Moonfire, a European seed-stage venture capital firm, uses Bound to:

• Achieve predictability in FX exposures across multiple currencies (USD, EUR, GBP) for confident planning of management fees and expenses.

• Hedge FX risks efficiently, reducing volatility’s impact on cash flow and financial reporting.

• Capture potential market upside while protecting against unfavourable currency fluctuations – without high fees or complex processes.

Who is Moonfire?

Moonfire is a European venture capital firm that invests in pre-seed and seed companies (including Bound!). Moonfire builds its own proprietary technology - LLMs, ML-powered sourcing and evaluation - and internal tools to transform the scale and accuracy of venture.

Like many VC firms dealing with investments in multiple currencies (e.g. USD, EUR, GBP), Moonfire grapples with complex currency optimisation challenges. But as Bound investors, they've now got their FX hedging down to an art – staying sharp, secure, and ready for anything.

• Website: moonfire.com

• Employees: 12

• Industry: Venture Capital

Meet Nic

Nic Lowden, Head of Finance at Moonfire, oversees the firm’s international finances, including managing USD-denominated management fees, while handling expenses in EUR and GBP, making effective FX management crucial to the firm’s success.

Currency challenges

Like many VC firms, Moonfire manages its management fees and holds its funds in USD. However, being based in the UK means most of their expenses are in euros and pounds, requiring them to sell USD and buy GBP to cover operating costs such as salaries and office expenses. 

Nic explains: “It’s critical for us to manage this exposure effectively – to optimise conversions, protect against adverse currency fluctuations, and plan for various scenarios, all without the FX unpredictability that complicates financial planning and reporting.”

For Nic, predictability is key. “We need both short- and long-term confidence in how much our USD fees will convert to in GBP and EUR. It’s vital for our planning, and we also want the opportunity to capture upside if the market moves in our favour.”

Enter Bound

Bound flipped the script on Moonfire’s approach: the smart  platform is intuitive, offering everything from forward planning and protection to opportunities for market upside. “The predictability of Bound’s platform was a game-changer for us,” says Nic. “We needed a solution that allowed us to plan ahead and lock in rates for our management fees without incurring high costs or dealing with complex setups. Bound made it easy.”

He adds: “As a small team with plenty on our plates, Bound’s simplicity and comprehensive features have been invaluable, seamlessly integrating into our workflow without adding any pressure.”

Levelling up

He loved it so much, Nic quickly became a ‘power user’ of Bound’s platform. Shifting from Bound's averaging product, which smoothed FX costs over a quarter, to the ranging product allowed Moonfire to set caps on exposure while tracking upside if the market improved. “Now, I know exactly what the worst-case scenario is for our budget, but if the market moves in our favour, I can capture the upside. It’s been transformative for our planning,” he explains.

Real impact

Bound has become an essential, cost-effective solution for Moonfire, enabling streamlined FX management that aligns with their growth. With Bound, Moonfire can confidently manage currency fluctuations, hedge risks, and seize market opportunities – all while keeping FX risk management low-cost and efficient.

Nic sums it up: “For a firm like ours, managing investments across multiple currencies, Bound is invaluable. It’s simple, flexible, frees up time to focus on what matters, and, most importantly, it gives us the predictability and control we need to keep growing.”