We are entrepreneurs and operators and have been working together for over 25 years.
Investment thesis.
Focused on Software++
We invest in enterprise software companies building mission-critical solutions for their customers that also have two additional characteristics (or plusses, as we call them) that are truly differentiating:
+ Transformational tech
The first plus is technology that enables transformational, rather than incremental, change. The kind of technology that has the potential to materially impact the underlying value proposition within a specific domain. Technology that is so valuable in its own right that it is both a hedge against the company’s business model and a significant valuation multiplier.
+ Multi-layered monetization strategies
The second plus refers to monetization strategies that go beyond typical SaaS licensing fees. Typically a byproduct of their business model, such companies have other inherent value that goes beyond traditional revenue. That value comes in the form of the unique and proprietary datasets they have created, the technical artifacts they have developed, or the network effect of an ecosystem.
We refer to the conversion of these two features as Software++, a combination that consistently gives companies a major competitive advantage while dramatically increasing their upside potential.
Stage: Seed and Series A
Geography: California and Texas
Industry: We are sector and vertical agnostic, and seek out high-performance companies
Initial checks: $1 million to $5 million (often the first institutional investor)
Follow-on checks: We double down on winners and can invest up to $10-20 million to back them across their entire lifecycle
Driven by our values.
Teamwork: Venture capital is a team sport. We work with other investors and our LP base to bring founders the support and expertise they need to succeed.
Mutual respect: We always have our founders’ backs, and expect them to have ours.
Alignment: Our success hinges on staying aligned with our founders and our LPs and working together to everyone’s benefit.