The 11, Vol. 4: Work. Nothing great without it.

Some founders talk about what they've built, Jonathan Anguelov talks about what it took. For the fourth volume of The 11 Collection, he sat down with photographer Philippe Chancel and the word that emerged was perhaps the simplest of all: Work.

Work is the word Jonathan Anguelov chose. It says a lot about his journey.

Jonathan co-founded Aircall in 2014. Before ESCP and finance, he started working at sixteen. Raised for a time in foster care, he learned early not to wait for the right moment, and simply got started.

Eleven years after Newfund's first investment in Aircall, he approaches things with the same mindset: direct, focused, no theatrics. When the subject of work came up in the conversation, it felt less like a choice than an obvious conclusion. As he puts it: "When work and passion meet, hard work becomes easy."

We share that conviction at Newfund. We believe in the work itself, in the repetition, the discipline, the attention to detail. The founder who calls on a Sunday evening. The thousand small decisions no one notices, and the craft behind every outcome. What lasts is rarely built on inspiration. It is built through the work that no one sees.

When Jonathan said “work” in our discussion, it immediately struck a chord with Philippe Chancel. Philippe spent four decades at the crossroads of art, documentary photography and journalism. His DPRK series was shortlisted for the Deutsche Börse Photography Prize, while his decade-long project Datazone traced the world's geopolitical and environmental fault lines.

For this volume, Chancel draws from eight consecutive trips across West Africa. His images offer a direct and uncompromising view of work in its most tangible form: fatigue, precision, endurance and dignity. As Chancel describes it: "The weight of gestures and their potential beauty. This is called grace."

Work is printed in risography by Éditions Bessard on Arena White Smooth paper provided by Fedrigoni, the Italian papermaker whose history spans more than a century. In a risograph book, where texture and ink density are integral to the image, paper becomes part of the work itself.

Work is now available in a limited edition of 250 numbered copies.

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The 11 is a collaboration between Newfund and Éditions Bessard, built around a simple conviction: meaningful work begins with people. Eleven volumes, eleven human qualities, and eleven conversations between an entrepreneur from the Newfund portfolio and a photographer.