Underdog Labs

Underdog Labs is an early-stage investing fund founded by David Hehman and Alex Chang. It invests at the pre-seed stage in software and consumer companies, typically participating in rounds of $1 million or less. The firm's stated focus is on founding teams with a lasting mission and what it terms a "winnable first chapter" - and it often commits capital before a product or a monetisation model exists.

Selection criteria centre on distribution and conviction. Underdog Labs invests where it understands distribution, citing B2B software and consumer businesses among its areas of focus, alongside health technology, software development, blockchain and supply chain. The firm describes its target founders as "belief-driven" entrepreneurs taking on ambitious ideas, and frames its role as helping them de-risk and accelerate their companies.

The fund is built on the operating experience of its founders. David Hehman co-founded GetawayZone in 1997; the business merged with a category leader and the combined entity was sold to Expedia in 2000. That entrepreneurial track record underpins the firm's hands-on approach to early-stage support, drawing on the partners' own experience of building and exiting companies.