Founder
Stefano Bernardi
🏔️, 🇮🇹
Founding GP. Investing since 2019 across frontier tech, climate, crypto, and bio. Writes the Unruly theses. Before Unruly: founder, angel, podcaster, and skeptic of consensus.
01Motto
Investing in the Crazy.
Before it becomes normal.
Four bets on the next decade
All theses →01
Demographic collapse
The Depopulation Trade
Structural population decline is arriving faster than consensus expects, pushing the world from labor-bound systems toward robotics, fertility, longevity, post-state infrastructure, and energy-abundant automation.
14 min read
02
Industrial breakup
The Decentralization of the Real World
Industrial production moves from centralized, fragile systems toward local, modular, electrified, automated networks across energy, food, manufacturing, biology, circular materials, and natural resources.
14 min read
03
Post-state power
The Rise of New Sovereigns
As nation states lose fiscal, operational, and technological capacity, private and supranational companies accumulate sovereign-like power by providing currency, identity, communications, security, infrastructure, healthcare, education, and coordination.
5 min read
04
The bio age
The Bio Age
A new generation of peptide therapeutics is about to compress decades of metabolic-disease progression into a handful of years. The downstream effects ripple far past pharma — into food, cardiovascular care, longevity, fertility, and how the next century thinks about willpower itself.
Under development
Unruly Capital backs founders working on ideas that feel too early, too weird, or too crazy, but that will become normal in a decade. We are not afraid to be called crazy and we develop our own thinking. We’re always open to founders telling us what the future looks like. At the moment we’re mostly thinking about depopulation, decentralization, new sovereigns, and the peptide age.
Got a thesis we should be looking at?Submit a thesis →
03Founders we back
Enabling entelechy.
A specific kind of fire, one that is impossible to fake, burns in the people we back. The founders we look for are building because the world would be intolerable without their company, and a life without trying would be a waste.
Audacity, urgency, agency, and consequence are the four traits that we look for. We index hard on those and we accept every other quirk.
Distilled from the Unruly Q1 ’26 LP letter
01
Audacity
More than ambition, the belief that you have the power to change how the world works for the better.
02
Urgency
There is no reason to wait, if we can make things better: we should. And speed compounds.
03
Agency
Just do it. The belief that it’s really up to you, and that there is no one else coming. The opposite of permission.
04
Consequence
We like companies that have a consequence in the world. Whether your company works or not should be a meaningful event in history.
Portfolio
All companies →Co-investors
selected partners8VC
Fundomo
Morpheus Ventures
Pale Blue Dot
Transition
Team
All members →Investments
Francesco Moiraghi
🌧️, 🇬🇧
Investments. Sourcing, diligence, and post-investment work across the portfolio. Looks for founders with non-obvious conviction and an unhealthy obsession with their problem.
Operations
Francesca Notaro
🏖️, 🇮🇹
Operations and LP relations. Runs everything that lets the rest of the team focus on founders — fund admin, reporting, compliance, events.