Permanent-capital mindset
We invest our own capital with a long horizon, while keeping explicit liquidity and exit discipline. No fund clock forces our decisions.
Private Investment Firm
BlockFlo Capital
Building value block by block.
We invest in durable North American businesses and frontier technologies — across public and private markets, from seed-stage companies to mature secondaries — at the intersection where lasting cash flow meets what comes next.
Investment Mandate
Flexible by instrument.
Disciplined by economics and fit.
BlockFlo evaluates public securities, private companies, and strategic digital assets as one opportunity set. What we look for is constant: a strong team, a defensible position, attractive economics, and meaningful differentiation.
- Geography
- United States and Canada
- Markets
- Public and private companies
- Typical Exposure
- $50K–$200K per companyDepending on stage, industry, structure, and opportunity
- Economics
- Positive cash flow preferredOr a credible near-term path to it
- Stage
- Seed through mature private secondaries, plus public securities
- Partnership
- Capital, plus practical advice when management asks for it
Focus Areas
Six sectors. One connecting force.
Our sectors are not isolated buckets. AI runs through all of them as a horizontal force — changing infrastructure, underwriting, security, healthcare, and regulated operations. The best opportunities often sit at the intersections.
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AI Infrastructure
The infrastructure layer required to train, deploy, and operate increasingly capable AI systems. We underwrite the bottlenecks — and whether a company owns scarce capacity, differentiated technology, or trusted distribution that persists.
- Compute
- Neoclouds
- Memory
- Power
- Networking
- Data
- Tooling
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Digital Assets
Bitcoin first, alongside the companies rebuilding portions of the financial stack: settlement, custody, exchanges, tokenization, and the operating businesses that make digital assets usable at scale.
- Bitcoin
- Infrastructure
- Exchanges
- Custody
- Operating Companies
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Cannabis
A permanent specialty grounded in direct operating experience. We back operators and supporting businesses that turn regulatory and operational complexity into a defendable position — and we are willing to hold through cycles.
- Operators
- Supply Chain
- Regulated-Market Advantage
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Defense Technology
Durable demand for capability: mission-critical products that are meaningfully better and compatible with real procurement constraints, with production that can scale at the rate the mission requires.
- Autonomy
- Cyber
- Sensing
- Space
- Resilient Communications
- Advanced Manufacturing
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Fintech
AI-native financial infrastructure with advantages software generation alone cannot recreate: proprietary data, regulated permissions, embedded distribution, network effects, or balance-sheet strength.
- AI-Native Infrastructure
- Underwriting
- Payments
- Embedded Finance
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Longevity
A technology thesis centered on measuring, slowing, and ultimately reversing biological aging. We favor platforms with multiple paths to value creation, sized deliberately for science and duration risk.
- Diagnostics
- Biomarkers
- Therapeutics
- Regenerative Medicine
- Data
- Enabling Platforms
The BlockFlo Approach
Entrepreneurial capital with institutional memory.
BlockFlo combines large-institution experience — launching and scaling businesses inside Goldman Sachs, GE, and Apple — with the immediacy of owning and operating companies where payroll, regulation, and imperfect information are daily realities. The name is the strategy: value is built one block at a time.
Cash flow creates options
Positive economics fund growth, absorb mistakes, and reduce dependence on external capital. We underwrite the path to cash generation, not just the story.
Structure as a return lever
Debt, preferred equity, convertibles, revenue-based financing, and common equity are tools, not identities. We match the structure to the situation.
Practical pattern recognition
Strengths in M&A, operating scale, capital strategy, and new revenue creation — offered when management asks, never imposed as an operating burden.
Founder-friendly by design
Candid, curious, and low ego. We back hungry, humble, decisive operators — and aim to be the first call when the news is bad, not just when it's good.
Differentiation is mandatory
Crowded categories without defensibility are usually a pass, even when the market is attractive. We look for real separation.
Portfolio
Selected investments
Current and historical positions across public and private markets — from regulated operators to frontier technology platforms.
Includes current and prior positions held directly or through investment vehicles. Shown for informational purposes; inclusion is not an endorsement by any company listed.
Leadership
Paul Henderson
Managing Partner
Paul's 25-year career spans operations, business development, distribution, product management, and finance — inside some of the world's largest institutions and at the helm of companies he owns and operates.
At Goldman Sachs, he led a team through the launch of GS Bank USA, growing the platform to $24 billion in assets in under 24 months. At General Electric, he raised institutional capital for real estate, built alternative-fuel partnerships with major automotive fleets, and restructured sales organizations. At Apple Financial Services, he directed global education and enterprise finance programs, with lending volume in excess of $1 billion.
In cannabis, Paul served as CFO of Indus Holding Company (later Lowell Farms), CEO of Grupo Flor, and led High Times' transition from media into retail and delivery. He is co-founder of Utah-based Beehive Farmacy and owner of Pure UT Processing.
- Education
- MBA, Carnegie Mellon University
B.A., Brigham Young University - Operating Roles
- Co-Founder, Beehive Farmacy
Owner, Pure UT Processing - Institutions
- Goldman Sachs · General Electric · Apple
Contact
Bring us what you're building.
Founder conversations, acquisition ideas, secondaries, operating partnerships, or a thesis worth debating. We read everything and respond to what fits the mandate.