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Case Study:

Case Study:

Case Study:

Activant Capital

Activant Capital

Activant Capital

About the Business

Activant is a research-led venture capital firm that partners with high-growth companies that are transforming the way the world makes, moves, and sells.

The firm has $1.5 BN in AUM and offices in Darien, New York, San Francisco, Berlin, and Cape Town. Notable investments include Deliverr (acquired by Shopify), Hybris (acquired by SAP), Sardine, Owner, and Celonis.

Our Engagement

Max spent over 5 years at Activant, first as an investor and later as the head of marketing and design. What started as a small allocation to brand work evolved into full ownership of the firm’s narrative, visual identity, and marketing strategy.

Over that time, Max owned every visual surface of the firm: the logo and brand system, fundraising decks for four funds totaling over $800M in committed capital, and multiple iterations of the website. He built sub-identities for five Annual General Meetings and the firm's monthly newsletter, The Greene Street Observer. He supported portfolio companies on brand, web, and fundraising materials, and designed the New York office interior.

In 2022, Activant established an in-house research team to produce proprietary analysis on the most exciting sectors and companies in the private market. The team could write internal memos, but turning that work into compelling external content required a different skillset. Max served as editor-in-chief, writing the initial articles to establish the format and tone, and then building a bespoke editorial design system: research reports with data callouts, founder quotes, and market maps. He built the marketing strategy for each report, managing distribution to founders and press. The research reports attracted qualified inbound from founders in target sectors.

This work is the foundation of Conspiracy: understanding the business of private markets investing and venture capital, what founders look for in an investor, and what it takes to build a differentiated narrative.

Services

Services

Brand Identity

Brand Standards

Brand Strategy

Content

Event Design

Interior Design

Marketing

Pitch Deck

Website

IDENTITY

Shortly after joining Activant, Max was asked to redesign the logo. Core to the identity was a staircase, leading "up and to the right."

The new identity retained this motif, but with a simpler, stronger icon paired with a restrained extended serif wordmark.

Drop the "Capital." It's cleaner.

Logo sketches, circa 2018. Final mark seen on bottom right hand side.

"Activant wouldn’t be who we are without Max. Nobody on the planet understands narrative, brand, and the investing business like he does."

Steve Sarracino

Founder & Partner

Activant Capital

BUILDING A WORLD

We extended the identity across every touchpoint — five annual general meetings, a newsletter sub-brand called the Greene Street Observer, posters for dozens of ecosystem events, and the interior design of the New York office.

The Greene Street Observer is a monthly newsletter sharing market insights and the latest Activant research.

Posters for various founder, LP, and ecosystem events around the globe.

New York City office interior design.

WEB

In 2021, Activant needed a website that could support the firm's next chapter and convey a distinct perspective in a crowded market.

We partnered with Berlin-based Pizza Pizza to build a new site with stripped-down visuals, strong support for content and research, and a layered navigation experience.

RESEARCH

In 2022, Activant stood up a research team to explore the most compelling sectors and companies in the private markets.

Max helped translate that work into public-facing content by writing the initial articles to set the format and tone, serving as editor-in-chief, and building a marketing strategy to establish credibility and reach founders in target sectors.

CREDITS

Team

Creative Direction
Max Thoeny (in-house)

Design
Max Thoeny
Julian Stahl
Calen Chung

Website
Fabian Grietemann
Julian Stahl
Arne Spremberg

Fonts

Monument Grotesk
by Dinamo

Lyon
by Commercial Type

CREDITS

Team

Creative Direction
Max Thoeny (in-house)

Design
Max Thoeny
Julian Stahl
Calen Chung

Website
Fabian Grietemann
Julian Stahl
Arne Spremberg

Fonts

Monument Grotesk
by Dinamo

Lyon
by Commercial Type

© 2026 Conspiracy Studios

© 2026 Conspiracy Studios

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