Wave Capital

Wave Capital is a seed-stage venture capital fund based in San Francisco that leads investments in marketplace startups. The firm runs a deliberately concentrated portfolio, making no more than four investments a year, and describes its approach as highly selective. Investment decisions sit with two equal partners, who operate the firm without other staff - a flat structure that keeps the partnership close to the companies it backs.

The fund's remit extends beyond capital. Partners work alongside founders as members of the early team, with a focus on three areas: team building and organisational development, product-market fit, and preparation for the next stage of growth. The partners' operating backgrounds include building teams at Airbnb, Dropbox, and Facebook. In selecting investments, the firm looks for businesses with a clear mission the partners would want to work on, and for founders they would want to work for.

Wave Capital operates through the Wave Seed Fund, which leads investments in mission-driven startups and takes an active role in portfolio company development. The firm treats itself as a startup in its own right, with its success tied to that of its portfolio companies. Sector focus is concentrated on marketplaces and early-stage ventures.