Visible Blog

For startup founders navigating the complex world of fundraising, understanding VC funds is as crucial as knowing the venture capital firms that manage them. A VC fund is essentially a pool of capital, raised from various limited partners (LPs), that a venture capital firm then strategically deploys into promising startups. It’s the engine that powers venture investment, and its structure, size, and stage focus directly influence the types of companies it can back. Many founders mistakenly believe all venture capital operates the same way, but the specific fund you engage with dictates everything from the check size they can write to their investment timeline and strategic focus. Knowing whether you're speaking to a seed fund, a Series A fund, or a growth fund can dramatically alter your fundraising strategy and expectations. In this guide, we’ll break down the different types of funds by investment stage, explain how their operational models and investment sizes vary, and illustrate how a startup’s journey often interacts with multiple funds over time. You’ll gain insights into the lifecycle of a fund, the roles of limited and general partners, and how to align your fundraising efforts with the right capital source. Top VC Funds by Stage Not all VC funds are created equal. Funds typically specialize in specific stages of the startup journey, and their strategies, check sizes, and levels of involvement differ significantly. Founders who understand these distinctions can better tailor their fundraising approach and save valuable time targeting the wrong investors. Top Seed VC Funds Seed funds are designed to back startups at their earliest, riskiest stage. These funds typically invest small checks relative to later‑stage VC funds, often ranging from $100,000 to $2 million. At this stage, startups are focused on validating their ideas, building early product traction, and demonstrating a path to product‑market fit. Seed VC funds usually take a hands‑on role, providing not just capital but also mentorship, operational guidance, and introductions to potential hires or early customers. For many founders, this is where the relationship with venture capital begins. Hustle Fund About: Hustle Fund is a seed fund for hilariously early hustlers. Traction metrics requirements: Post-product please Thesis: Software generalists; we think through customer acquisition a lot First Round Capital About: First Round is a venture capital firm that specializes in providing seed-stage funding to technology companies. Initialized Capital About: Initialized Capital is early stage VC firm focused on helping software engineers, designers and product people with their first seed checks. Susa Ventures About: Susa Ventures is an early stage venture capital firm, investing in a growing family of dreamers and builders. Sweetspot check size: $ 1.25M Traction metrics requirements: We do invest pre-launch and pre-revenue, but early traction (e.g. $100k+ ARR) is our sweet spot. Thesis: Companies that can build strong moats over time through network effects, data, or economies of scale. Illuminate Ventures About: Illuminate Ventures is an early-stage VC investor focused exclusively on B2B software companies. We don’t rely on “pattern recognition” or following the herd. Our sweet spot is as a lead or co-lead of a startup's first institutional round of financing. Our team is made up of experienced investors with prior operational success, complemented by a world class, 45+ member Business Advisory Council. We’ve been there ourselves as entrepreneurs and work closely with founders to support them in building truly great companies and teams. Sweetspot check size: $ 1M Traction metrics requirements: MVP with initial customers in target ICP. Further along seed stage companies that can demonstrate rapid and measurable ROI. Thesis: Further along seed stage companies that can demonstrate rapid and measurable ROI. Boldstart Ventures About: Boldstart Ventures is a first check investor for technical enterprise founders. Sweetspot check size: $ 1.50M Thesis: Day one partners for technical enterprise founders. Founder Collective About: Founder Collective is a seed-stage venture capital firm that has invested in over 300 startups, including Uber, Airtable, PillPack, SeatGeek, The Trade Desk, Whoop, and Cruise. Founder Collective's mission is to be the most aligned fund for founders at the seed stage. FC has offices in NYC and Cambridge, MA and has been the top-rated seed fund on the Forbes Midas list for four of the last five years. Sweetspot check size: $ 1.25M Traction metrics requirements: Founder-market fit + strong customer use case Thesis: Our mission is to be the most aligned fund for Founders at the seed stage. Uncork Capital About: Uncork Capital is a seed-stage venture firm that commits early, helps with the hard stuff, and sticks around. Really. Top Series A & B Funds Series A and B funds step in once a company has achieved product‑market fit and is ready to scale. These funds typically invest between $2 million and $20 million, with a focus on accelerating growth, expanding teams, and building sustainable revenue streams. At these stages, VC funds often take board seats and play a more formal governance role, while still providing strategic support. They look closely at metrics such as customer growth, retention, and unit economics. The involvement level is still quite high, but the guidance shifts from idea validation to operational efficiency and market expansion. 24Haymarket About: Headquartered in London and with a regional office in Edinburgh, we are distinguished by the calibre and engagement of the 24Haymarket Investor Network. We follow a strict investment thesis with a focus on verticals in the nascent stages of high growth where we can leverage proprietary insight from our Investor Network. We focus on investing in companies that have demonstrated initial commercial traction. We adhere to an active investment philosophy with a right to a board seat in each investment we pursue combined with an involved post-investment model. 01A (01 Advisors) About: 01A is founded on the simple idea that proven scaled operators are uniquely positioned to help hyper-growth companies reach the next level. We’ve grown companies $0 to $123B in yearly combined revenue and created $1T of public company market cap, as the former CEO and CRO/COO of Twitter and CRO of Facebook. We come in right after companies have found product-market fit (usually Series As and Bs) with a $10M-$20M check, and focus on scaling and GTM. We help Founders learn, adapt and improve their pace of execution in order to transform breakthrough products into world-class companies. Acton Capital About: Acton Capital Partners is a specialist investor in internet- and mobile-based, consumer-oriented businesses. Having managed more than 30 investments since 1999 as the corporate venture capital business of Hubert Burda Media, the German family-owned global media company, the Acton team brings a wealth of expertise to the companies in which it invests, delivering superior capital returns. Augmentum Fintech About: Augmentum Fintech is the UK’s only publicly listed fintech fund, investing in talented, dynamic fintech founders across Europe at series A and later. Our current portfolio of 19 companies includes interactive investor, Zopa, Tide, iwoca, Monese, Tide, Habito and Farewill. Sweetspot check size: $ 4M Traction metrics requirements: $1m ARR Thesis: Fintechs that stand out from the crowd Astia About: Astia is an angel group that invests in women-owned companies operating in cleantech, SaaS, life sciences, and IoT sectors. We have multiple investment vehicles: - Astia Fund $100MM venture fund Series A/B (5 investment completed, targeting 10-13 more) - Astia Angels direct investing at any stage ($36MM deployed into 64 companies) - Astia Edge Seed Stage investment vehicle investing in Female Black and Lantina CEOs Array Ventures About: Array Ventures funds founders solving impactful problems in forgotten industries using revolutionary technology. Thesis: We invest in smart people with a bold mission who take big risks in large or new markets. Top Growth VC Funds Growth funds provide the capital needed once a company has proven its model and is scaling aggressively, often into new markets or preparing for acquisition or IPO. These funds typically invest $20 million or more, sometimes writing checks in the hundreds of millions. Unlike earlier‑stage VC funds, growth investors tend to be less hands‑on operationally. Instead, they bring expertise in scaling globally, structuring late‑stage financing, and connecting with strategic partners or acquirers. Their role is heavily focused on governance, growth capital, and financial stewardship ahead of exit events. Acrew Capital About: Acrew Capital is a venture capital firm that provides investable assets for diverse angel investors to fund tomorrow's companies. Thesis: We engage in long-term partnerships with world-class teams that are uniquely suited to transform big challenges into bigger opportunities. Activate Capital Sweetspot check size: $ 20M Traction metrics requirements: >$5M in revenue Thesis: Digitizing the Industrial Economy Alumni Ventures Group About: AVG provides high-quality, diversified venture portfolios to individual investors who previously haven't had access to VC. Tiger Global About: Tiger Global is an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries. Thesis: Our mission is to generate world-class investment returns over the long term. We aspire to do so in a way that makes our partners and portfolio companies proud, as we build a unique, global investment platform. AtlanVest Traction metrics requirements: >50% YoY revenue-growth rates, >65% gross-margins, and pathway to operating profitability within 3 years from investment. Thesis: Investing in category leaders with high gross-margins, proven technology, and product-led growth in niche industries Glade Brook About: Glade Brook is a global investment firm that specializes in global growth equity, with a focus on internet, software and technology enabled businesses. The firm partners with entrepreneurs and management teams to accelerate growth and maximize long-term shareholder value, from growth stage through IPO and beyond. How VC Funds Differ Across Stages Although all VC funds share the same basic structure, their role in a startup’s journey looks very different depending on the stage. From the size of the initial investment to the level of involvement a fund takes in day‑to‑day operations, understanding these differences helps founders know what to expect — and how to prepare. Investment Size The most significant difference between VC funds is the size of the checks they write: Seed VC funds: $100,000 to $2 million, spread across several small, early‑stage bets. Series A & B VC funds: Typically $2 million to $20 million, concentrated in companies with proven traction. Growth VC funds: $20 million+ per investment, sometimes reaching hundreds of millions in later rounds. These differences aren’t just about the numbers — they reflect a fund’s risk appetite. Seed funds know most of their bets won’t pan out, but the few winners can drive big returns. Growth funds, on the other hand, are far more risk‑averse, backing companies with proven track records. Level of Involvement Involvement also shifts as companies grow: Seed VC funds tend to be very hands‑on, often acting as close advisors on hiring, fundraising, and go‑to‑market strategy. Series A & B VC funds typically take board seats, guiding startups on scaling operations, building repeatable sales models, and entering new markets. Growth VC funds are more governance‑focused, ensuring financial discipline and strategic expansion ahead of IPOs or acquisitions. A founder should expect fewer day‑to‑day interactions at the growth stage, but much more oversight at the board and financial reporting level. Time Horizon and Expectations Seed funds invest with patience — they know their companies may take years before meaningful revenue or traction appears. Series A & B funds look for measurable progress and scalability within 12–24 months of their investment. Growth VC funds, however, operate on even clearer timelines, pushing for exit opportunities within a defined horizon to return capital to their limited partners. How Founders Engage With VC Funds Across Stages A typical founder journey highlights how different VC funds support growth over time: In the beginning, a Seed fund backs your vision, helps validate your product, and gets you to product‑market fit. Once you’ve proven traction, a Series A or B fund helps you scale customers, operations, and revenue. Finally, a Growth fund steps in with large capital injections to expand globally, optimize operations, and prepare for an IPO or acquisition. It’s worth noting that some VC funds are structured as multi‑stage investors, which means they can invest across multiple phases of your growth — from seed to later rounds. Others are stage‑specific, committing exclusively to early or late‑stage deals. For founders, this distinction matters. Multi‑stage funds can provide continuity as you scale, but stage‑specific funds may bring deeper expertise and focus at the point where they engage. Understanding whether a VC fund is multi‑stage or stage‑specific helps founders set realistic expectations, target the right investors for their current needs, and build a long‑term investor strategy that lasts well beyond the first round of funding. How VC Funds Are Structured and Raised Behind every VC fund is a structure that dictates how it operates, who supplies the capital, and how that capital flows back to investors over time. For founders, understanding this structure can help make sense of why some funds are eager to write new checks while others are more focused on supporting their existing portfolio. What Makes Up a VC Fund A VC fund is typically composed of two main groups: General Partners (GPs): The venture capitalists who manage the fund. They raise the capital, decide which startups to invest in, and actively support portfolio companies. In return, they earn a management fee and a share of the profits (known as “carry”). Limited Partners (LPs): The investors who supply the capital. LPs can include pension funds, university endowments, sovereign wealth funds, family offices, corporations, and high‑net‑worth individuals. Unlike GPs, LPs are passive investors — they provide the money but do not make investment decisions. The size of a VC fund has a major influence on its strategy. Smaller funds (tens of millions) typically focus on seed or early‑stage companies, while larger billion‑dollar funds are geared toward writing big growth‑stage checks. The Lifecycle of a VC Fund Most VC funds follow a standard lifecycle of about 10–12 years, broken down into phases: Fundraising phase: The GPs raise capital from LPs to create a new fund. Investment or deployment phase: Usually the first 3–5 years, where the majority of new investments are made. Follow‑on capital phase: Remaining capital is reserved to support existing portfolio companies in future rounds. Harvest or exit phase: Over time, portfolio companies generate exits through acquisitions or IPOs, returning capital (and profits) to LPs. Why This Matters for Founders The stage of a fund’s lifecycle can make a big difference for founders seeking capital: Fund age: A fund early in its cycle is more likely to be actively investing, while an older fund may have slowed down new deals and be prioritizing its current portfolio. Dry powder: The amount of undeployed capital left in a fund — often discussed in fundraising — directly affects whether a fund is ready to write new checks. Multiple funds: Many firms raise and manage multiple funds at once (Fund III, Fund IV, etc.), so a single firm may be making investments from different pools of capital with different strategies. In practice, this means that founders should ask the right questions: Is this fund actively investing? Which fund is the partner representing today? How much dry powder is available? A clear understanding of the fund lifecycle can help you avoid wasted time and focus outreach where capital is truly available. Choosing the Right VC Fund as a Founder For founders, the decision of which VC funds to approach can be just as critical as the pitch itself. Not every fund is a perfect match, and targeting the wrong ones can waste valuable time during an already demanding fundraising process. By understanding how funds differ and aligning with the right ones, you can dramatically improve your chances of building successful, long‑term investor relationships. Match Stage and Fund Size The first filter is simple: does the fund invest at your stage? Seed funds write small checks to help validate an idea, Series A/B funds support proven traction, and growth funds fuel large‑scale expansion. Approaching a billion‑dollar growth fund with nothing more than an MVP and a few users will lead to a quick no. Instead, target funds whose size and strategy match exactly where you are in your journey. Evaluate Investment Thesis and Portfolio Every VC fund is guided by an investment thesis, which shapes the industries, geographies, and types of companies it will back. Founders should always research whether their company aligns with this thesis. Look closely at the fund’s portfolio: have they invested in startups similar to yours or in adjacent spaces? Do they tend to double down with follow‑on checks when companies perform well? Alignment here not only increases your chances of raising capital but also ensures the fund can bring strategic insights and contacts that matter for your category. Multi‑Stage vs. Stage‑Specific Funds Some VC funds take a multi‑stage approach, investing from seed through growth. Others remain highly stage‑specific, focusing only on a narrow slice. Multi‑stage funds can be valuable long‑term partners that provide continuity and large pools of follow‑on capital. Stage‑specific funds, on the other hand, often bring sharper expertise and more hands‑on involvement at the point they engage. There isn’t a “better” option — the right choice depends on where you are today and where you expect your relationship with that investor to evolve. Fund Lifecycle and Deployment Timing Timing matters. Many funds are most active in the first three to five years of their lifecycle when they’re deploying new capital. Later in the cycle, they may conserve remaining cash to support existing companies. Talking to a fund that has little “dry powder” available is often a dead end, even if they like your business. Founders should not hesitate to ask directly whether the fund is actively investing from its current pool of capital or between fundraising cycles. The Value Beyond Capital Capital is only part of the value VC funds can provide. The right partner brings strategic guidance, introductions to potential customers, support in scaling teams, and credibility that opens doors. At growth stages, a fund’s reputation with IPO preparation or global expansion may be just as important as the check size. One of the best ways to evaluate this is by talking with founders from the fund’s current portfolio to hear about their real experiences working with the partners. Tools for Connecting with the Right VC Funds Finding the right VC funds and staying organized throughout the process doesn’t have to be overwhelming. Tools like Visible’s Connect investor database allow you to filter and discover funds by stage, geography, investment size, and sector focus. Once you identify the right funds, you can pull their profiles directly into Visible’s fundraising CRM, where you can track outreach, manage notes, and keep tabs on where each investor stands in your pipeline. Having this organization not only saves time but also signals professionalism to VCs, showing you run your fundraising like you run your business. Founder Takeaway Choosing the right VC fund comes down to a few key criteria: the stage must match, the thesis must align, the timing must be right, and the fund should deliver real value beyond capital. Reputation matters, but fit matters more. The best VC fund is not necessarily the most famous one — it’s the one that understands your market, believes in your journey, and has the resources to help you scale. Navigating the World of VC Funds with Confidence Understanding VC funds is a critical step for any founder seeking to raise venture capital. As we’ve explored, these pools of capital are not monolithic; they vary significantly by stage, size, structure, and strategic focus. From the early bets placed by seed funds to the large-scale growth capital provided by later-stage investors, each type of fund plays a distinct role in the startup ecosystem. Founders who grasp the nuances of fund lifecycles, the roles of general and limited partners, and the stage-specific criteria of different VC funds are better equipped to navigate their fundraising journey. This knowledge allows for a more targeted approach, ensuring you connect with investors whose capital, expertise, and timeline align perfectly with your company’s needs. Ultimately, successful fundraising isn't just about securing capital; it's about forging the right partnerships. By carefully evaluating VC funds based on their stage fit, investment thesis, and value-add beyond the check, you can build a robust investor base that truly supports your growth. Ready to streamline your fundraising and connect with the right VC funds? Leverage our Connect investor database to discover aligned investors and use Visible at no cost to empower your fundraising strategy with the tools designed to help you succeed.

For ambitious startup founders, securing capital from venture capital firms is often the rocket fuel needed to transform innovative ideas into market-leading companies. The landscape of venture capital is more dynamic and globally interconnected than ever. While capital is abundant, venture capital firms are increasingly selective, backing startups with clear market fit, strong teams, and scalable business models. Many founders find the process of identifying and engaging with the right VC firms overwhelming. It’s not just about raising money — it’s about finding the right partner whose stage focus, industry expertise, and geographic presence align with your company’s needs and goals. A mismatch can slow your growth or affect your trajectory for years. This guide is designed to give founders a practical roadmap through the complex world of venture capital firms. We’ll break down how VCs make investment decisions, share strategies for discovering and organizing the right investors using tools like Visible’s Connect investor database and Visible’s fundraising CRM, and highlight leading venture capital firms across major U.S. regions and global hubs. By the end, you’ll have a clear, actionable approach to targeting and evaluating the venture capital firms most likely to help you scale — and the tools to track your investor pipeline with confidence. How Venture Capital Firms Make Investment Decisions: Thinking Like a VC When you’re raising funding, understanding how venture capital firms evaluate startups is one of the most important advantages you can have. Too many founders approach investors with a generic pitch when, in reality, every firm is guided by a specific investment thesis and a fairly consistent evaluation framework. Knowing this mindset allows you to tailor your approach, highlight the right strengths, and address potential concerns before they arise. Understanding the VC Investment Thesis Every venture capital firm operates under a defined investment thesis — a strategy that outlines which types of businesses they invest in, at what stage, within which geographies, and at what check size. Some firms might focus exclusively on fintech seed rounds in North America, while others lean toward Series A AI startups in Europe. For founders, this means: fit matters. If your startup falls outside a VC’s thesis, you’re unlikely to win their attention no matter how strong your product is. The good news is that most VCs publish their thesis on their websites or speak about it in podcasts, blog posts, or conference panels. The best investor outreach begins with homework: researching whether your startup aligns with a firm before making contact. Tip: Check out our Connect investor database — each profile includes a thesis and about section to help you quickly understand an investor’s focus. The Core Pillars of VC Evaluation While each venture capital firm has nuances in decision-making, most look at four core pillars: Team (The #1 Factor) VCs invest in people as much as in businesses. They want to see a complementary founding team with experience, resilience, and the ability to attract top talent. Coachability and clarity of vision matter—VCs often ask themselves: “Is this the team that can build a billion-dollar company in this market?” Market Opportunity Investors assess the Total Addressable Market (TAM) and its growth potential. Timing is critical: is the industry ready for disruption now? Founders who articulate why now is the right moment have a major edge. Product/Technology Is the product differentiated and defensible? VCs look for proprietary technology, patents, or unique insights. Early traction—whether users, revenue, or strong engagement—is proof of demand. Business Model & Economics Can the company scale profitably? Metrics like CAC (customer acquisition cost), LTV (lifetime value), churn, and margins are scrutinized. Even at early stages, a clear path to sustainable unit economics builds investor confidence. The Due Diligence Process: What VCs Dig Into After the initial excitement, venture capital firms dive into due diligence. This typically involves: Initial Screening: Reviewing decks, intro calls, quick checks of traction. Deep Dive: Analyzing financial statements, market data, legal structure, technical audits. Reference Checks: Speaking with customers, industry experts, and prior colleagues. Team Interviews: Multiple partners interacting with founders to test chemistry and alignment. This stage can be rigorous. Founders should expect detailed questions, data requests, and background checks designed to uncover risks. Stage-Specific Investment Criteria Venture capital firms vary their focus depending on the startup’s stage: Pre-Seed/Seed: It’s mostly about the team, vision, market opportunity, and early product validation. Numbers matter less at this stage. Series A: Expect heavy focus on product-market fit, revenue trends, and key growth metrics. Series B and Beyond: By now, VCs want proof of scalable economics, strong unit metrics, and market leadership. The focus shifts from “Can this company work?” to “How big can this get?” Beyond the Metrics: The X-Factors Not every decision can be reduced to numbers. Venture capital firms also weigh more intangible but critical factors: Founder-Market Fit: Do you deeply understand the problem you’re solving? Moats & Defensibility: What prevents competitors from easily outpacing you? Vision & Ambition: Can this become a company worth $1B+ (the scale VCs seek for returns)? Warm Introductions: Trusted referrals still carry enormous weight—network credibility dramatically improves your chances at a first meeting. How to Find the Best Venture Capital Firms Finding the right venture capital firms isn’t about casting the widest net; it’s about being intentional. With thousands of firms worldwide, the most successful founders build a focused pipeline of investors who are the best fit for their stage, sector, and vision. Visible makes this process easier through its integrated tools: Visible's Connect investor database for discovery and Visible’s fundraising CRM for organization and tracking. Using the Connect Investor Database to Discover the Right VC Partners Connect is a purpose-built investor database designed to simplify the search for venture capital firms. Unlike broad business databases, Connect is curated specifically for fundraising, giving founders the ability to quickly filter and identify investors who are the best match. With Connect, you can search for firms and partners based on: Stage focus (pre-seed, seed, Series A, and beyond) Industry and sector specialization (SaaS, fintech, climate tech, biotech, etc.) Geographic presence (local or global investment focus) Typical check sizes and preferences Each investor profile provides actionable details, making it easier to personalize outreach and target firms aligned with your company’s trajectory. Instead of spending hours digging through generic data sources, founders can zero in on venture capital firms most likely to invest in their type of business — saving time and increasing the odds of successful conversations. Using Introductions and Networks Even with the best database, warm introductions continue to be the fastest way to get in front of a venture capital firm. Outreach via founders, mentors, advisors, or angels increases your chances of a response significantly. The key is to treat introductions as a form of social proof. When a trusted referral makes the introduction, you start the conversation with credibility already established. Evaluating VC Fit Through Portfolio Research Not all capital is created equal. Before reaching out, use Connect and Crunchbase to research a firm’s portfolio. Look at which sectors they’ve invested in, the stage of companies they back, and whether they’ve doubled down in specific markets. These signals are invaluable in confirming whether a venture capital firm truly fits your strategy, or whether their thesis lies elsewhere. Founders who do this research in advance not only save time but also show investors they’ve done their homework when tailoring the pitch. Use Visible’s Fundraising CRM to Organize Your Target List Discovery is only half the battle. The real challenge for many founders is staying organized as conversations with investors progress. That’s where Visible’s fundraising CRM comes in. With the CRM, you can: Pull VC profiles directly from Visible Connect into your fundraising pipeline. Track the status of each relationship: outreach, meetings, diligence, or closed. Add notes, reminders, and communication history for each firm. Send investor updates seamlessly without leaving the platform. The benefit of managing your pipeline in a CRM is simple: no opportunity slips through the cracks. Instead of juggling spreadsheets, missed follow-ups, and scattered email threads, founders keep everything in one place. A clean, structured process also shows professionalism — something venture capital firms value when assessing long-term partners. Venture Capital Firms by Region While venture capital is increasingly global, geography still plays an important role in shaping the types of investors you’ll encounter. Each region develops its own strengths, influenced by local industries, university systems, talent pools, and economic activity. For founders, understanding the local landscape can help you prioritize outreach and build relationships with firms most likely to recognize the value of your startup. West Coast The West Coast remains the world’s most influential hub for venture capital. Silicon Valley investors are known for their willingness to take big bets on disruptive ideas and their deep networks in technology sectors such as SaaS, fintech, AI, and consumer platforms. In addition to the Bay Area, Los Angeles and Seattle have also grown as active ecosystems with access to both talent and capital. Sequoia Capital About: Sequoia is a VC firm focused on energy, financial, enterprise, healthcare, internet, and mobile startups. Thesis: We partner early. We’re comfortable with the rough imperfection of a new venture. We help founders from day zero, when the DNA of their businesses first takes shape. Andreessen Horowitz (a16z) About: Andreessen Horowitz (a16z) is a stage-agnostic venture capital firm that backs entrepreneurs building the future through technology. The firm invests from seed through growth across categories including artificial intelligence (AI), bio and healthcare, consumer, crypto, enterprise, fintech, games, infrastructure, and companies advancing “American Dynamism.” a16z reports $46B in committed capital across multiple funds, with a platform designed to support portfolio companies in talent, go-to-market, capital markets, and more. Thesis: Andreessen Horowitz invests in transformative technology companies from seed to growth. Key focus areas include AI, bio and healthcare, consumer, crypto, enterprise, fintech, games, infrastructure, and American Dynamism. The firm looks for category-defining teams and products that reshape industries, pairing capital with hands-on support. Benchmark About: Benchmark Capital is focused on one, and only one, mission: to help talented entrepreneurs build great technology companies. That's what drives them and everything they do - from how they organize their firm to their investment strategy. Their investments range in size from as little as $100,000 to as much as $10 or $15 million. Typically, they invest $3 to $5 million initially and expect to invest $5 to $15 million over the life of a company. Greylock Partners About: We are the first partner for founders. Over 80% of our investments are the first check: Pre-Seed, Seed, or Series A. Many start on a whiteboard. Focused on AI-first companies. We partner selectively, care deeply, and strive for excellence. Thesis: We back founders who are building disruptive enterprise and consumer software companies. Lightspeed Venture Partners About: Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Thesis: The future isn’t built by dreamers. It’s built today, by doers. East Coast The East Coast offers a unique blend of finance, biotech, and SaaS-focused venture firms. New York has established itself as a tech and fintech capital, while Boston continues to lead in healthcare and biotech thanks to its university ecosystem and deep research talent. Union Square Ventures About: Union Square Ventures is a venture capital firm focused on early-stage, growth-capital, late-stage, and startup financing. Thesis: USV backs trusted brands that broaden access to knowledge, capital, and well-being by leveraging networks, platforms, and protocols. Insight Partners About: Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of June 30, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. First Round Capital About: First Round is a venture capital firm that specializes in providing seed-stage funding to technology companies. General Catalyst About: General Catalyst backs exceptional entrepreneurs who are building innovative technology companies and market leading businesses, including Airbnb, BigCommerce, ClassPass, Datalogix, Datto, Demandware, Gusto (fka ZenPayroll), The Honest Company, HubSpot, KAYAK, Oscar, Snap, Stripe, and Warby Parker. The General Catalyst team leverages its broad experience to help founders build extraordinary companies. General Catalyst has offices in Cambridge, MA, Palo Alto, CA and New York City. Bessemer Venture Partners About: Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Fiverr, Wix, and MindBody. Bessemer's 16 investing partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. RRE Ventures AboutRRE Ventures is a New York-based venture capital firm that offers early-stage funding to software, internet, and communications companies. Midwest The Midwest has emerged as a serious player in venture capital thanks to growing ecosystems in Chicago, Minneapolis, and Detroit. Known for pragmatic investors and increasingly sophisticated startups, this region often emphasizes industries like logistics, manufacturing tech, and healthcare. Drive Capital About: Drive Capital is a Columbus-based venture capital firm founded in 2012 by former Sequoia Capital partners Mark Kvamme and Chris Olsen. The firm invests in world-class entrepreneurs building market-defining companies across North America—especially in regions often overlooked by traditional tech investors, from East of the Rockies to West of the Hudson River. Thesis: Drive Capital seeks stage-agnostic, technology-driven companies outside Silicon Valley—across enterprise, consumer, fintech, AI, robotics, and healthcare. Their approach emphasizes regional strength, high ownership, and achievable exits (e.g., ~$3B outcomes) over chasing rare “unicorns.” They back founders who aim to build significant businesses where they live, combining conviction with hands-on support. Chicago Ventures About: An early-stage venture capital fund, investing in exceptional entrepreneurs in the Central US. Thesis: Chicago Ventures partners closely with exceptional entrepreneurs building companies in undercapitalized high-potential ecosystems. M25 About: Early-stage VC investing in startups headquartered in the Midwest across a wide variety of industries. Thesis: Midwest HQ, tech-enabled, and any industry except therapeutics/pharma or vices. Other U.S. Regions Beyond the coasts and the Midwest, other U.S. regions are growing rapidly as hotspots for startups and venture capital. Austin has become a leading destination for tech companies relocating from California, while Atlanta is a rising hub for fintech, logistics, and SaaS. Silverton Partners (Austin) About: Silverton Partners is an early-stage venture capital firm that invests across software, tech enabled services, and CPG brands. LiveOak Venture Partners (Austin) About: LiveOak Venture Partners is a venture capital firm making early-stage investments in technology and technology-driven services. Tech Square Ventures (Atlanta) About: Tech Square Ventures is a seed & early-stage venture fund that investing in cloud, internet of things, and university spinouts Thesis: We partner with visionary entrepreneurs and help them with what they need most – access to markets and customers. Top Global Venture Capital Firms For founders raising in the U.S., global investors are increasingly an option. Many international firms look to the U.S. market for access to growth-stage investment opportunities, while some focus on cross-border expansion for their portfolio companies. Antler About: Antler is a global startup generator and early-stage VC that is building the next big wave of tech. With the mission to turn exceptional individuals into great founders, Antler aims to create thousands of companies globally. Tiger Global Management About: Tiger Global is an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries. Thesis: Our mission is to generate world-class investment returns over the long term. We aspire to do so in a way that makes our partners and portfolio companies proud, as we build a unique, global investment platform. Accel (London, Palo Alto, Bangalore) About: Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, CrowdStrike, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, FreshWorks, Jet, Qualtrics, Slack, Spotify, Supercell, UiPath and Vox Media are among the companies the firm has backed over the past 35 years. Index Ventures (London and San Francisco) About: Invests globally with a particular strength in SaaS and consumer platforms. Kleiner Perkins (U.S. with partnerships and portfolio reach across Asia, Europe) About: Kleiner Perkins is a venture capital firm specializing in investing in early-stage, incubation, and growth companies. Thesis: To be the first call for founders who want to make history and to partner with them as company builders in pursuit of that goal. Andreessen Horowitz (a16z) (Expanding internationally and global portfolio footprint) About: Andreessen Horowitz was established in June 2009 by entrepreneurs and engineers Marc Andreessen and Ben Horowitz, based on their vision for a new, modern VC firm designed to support today's entrepreneurs. Andreessen and Horowitz have a track record of investing in, building and scaling highly successful businesses. Thesis: Historically, new models of computing have tended to emerge every 10–15 years: mainframes in the 60s, PCs in the late 70s, the internet in the early 90s, and smartphones in the late 2000s. Each computing model enabled new classes of applications that built on the unique strengths of the platform. For example, smartphones were the first truly personal computers with built-in sensors like GPS and high-resolution cameras. Applications like Instagram, Snapchat, and Uber/Lyft took advantage of these unique capabilities and are now used by billions of people. Norwest Venture Partners (Palo Alto, San Francisco, New York, Mumbai, Bangalore, Tel Aviv) About: Norwest is a global venture capital and growth equity investment firm that manages more than $7.5B in capital. IVP (Institutional Venture Partners) (U.S. offices plus global late‑stage investments in Europe and APAC.) About: IVP turns breakout companies into enduring market leaders. A 40-year record of driving growth and 130+ IPOs, we’ve partnered with over 400 companies including Amplitude, Brex, Coinbase, Crowdstrike, Datadog, Discord, Klarna, Slack, Snap, and Twitter. As trusted allies, IVP helps founders and CEOs meet the challenge of leading a rapidly growing company. With $8.7 billion of committed capital, we are selective, proven, pragmatic, and genuine. We accompany the undaunted on the path to extraordinary outcomes. Atomico (London + active presence in U.S. and Asia through partners.) About: Atomico is a risk capital group. They are entrepreneurs with global perspectives who invest their own capital in passionate entrepreneurs with powerful ideas. Through their experience building Skype, Joost and Kazaa, they understand the value of game-changing business models and have created a worldwide ecosystem to help accelerate the growth of the companies in which they invest. Balderton Capital (European HQ but strong North America + APAC exposure via portfolio) About: Balderton Capital is an early-stage venture firm that's based on the principles of teamwork and an intense dedication to building companies of lasting value. They provide superior service to entrepreneurs through a unique, team-oriented partnership. This team approach not only makes it more fun for them to come to work everyday, but more importantly, it benefits their portfolio companies. Instead of competing for resources, they share ideas, contacts and resources. Peak XV Partners (India and across Asia-Pacific) About: Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital and growth investing firm investing across India, Southeast Asia and beyond. Temasek and GIC (Singapore) About: Temasek is an investment company based in Singapore, with a focus on delivering sustainable returns over the long term. Choosing the Right Venture Capital Firms for Your Startup Raising venture capital is about more than just money. The right partner can accelerate your growth, open doors to customers, and provide critical guidance through each stage of scaling. As this guide highlights, venture capital firms differ widely by stage, specialization, geography, and level of founder support. The key is alignment — finding investors whose thesis, portfolio, and style of partnership match your company’s vision. By approaching the fundraising process strategically, founders position themselves for long-term success. Use tools like Connect to identify the most relevant firms, and rely on a structured CRM to manage your outreach and relationships as professionally as you run your business. The venture capital landscape will continue to evolve globally, but the fundamentals remain constant: strong teams, big markets, scalable products, and trusted partnerships win attention from the best venture capital firms. Founders who prepare thoughtfully and build focused pipelines will find not just investors, but true partners in growth. Ready to take the next step? Start building your target list and tracking investor relationships today for free with Visible — and give yourself every advantage in finding the right venture capital partners for your journey.

On the eighth episode of the Thrive Through Connection podcast, we welcome Hunter Walk. Hunter is a Partner and Co-founder at Homebrew, a seed-stage venture capital firm backing mission-driven founders. He joins us to discuss emerging trends in the venture space since Homebrew’s founding in 2013. About Hunter Since founding Homebrew, Hunter has also helped launch Screendoor, a fund that invests in emerging VC fund managers. Throughout his career as both a VC and an LP, Hunter has had a front-row seat to the evolution of the venture capital world since the early 2010s. Mike, our CEO, sat down with Hunter to talk through how the venture landscape has shifted, the growing role of secondaries, and his new work with Screendoor. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Hunter How seed-stage investing has changed in the last 12 years What’s driving the rise of secondaries in venture Why Hunter believes secondaries are here to stay How founders can think about secondaries for their business Why Hunter helped launch Screendoor to invest in VC funds Want more stories like this? Head to the Thrive Through Connection Hub for every past and upcoming episode.

For venture capitalists, timing is everything. The ability to recognize a turning point in a portfolio company’s performance, either positive or negative, can be the difference between a missed opportunity and a game-changing intervention. At Visible, we’ve seen how metric alerts can transform a VC’s ability to stay ahead. By proactively flagging key performance shifts, you can deliver guidance exactly when it’s needed or celebrate a win in real time. Recently, we identified a list of high-impact metrics from our proprietary dataset to identify which alerts are set most often and what thresholds matter most to investors. The result: a short list of high-impact metrics and recommended thresholds that VCs can start monitoring today. A Quick Overview of Metric Alerts in Visible Metric alerts allow you to set specific performance thresholds for any tracked metric and receive notifications when they are met or exceeded. This ensures you’re not just reviewing data after the fact, but acting on it in real time. With Visible, you can: Choose alerts for the metrics you care about most. Set custom floor or ceiling thresholds. Define how alerts are triggered (percentage shifts, fixed number changes, period-over-period changes, etc.). Receive timely notifications when your conditions are met. Learn more about how to set up metric alerts in Visible → The Most Commonly Tracked Metrics and Recommended Thresholds Our analysis surfaced six key metrics that investors track most often. Here’s what they mean and the most common set of related metric alerts.. 1. Months of Runway Definition: The number of months a company can continue operating at its current burn rate before cash reserves are depleted. Formula: Runway (months) = Cash on Hand​ / (Average Monthly Operating Expenses – Average Monthly Revenue) Common Alert Thresholds: Critical Alert: < 3 months - Immediate need for capital or drastic cost adjustments. Caution Alert: < 6 months - Funding conversations should be underway. Observation Alert: < 12 months - Useful for keeping an eye on mid-term capital needs. 2. Cash Ratio Definition: Liquidity metric showing a company’s ability to pay short-term liabilities using only cash and cash equivalents. Formula: Cash Ratio = (Cash + Cash Equivalents) / Current Liabilities Floor Alerts: Critical Alert: < 0.5 - Potential inability to cover short-term obligations. Caution Alert: < 0.75 Trailing average for 2+ periods - Warning of deteriorating liquidity. Ceiling Alerts: Observation Alert: > 2.0 Trailing average for 2+ periods without major planned expenses which could indicate idle capital. Overcapitalization Alert: > 3.0 Without investment plans in next 2 quarters - Displays possible inefficiency in capital deployment. Spike Alert: > 50% Change % - Could point to new funding or asset sales. 3. Asset Turnover Ratio Definition: Measures how efficiently a company uses assets to generate revenue. Formula: Asset Turnover Ratio = Net Sales (Revenue) / Average Total Assets Floor Alerts: Critical Alert: Below industry-adjusted threshold (default < 0.5). Caution Alert: > 20% Previous period change. Ceiling Alerts: Observation Alert: > 2.0 Trailing average for 2+ periods without asset base expansion. Spike Alert: Jump > 30% Previous period change - Worth investigating source of sudden efficiency. 4. Debt Ratio Definition: The proportion of total assets financed by debt to better understand leverage and underlying risk. Formula: Debt Ratio = Total Liabilities / Total Assets Floor Alerts: Conservative Alert: < 0.1 - Very low leverage with potential underutilization of debt capacity. Growth Watch Alert: < 0.2 - Trailing average for 3+ periods which could suggest overly cautious capital structure. Ceiling Alerts: Caution Alert: > 0.6 - Leverage is approaching riskier territory. Critical Alert: > 0.8 - High financial risk. Leverage Spike Alert: > 15% Previous period change. 5. EBITDA Margin Definition: Operating profitability as a percentage of revenue, excluding interest, taxes, depreciation, and amortization. Formula: EBITDA Margin = (EBITDA / Net Sales (Revenue) * 100 Floor Alerts: Critical Alert: < 0% - Signaling negative operating profitability. Caution Alert: < 10% (unless industry-adjusted). Compression Alert: > 5% Previous period change. Ceiling Alerts: Observation Alert: > 40% (unless industry-adjusted). Spike Alert: > 10% Previous period change. Efficiency Over-Optimization Alert: >10% trailing average for 2+ periods 6. Revenue Growth (QoQ) Definition: Quarter-over-quarter revenue increase, expressed as a percentage. Formula: Revenue Growth (QoQ) = ((Revenue current quarter - Revenue previous quarter)/ Revenue previous quarter) * 100 Common Alert Threshold: Positive Growth Alert: ≥ 20% Previous period change – Shows strong growth momentum, often worth deeper review or follow-up. Proactive Insights, Timely Action By setting smart, data-driven thresholds for these metrics, you can spot risks and opportunities before they’re obvious in quarterly reports. This approach ensures you’re showing up for founders with the right guidance at the right time. Ready to set up your first metric alerts? Learn how here.

On the sixth episode of the Thrive Through Connection Podcast, we welcome Kristian Andersen of High Alpha. Kristian is a co-founder and partner at High Alpha, an Indianapolis-based venture capital firm that helps founders and the companies they lead reach their full potential. Kristian joins us to discuss how best-in-class leaders use storytelling to sharpen all facets of their business. About Kristian Before founding High Alpha, Kristian founded Studio Science, a leading design firm, and Gravity Ventures, a seed-stage venture fund. Throughout his career in design and investing, Kristian has had a front row seat to the importance of brand, storytelling, and founder selling. Mike, our CEO, had an opportunity to sit down and chat with Kristian. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Kristian The responsibilities and roles of a CEO The similarities between selling and storytelling Why the ability to tell stories across an institution is a competitive advantage What he looks for when it comes to a pitch meeting and deck How founders should think about benchmarking their business Stay up to date with the Thrive Through Connection Podcast by subscribing wherever you listen to podcasts. You can find links to your favorite podcast hosts below: YouTube Spotify Apple

On the fifth episode of the Thrive Through Connection Podcast, we welcome Kyle Poyar, the founder of Tremont and Growth Unhinged. Tremont is an early growth equity firm based in Boston. Kyle joins us to break down his career supporting companies at OpenView, how SaaS companies should think about benchmarks, and the future of SaaS investing. About Kyle Before founding Tremont, Kyle was an Operating Partner at OpenView Ventures. During his time there, he launched the SaaS Benchmarks Report, a staple in the SaaS industry. Since then, Kyle has started Growth Unhinged, his newsletter breaking down the playbooks and tactics behind best-in-class startups. Mike, the CEO and Founder of Visible, had an opportunity to sit down and chat with Kyle. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Kyle How investors and founders can think about leveraging benchmarks Which SaaS metrics and benchmarks are growing in importance Why hiring is the lowest-hanging fruit for VCs to support portfolio companies How he built a content flywheel at Growth Unhinged Stay up to date with the Thrive Through Connection Podcast by subscribing wherever you listen to podcasts. You can find links to your favorite podcast hosts below: YouTube Spotify Apple

On the eighth episode of the Thrive Through Connection podcast, we welcome Hunter Walk. Hunter is a Partner and Co-founder at Homebrew, a seed-stage venture capital firm backing mission-driven founders. He joins us to discuss emerging trends in the venture space since Homebrew’s founding in 2013. About Hunter Since founding Homebrew, Hunter has also helped launch Screendoor, a fund that invests in emerging VC fund managers. Throughout his career as both a VC and an LP, Hunter has had a front-row seat to the evolution of the venture capital world since the early 2010s. Mike, our CEO, sat down with Hunter to talk through how the venture landscape has shifted, the growing role of secondaries, and his new work with Screendoor. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Hunter How seed-stage investing has changed in the last 12 years What’s driving the rise of secondaries in venture Why Hunter believes secondaries are here to stay How founders can think about secondaries for their business Why Hunter helped launch Screendoor to invest in VC funds Want more stories like this? Head to the Thrive Through Connection Hub for every past and upcoming episode.

What is a Portfolio Review Meeting in Venture Capital A portfolio review meeting in the context of Venture Capital is a dedicated time for the investment and operational team members at an investment firm to align on recent updates across the portfolio. Other purposes of this meeting are to exchange cross-functional insights and coordinate the best ways to support portfolio companies. Check out this sample agenda that is similar to what is used by Visible customers. Who Typically Leads Portfolio Review Meetings? Portfolio review meetings can be led by anyone at the firm but since the meetings are largely focused on updates about portfolio companies, it is often led by the person responsible for collecting and synthesizing updates from portfolio companies on a regular basis. At a smaller firm, this person may be a Partner, and at a larger VC firm, this person often has the title of Platform Manager, Director of Portfolio Operations, or someone in finance. Ultimately, it should be led by someone with a wide-lens view of what is going on across the portfolio. Related Resource –> Portfolio Data Collection Tips for VCs Portfolio Review Meeting Frequency According to a poll led by Visible, 50% of VC’s are hosting Portfolio Review Meetings on a quarterly basis, followed by 29% weekly, and 14% monthly. The frequency of this meeting largely depends on the size of your portfolio company and how hands-on you are with your companies. A quarterly frequency makes sense for most VC firms because 70% of investors are collecting structured data from their companies on a quarterly basis. (Source data is aggregated usage data on Visible’s portfolio monitoring platform used by 660+ VC funds). How Investors Are Leveraging Visible to Enhance Portfolio Review Meetings Visible makes it simple to centralize your fund and portfolio company performance so you can conduct your Portfolio Review Meetings in the solution! For a step-by-step resource on how to run your portfolio review meeting in Visible, refer to this guide. VKAV’s Portfolio Company Dashboards Verod-Kepple Africa Ventures (VKAV), a long-term Visible user, hosts a formal Portfolio Review Meeting on a quarterly basis. During this meeting, Portfolio Review Committee members join to review the performance of the portfolio companies during the quarter. Additionally, VKAV’s investment team holds an internal Portfolio Review Meeting every other week. Right now, the purpose of this meeting is mostly to check the status of action items (either for VKAV or the portfolio company). VKAV keeps track of open action items directly on a company’s dashboard in Visible so that it is linked to the broader context of how the company is performing. How Emergence Capital Uses Visible for Portfolio Review Meetings Emergence Capital has transformed its portfolio review process by embracing Visible’s powerful KPI tracking and portfolio monitoring tools. As Andrew Crinnion, Emergence’s Director of Portfolio Analysis, puts it, “Visible streamlines our data collection process, providing a centralized source for all portfolio information,”. By pulling consistent, timely data from their companies, they enter meetings with clarity and agility, minimizing manual prep, elevating transparency, and enabling sharper, data-informed discussions with LPs. Visible’s seamless workflow turns what used to be hours of spreadsheet wrangling into strategic storytelling grounded in metrics. Check out how Emergence Capital turns portfolio data into their advantage. 01 Advisors Approach to Portfolio Review Meetings 01 Advisors a San Francisco-based venture firm utilizes Visible’s Request feature to streamline the way they collect data from companies on a quarterly basis. The team meets 1-2 times per quarter for an internal Portfolio Review meeting. Check out their meeting agenda outline below. 01 Advisors Portfolio Review Meeting Agenda Investment Strategy Portfolio Company Categorization Reserve Allocation Strategy Portfolio Company Support Learn more about how 01 Advisors uses Visible for the internal portfolio review meetings in this video.

Portfolio reviews aren’t just check-ins — they’re decision-making engines. Without a clear agenda, calls can drift into endless updates with no clear next steps. The right structure keeps discussions focused, data-driven, and primed for action. At Visible, we’ve seen hundreds of firms use a similar framework to turn portfolio reviews into strategic power hours. Here’s how: 1. Kick Off with Clarity Open with the meeting focus — quarterly performance, capital allocation, operational health. State key decisions needed (follow-ons, exits, support). Cover quick big-picture updates (fundraising, LP news, major hires). 2. Fund Performance at a Glance Review IRR, DPI, TVPI vs. benchmarks. Check portfolio construction and reserves to spot concentration risks. Flag diversification gaps and emerging threats. 3. Company Deep Dives For each company: Key financials — revenue, burn, runway. Market moves — product launches, partnerships, competitive shifts, regulations. Customer health — acquisition, retention, churn, NPS. Team stability — leadership changes, key hires. Capital & strategy needs — funding runway, follow-on potential. 4. Cross-Portfolio Wins & Challenges Spot patterns and shared roadblocks. Launch value-add programs — hiring support, sales intros, shared services. Share success stories to replicate wins. 5. Strategy & Decisions Lock in follow-on investments and exit plans. Adjust fund strategy where needed. Address underperformers head-on. 6. Clear Action Items Assign owners and deadlines. Set communication plans for LPs and internal teams. Use the Agenda A great agenda turns portfolio reviews from information dumps into action plans. It ensures you leave with clarity, accountability, and momentum. Download our VC Portfolio Review Agenda to start running sharper, faster, more effective meetings.

On the sixth episode of the Thrive Through Connection Podcast, we welcome Kristian Andersen of High Alpha. Kristian is a co-founder and partner at High Alpha, an Indianapolis-based venture capital firm that helps founders and the companies they lead reach their full potential. Kristian joins us to discuss how best-in-class leaders use storytelling to sharpen all facets of their business. About Kristian Before founding High Alpha, Kristian founded Studio Science, a leading design firm, and Gravity Ventures, a seed-stage venture fund. Throughout his career in design and investing, Kristian has had a front row seat to the importance of brand, storytelling, and founder selling. Mike, our CEO, had an opportunity to sit down and chat with Kristian. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Kristian The responsibilities and roles of a CEO The similarities between selling and storytelling Why the ability to tell stories across an institution is a competitive advantage What he looks for when it comes to a pitch meeting and deck How founders should think about benchmarking their business Stay up to date with the Thrive Through Connection Podcast by subscribing wherever you listen to podcasts. You can find links to your favorite podcast hosts below: YouTube Spotify Apple

On the fourth episode of the Thrive Through Connection Podcast, we welcome Max Yoder, the Founder of Lessonly and author of Do Better Work. Lessonly was an Indianapolis-based company that grew to over 300 employees and $30 million in annual recurring revenue before being acquired by Seismic in 2021. Max joins us to share the lessons he learned from scaling Lessonly and writing Do Better Work. About Max In addition to growing Lessonly to 300+ employees and leading it through a successful exit, Max became known for his thoughtful approach to leadership, insights he captured in his book, Do Better Work. He’s had a front-row seat to the highs, lows, and daily challenges that startup founders and leaders face. In this episode, Max breaks down the countless relationships that shaped both Lessonly and Do Better Work. Mike, the CEO and Founder of Visible, had an opportunity to sit down and chat with Max. You can give the full episode a listen below: Spotify Link Apple Link What You Can Expect to Learn from Max How the mission and vision for Lessonly came to life How mentors helped shape decision-making and strategy in the early days The advantages of having a strong network What it means to lead with vulnerability The importance of aligning with investors and partners Stay up to date with the Thrive Through Connection Podcast by subscribing wherever you listen to your podcast. You can find links to your favorite podcast hosts below: YouTube Spotify Apple

Managing equity is one of startup founders' most strategic and challenging responsibilities. Many advisors, investors, and peers contribute valuable insights to a business in the early stages, often without direct financial compensation. For startups with limited cash flow, offering advisory shares becomes a creative and practical way to engage experts while preserving resources for growth. Advisory shares allow founders to attract and retain top-tier talent by providing equity in exchange for critical guidance. This article explores what advisory shares are, how they work, their benefits and drawbacks, and key considerations for offering them in your startup. What Are Advisory Shares? Advisory shares are a form of equity compensation provided to individuals who offer strategic guidance and expertise to a startup. Unlike traditional employee equity, advisory shares are typically granted to external advisors, such as industry experts, seasoned entrepreneurs, or key network connectors, who help the business grow and succeed. These shares often follow a shorter vesting schedule, reflecting the limited but impactful nature of the advisor's contributions. By offering advisory shares, startups can incentivize advisors to commit their time and knowledge, aligning their success with the company’s growth. Advisor Shares vs. Regular Shares (or Equity) Advisory shares and regular shares both represent equity in a company, but their purposes, recipients, and structures are distinct. Regular shares are issued to founders, employees, and investors to reflect direct contributions, whether through work or funding. Advisory shares, however, are explicitly granted to external advisors as compensation for their expertise and guidance, aligning their interests with the company's success without requiring financial or operational involvement. Related resource: CEO vs. Advisory Board: Key Differences in Leadership and Guidance How Are Advisory Shares and Regular Shares Similar? Despite their differences, advisory shares and regular shares share common traits. Both represent ownership in the company, incentivize recipients by tying their potential financial gains to its growth, and typically involve vesting schedules to ensure commitment. Issuing either type of share also contributes to equity dilution, affecting all existing stakeholders. Related Read: The Main Difference Between ISOs and NSOs How Do Advisory Shares Work? While advisory shares can take on different forms, they typically can be boiled down to a few similarities. Of course, these can change depending on your business. Exchanged for advice or expertise Typically offered as NSO stock options Follow a shorter vesting schedule Related resource: Everything You Should Know About Diluting Shares Learn more about how advisory shares typically work below: 1. Advisor Agreement Before granting advisory shares, the startup and advisor enter into a formal agreement that outlines the terms of their relationship. This agreement specifies the advisor’s role, including the scope of their contributions, such as strategic guidance, mentorship, or leveraging their network. It also details the advisor's responsibilities, expected time commitment, and deliverables. Importantly, the agreement defines the number of advisory shares the advisor will receive and the terms under which they are granted, such as the vesting schedule and any conditions tied to performance. By setting clear expectations, this agreement protects both parties and ensures alignment in achieving the company’s goals. 2. Grant of Shares After finalizing the advisor agreement, the startup grants the advisor the right to purchase a specified number of shares at a predetermined exercise price. This exercise price is typically set at the fair market value of the company’s stock at the time of the grant. This approach ensures compliance with tax regulations while offering the advisor an opportunity to benefit from the company’s growth. The grant also outlines the conditions under which the advisor can exercise these options, such as meeting vesting milestones or fulfilling specific responsibilities. By linking the grant to the advisor’s contributions, startups create a mutually beneficial arrangement that aligns incentives with the company’s success. 3. Vesting Period The advisor’s right to exercise their options is generally tied to a vesting period, which ensures their continued commitment to the startup over time. Vesting periods for advisory shares often span shorter durations than employee stock options but typically last one to four years. A common structure includes a one-year cliff, where no options are vested during the first year, followed by monthly vesting thereafter. This means the advisor gains the ability to exercise a portion of their options incrementally, as they fulfill their responsibilities and contribute to the company’s growth. Vesting schedules protect the startup by ensuring advisors earn their shares through sustained involvement and expertise. 4. Exercise of Options Once the vesting period is complete, the advisor gains the right to exercise their options. This involves paying the predetermined exercise price to purchase the shares granted under the advisory agreement. The exercise process typically requires the advisor to notify the company of their intent and complete the necessary paperwork. After the payment is made, the advisor becomes a shareholder in the company and holds equity outright. This step allows the advisor to benefit from any future increase in the company’s valuation, aligning their financial incentives with the startup’s long-term success. 5. Potential Profit If the company’s stock price appreciates over time, the advisor can sell their shares for a profit. Since advisory shares are typically granted at the fair market value at the time of issuance, any subsequent increase in the stock price represents a gain for the advisor. For example, if the exercise price was set at $1 per share and the stock price rises to $10 per share, the advisor can sell the shares at the higher market price, realizing a profit of $9 per share. This potential for financial gain serves as a strong incentive for advisors to contribute meaningfully to the company’s success and growth. Benefits of Advisory Shares Advisory shares come with their own set of pros and cons. Properly maintaining and distributing equity is a critical role of a startup founder so understand the benefits, and drawbacks, of offering advisory shares is a must. Related Resource: 7 Essential Business Startup Resources Learn more about the benefits of offering startup advisory shares below: Access to Expertise and Guidance Advisory shares are a powerful tool for attracting experienced professionals with specialized knowledge that can drive a startup’s growth. These individuals bring valuable insights in areas such as strategy, product development, marketing, or fundraising—critical components for scaling a business. By offering equity in lieu of cash compensation, startups can engage top-tier experts who might otherwise be out of reach financially. These advisors act as strategic partners, helping founders navigate challenges, seize opportunities, and build a strong foundation for long-term success. Related Resource: Seed Funding for Startups 101: A Complete Guide Strengthen Credibility and Network Associating with credible advisors can significantly enhance a startup’s reputation, signaling expertise and trustworthiness to the broader market. Advisors with established industry recognition lend their credibility to the company, boosting its appeal to potential investors, partners, and customers. Beyond reputation, advisors often bring extensive networks of valuable connections, opening doors to strategic partnerships, funding opportunities, and key client relationships. By aligning with respected professionals, startups can accelerate their growth while building trust within their industry. Cost-Effective Compensation As we previously mentioned, most businesses that benefit most from advisors are unable to offer them a salary or cash compensation. With advisor shares, startup founders are able to offer shares as compensation and conserve thei cash to help with scaling their business and headcount. Attract Long-Term Commitment Vesting schedules play a crucial role in fostering long-term commitment from advisors. By distributing equity over a set period, such as one to four years, advisors are incentivized to remain actively engaged with the startup for the duration of the vesting timeline. This structure ensures that advisors continue to contribute their expertise and resources while aligning their success with the company's growth. The gradual allocation of shares motivates advisors to stay invested in the startup’s achievements, creating a mutually beneficial relationship that drives sustained collaboration and progress. Drawbacks of Advisory Shares Of course, offering advisor shares is not for everyone. While there are benefits to offering advisor shares, there are certainly drawbacks as well. Weighing the pros and cons and determining what is right for your business is ultimately up to you. We always recommend consulting with a lawyer or counsel when determining how to compensate advisors. Diluted Ownership The biggest drawback for most founders will be the diluted ownership. By offering shares to advisors, you will be diluting the ownership of yourself and existing shareholders. As advisors are fully vested in 1-2 years, they will potentially not be invested in future success as other stakeholders and could be costly when taking into account the diluted ownership. Potential Conflicts of Interest Advisors might not have the same motivators and incentives as your employees and other shareholders. As their ownership is generally a smaller % and their shares vest early, they are potentially not as incentivized for the growth of your company as employees and larger % owners will be. Getting in front of these conversations and making sure you have a good read on any potential advisors before bringing them onboard is a good first step to mitigate potential conflicts. Extra Stakeholder to Manage Chances are most advisors are helping other companies as well. This means that their attention is divided and you will need to ensure you are getting enough value to warrant dilution. This also means that you are responsible for managing a relationship and communication with another stakeholder in your business — what can be burdensome on some founders. The 2 Variations of Advisory Shares Advisory shares are generally offered in 2 variations — restricted stock awards and stock options. Learn more about each option and what they mean below: Restricted Stock Awards Restricted stock awards (RSAs) are a form of equity compensation where shares are granted to an individual with certain restrictions, typically tied to a vesting schedule or performance milestones. Unlike stock options, RSAs represent ownership of the shares from the moment they are granted, though the recipient may not fully control or sell them until the restrictions are lifted. These shares often include voting rights and entitle the recipient to dividends, aligning their interests with the company’s long-term success. Restricted stock awards are commonly used to reward early contributors or advisors, ensuring their commitment while providing immediate equity ownership subject to conditions. Stock Options Stock options are a type of equity compensation that grants the recipient the right to purchase company shares at a fixed price, known as the exercise price, within a specified timeframe. Unlike restricted stock awards, stock options do not represent immediate ownership but provide the potential to acquire shares if certain conditions, such as vesting schedules or performance milestones, are met. The exercise price is typically set at the fair market value of the shares at the time of the grant. If the company’s valuation increases, the recipient can profit by purchasing the shares at the lower exercise price and selling them at the higher market value. Stock options are often used to align the recipient’s incentives with the company’s growth, encouraging active involvement and long-term commitment. Who Gets to Issue Advisory Shares? Issuing advisory shares is typically reserved for the founder or CEO of a company. Having a decision-making process and gameplan when issuing advisory shares is important. This might mean offering no shares at all, having an allocated amount of advisor shares from the get go, or something inbetween. Making sure your board of directors and other key stakeholders are on board is crucial to make sure that interest and strategy stays aligned for all stakeholders. Related resource: Is An Advisory Board Paid? What Startups Should Know How Many Shares Should You Give a Startup Advisor? Determining the number of shares to offer a startup advisor requires balancing sufficient incentives with managing equity dilution. The exact amount will vary based on factors such as the advisor’s experience, expected contribution, and time commitment. Advisors who bring extensive industry expertise or access to valuable networks may justify a higher equity allocation than those with a more limited role. According to guidelines referenced by Silicon Valley Bank, advisors are often granted between 0.25% and 1% of the company's equity, depending on the startup's stage and the nature of the advisory role. Structuring this compensation strategically- including a vesting schedule or performance milestones- helps ensure that the advisor’s contributions provide meaningful value while maintaining flexibility for the company. Let Visible Help You Streamline the Investment Management Process Managing equity and fostering investor relationships are critical for your startup’s success. Visible simplifies this process with tools for tracking advisory shares, managing fundraising pipelines, and keeping stakeholders informed through data rooms and investor updates. Raise capital, update investors, and engage your team from a single platform. Try Visible free for 14 days.

Cartography Capital is an early-stage venture firm focused on breakthrough technologies and the infrastructure that powers them. With a growing portfolio and an expanding strategy, Cartography needed a portfolio management solution that could scale with their ambitions and growth plans. Scaling Reporting While Maintaining Founder Connection As Cartography's portfolio expanded globally across sectors like deep tech, energy, and sustainability, so did the complexity of its operations. Early on, the team relied on manual tools and founder relationships to stay updated. “We used basic tools like Google Sheets and relied on our relationships with founders to get updates via phone or email.” This ad hoc process worked in the beginning, but became unsustainable as Cartography prepared to launch a second fund focused on infrastructure financing. With that expansion came a deeper need for precision and visibility. To support this evolving strategy, Cartography needed more than better reporting—they needed a way to intentionally define the data they required, streamline founder communications, and align their internal and external stakeholders. A Centralized System Built for Scale After evaluating several platforms, Cartography selected Visible in early 2024. “Given our size, budget, and what we needed, Visible was the best option.” The onboarding experience was hands-on and effective: “Visible’s import tool made it easy to get started—once we provided the data in the required format, the team handled the upload efficiently and got us up and running quickly.” The platform quickly became a core part of the team’s workflow. Cartography now leverages Visible to: Automate performance data collection across SPVs Visualize fund performance using dashboards Manage investor materials with a centralized data room Assign unstructured email updates to companies using the AI inbox “The ability to create custom metrics for each portfolio company and automate data requests has significantly streamlined our reporting process… Setting up dashboards was quick, and the visuals are clean, intuitive, and easy to interpret.” More Efficient Reporting, Deeper Insights, and Better Connections Since adopting Visible, Cartography estimates that its reporting workload has decreased by roughly 30%, giving the team more time to focus on analysis, founder support, and LP engagement. Beyond time savings, the platform has pushed the team to become more intentional—defining the metrics and data they need from founders in a way that aligns both with internal priorities and LP expectations. It has also introduced greater structure to how the team tracks investment activity, valuations, and performance over time. Onboarding new portfolio companies is now faster and more consistent, and LP communications have improved through a branded, trackable data room that’s easy to manage and update. “Visible has brought valuable structure to our periodic reporting and record keeping.” Ben Stein, General Partner Check out how you can leverage Visible and join firms like Cartography here.

What is a Portfolio Review Meeting in Venture Capital A portfolio review meeting in the context of Venture Capital is a dedicated time for the investment and operational team members at an investment firm to align on recent updates across the portfolio. Other purposes of this meeting are to exchange cross-functional insights and coordinate the best ways to support portfolio companies. Check out this sample agenda that is similar to what is used by Visible customers. Who Typically Leads Portfolio Review Meetings? Portfolio review meetings can be led by anyone at the firm but since the meetings are largely focused on updates about portfolio companies, it is often led by the person responsible for collecting and synthesizing updates from portfolio companies on a regular basis. At a smaller firm, this person may be a Partner, and at a larger VC firm, this person often has the title of Platform Manager, Director of Portfolio Operations, or someone in finance. Ultimately, it should be led by someone with a wide-lens view of what is going on across the portfolio. Related Resource –> Portfolio Data Collection Tips for VCs Portfolio Review Meeting Frequency According to a poll led by Visible, 50% of VC’s are hosting Portfolio Review Meetings on a quarterly basis, followed by 29% weekly, and 14% monthly. The frequency of this meeting largely depends on the size of your portfolio company and how hands-on you are with your companies. A quarterly frequency makes sense for most VC firms because 70% of investors are collecting structured data from their companies on a quarterly basis. (Source data is aggregated usage data on Visible’s portfolio monitoring platform used by 660+ VC funds). How Investors Are Leveraging Visible to Enhance Portfolio Review Meetings Visible makes it simple to centralize your fund and portfolio company performance so you can conduct your Portfolio Review Meetings in the solution! For a step-by-step resource on how to run your portfolio review meeting in Visible, refer to this guide. VKAV’s Portfolio Company Dashboards Verod-Kepple Africa Ventures (VKAV), a long-term Visible user, hosts a formal Portfolio Review Meeting on a quarterly basis. During this meeting, Portfolio Review Committee members join to review the performance of the portfolio companies during the quarter. Additionally, VKAV’s investment team holds an internal Portfolio Review Meeting every other week. Right now, the purpose of this meeting is mostly to check the status of action items (either for VKAV or the portfolio company). VKAV keeps track of open action items directly on a company’s dashboard in Visible so that it is linked to the broader context of how the company is performing. How Emergence Capital Uses Visible for Portfolio Review Meetings Emergence Capital has transformed its portfolio review process by embracing Visible’s powerful KPI tracking and portfolio monitoring tools. As Andrew Crinnion, Emergence’s Director of Portfolio Analysis, puts it, “Visible streamlines our data collection process, providing a centralized source for all portfolio information,”. By pulling consistent, timely data from their companies, they enter meetings with clarity and agility, minimizing manual prep, elevating transparency, and enabling sharper, data-informed discussions with LPs. Visible’s seamless workflow turns what used to be hours of spreadsheet wrangling into strategic storytelling grounded in metrics. Check out how Emergence Capital turns portfolio data into their advantage. 01 Advisors Approach to Portfolio Review Meetings 01 Advisors a San Francisco-based venture firm utilizes Visible’s Request feature to streamline the way they collect data from companies on a quarterly basis. The team meets 1-2 times per quarter for an internal Portfolio Review meeting. Check out their meeting agenda outline below. 01 Advisors Portfolio Review Meeting Agenda Investment Strategy Portfolio Company Categorization Reserve Allocation Strategy Portfolio Company Support Learn more about how 01 Advisors uses Visible for the internal portfolio review meetings in this video.

When Andrew Crinnion joined Emergence Capital as Director of Portfolio Analysis, he stepped into a role that required more than crunching numbers. As a Series A investor in B2B SaaS companies, Emergence prides itself on being data-driven, but that only works when the correct data is accessible, consistent, and actionable. The challenge? Their portfolio was growing fast, but performance tracking lived in scattered spreadsheets and inboxes. "Before Visible, it was Excel Sheets and lots of manual emails," Andrew explained. "We were a pretty data-driven firm, which gave me a good foundation. But we needed a better way to scale." A Central Source of Truth Andrew was tasked with finding a portfolio monitoring solution that could grow with their fund and simplify performance data management. After evaluating platforms like iLevel, Dynamo, and Standard Metrics, he ultimately chose Visible. What stood out? "Flexibility," he said. "The ability to build dashboards and calculate our own metrics was huge. Before, I'd ask for something like burn rate and NDR, and I wasn’t always sure how it was being calculated. So being able to calculate it within the system was a big help." The transition was smooth. After merging their existing data into a more structured format, onboarding to Visible was seamless. “It was real smooth to load that into Visible and move forward.” Driving Better Decisions With Visible in place, Andrew can surface insights faster and share them more effectively with the general partners. "Once a company responds to our Visible Request, it graphs it out. I can see if burn rate increases or if runway is dropping off, and it prompts me to ask the right questions to the GPs. It keeps us aligned." The dashboards are a core part of portfolio reviews and one-off requests alike. "They don’t really see how it’s getting made,” he said, “but it makes it a lot easier for me to answer their questions.” Better Data = Stronger LP Relationships When communicating with LPs, the value of Visible became even more clear. When LPs are digging into performance, portfolio metrics, and fund-level questions, the Emergence team is ready. "Visible helps me quickly respond to all our LP requests. I have a repository of data that makes it easy to pull what they need. It also helps GPs answer LP questions faster, with more confidence." By having a centralized system to rely on, Emergence offers transparency and builds trust with its limited partners, a key ingredient in any relationship. Turning Internal Value Into External Impact As Emergence’s data infrastructure matured, Andrew saw an opportunity to scale the value of what they were learning. Portfolio companies were coming to him with questions like, “What should my CAC payback be?” and “How much should I be spending on R&D?” Thanks to the insights they’d built internally with Visible, Emergence launched the Beyond Benchmark report, an external study based on data from over 560 companies. What began as a tool for internal alignment became a valuable resource for the broader SaaS community. Support That Scales With You Throughout the process, Visible’s Customer Success team remained a key part of the experience. “They’ve been great. I’ve shared product feedback, and it’s been implemented. They’re responsive and invested in helping us succeed.” Emergence Capital didn’t just choose Visible, they built a system around it. For funds building out platform or investor relations teams, he recommends investing early in the right metrics and infrastructure. The payoff? Faster answers, stronger LP conversations, and the confidence to scale with clarity. Check out how you can join Emergence Capital and leverage Visible for your portfolio monitoring and reporting here.