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
Annika Lewis is a must-follow on Twitter. She’s incredibly curious, has a keen mind and wealth of experience, and isn’t afraid to learn in public. I met her on my last business trip pre-pandemic, and she’s been on fire since then. She’s one of the most knowledgeable analytics investors in the Pacific Northwest.
What made you decide to be a professional investor?
Being an investor wasn't on my radar until all of a sudden it was. I first learned about the VC world when I was working in Corporate Strategy at a big company and found myself on a project where I got to work closely alongside the company's internal venture arm. I quickly fell in love with going out and talking to founders and hearing their big visions for the world - I couldn't believe this was a full-time job. The rest is history.
What did you do before becoming an investor and how does that benefit your founders?
I spent six years at Capital One, where I held multiple roles in Analytics. I had a chance to work within many different functions - Marketing, Product Development, Strategy, Corporate Innovation - so I've worn lots of hats, which is great when working with founders. Since Analytics is a passion of mine and is the common thread across all my work, I focus largely on investments in Analytics & Data Infrastructure, and that's where I tend to lean in when working with founders.
Beyond my expertise in Analytics, what I think helps me most as an investor is the variety I've had not just in my work, but also in my life. I've lived in two countries & four cities. I've worked at a 10-person company and a 10,000-person company. I quit my corporate job outright and dropped everything to backpack around the world for a year. I studied Mandarin for five years and spent a summer living in China. My diversity of experience has helped me learn & grow & connect with founders more than anything else in my career.
Why should founders want you on their cap table?
I'm all about leveling the playing field between founders & investors. For example, I think the information asymmetry that exists between investors and founders is super detrimental, so I make a point of doing my part to help founders learn about what taking VC money looks like, what to look out for in a deal, and how to decipher legalese on a Term Sheet. In fact, I run a (free) Zoom course with another VC for early-stage founders on just this. I'd love to have more PNW founders in the mix!
How many new pitches (actual calls/zooms) do you take per month?
15-20, but always open to more.
How many new investments do you make per year?
2-4
What's your sweet spot(s) in terms of check size, valuation, and vertical?
$2-5M first check size. Areas of focus are Analytics, Deep Tech, and Computational Biology.
What one portfolio company do you want to hype for us here?
Canalyst is an awesome PNW up-and-comer here in Vancouver. One to watch!
What do you think the next ten years looks like for Seattle/Pacific Northwest startups?
Oh man, I'm just so excited for our little ecosystem. I'll admit, after moving back from NYC three years ago, I did feel like I was coming back to a bit of a business desert - but seeing how far we've come since then and getting glimmers of what's ahead, I think the world is starting to take the PNW more and more seriously beyond just the Amazons & Microsofts of the world. And my hometown of Vancouver, which has historically been a bit of a tech laggard to Seattle, is starting to punch above its weight class. I predict we see at least one new PNW decacorn within the next ten years.
What song is currently getting the most run on your Spotify/Apple Music?
I recently re-discovered Concrete Schoolyard by Jurassic 5. It slaps.
Favorite shoes?
My Vasque hiking boots. They've carried me on trails from Nepal to Kilimanjaro and full-circle back home to the PNW. They get much more frequent use now that I live here again!
Favorite cooking ingredient?
Trader Joe's "Everything but the Bagel" seasoning. Since we don't have Trader Joe's in Canada, I'm desperate for the border to re-open so I can make one of my day trips down to Bellingham and re-stock.