection or prediction and it is not necessarily indicative of future results. There can be no assurance that the Fund will achieve comparable results or that the Fund will be able to implement its investment strategy or achieve its investment objective.

Gross performance calculations do not reflect the deduction of management fees, carried interest and Fund expenses (including, without limitation, taxes, broken deal expenses, transaction costs, and other expenses of Fund I or portfolio companies), which substantially reduce returns to investors.

Unrealized values and other related financial information regarding certain investments are based on unaudited, preliminary estimates and valuations.

Certain statements contained in this document, including without limitation, statements containing the words "believes," "anticipates," "intends," "expects," and words of similar import constitute "forward looking statements." Additionally, any forecasts and estimates provided herein are forward looking statements. Such statements and other forward looking statements are based on available information and the views of the Manager as of the date hereof. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results and events may differ materially from those in any forward looking statements. Further, any opinions expressed are the current opinions of the Manager only and may be subject to change, without notice. There is no undertaking to update any of the information in this document.

References to "$" or "dollars" are to United States dollars unless the context indicates otherwise.

Reference Material

Appendix

01Anticipated Questions 02Fund Composition & Terms 03Terms Comparison: TNT vs. YC

04Dilution Model 05Deployment Schedule 06Multi-Fund Return Model 07Per-Company Economics

← Back to Deck

Appendix 1

Anticipated Questions

What is your follow-on strategy?

We follow top-tier investors at Series A. When firms like Sequoia, a16z, or Spark lead a round for one of our portfolio companies, the TNT Agreement gives us the contractual right to invest in 2% at the same terms. Our allocation is contractual, not discretionary. 33% of the fund ($10M) is reserved for these follow-on investments. We exercise on the best ~5 companies where we have the most conviction from 2 years of watching them build. Fund I LPs get priority on all future vehicles including SPVs.

100 companies is a lot. Can you actually add value to all of them?

The cohort model does the heavy lifting. Companies support each other. Our programming (mentors, Demo Day, build nights) scales across the cohort, not 1:1. We're building a community, not a consulting firm. The best accelerators (YC, Techstars) prove this model works at scale.

Why MIT and Harvard?

These two schools are the core of our community and where we have the deepest network. Concentration is the strategy -- owning this niche completely is more valuable than spreading thin across 20 schools. But we're not rigid about it. If an exceptional team comes through our network from outside MIT and Harvard, we'll back them. The school filter is how we source, not a ceiling on who we'll invest in. Expansion beyond these two campuses is a Fund II conversation once the brand is proven.

What happens when you're no longer on campus?

Our top referral channels are word of mouth from alumni and people who have attended our events. We continue running community events (firesides, hackathons, build nights) that generate top-of-funnel deal flow year-round. We track emerging teams as they participate in these events, and our campus fellows program across MIT and Harvard ensures on-the-ground presence every semester. The fund operates independently of any university affiliation.

Why back an emerging manager?

Emerging managers consistently outperform established funds in pre-seed and seed. Smaller fund size means discipline. Proprietary access means better entry prices. And Fund I economics are the best LPs will ever get from this team.

Appendix 2

Fund Composition & Terms

Fund Structure

Fund size$30,000,000

VehicleDelaware LP

Fund life10 years + 2yr extension

Investment period3 years

Management fee2% annually

Carried interest20%

Preferred return1x return of capital

TNT AgreementRight to invest in 2% at Series A

GP commitment~1.7% ($500K)

Min LP commitment$200,000

Target closeQ3 2026

How $30M Gets Allocated

Use	Amount	%
Pre-seed MFN (100 x $150K)	$15,000,000	50.0%
Series A follow-on reserve	$10,000,000	33.3%
Management fees + fund expenses	$4,400,000	14.7%
Operating reserve	$600,000	2.0%
Total	$30,000,000	100%

Capital allocation

MFN 50%

Follow-on 33%

Fees 15%

Appendix 3

Terms Comparison: TNT vs. YC

$150K MFN SAFE at pre-seed for early visibility. 2% at Series A via TNT Agreement for later-stage conviction. Our terms stack with every other investor.

TNT

$150K

MFN SAFE + 2% at Series A

Uncapped MFN SAFE$150K

2% right at Series A~$2M

$500K

7% equity

Cash for equity$125K

SAFE$375K

TNT + YC

$650K

7% equity + MFN + 2% at A

YC equity + SAFE$500K

TNT MFN$150K

Two Types of Founders, One Set of Terms

Hot research spinouts: CSAIL, Harvard SEAS, deep tech. These founders have VCs circling. Our low dilution at entry gets us in when others can't.
Early-stage builders: YC-style teams, smart and scrappy. Our $150K and program gives them the runway and structure to get to their seed.
Both sign the TNT Agreement. Both give us 2% at Series A. We capitalize later once we have full visibility into who's winning.
Stacks with YC in either order. Our upside is at Series A, not pre-seed, so we never compete for the same equity.

Why LPs Win

We follow top-tier investors at Series A. Our allocation is contractual, not discretionary.
2 years of insider data before we increase our investment
Access to both the hottest deep tech deals AND early-stage pipeline
Fund I LPs get priority on Fund II, SPVs, and all future vehicles

Appendix 4

Dilution Model

Ownership % drops through funding rounds, but stake value only goes up. Smaller slice of a much bigger pie.

Stage	Round	Pre-Money	Dilution	Ownership	Stake Value
TNT MFN SAFE	$150K	--	--	SAFE	$150K
MFN converts at pre-seed	$2M	$15M	--	1.00%	$150K
Seed round	$3.5M	$25M	~15%	0.850%	~$150K
Series A + 2% right	$20M	$80M	~18%	2.70%	$150K + ~$2M
Series B	$40M	$250M	~15%	~2.29%	~$6.9M
Series C	$80M	$600M	~12%	~2.02%	~$13.7M
$1B+ Exit	--	$1B+	--	~2.02%	$20.2M+

Seed
1.00%

After Seed
0.85%

After A
2.70%

After B
2.29%

After C
2.02%

Exit
2.02%

Ownership %

Seed
$150K

After Seed
~$150K

After A
$2.7M

After B
$6.9M

After C
$13.8M

Exit
$20.2M+

Stake Value

TNT invests via uncapped MFN SAFE ($150K). Converts at next priced round. 2% additional purchased at Series A terms via TNT Agreement. Dilution per round: pre-seed to seed ~15% (TNT observed), A ~18%, B ~15%, C ~12%, D ~10%, E ~6% (Carta 2025). Illustrative only.

Appendix 5

How We Deploy $30M

	Year 1	Year 2	Year 3	Year 4	Year 5	Total
Cohorts	2	2	1	--	--	5 cohorts
Companies (pre-seed)	40	40	20	--	--	100
Pre-seed deployed	$6M	$6M	$3M	--	--	$15M
Series A follow-on	--	$2M	$4M	$4M	--	$10M
Fees + expenses	--	--	--	--	--	~$4.4M
Cumulative deployed	$6M	$12M	$19M	$25M	$28M	$30M

$15MPre-seed (100 companies)

$10MFollow-on reserve

~$4.4MFees + Expenses

$30MTotal Fund

2% on committed capital during investment period (yrs 1-3), lower rate on invested capital post-investment (yrs 4-10). ~$4.4M total fees over 10-year fund life. Capital calls match deployment.

Follow-on reserve funds the 2% Series A bets (~5 companies x ~$2M). Capital calls match deployment so LPs are not paying fees on idle capital. For Series A rounds that exceed per-company reserve allocation, Fund I LPs have priority access to co-invest via SPV.

20 companies per cohort. Actual sizes may vary depending on the quality and volume of applications. Our current cohort is 20 companies. We invest in quality over quantity. Series A check sizes vary with valuation. At higher valuations ($120M+ pre), overflow allocation is offered to Fund I LPs via SPV.

Appendix 6

Fund I Return Assumptions Detail

Fund I Structure

Fund size	$30M
MFN deployment	$15M into 100 companies ($150K each)
Follow-on reserve	$10M into ~5 companies (~$2M each)
Management fees	~$4.4M (2% on committed, stepping down)
MFN conversion	~$15M median seed valuation
Series A post-money	~$100M average
MFN ownership at exit	~0.52% (after seed, A, B, C dilution)
Follow-on ownership at exit	~1.5% (after dilution)
Combined ownership at exit	~2.02%
Deployment period	2.5 years (5 cohorts)

Key Assumptions & Sources

Seed valuation median	$15M post-money (TNT portfolio observed)
Pre-seed to seed dilution	~15% (TNT portfolio observed)
Series A dilution	~18% (Carta 2025)
Series B dilution	~15% (Carta 2025)
Series C dilution	~12% (Carta 2025)
Unicorn rate	~2% for MIT/Harvard (est. 1.5-2x industry base rate)
MIT/Harvard outperformance	~1.5-2x industry base rates (est.)
Carry	20% above 1x preferred return
Probability weights	10/40/40/10 (S/B/T/U)

Exit tier rates assume 1.5-2x outperformance over industry base rates, consistent with estimated MIT/Harvard outperformance (1.5-2x industry base rates) and the fund's 2-year insider screening advantage on follow-on investments. All returns on the main returns slide are shown gross of fees and carry.

Table of Contents

The MIT/Harvard Advantage

Notable Alumni Companies

MIT and Harvard Have Dozens of Fragmented Programs.They Still Don't Have an Entrepreneurial Culture.

The Result: Founders Are on Their Own

TNT Is the Connective Tissue Shaping the Culture.

The Community Is Our Pipeline and Screening Mechanism.

We'll Invest $150K at Pre-Seed.Help Them Build. Then Increase Our Investment When They Win.

200+ Applications Per Cohort. We Take the Best.

1 Year. 3 Cohorts. Here's Who We've Backed.

Solid

Subconscious

Cortex

Apollo Atomics

Zaqa

Diffraqtion

Maywood

2 Stealth AI Frontier Labs

Leadership

Rob Blaine

Team

Principal

12-15 TNT Fellows

Advisory Board

Brian Halligan

Jason Kelly

Matt Rhodes-Kropf

Why Now

Boston is having a moment, and TNT already has the pipeline built.

The fund capitalizes on what's already working.

The next generation of breakout companies is forming now.

The talent is here. The infrastructure to keep it isn't.

AI has made it easier than ever to build. The bottleneck is now people, not code.

Fund Structure

The TNT Agreement: We Help Them Become Hot Deals. Then We Follow On.

The Barbell: 100 Companies + 5 Concentrated Bets

Invest Early. Double Down When the Best VCs Lead.

Example: How a $150K Pre-Seed Check Gets Us Into the Hottest Deals

3.6x Expected Gross Return, Before SPV Upside.

Series A Follow-On: Additional 1.5% Ownership on 5 of the 100 Companies Above

MFN Portfolio: All 100 Companies x $150K = $15M Deployed (0.52% ownership at exit)

We're Building the Flagship Accelerator for the East Coast,Starting with MIT and Harvard.

Appendix

Anticipated Questions

What is your follow-on strategy?

100 companies is a lot. Can you actually add value to all of them?

Why MIT and Harvard?

What happens when you're no longer on campus?

Why back an emerging manager?

Fund Composition & Terms

Fund Structure

How $30M Gets Allocated

Terms Comparison: TNT vs. YC

Two Types of Founders, One Set of Terms

Why LPs Win

Dilution Model

How We Deploy $30M

Fund I Return Assumptions Detail

Fund I Structure

Key Assumptions & Sources

Fireside Chats

Hackathons & Build Nights

Student Fellows

Co-Founder Matching

Selection Process

What We Look For

The 10 Weeks

After Demo Day

Why These Two Schools

Geographic Concentration

The Underserved Gap

AI Infrastructure

Vertical AI for Regulated Industries

Deep Tech with Real IP

The Structure

Why This Works for Founders

Why This Works for LPs

Inside the Labs

Before the Pitch Deck

MIT and Harvard Have Dozens of Fragmented Programs.
They Still Don't Have an Entrepreneurial Culture.

We'll Invest $150K at Pre-Seed.
Help Them Build. Then Increase Our Investment When They Win.

We're Building the Flagship Accelerator for the East Coast,
Starting with MIT and Harvard.