When I started Ascend in 2019, I realized even though I was o-l-d OLD, I had more in common with the folks in town who were earlier in their professional investing journeys than the venerable VC’s I’d pitched as a founder. I admire and respect the new wave of Seattle/Pacific Northwest venture capitalists, and thought it would be fun to profile some of our region’s up and coming VC talents in these pages. —KW
Matt Wang is the New Ventures Lead at Pioneer Square Labs, a startup studio and early-stage VC fund in Seattle.
What made you decide to be a professional investor?
Like 90% of people in venture, I didn’t have a super linear path into investing. Before my current role, I was a consultant with BCG, but knew that I wanted to pursue a career in technology investing afterwards because I dabbled in growth equity investing in college. There were a few different potential paths I could take, so I reached out to Greg Gottesman at PSL to see if he had any thoughts on what might be the most interesting, and it just so happened that Greg was thinking about hiring a Chief of Staff at the time. We got along super well after taking a walk in Pioneer Park on Mercer Island, and I was signed up with PSL within the next week.
What did you do before becoming an investor and how does that benefit your founders?
It’s not the most fashionable thing in this industry, but I had been a consultant at two different firms: BCG, and before that, Innosight, which is Clayton Chirstensen’s firm. I also spent a year between the two working on incubation and new verticals at DoorDash’s NYC office. Seeing the breadth of problems that incumbents and scaling companies faced in those roles gave me a ton of perspective - not only into the functional challenges of managing and growing a business, but also on the many different ways that companies build their strategy (deliberately or not). Having those experiences to draw on has helped me work with our founders on a wide breadth of issues, like helping our climate-focused spinout ever.green understand the layered incentives of a potential enterprise customer, or thinking through how a credit hedge fund analyst might engage with LoansIntel, which is a debt intelligence platform that we invested in.
Why should founders want you on their cap table?
It’s simple - PSL is a firm of operators and investors. As a studio, we build businesses from scratch, which gives us an intimate understanding of the challenges of starting companies, and as a venture firm, we’ve collectively seen and helped with multiple industry-defining companies. I personally work across both sides of our business, and will also lead studio projects as the on-point person to execute on creating a company out of an idea (which often results in killing it too!) Our network, experiences, and operating strength equip us to know how we can provide the most leverage to the founders we work with, and also gives us a good idea of when to help vs. when to get out of the way.
How many new pitches (actual calls/zooms) do you take per month?
I have a unique role working both across the PSL Studio and Fund, so I mainly take inbound pitches in industries that I’m excited about. I would say that I take around 20 new meetings a month.
How many new investments do you make per year?
Our fund invests in 4 - 5 new deals per year, and our studio aims to spin out 4 - 5 new companies per year.
What's your sweet spot(s) in terms of check size, valuation, and vertical?
While we invest across Formation, Seed, and Series A stages, Formation is our sweet spot. 70% of our first checks are within 60 days of incorporation. We prefer to lead, and initial check sizes range from $1-3M.
What one portfolio company do you want to hype for us here?
I love companies that disrupt entrenched industries and try to make the world a better place to live in, and especially love companies and teams that have a good story for why they are the ones to do it. Last year, we spun out a company called Felix and Fido that provides end-to-end veterinary services through both a clinic and through mobile services. The veterinary care space was at a bit of a breaking point - coming off of the pandemic, there was an explosion in pet ownership, and the increased demand collided with the decreasing number of veterinarians in the US (who have a job that is remarkably demanding and stressful). We thought we could build a company that treats customers better while also providing veterinarians with the work environment that they deserve, and we were incredibly fortunate to find that Gavin Woody, now the founder of Felix and Fido (as well as a record-breaking ultra athlete, former airborne ranger, and whose parents both had careers in veterinary medicine), agreed with us. It was exciting to watch an idea go from a whiteboard to a clinic opening party.
What do you think the next ten years looks like for Seattle/Pacific Northwest startups?
PSL was founded on a geographical thesis: we believe that Seattle is one of the nation’s greatest sources of startup talent on account of the exceptional companies and universities in the area. The PNW hosts the centers of cloud computing, logistics, ecommerce, and enterprise software, and I believe that success begets success. With the recent excitement in generative AI, and the incredible community of builders that we’re lucky to have here, I think that the next generational tech company will be founded (or perhaps has already been founded) in Seattle.
What song is currently getting the most run on your Spotify/Apple Music?
Geoff Entress showed me Keith Jarrett’s Koln Concert. It helps me focus!
Favorite shoes?
Whatever is closest to the door on my way out. Right now it’s a pair of goretex Nike sneakers. This was after catching a lot of flack for wearing a pair of dusty Alden loafers during our summer party.
Favorite cooking ingredient?
Paprika! Also have you ever noticed how much soy and corn is in everything we eat? My fiance is allergic to both. Try avoiding them for a week.