Disclaimer, Terms of Use,
and Privacy Policy

Proprietary methodology and trade secret notice

The Colibrí Architecture methodology, including its scoring framework, calibration parameters, threshold logic, engine weights, and the Conviction Allocation Curve underlying the Scenario Engine, constitutes a trade secret of Colibrí Strategies protected under the Texas Uniform Trade Secrets Act (Tex. Civ. Prac. & Rem. Code Ch. 134A) and applicable federal law. Colibrí Strategies has taken reasonable measures to maintain the secrecy of this information, including restricting access, requiring agreement to these terms as a condition of use, and maintaining the methodology in a proprietary specification that is not publicly available in its complete form.

Unauthorized disclosure, reproduction, reverse engineering, or misappropriation of the methodology or its calibration parameters, whether through direct access to source code or through systematic analysis or publication of platform outputs, constitutes misappropriation of a trade secret and may subject you to injunctive relief, actual damages, exemplary damages of up to twice actual damages, and recovery of attorneys' fees under applicable law. Colibrí Strategies will pursue all available remedies for any violation.

Nothing in these terms authorizes you to describe, publish, or disclose to third parties the specific numerical outputs, thresholds, weights, or calibration values produced by the platform in a manner that would allow a third party to reconstruct, replicate, or approximate the methodology. You may discuss your firm's scores in general terms for internal and LP communication purposes, but systematic publication of score values, subscore breakdowns, or calibration reference points constitutes a violation of this section.

Nature of the platform outputs

Colibrí Architecture produces structured analytical views of venture capital fund and firm configuration. Outputs include, but are not limited to, the Composite Efficiency Index, the Return per Unit of Variance ratio, the Consistency Score, the Firm Design Congruence Score, the Cross-Fund Concentration Score, the Architecture Score, and all Scenario Engine recommendations and follow-on allocation signals.

These outputs evaluate how a firm is built relative to a principled analytical framework. They do not predict fund returns, IRR, TVPI, DPI, or any other realized performance metric. A high Architecture Score does not predict that a fund will succeed, and a low Architecture Score does not predict that a fund will fail. The outputs describe how well a configuration is positioned given a set of stated analytical principles, nothing more.

Not investment advice

Nothing on this platform, including the Scenario Engine's follow-on recommendations and allocation signals, constitutes investment advice, a recommendation to buy or sell any security, or regulated financial advice of any kind. Colibrí Strategies is not a registered investment adviser, broker-dealer, or financial planner, and nothing on this platform should be construed as the output of one.

The Scenario Engine is a decision-support tool. It produces a structured view of a follow-on decision, not a binding or authoritative instruction. The fund's general partners retain full and sole responsibility for every investment decision made in connection with the fund, including decisions that are informed by or that deviate from the Scenario Engine's output.

No warranty on accuracy

The platform's analytical outputs depend entirely on the accuracy and completeness of the data you provide. Colibrí Strategies does not audit user-provided data, has no obligation to verify the accuracy of inputs, and makes no representation that the outputs reflect the actual configuration, performance, or legal status of any fund or firm. Outputs are only as accurate as the data that produces them, and Colibrí Strategies expressly disclaims any warranty of accuracy arising from the use of incomplete, inaccurate, or outdated inputs.

By submitting data to the platform, you represent and warrant that you have the legal right to submit that data, that the data is accurate to the best of your knowledge, and that submitting the data does not violate any confidentiality obligation you owe to any limited partner, portfolio company, co-investor, or other third party. Colibrí Strategies is not liable for any harm arising from outputs produced on the basis of inaccurate, incomplete, or improperly submitted data.

The methodology underlying the platform is documented in a versioned specification and is subject to revision as the platform accumulates additional user data and as the underlying research base matures. Colibrí Strategies makes no warranty that the current methodology will remain in effect in perpetuity or that threshold revisions will not affect previously computed scores.

U.S. market calibration

The platform's methodology is calibrated to the structural conventions of the United States venture capital industry. Firms operating outside the United States may produce scores that reflect comparison to U.S. norms rather than to locally relevant benchmarks. Users operating in non-U.S. markets should interpret outputs accordingly and should not treat them as universal evaluations.

Cohort data and benchmarks

Cohort reference points, including median and top-quartile CEI values, baseline RUV ratios, and median CS and CFCS values, are computed from aggregated platform data across the user base on a basis of legitimate interest in operating and improving the platform. When a lifecycle cohort holds fewer than thirty funds, the platform displays provisional reference values derived from the methodology designer's calibration. Provisional values are disclosed in the platform interface and in the methodology specification. No individual firm's data is attributable in any cohort output displayed to another firm.

Limitation of liability

To the maximum extent permitted by applicable law, Colibrí Strategies, its affiliates, officers, employees, contractors, and research partners (including the Colibrí Institute) expressly disclaim all warranties, express or implied, regarding the platform's outputs, including warranties of merchantability, fitness for a particular purpose, non-infringement, accuracy, completeness, and fitness for any particular investment or business decision.

In no event shall Colibrí Strategies be liable for any direct, indirect, incidental, special, consequential, or punitive damages arising from your use of, or reliance on, the platform's outputs, including any investment decision, capital allocation, fund formation decision, or LP communication made in connection with those outputs, even if Colibrí Strategies has been advised of the possibility of such damages.

To the maximum extent permitted by applicable law and notwithstanding any other provision of these terms, Colibrí Strategies' total cumulative liability to you for any and all claims arising from or relating to the platform, these terms, or any outputs produced by the platform, whether in contract, tort, statute, or otherwise, shall not exceed the total subscription fees you paid to Colibrí Strategies in the twelve calendar months immediately preceding the date on which the claim first arose. This cap applies in aggregate to all claims, not per claim.

Some jurisdictions do not permit the exclusion or limitation of certain types of liability. In those jurisdictions, Colibrí Strategies' liability is limited to the minimum extent permitted by applicable law. Nothing in this section limits liability for fraud or fraudulent misrepresentation, or for any other liability that cannot be excluded or limited under applicable law.

1. Parties

This agreement is between you (the individual or entity accessing the platform, referred to below as "you" or "User") and Colibrí Strategies ("Colibrí Strategies," "we," or "us"). If you are accessing the platform on behalf of an organization, you represent that you have the authority to bind that organization to these terms.

2. Eligibility

The platform is intended for general partners and authorized personnel of U.S.-based venture capital firms. By accessing the platform, you represent that you are at least 18 years of age, are legally authorized to enter into binding agreements in your jurisdiction, and are accessing the platform for legitimate professional purposes related to venture capital fund and firm management.

3. Subscriptions and billing

Access to the platform requires a paid subscription or an active trial period. Subscriptions are offered on the following tiers and are subject to pricing terms displayed on the pricing page at the time of purchase.

Tier	Scope	Billing
Foundation	Single fund, 2 user accounts, up to 100 portfolio companies	Annual or monthly, charged via Stripe
Practice	Up to 10 funds, up to 5 user accounts, up to 100 portfolio companies per fund	Annual or monthly, charged via Stripe

All subscriptions include a 7-day free trial period at the time of initial sign-up. A valid payment method is required to begin the trial. You will not be charged until the trial period ends. If you cancel before the trial period ends, you will not be charged. After the trial period, your subscription renews automatically on the applicable billing cycle unless you cancel in advance.

Subscription fees are non-refundable except as required by applicable law or as specifically noted in writing by Colibrí Strategies. We reserve the right to change subscription pricing with at least 30 days' written notice to active subscribers.

4. Trial access and promotional codes

Colibrí Strategies may, at its discretion, offer promotional codes that provide discounted or complimentary access to the platform for a defined period. Promotional access is subject to the same terms as a paid subscription with respect to data handling, intellectual property, and acceptable use. Promotional codes may not be transferred and may not be combined with other offers unless explicitly permitted.

5. Acceptable use

You may use the platform solely for your own legitimate fund and firm management purposes. You may not:

• Share your account credentials with persons not authorized under your subscription tier.
• Use the platform to provide analytical services to third parties without a separate written agreement with Colibrí Strategies.
• Attempt to reverse-engineer, decompile, scrape, or otherwise extract the platform's underlying methodology, scoring logic, calibration parameters, or source code, whether through the source code directly or through systematic harvesting, logging, or aggregation of platform outputs for the purpose of reconstructing any part of the methodology or its calibration.
• Represent the platform's outputs as investment advice, a performance guarantee, or a rating issued by a regulated body.
• Use automated means to access the platform's outputs at scale, including scripts, bots, or API wrappers not authorized by Colibrí Strategies.
• Upload data that you do not have the right to disclose, including information subject to confidentiality obligations to third-party LPs, portfolio companies, or co-investors.
• Attempt to access or reconstruct another firm's data through any surface of the platform.

6. Your data

You retain ownership of all fund-level and investment-level data you upload or enter into the platform. By using the platform, you grant Colibrí Strategies a limited, non-exclusive, revocable license to process your data solely for the purpose of producing the platform's analytical outputs, maintaining score history, computing cohort baselines in aggregate and anonymized form, and operating the platform's infrastructure.

Colibrí Strategies will not sell your identifiable data to third parties, share your identifiable data with other platform users, or use your data for any purpose other than operating and improving the platform. From time to time, aggregated and anonymized data derived from the platform may inform research conducted or published by the Colibrí Institute. Any such use is strictly limited to data that has been aggregated across the platform's user base and anonymized such that no individual firm, fund, or user is identifiable. Cohort-level aggregates that contribute to benchmarks and to Institute research are anonymized and non-attributable. Data handling is described in detail in the Privacy Policy in Section 03 of this document.

7. Intellectual property

The Colibrí Architecture platform, including its methodology, scoring engines, calibration parameters, interface design, and all associated documentation, is proprietary to Colibrí Strategies. All rights not expressly granted in these terms are reserved. Nothing in these terms transfers ownership of any intellectual property to you.

The LP memos, scenario outputs, and other reports you generate through the platform are yours. Colibrí Strategies claims no ownership over the content of outputs you produce using the platform. You may use those outputs for your own legitimate fund and firm management purposes, including distribution to your limited partners, subject to the following conditions: you may not represent such outputs as the work product of a registered investment adviser, a regulated financial analyst, or an independently audited analytical body; and you may not redistribute or resell such outputs as a commercial product or service without a separate written agreement with Colibrí Strategies.

Access to previously generated outputs (LP memos, scenario run histories, score histories) requires an active subscription. Colibrí Strategies does not guarantee access to outputs generated during a prior subscription period after that subscription has been terminated or has lapsed. You are responsible for exporting or retaining any outputs you wish to preserve before cancelling your subscription.

The Colibrí Institute's research that grounds the platform's methodology remains the intellectual property of the Colibrí Institute. Use of the platform does not grant any license to the Institute's underlying research publications.

8. Suspension and termination

Colibrí Strategies may suspend or terminate your account, with or without notice, if you materially breach these terms, if your payment method fails and is not corrected within a reasonable cure period, or if we determine in our sole discretion that your use of the platform poses a legal, reputational, or operational risk to Colibrí Strategies or to other users.

You may cancel your subscription at any time through the platform's account settings. Cancellation takes effect at the end of the current billing period. Upon cancellation, your account data is retained for 90 days, after which it is deleted from the platform's production systems in accordance with the Privacy Policy.

9. No service level agreement

Colibrí Strategies does not guarantee any specific level of platform availability, uptime, or performance. The platform is provided on a commercially reasonable efforts basis and may be subject to scheduled maintenance, unscheduled downtime, or service interruptions without prior notice. Colibrí Strategies has no obligation to provide advance notice of maintenance windows, to maintain any specific response time, or to issue service credits for any period of unavailability. Your sole remedy for any service interruption not caused by force majeure is to contact us and request a good-faith accommodation at our discretion.

10. Indemnification

You agree to indemnify, defend, and hold harmless Colibrí Strategies, its affiliates, officers, employees, contractors, and research partners from and against any and all claims, damages, losses, liabilities, costs, and expenses (including reasonable attorneys' fees) arising from or related to: (a) your use of the platform in violation of these terms; (b) any misrepresentation of the platform's outputs to any third party, including limited partners, co-investors, portfolio companies, or regulators; (c) your use of the platform to provide analytical services to third parties without authorization; (d) any data you upload or enter into the platform that infringes on a third party's rights or that you did not have the right to disclose; or (e) any claim by a third party arising from a decision you made in connection with the platform's outputs.

Colibrí Strategies reserves the right to assume exclusive control of the defense of any matter subject to indemnification by you, at your expense. You may not settle any such matter without Colibrí Strategies' prior written consent if the settlement imposes any obligation on or adversely affects Colibrí Strategies.

11. Force majeure

Colibrí Strategies shall not be liable for any delay, interruption, or failure in the performance of the platform that results from causes beyond its reasonable control, including natural disasters, acts of government, failure of third-party infrastructure providers (including hosting, database, authentication, payment, or AI services), internet or telecommunications failures, cyberattacks, or any other event that constitutes force majeure under applicable law. In the event of a force majeure event lasting more than 30 consecutive days, either party may terminate the subscription without penalty upon written notice, and Colibrí Strategies will issue a prorated refund of prepaid subscription fees for the unused period.

12. Changes to the platform and to these terms

Colibrí Strategies may modify the platform's features, engines, methodology thresholds, or pricing at any time. Material changes to the platform's methodology are documented through version increments to the methodology specification, which is publicly accessible. We will provide at least 30 days' notice of material changes to these terms via email to the address on file for your account. Continued use of the platform after the effective date of any revision constitutes acceptance of the revised terms.

13. Governing law and disputes

These terms are governed by the laws of the State of Texas, without regard to conflict of law principles. The parties agree that the United Nations Convention on Contracts for the International Sale of Goods does not apply to these terms. The parties consent to the exclusive jurisdiction of the state and federal courts located in Texas for any matter not subject to arbitration under these terms.

Before initiating any arbitration proceeding, the party asserting a claim must provide the other party with written notice describing the claim in reasonable detail and the relief sought. The parties agree to attempt in good faith to resolve the dispute informally for a period of 30 days following delivery of that notice. If the dispute is not resolved within that 30-day period, either party may initiate arbitration as described below.

Any dispute that cannot be resolved informally shall be resolved through binding individual arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules. The arbitration shall be conducted in Texas. Each party shall bear its own costs and attorneys' fees unless the arbitrator determines that a claim was frivolous or brought in bad faith, in which case the arbitrator may award attorneys' fees and costs to the prevailing party. Nothing in this section prevents either party from seeking injunctive or other equitable relief in a court of competent jurisdiction to prevent irreparable harm, including but not limited to harm arising from actual or threatened misappropriation of Colibrí Strategies' trade secrets or intellectual property. Either party may also bring a claim in small claims court if the claim qualifies under that court's jurisdictional limits.

You and Colibrí Strategies each waive the right to a trial by jury and the right to participate in any class action, class arbitration, or representative proceeding, to the fullest extent permitted by applicable law.

14. Entire agreement

These terms, together with the Privacy Policy set out in Section 03 and any order form or subscription confirmation issued to you by Colibrí Strategies, constitute the entire agreement between you and Colibrí Strategies with respect to the platform and supersede all prior agreements, representations, and understandings. If any provision of these terms is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect, and the invalid or unenforceable provision shall be modified to the minimum extent necessary to make it enforceable. No waiver of any provision of these terms shall be effective unless in writing and signed by an authorized representative of Colibrí Strategies. A waiver in one instance does not constitute a waiver in any subsequent instance.

1. Who we are

Colibrí Strategies is a Texas-based company that operates the Colibrí Architecture platform. For purposes of this policy, "Colibrí Strategies," "we," "us," and "our" refer to Colibrí Strategies as the data controller for the personal and organizational data described below.

2. What data we collect

We collect data in three categories.

Account and identity data. When you create an account, we collect your name, email address, and the name of your firm. Authentication is handled through a third-party identity provider. We do not store your password. We may collect your subscription tier, billing status, and role within your organization.

Fund and firm configuration data. The platform's analytical engines operate on the fund and firm configuration variables you enter, including fund size, investment period, portfolio targets, team structure, succession variables, and all other fields described in the methodology specification. This data is stored in our database and is used exclusively to compute the platform's analytical outputs, maintain score history, and operate the platform.

Investment-level data. If you enter portfolio company data (company name, check sizes, ownership percentages, MOIC marks, sector, stage, geography, follow-on rounds, milestones, and reserve commitments), that data is stored in our database and is used by the Cross-Fund Concentration engine and the Scenario Engine. This data is firm-private and is not shared with other users, co-investors, or third parties in any identifiable form.

Usage and platform data. We collect standard server-side logs, including page views, feature usage, session duration, and error events. We use this data to operate and improve the platform. We do not use third-party advertising trackers or behavioral targeting tools.

3. How we use your data

Purpose	Data used	Basis
Producing analytical outputs	Fund, firm, and investment data	Contract (subscription agreement)
Maintaining score history and trend data	Fund, firm, and investment data	Contract
Computing anonymized cohort baselines	Aggregated, non-attributable score data	Legitimate interest (platform operation)
Transactional email (onboarding, billing)	Email address, subscription status	Contract
Platform operations and security	Usage logs, error logs	Legitimate interest
Methodology improvement and calibration	Anonymized, aggregated score distributions	Legitimate interest
Research conducted or published by Colibrí Institute, including open-access publications	Anonymized, aggregated score and configuration data only, handled under the Institute's Research Data Protocol	Legitimate interest (research grounding the platform methodology)

We do not use your data to train external machine learning models, to sell leads or insights to third parties, or for any purpose not described in this table. The Scenario Engine's learning loop, which records scenario runs and GP decisions, is firm-private in its current implementation. Your scenario history does not contribute to other firms' calibration without your explicit opt-in.

3a. Research use of platform data

Colibrí Strategies works in close coordination with the Colibrí Institute, a separate research organization that grounds the platform's methodology. Aggregated and anonymized data derived from the platform may be shared with the Colibrí Institute for the purpose of informing Institute research publications, including open-access publications, methodology calibration updates, and empirical analyses of venture capital firm structure and design.

All data shared with the Colibrí Institute for research purposes is handled in accordance with the Colibrí Institute's Research Data Protocol, which requires that data be aggregated across the platform's user base before analysis and anonymized such that no individual firm, fund, portfolio company, or user is identifiable in the research output or in any dataset reviewed by Institute researchers. Raw configuration data, investment-level data, and all identifiable firm data remain with Colibrí Strategies and are never transferred to the Institute in identified form.

Research outputs published by the Colibrí Institute, including open-access publications, may reference aggregated findings derived from platform data. No such publication will identify any user firm or contain data that would enable identification of any user firm by a third party.

If you wish to opt out of your data being included in research aggregation, contact us at hola@colibristrategies.com. We will confirm your opt-out within 30 days of your request and will exclude your data from any research aggregation performed after that date. Opt-out does not apply retroactively to research already published or to aggregated datasets already compiled prior to your request.

4. Data sovereignty and firm privacy

Each firm's configuration data, investment data, score history, scenario runs, and audit trail are accessible only to authorized members of that firm and to Colibrí Strategies for the purposes described in Section 3. No other platform user, including users in other organizations, can access your firm's data through any surface of the platform.

Cohort baselines that appear in the platform interface are computed from aggregated platform data on a basis of legitimate interest. Individual firms are not identifiable in any cohort output. If you have questions about how your data contributes to cohort baselines, contact us at the address below.

5. Data sharing and service providers

We share data with a limited set of third-party service providers that are necessary to operate the platform. Categories of providers include cloud infrastructure and hosting, database storage, identity and authentication, payment processing, transactional email delivery, and AI-assisted content generation for platform features. Each provider is engaged under a data processing agreement or equivalent contractual terms that restrict their use of your data to the service they provide.

Payment processing providers receive billing and payment information only. They do not receive your fund or investment data. AI-assisted content generation providers receive only the specific data necessary to generate a requested output (such as an LP memo), and are not authorized to retain or use that data for their own purposes beyond the terms of their data processing agreements.

We do not share identifiable fund or investment data with any provider beyond what is strictly necessary to operate the platform. We do not sell your data to data brokers, analytics platforms, marketing services, or any other third party. A current list of service provider categories is available upon request by contacting hola@colibristrategies.com.

6. Data retention

Active account data is retained for the duration of your subscription. If your subscription is cancelled, your data is retained for 90 days to allow account reactivation, after which it is deleted from production systems. Score history snapshots used for anonymized cohort baseline computation are retained in aggregate, non-attributable form after individual firm deletion, and are not subject to individual deletion requests.

You may request deletion of your account and associated data at any time, including during the 90-day post-cancellation retention period, by emailing hola@colibristrategies.com. A deletion request received during the retention period overrides the 90-day hold. We will confirm deletion within 30 days of your request. Deletion is irreversible and Colibrí Strategies cannot recover deleted data after the process is complete.

7. Security

Colibrí Strategies implements reasonable and appropriate technical and organizational measures to protect your data against unauthorized access, disclosure, alteration, and destruction. Access to production data is restricted to authorized personnel and infrastructure. Data in transit between your browser and the platform is encrypted. We conduct periodic reviews of our security practices and require our service providers to maintain appropriate security standards under their agreements with us.

No security system is infallible. In the event of a data breach that affects your personal information, we will notify affected users in accordance with applicable law, including the Texas data breach notification requirements under Tex. Bus. & Com. Code § 521.053.

8. Your rights

The platform is operated under Texas law and is directed primarily at U.S.-based venture capital professionals. Texas does not currently provide a private right of action under a state consumer privacy statute for the categories of data processed by this platform. If you are located in a jurisdiction with applicable data protection rights (including but not limited to California, Virginia, Colorado, or the European Economic Area), you may have the right to access, correct, port, or delete your personal data; to object to or restrict certain processing; and to withdraw consent where processing is consent-based.

To exercise any of these rights, email hola@colibristrategies.com. We will respond within the timeframe required by applicable law in your jurisdiction and will not charge a fee for reasonable requests. Where we are unable to fulfill a request because it conflicts with a legal obligation or with our rights under these terms, we will explain the basis for the limitation.

9. Cookies and tracking

The platform uses session cookies for authentication, which are strictly necessary for the platform to operate. We do not use advertising cookies, cross-site tracking cookies, or fingerprinting technologies. The marketing pages at architecture.colibristrategies.com may use analytics tools to understand aggregate page traffic; these tools do not collect personally identifiable information and are not used for behavioral advertising.

10. Children's privacy

The platform is not directed at persons under the age of 18 and we do not knowingly collect personal information from minors. If you believe a minor has provided personal information through the platform, contact us and we will delete it promptly.

11. Changes to this policy

We may update this policy from time to time. Material changes will be communicated by email to the address on file for your account at least 30 days before they take effect. The effective date at the top of this document reflects the most recent revision. Continued use of the platform after a revision takes effect constitutes acceptance of the revised policy.

12. Contact

Questions about this policy, data deletion requests, and rights exercises can be directed to hola@colibristrategies.com. We aim to respond to all inquiries within five business days.