Exhort Ventures

At Menlo Ventures, we go ALL IN. This isn’t just a motto, but how we show up everyday for the companies we back, the investors who back us, and each other. When we win, we win as a team. 47 Years 80+ Public Companies 165 + Mergers + Aquisitions $5B+ Under Management We focus on the "three stages of early" We are investors and company builders - we know what it takes to turn a budding idea into a scalable business. We work with early-stage founders to find product-market fit, develop go-to-market strategies, scale their organizations, and support them as they grow. Inception: Our Menlo Labs team helps founders validate early-stage ideas, de-risk opportunities, and build successful foundations. Venture: Our venture team provides series A and B startups with guidance and hands-on help as they build their teams and products. Inflection: Our inflection team supports early growth-stage startups during critical points as they prepare to scale. Our focus areas At every stage from inception through IPO, we invest in game-changing ideas that reinvent life and work. Although we remain open to new ventures within consumer, enterprise, and healthcare, we go deep in the following seven focus areas: AI: Generative AI is breaking into every software vertical, and winners in these markets will create massive economic and societal value. Menlo Ventures is placing bets on the most promising GenAI companies at the infrastructure and application layers, where we see immense potential for groundbreaking businesses that will reshape industries and push the boundaries of what we can achieve. Bio + Healthcare: Innovations at the intersection of advancements in technology and biology will drive major improvements in the quality of our health and the cost of healthcare. At Menlo, we invest at that intersection - backing breakthrough digital health companies (vertical SaaS and digital care) and novel life sciences companies (therapeutic platforms and transformative technologies). Consumer: The world we live in today is enhanced by technologies we might not have thought possible even 10 years ago. There is so much still to come. At Menlo, we invest in the game-changing companies of the future, those that will help us do things better, faster, or cheaper than we can today. Cloud Infrastructure: As enterprises continue migrating to the public cloud, a new generation of companies will write the playbook for the underlying infrastructure that powers their applications. These tools and platforms are built for and cater to the developer, optimized for time-to-integration with beautiful, easy-to-use UIs and APIs. Cybersecurity: In a complex, post-pandemic world, rapid cloud adoption and the proliferation of open-source software have dramatically expanded the attack surface for bad actors against enterprises, governments, and their applications. Additionally, the shift-left approach to software development requires developers to embrace a security-first mindset. As the cyber war continues, Menlo will back the best teams fighting on the frontlines. Fintech: Financial transactions and services power the global economy. Menlo invests in four fintech categories: dev-focused infrastructure and embedded finance (API layers), vertical banking, end-to-end financial services for consumers and SMBs, and tools that serve finance teams and the office of the CFO. SaaS: The shift to the cloud introduced an entirely new business model–Software-as-a-Service–and created unprecedented opportunities for enterprise software companies. Menlo divides the SaaS landscape into three categories, each with a distinct point of view that guides our investment, research, and resources: Departmental SaaS, Vertical SaaS, and Horizontal SaaS. Supply Chain + Automation: This once-in-a-generation reinvention/reinvigoration of the supply chain will create a world that is more efficient, resilient, and sustainable because of the operational efficiencies we gain. With an eye on a more functional future, Menlo invests in a broad range of technologies–robotics and industrial automation among them.

As enterprise software specialists we know that founders of high-growth B2B companies face similar challenges when scaling from expansion stage to IPO. Our mission is to contribute our specialization, experience and network to help teams navigate the journey to build companies of consequence. Our areas of interest are: AI/ML B2B SaaS Crypto Cybersecurity Data & Analytics DevOps Fintech Healthtech Vertical SaaS For more than two decades, we have partnered with visionary management teams and venture funds to help scale companies of consequence. Since our founding, we has invested in more than 170 companies globally resulting in more than 30 IPOs and 45 acquisitions. The firm’s investment strategies - Sapphire Ventures, Sapphire Partners and Sapphire Sport - are focused on scaling companies and venture funds, elevating them to become category leaders. Sapphire’s Portfolio Growth team of experienced operators delivers a strategic blend of value-add services, tools and resources designed to support portfolio company leaders as they scale.

Sierra Ventures invests in the future of The Enterprise. We invest early – primarily Seed and Series A – and look for proven product market fit, disruption in the market, and strong IP. We tend to lead investment rounds and reserve capital for follow on rounds to support our entrepreneurs as they grow. We believe that partnership is paramount. We work closely with all of the entrepreneurs we invest in, guiding them with expertise and capital to help their companies grow and deliver on their promise. We understand that great companies don’t get built overnight, and we don’t mind rolling up our sleeves and getting our hands dirty. In fact, we enjoy it. Sierra’s Investment FocusDATA/AI The volume of data has exploded, and with the emergence of the cloud, new tools are being developed with many data infrastructure software platforms focusing specifically on artificial intelligence (AI) & machine learning (ML). We’re excited about companies that make it easier to ingest, access, and analyze data. Sub-sectors within Data/AI include AI/ML and Big Data. VERTICAL SAAS Many industries that rely on excel or pen and paper have been forced to dramatically increase the pace of technology adoption. Vertical SaaS represents the shift to specialization where software is business-specific and is designed for a specific domain. Sub-sectors within Vertical SaaS include FinTech, EnterpriseApps, and Security. INFRASTRUCTURE Next-Gen Infrastructure will be the core connecting fabric for all future technology capabilities. Wide-scale improvement is needed in order to enable applications to run consistently in almost any location across the globe. Organizations have expedited infrastructure modernization strategies which continues to drive growth in the sector. Sub-sectors within Infrastructure include Cloud and IoT. Next-Gen TechnologiesDIGITAL HEALTH Adoption of Health software has been faster than ever before due to the pandemic tailwind and technology trends that put the consumer in charge. New tools are being developed to reach patients creating opportunities with Pharma, Providers, and Payers. We anticipate a dramatic shift towards more value based care (payer / provider) and digitization and decentralization (pharma). WEB3 Web3 promises to make the internet as accessible, open sourced, secure, and decentralized as possible with the goal of benefiting the people engaging, not central organizations. We are looking at the full Web3 ecosystem including Decentralized Applications (DApps), Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Decentralized Autonomous Organizations (DAOs), Cryptocurrencies, and more. A sub-sector we focus on within Web3 includes Blockchain. INDUSTRIAL AUTOMATION Digitally non-native industries like Manufacturing, Supply Chain, and Logistics are seeking ways to find cost parity and production reliability while adhering to increasing demand across the globe. Humans alone will not be able to keep pace with these market trends and automation will be a key driver in movements like Industry 4.0. Sub-sectors within Industrial Automation include Robotics and Devices. CONSUMER The ubiquity of smartphones has enabled consumers to access goods and services with relative ease and companies are tuning into customer needs and engaging with their increasingly loyal customer base, leading to viral adoption patterns. Additionally, Consumer social platforms have allowed individuals to express themselves and make money doing it, giving more power to the “Creator Economy”. We are interested in Creator Economy and mission driven D2C Applications & Marketplaces. ECOMMERCE A fast growing eCommerce market has been bolstered by the pandemic and every part of the value chain is seeing disruption. The eCommerce software market is driven by market trends like headless eCommerce and ReCommerce. B2B eCommerce has exploded globally and we think the US market will catch up in the coming years. A sub-sector we focus on within eCommerce is Marketplaces. EDTECH Digital and tech-enabled learning has been accelerated in the classroom and the boardroom by the pandemic and social trends such as “the great resignation”. Trends like VR/AR and the Metaverse becoming mainstream combined with the price of enablement devices like smartphones, tablets, and computers decreasing to make technology more accessible than ever have created a market that is ripe for EdTech to flourish.

2048 Ventures is a thesis-driven earliest stage venture capital firm. We are founders, experienced operators, nerds and dreamers obsessed with the future. We've backed over 200 startups and have the experience and conviction to lead your pre-seed. We get you and your vision before others We are systems thinkers, engineers, and product junkies. We think about the future non-stop and are ready to understand and back you before anyone else. When we decide to invest, we write you a check and then help you close the rest of the round. If you are a mission-driven team, with strong founder market-fit and a vision for what the future should look like, then we would love to meet you. We love serial founders, but we are also very excited about being the first to believe in underdogs, immigrants, and diverse founders who are going on their first founder journey. We are not your typical pre-seed firm We are a thesis-driven investor and invest in next generation platforms - APIs, data, infrastructure, marketplaces, and specific types of vertical SaaS. We invest across verticals, but spend most of our time thinking about: biotechnology, digital health, AI/ML, Robotics, AR/VR, Blockchain, Security, Energy, Mobility, Logistics, Fintech, Marketplaces, Productivity, Culture, and Communities. We don't care where you are based and we are happy to lead your pre-seed anywhere in North America. We've invested across 20+ cities including NYC, LA, Boston, Toronto, Austin, Denver, Seattle, Montreal, Atlanta, Detroit, Chicago, Philadelphia, and Minneapolis. Who we are We are a team of experienced operators and dreamers who are passionate about working with founders at the earliest stage. Collectively, we have invested in over 200 early stage startups. We are proud to have an NPS score of 100 from our founders.

In the past 15 years, Canada’s innovation ecosystem has taken off. Startups, accelerators, incubators, investors, and forward-thinking policies have created a true hotbed of entrepreneurship. Bold ideas are flourishing, transformative ventures are thriving, and Canadian technology is reshaping industries, driving growth at home and societal impact worldwide. We could look back and self-applause our progress, but let’s be radically transparent: major challenges remain and there is still a lot left to be done. A majority of our technology companies are not achieving the global scale they legitimately could attain. They do not achieve their full potential; frequently selling prematurely instead of being the market consolidator and building for the long term. ​ A central cause of this problem is the lack of early-stage venture leadership and risk-taking at the true “inflection point” - when startups have early revenue, signs of product-market fit, and are ready to scale. Canada has no shortage of funds willing to follow on, but far too few are prepared to lead Seed and Series A rounds: to structure financings, set valuations, negotiate terms, and define the conditions for success. The “Death Valley” is real. Canadian venture capital lacks leadership, and needs to contribute more expertise. The “Death Valley” is the critical scaling stage that most companies fail to overcome. It happens as a company attempts to bridge the gap between early commercial success and achieving significant revenue scale. In 2024, roughly six in ten Canadian seed rounds included foreign investors, a dynamic that intensifies by Series A and beyond. Half of that was led by US Too often, the most promising Canadian startups saw their early rounds led by U.S. VCs. While we welcome foreign investors, global connections strengthen our ecosystem, Canada simply lacks enough lead investors to keep ownership at home. For early-stage and scale-up companies, the shortage of funding alternatives is a major barrier. Many of our best founders head south in search of stronger capital partners. The gap is readily filled by international investors, and who can blame them? Canadian founders are known to outperform and to be more capital efficient than their U.S. peers. The best founders will always attract global capital and seek out the strongest partners. But this comes at a cost. Every time leadership is ceded abroad, Canada loses ownership of its most successful businesses. An ecosystem of “follower investors” produces an economy of subsidiaries, when what we need are global leaders. The problem is twofold: not enough Canadian capital to lead at the inflection point, and not enough seasoned expertise to scale our champions. If you believe, as we do, that local technology champions will be the cornerstone of our future economic prosperity, then our ecosystem must level up. We need more early-stage capital that doesn’t just follow, but leads. Equity financing must evolve to deliver not only dollars, but expertise, resources, and technology to nurture local champions. Understandably so, when they lead funding rounds, most Canadian VC firms will either focus on the pre-seed stage, where the power-law is magnified and placing many small bets is more important than bringing expertise, or the growth stages (Series B+) where significant risk is already behind and larger checks drive the outcomes. A paradigm shift is required. New organizations must emerge that add real value and aren’t afraid to take the lead at the Seed stage. This is why we are launching Amiral Ventures. Amiral Ventures is a new venture capital firm on a mission to empower Canada’s most ambitious founders with dynamic capital and scaling expertise, building the next generation of technology flagships with lasting societal impact. Vaisseau Amiral (French for Flagship): A ship or building that is recognized for its size and strength, making it the pride of a fleet or an organization As entrepreneurs ourselves, we have utmost respect for the founder journey. We don’t just invest, we aim to deserve the right to partner with them along the way. Amiral creates the ecosystem where visionary founders thrive, with capital, expertise, global networks, and technology to fuel their growth. We’ve built scale-ups, felt the entrepreneurial highs and lows, and now channel that experience into backing the founders solving the world’s toughest problems. Prosperity Decoded Backing Canadian founders at seed to series-a to drive enterprise productivity, sustainability & resilience The challenges we face, low productivity, climate urgency, and fragile infrastructure, are systemic. But they also represent one of the greatest investment junctures of our time. New enterprise technologies, powered by AI and software, can equip leaders with transformative, mission-critical solutions. Productivity. Canada’s productivity gap is real—our workers produce only ~70% of what their U.S. peers achieve. The answer isn’t more talk, it’s action: applied AI, automation, robotics, and digital platforms. We back Canadian founders building these solutions at home and scaling them worldwide. Sustainability. Profitability and environmental impact can no longer be at odds. The transition to renewables and the optimization of energy use are urgent. Software and AI will be the linchpins of this shift, from clean energy production to efficient consumption. Resilience. Supply chains, industries, and critical infrastructure are under strain. Building resilience means more autonomy, security, and sovereignty, enabled by smart industry, robotics, digital twins, cybersecurity and intelligent manufacturing. More than just capital. Founders-led and founders-backed. Amiral Ventures will focus on leading early-stage rounds between theSeed and Series A and will actively support companies to achieve a strong global position. Capital is a commodity, expertise is not. An integral part of our investment thesis is having a dedicated impact team that will create value post-investment. Our initial focus is helping portfolio companies expand globally and seize international opportunities to scale. Over time, Amiral’s impact team will operate like a service organization, combining internal expertise, external networks, and proprietary technology to empower founders. Our goal is clear: every dollar invested by Amiral should deliver a measurable impact on a founder’s trajectory. Beyond the Amiral team’s expertise, we are surrounding ourselves by an unprecedented group of investors who are themselves founders, CEOs, CTOs, CROs, and not only share our vision but are eager to roll up their sleeves to help our flagship companies. ​Building an enduring franchise We are proudly Québécois but our market is much wider. We believe that for Québec & Canada to succeed, we must expand beyond our borders just like the Admiral butterfly. Papillon Amiral (French for Admiral Butterfly): Emblem of Québec, it is known for its rapid flight, its impressive migration, resilience and its noble appearance. Building a dynamic, resilient, and cleaner economy means securing local ownership while scaling globally. Amiral is an investment firm with an entrepreneurial mindset, built to create value for the next generation of innovators. We stand on the shoulders of the Canadian venture pioneers who came before us. History will mark the early 2020s as an inflection point. Technologies once magical are now everyday tools. The means to create prosperity are in our hands. But good is no longer good enough. High-paying jobs, economic development, and new technologies are necessary but we must also increase Canadian ownership in our champion companies, deploy smarter capital, and elevate our ecosystem. The “Death Valley” for Canadian startups must be crossed. Ambitious founders are ready to take flight on the global stage. Let’s build the next generation of Canadian flagships.

Citi Ventures (CV) is Citi’s corporate innovation arm. Citi is a global financial institution with over $70B in Revenue, $8B+ in technology spend, presence in 98 countries and daily processing flow of ~$4T. Citi Ventures has invested in over 100 companies in the last decade, has top quartile returns and the current portfolio includes a 25+ companies valued at > $1B including high growth companies such as Datarobot, Docker, Plaid, Grab, Snyk, Cribl, Tanium, Eightfold.ai, Harness and Trulioo. Portfolio exits include Braze, Grab, Square, Docusign, Jet.com, Honey, Cylance. The Venture Investing team focuses on identifying and investing in entrepreneurs whose unique approach to core challenges will help define the future of financial services. The team brings together Citi’s business needs with portfolio companies’ technologies, services and business models to accelerate Citi’s ability to evolve in a dynamic marketplace and help portfolio companies scale.