First Move

We obsess over the values shifts driving consumers and the tech shifts underpinning consumer adoption. The need and potential is clear, and the opportunities are massive.Evolved attitudes and social norms are shaping new demands. Antiquated and fragile systems are begging for reinvention. Ongoing demographic shifts are fueling deep, fundamental needs. The power of technology for progress is more profound and scalable than ever.We live in a society dependent on thoughtful bridging of on-and off-line worlds. Generative AI will unlock a new set of possibilities. Nimble adoption and swift, bold change is the norm. We believe opportunity lies ahead of the trend. In an industry obsessed with trailblazing, we go one step further: We meet the consumer where they’re going. When big thinkers are poised to transform culture, they become more than just founders, or CEOs, or investors, or entrepreneurs. They become Forerunners.Forerunner Advantage Forerunner is a research-focused, thesis-driven venture capital firm that’s dedicated to serving a fast-changing society with complex needs. We believe in walking the walk: early action, high conviction, engaged partnership. Research-focused: We commit ourselves to having a constant pulse on what people are doing and why. This requires both IQ and EQ - we combine data-driven research with an intimate understanding of peoples’ needs. We always show up with a prepared mind. Thesis-driven: We leverage our research to uncover business opportunity and invest in the teams best positioned to reshape categories and help transform culture, such as Faire, Chime, Glossier, Hims&Hers, ŌURA, The Farmer’s Dog, Ritual, and more. And the work doesn’t stop when we invest. Consumer-led: The consumer is our North Star. We invest to support evolving societal needs and further the potential of people. We see technology-driven change as a means to meet the consumer - your user - where they are going. Credibility-building: Working with us is a statement about the company you aim to build. Our focused efforts and decades-long track record of partnering with category-defining companies early have established Forerunner as a true advantage to founders.

Khosla Ventures invests in companies that are bold, early and impactful. The firm was started in 2004 by Vinod Khosla, co-founder of Sun Microsystems, to provide venture assistance to entrepreneurs. Headquartered in Menlo Park, Calif., Khosla Ventures invests in a range of areas including AI, climate, sustainability, enterprise, consumer, fintech, digital health, medtech and diagnostics, therapeutics and frontier technology.

We believe that by investing in the brands and technologies that consumers want and use, we can help shape a brighter future, not only for consumers but also for the planet. Our vision is to empower the next generation of consumer-focused disruptors by providing them with the resources and support they need to transform the way consumers live and work. Investing in startups at the earliest stages, and then helping them innovate and scale through XRC’s unique and disruptive capital and service platform, will allow us to deliver the highest value to our entrepreneurs, strategic partners and limited partners. Who We Are XRC Ventures is a venture capital firm and startup accelerator for the next generation of disruptors in the retail technology, consumer healthtech, and consumer goods sectors. With support from our world-class retailer and eco-system partners, XRC Ventures has become the first design-centric retail innovation ecosystem of its kind. Our Funds Accelerator Fund. Invests in pre-Seed to Series A companies in retail technology, consumer goods and the consumer healthtech. Brand Capital Fund. Invests Seed to Series A consumer product companies in beauty, personal care, home goods, and health and wellness categories. Opportunity Fund. Invests in post-Seed to Series A companies in the next generation of retail technology and consumer goods. We co-invest alongside top venture capital funds and provide follow-on capital to select XRC Ventures alumni scaling their companies beyond product market fit and achieving exponential growth. Investment POV At XRC, we look for visionary founders who are leveraging technology to positively change how humans live their lives as consumers. The need for technology in consumer serving businesses, combined with the breathtakingly rapid advancement of AI and other technologies, makes the consumer tech space one of the most dynamic areas for early stage investing. We are excited to be well-connected and right in the middle of this exciting industry. We articulate on our investment thesis in our Investment POV, which in turn drives our focus on the following four core innovation areas: Commerce Enablement. Startups fueling the digital transformation of retail. We're focusing on areas such as AI automation, distributed commerce platforms, consumer fintech, loyalty tech, and the evolution of commerce supply chains. These ventures will help redefine commerce and create a seamless buying experience. Emergent Channels and Revenue. Companies reshaping how consumers discover, engage with, and purchase products/services, inventing entirely new paths to customers, and classes of revenue. This includes shoppable content, product-as-a-channel, loyalty commerce, service retailing, trans-channel experiential retailing, and AI bot-mediated commerce. Consumer Healthtech. Ventures making personalized health outcomes more accessible and efficient. This includes technology platforms for consumer health, remote health services, subscription wellness, health outcomes-as-a-service, and aging-in-place & assured living solutions. Sustainable Commerce. Businesses driving the shift towards a more sustainable and circular economy. This includes on-demand local manufacturing, alternatives to ownership, alternative materials, subscription retail, and sustainable consumer finance.

Paige & Josh met as most people do now, through a mutual friend on the internet. They quickly became best friends & co-investors, and founded Behind Genius Ventures. Investment ThesisTypes of Companies Future of Work Future of Play Sub-categories in the Future of Work Dev Tools API-First Products Fintech No Code Sub-categories in the Future of Play Health and Wellness Entertainment & Media Gaming E-Commerce The Passion Economy Stage of Investment Pre-Seed Seed Geography USA and Canada only Check Size $100K - $200K Investment Process Even though we invest unanimously, we try to move as quickly as possible as Solo GPs. Companies we invest in will go through all the steps below before an investment decision is made. On average, our entire due diligence process takes between 2-3 weeks to complete. ‍Step 1: Partner #1 Zoom Call Step 2: Additional questions asked through Loom or asked through email asynchronously Step 3: Partner #2 Zoom Call Step 4: Additional questions asked through Loom or asked through email asynchronously Step 5: Potential third call with all partners available - product demo if applicable Step 6: Review additional information internally‍‍ We try our best to be as transparent with founders as possible. If we meet with you and decide to pass on the opportunity, we try our best to either: Tell you immediately at the end of our meeting Provide a personalized email response as to the reason we are passing

Andra’s team has helped accelerate the technological evolution of the world we live in by investing in the future. We support the growth of some of the most promising global companies to shape a brighter future. 30+ years of Silicon Valley technology investments and operational leadership experience* $100B+ Andra’s investments in technology and enterprise software companies representing $100B+ in value 140+ transactions with technology industry leaders* *Figures reflect years of industry experience and transactions for Partners at prior firms. Investors, Technologists, Operators, Entrepreneurs Our team brings deep domain expertise, extensive operational experience, decades of investment experience, financial markets sophistication, and a strong network of relationships The Andra AdvantageSeasoned Silicon Valley Investors: 30+ years of experience investing in technology companies across multiple stages of a company's lifecycle Operational Experience: 20+ years of experience founding and scaling technology unicorns and driving companies to exits Strategic Ecosystem: Global investor network that helps portfolio companies fuel growth through strategic partnerships Track Record: Proven track record of deal execution, value creation and investment expertise Investment Philosophy We strive to achieve superior and consistent returns by funding exceptional companies identified through our five core investment principles: Execute our powerful and unique investment thesis and process for each fund strategy that allows us to effectively identify and evaluate investment targets Select disruptive companies with enduring technology moats and strong business models that can scale efficiently irrespective of macroeconomic cycles Maintain valuation discipline, investing at levels that fit our risk parameters and returns profile Perform strong fundamental research bottom up research and documentation of every investment using our proprietary methodology Employ a portfolio approach to mitigate risk through sector and time diversification Investment StrategiesLate Stage Open-end fund focused on leading, pre-IPO technology companies with an exit horizon of 2-3 years. Target Company CharacteristicsTechnology category leaders in large and fast-growing markets Sustainable and scalable unit economics with a clear path to profitability Seeking capital to fuel growth and establish market dominance prior to an exit event Technologically differentiated business models that can create defensible moats Growth-Stage Closed-end fund focused on leading, disruptive, fast-growing private technology companies with an exit horizon of 5-8 years. Target Company CharacteristicsEmerging technology leaders in large markets ripe for disruption Proven product-market fit with scalable and viable unit economics Entering the hyper-growth phase of scaling their business Technologically differentiated business models that can create defensible moats Target VerticalsArtificial intelligence Data and analytics Cloud infrastructure Networking Cybersecurity FinTech Consumer Software B2B and B2C marketplaces Digital health

o date we have invested in over 100 companies that span a broad range of industries, from consumer to software, healthcare, fintech and more. Our goal is to provide founders with high impact, strategic advice and give back to the founder community in a helpful and meaningful way.