For capital partners · Fund I open · Q3 2025 close
Capital that compounds across decades.
Fund I is a $250 million raise. Twenty-five percent of equity returns to members. Returns flow from operating revenue across seven streams, not from exits. Each fund seeds the next.
Fund I is the first fund of a federation that intends to operate for decades.
A $250 million raise. The cooperative deploys Fund I capital into operating infrastructure: the Citrate Network, school deployment licenses, real estate, and research. Returns flow from those operations back to LPs and to members. Twenty-five percent of equity returns to cooperative members. Each fund seeds the next.
See the fund cycle diagram →
Read the prospectus → (PDF)
Seven streams, into one treasury.
Mozi’s economic model is operating-revenue-driven across seven distinct streams: network compute fees, school deployment licenses, real estate operating income, research grants, intellectual property licensing, treasury yield, and member dues. The diagram below shows their current scale and direction. No stream depends on a token sale; no stream depends on an acquisition.
Returns to members and LPs flow from the aggregate of these streams. The cooperative’s by-laws specify that members receive a defined share of operating revenue annually, computed on a transparent formula and audited externally. LP returns follow the schedule in the prospectus.
Mondragon is not a metaphor. It is the precedent.
The Mondragon Corporation has operated as a worker cooperative federation in the Basque Country since 1956. It currently spans ninety-two cooperative businesses across manufacturing, retail, finance, and education. It employs more than seventy thousand worker-owners. It generates approximately eleven billion euros in annual revenue. Its thirty-year survival rate is ninety-seven percent — versus approximately fifty percent for venture-backed firms over the same period.
Mondragon is governed by member assemblies, capped at a 6:1 pay ratio between top and bottom compensation, and structured to compound returns to its members across generations. It has weathered the Spanish Civil War’s aftermath, multiple recessions, the 2008 financial crisis, and the dissolution of one of its largest cooperatives (Fagor Electrodomésticos in 2013) without collapsing the federation. The model is documented, replicable, and operating.
Mozi applies this model to AI infrastructure. The cooperative’s Member Assembly, Governing Council, and three-working-group structure mirror the institutional architecture Mondragon has refined for seventy years. The 6:1 pay ratio and 25% member-equity allocation are encoded in the bylaws.