Seattle VC Profile: Anthony Bontrager, WestRiver Group

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

Anthony Bontrager and I are both recovering adtech founders. He’s a straight shooter, keen operator, and highly effective advisor to the founders he works with. But what’s most impressive about Anthony is his heart - I’ve seen his kindness and generosity firsthand over the years and have grown to respect him all the more. Lucky to call him a friend.

What made you decide to be a professional investor?

Having been an entrepreneur for a significant part of my career (20+ years), the path to becoming a full-time investor was both gradual and natural. Between startups I very often found myself helping other entrepreneurs or VC’s with introductions, diligence, networking, etc. purely as part of my being part of and giving back to the entrepreneurial community. I approached this both with the goal of helping colleagues but also as a learning experience. I really enjoyed the exposure to new ventures, ideas, teams, etc. and ultimately realized that investing in and helping other entrepreneurs succeed was where I’d find the most fulfillment.

What did you do before becoming an investor and how does that benefit your founders?

Prior to becoming a full-time investor, I was the founder/CEO of two startups and prior to that was a senior executive at two publicly traded companies in the telecom and broadcasting spaces.

What are your most successful investments so far?

As most investors would say, "I love all my children!” However, one company, Qorus Software, continues to raise the bar in terms of performance, transparency, and team cohesion. While we pride ourselves on the amount of diversity within our portfolio, Qorus again leads by example and is by far our most diverse team to date. Additionally, our investments in Usermind, PTO Exchange and Wicket Labs are exciting examples of founders grinding it out and driving growth.

Why should founders want you on their cap table?

I’m very much a roll-up your sleeves investor and am an active board member. This can take the form of working with founders to develop a more formalized go-to-market strategy, or a true financial/operating plan so they understand how their business operates and the KPIs necessary to drive to success. In other areas, it’s with critical customer or partner introductions through relationships I’ve built over nearly 30 years. Last but not least, is helping founders understand the necessity of proper governance - both at the board level but also at the operational level - and how this will provide long-term benefit for them. This is an often overlooked and least understood issue with founders and its critical to get this right at the start and build proper muscle memory for it.

How many new pitches (actual calls/zooms) do you take per month?

I take approximately 15 to 20 pitches a month. Any more and I feel you’re doing a disservice to the prospective companies and your existing portfolio commitments.

How many new investments do you make per year?

Our Fund has typically targeted roughly 3 to 5 new investments per year

What's your sweet spot(s) in terms of check size, valuation, and vertical?

For our technology investing thesis in the PNW region, our initial check size ranges between $500k to $5M, and typically look set aside upwards of $10M per company for follow-ons, etc. We invest typically at the inflection point of post-revenue/pre-scale, meaning we want to see some sort of modest traction with customers buying off rate-card, and not simply a collection of POC customers. Speaking of our technology investing thesis in the PNW specifically, our focus is on SaaS companies leveraging AI/ML across large datasets as the foundational element of their business. This can manifest itself across several verticals - productivity platforms, unstructured / structured data management, FinTech, sales enablement, digital media, etc. While we have some companies that sit a bit outside these areas, this represents the bulk of our focus.

What one portfolio company do you want to hype for us here?

Qorus Software. An exceptional team that’s taking significant market share in the sales enablement/RFP market and growing rapidly. Just crushing it.

What do you think the next ten years looks like for Seattle/Pacific Northwest startups?

The PNW region has always punched above its weight from an entrepreneurship perspective, but only recently has it gotten the respect it deserves from outside our region, thanks to the rise of unicorn companies such Concur, Auth0, Qumulo, Smartsheet, etc. I see this trend continuing as the region maintains its status as the cloud capital of the world.

What song is currently getting the most run on your Spotify/Apple Music?

Let It Ride by The Blue Stones

Favorite shoes?

To Boot New York brown monkstraps

Favorite cooking ingredient?

Wine

Anything else to say?

I love cycling in the Pacific Northwest, working with the best and brightest entrepreneurs our region has to offer, and am a proud parent of a CU Boulder student.

Vancouver VC Profile: Annika Lewis, Vanedge Capital

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.

FOUNDERS BASH 2021 - SEATTLE STARTUP PHOTO GALLERY II

Founders Bash 2021 - Seattle Startup Photo Gallery I

Seattle VC Profile: Will Finney, SeaChange

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

Will Finney is one of the most active investors in the Seattle venture capital market. He and the SeaChange Fund team deploy ~$6M per year across a broad range of categories. And while Will is incredibly humble, he’s backed some of the region’s most successful companies. Will’s own experience as a founder and his calm demeanor make him a valuable asset to founders, and a great collaborator.

What made you decide to be a professional investor?

I have a passion for helping founders and a continuous learning mentality that dovetails nicely with venture. At the end of the day, I want to help elevate the town I grew up in. Having gone the founder route prior, resources available at an early stage were few and far between, I want to be part of that solution. Regardless of the stage of an idea/company I am always happy to meet.

What did you do before becoming an investor and how does that benefit your founders?

Prior to this I was at two startups BevPass (failed, founder) and Pivotal Living (exit 2016, early employee), and then a prior life at a macro focused currency fund. I’ve been on both sides of the equation (failed/successful). I think this translates well into my current role. The funding ecosystem is not easy and therefore compassion, time, and experience are critical components I can share to help elevate founders in the PNW.

What are your most successful investments so far?

Thrive Causemetics, CSATS, Prescryptive, Lockstep, Factal, Slumberkins, Violet

Why should founders want you on their cap table?

The network provided by our LP base is a remarkable resource and something I believe sets us apart. But, I would also encourage founders to do their own diligence on their capital partners, get out and talk with their portfolio co’s. I am always impressed when a company has independently studied up on us.

How many new pitches (actual calls/zooms) do you take per month?

It varies, but on average I take 8-10 per week.

How many new investments do you make per year?

We target 8-12 investments annually.

What's your sweet spot(s) in terms of check size, valuation, and vertical?

$500k-$750k check, valuations or caps sub $20m (ideally sub $8m), vertically agnostic

What one portfolio company do you want to hype for us here?

You’re asking me to pick a favorite child. Prescryptive. But also Yesler that we are in together. They’re both disintermediating large incumbents in their respective industries.

What do you think the next ten years looks like for Seattle/Pacific Northwest startups?

I believe that Seattle has become one of, if not the epicenter for cloud computing. Additionally we’re now a first stop for net new engineering offices and lets not forget our cities biotech heritage. This has attracted a lot of world-class talent. I hope we will better enable founders to start companies. The golden handcuffs are often hard to break but a tremendous amount of potential innovation is sitting in our own backyard. We just need to elevate the resources available to potential founders. Ken and Sean are doing a great job of this with V/O.

What song is currently getting the most run on your Spotify/Apple Music?

Glass Animals - Cane Shuga

Ford. - Dusk

Favorite shoes?

You’re going to hate this answer, but I’m on my fourth pair of AllBirds. (Ed. - he was right.)

Favorite cooking ingredient?

Going through a big spice stage over the last year, a must is Momofuku Chili Crunch and Bend Sauce Co - Hot Chipotle

Anything else to say?

Thanks for the opportunity and look forward to collaborating on more deals!

Seattle VC Profile: Andrew Dumont, Curious Capital

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

Andrew Dumont helped inspire me to launch Ascend. He’s a next-level operator, a founder-first investor at Curious Capital, and a no-BS wise counsel to many of us in the Seattle venture capital ecosystem. He’s the kind of friend you want in your corner, whether you’re a startup founder or a VC.

What made you decide to be a professional investor?

The main thing that made me want to become an investor and start Curious was my move back home (I grew up in Bellingham) to Seattle, after a stint in New York. At the time, I was dealing with some family health issues and had just finished the acquisition of Bitly after a bit of a slog, and was ready to spend as much time as possible helping and supporting local entrepreneurs. I have always felt like Seattle's seed/pre-seed ecosystem was lacking. Investing is a great vehicle to do that.

I have been around VC my entire career, both in growing venture funded companies and while at betaworks (one of the first venture studios, which also frequently did seed investments). I certainly don’t think of myself as a professional investor, though. At this stage of my career, I’d much rather be building companies, so investing has become a part-time activity for me. This also allows me to add real value as an investor by still very much being in the game as an operator.

What are your most successful investments so far?

Fund I has performed exceptionally well, far better than I thought it could honestly. Of the 18 companies I've invested in, 6 of them have been acquired, with 4 of those going to publicly traded companies. Some standouts in that group of companies were Streem (in Portland) that was acquired by Frontdoor, Timber (in New York) that was acquired by Datadog, and Vendorhawk (in Seattle) that was acquired by Servicenow.

But honestly, I don’t take any credit for these outcomes and am a firm believer that the ones that should be celebrated in successful outcomes are the entrepreneurs that build them. Seed and pre-seed investing is very much a gamble and there's a lot of luck involved. No exception here.

Why should founders want you on their cap table?

I have deep operational expertise in customer acquisition and growth. It’s somewhat of a rare skillset and something I've found to be a pain point for almost every early stage company. Both in terms of strategy of GTM and making the key growth hires. I offer this up to every company I invest in and am there to help every step of the way with it.

How many new pitches do you take per month?

The first few years of working on Curious, I was a lot more active and having anywhere from 20-30 conversations with entrepreneurs each month. I really don’t like the frame of most VC pitches, though, so I generally tell the entrepreneur to put away the deck and just talk me through their business, the challenges they see, and how I can help them. I generally decide whether or not to invest after that discussion.

How many new investments do you make per year?

Previously, it was 5-10 per year. I’ve since pulled that back to 1-5 per year. My intention in the short term is not to raise another fund, so I'm slowing down pace and mixing in more personal investments.

What’s your sweet spot in terms of check size, valuation and vertical?

My check size is anywhere from $25K-$100K. I generally don’t care about valuation at the stage I invest, which is typically pre-seed. On vertical, I’m willing to invest in anything as long as I can get passionate about the problem and team.

What one company do you want to hype for us here?

Tough to only pick one, but I’m a huge fan of Aaron and the team at Blokable. They’re tackling the massive problem of affordable housing. This is my only hardware investment and has been incredible to watch them go from a single Blok unit to a full-scale production.

What do you think the next ten years will look like for Seattle startups?

There’s better spokespeople for Seattle than me, but generally I think the future of Seattle is very bright from a talent perspective. There are great technologists moving here every day and more and more focus being put on the most strained spot of the ecosystem historically, which was access to capital for early stage founders. I’m optimistic.

What song is currently getting the most run on your Spotify?

I tend to rotate between Frank Ocean, Nils Frahm and Sza. Song… I’d say Fundamental Values by Nils Frahm.

Favorite cooking ingredient?

Malden Sea Salt and Partanna Olive Oil, can’t cook without them.

Anything else to say?

That’s all I’ve got. :)

Ascend Venture Capital LP Profile: Justin Moon, Partner, Perkins Coie #openlp

When I was a founder, I had no idea what a Limited Partner in a venture capital fund was. Now that I run my own fund, I want to bring transparency to founders and let them know where our money comes from. Our LP’s are an incredible group of individuals who often advise our founders and myself as we strive to create the next generation of world-changing startups (and funds!). -KW

Justin is one of my closest friends. He’s co-chair of Perkins Coie’s Technology Transactions & Privacy practice, and has worked pro bono for the Northwest Immigrant Rights Project since 2008. He’s a remarkably empathetic, pragmatic, and skilled attorney - a rare triple threat with an impressive deal-making track record. I’m honored to have him as an LP in Ascend, and stoked he took the time to share his wisdom here.

We met in law school - you clearly had a better head (and heart) for it than I did! 20 years later, you've worked on dozens of big M&A transactions in the technology space for a top Seattle firm. What would you tell founders they should keep in mind while growing their startup, that will best set them up for a successful exit?

With respect to law school, perhaps you just executed on your exit strategy a few decades before me. You’re always ahead of the curve, Kirby. From a business perspective, our deal lawyers would say build a fast-growing, independent company that solves a significant customer problem in a large market, and you will have your choice of when/how to exit. As my partner Lee Schindler says, “the exit is an output, not an input.”

It also sounds a little trite, but in the tech M&A space, a target’s most valuable assets are its IP (and I would include data in IP) and its people. Founders are working with limited resources and need to be super strategic around how to allocate those assets. From a legal perspective, you should allocate those assets to ensuring that your company’s processes and policies (including its use of open source software) around its IP development and protection are tight. The upfront costs pale in comparison to what it might cost you down the line to clean up any gaps. From a people perspective, we’re in seller’s market, especially post-pandemic, so the ability to attract, develop and retain top talent is and will continue to be a key differentiator. Nice exits are driven by a buyer’s interest in the target’s IP or its people. Great exits are driven by a buyer’s interest in the targets IP and its people. Do both and do them well.

From the buy-side perspective, what are the top three drivers of valuation and motivation to close a deal? What does a startup need to do to help the deal sponsor get over the finish line?

In terms of motivation, the key driver is the target’s ability to solve a problem, either for the buyer or end users. Are the target’s products and services solving a problem for the user and doing it a way that aligns with the buyer’s view of how to solve the same problem? The buyer is typically looking to expand an existing line of business (where it is more efficient to do so through acquisition) or looking to expand into a new line of business that’s complimentary to an existing line of business.

In terms of valuation, my comment above re IP and talent apply here as well, and Lee also weighed in with the following three key valuation drivers:

1. Value – Do something for customers that no other company can do as well.

2. Opportunity – Demonstrate growth and future opportunity to avoid valuations based on current metrics.

3. Feasibility – Help the buyer understand how the startup’s business, technology and team can integrate with buyer and make the whole greater than the parts.

What's the most common deal killer in an acquisition scenario?

From a business perspective, lack of scalability. The solution a target offers to customers needs to be able to scale (from a legal and technical perspective) in the hands of an acquirer. Shortcuts that work for startups often don’t work for acquirers.

From a legal perspective, and this goes back to my first response above, IP issues are quick killers. This can show up as issues with ownership or use rights, privacy and security vulnerabilities, or a lack of elegance or sophistication in the target’s tech.

From a talent perspective, there needs to be some substance behind the style. Buyers want to add talent, not just tech.

Switching it up, you toured with Alice in Chains before you made the move to lawyering. What's your best grunge era road story?

Ha. “Toured” with Alice in Chains might be generous, but road stories stay on the road (or something like that). I’ll give you an AiC story, though, since you asked. In 1990, I was a seventeen-year-old senior in high school. AiC had just released Facelift. One of my best friends at the time got kicked out of school and with his newfound freedom, he basically became a male groupie and somehow managed to ingratiate himself into the local rock scene.

Through all of that, we met a woman named Demri Parrott. If you’ve seen Almost Famous, she was our own Miss Penny Lane, and she also happened to be the girlfriend of Layne Staley, the lead singer for AiC. Demri epitomized everything that was cool in the Seattle rock scene; her taste in music was impeccable, she was a great artist and she had this infectious smile and personality that attracted people to her. She was a firefly. She was also older and cooler than us, but for whatever reason, she seemed to have a soft spot in her heart for our little crew of rock boys. As a result, we ended up spending a bit of time at the apartment she shared with Layne; so much time that her couch quickly turned into a crash bed for one of my friends who decided that it was more to stay with Demri and Layne than it was to go home to Mom and Dad.

So, after another late night at their garden apartment near the old Lobo Inn, I headed home in my Volkswagen Van (nicknamed the “Shame Train” by Cole from Sweet Water) and just before I leave, my couch crashing buddy asks me to come back in the morning to pick him for school. A few short hours later, I’m back at Demri’s apartment to pick him up. I push the buzzer button next to her name. Nothing. I push it again. Nothing. Hmm. Figuring they all must be passed out and without giving it much thought, I reach into my wallet for my bank card and just like you’ve seen in the movies and on TV a hundred times, I pull out my card and begin to slide it into the door slot. To my utter shock and disbelief, the door opens. A short flight of stairs later, I’m at her apartment door. I knock. Nothing. Another knock. Nothing. Without thinking twice, I pull out my card again and of course, it works again. Now I’m inside and the glamour of the night before has faded. Shades half drawn, my buddy is face down on the couch, fully clothed and snoring. Half empty beers and cigarette butts stubbed into ashtrays clutter the coffee table beside him. We’re running late now, so I shake him and tell him we need to go. Now. As we shuffle out, I steal a quick glance past the open bedroom door and see Demri and Layne sleeping peacefully. 15 minutes later, me and my buddy are sitting in English class, daydreaming of the night before and the adventures that lie ahead.

What song is currently getting the most run on your Apple/Sonos/Spotify?

Maybe I’m showing my age here a bit, I still think of music in terms of albums, rather than songs. My musical tastes are also a little all over the map, but what I’m listening to ant any point in time tends to track my mood. So, during the pandemic, which for me (like a lot of people) was a bit of a more reflective time, I was digging stuff that feeds my mind in a more thoughtful and introspective way. For me, that’s Stevie Wonder’s Songs in the Key of Life, Curtis Mayfield’s Curtis and Marvin Gaye’s What’s Going On. At this point I think we almost take it for granted, but What’s Going On is just a masterpiece, especially when considered in light of era in which it was created and the push back that Marvin got for making that record from Berry Gordy.

As we emerge from the pandemic and head into an open summer, what I’m playing is shifting to stuff that wants to be blared from an outdoor speaker or car stereo. For me, that’s New York hip hop from artists like A Tribe Called Quest, De La Soul and Biggie. And it’s 70s rock from Led Zeppelin and the Who, early 90s-era stuff from Soundgarden and Spoon, and early Strokes.

Favorite shoes?

Current: Adidas Stan Smith Prime Blue. All time: Nike Air Max and Jordan 3s.

Favorite cooking ingredient?

Meat: grass-fed beef from Crowd Cow. Vegetables: riced cauliflower.

Anything else?

You mentioned law school as our first date, but before we met, we were also both attended small, liberal arts schools back east where we studied writing and literature. Finding time to write is hard, but I always find time to read. My two favorite reads from last year were Jonathan Lethem’s Fortress of Solitude, (thanks again for the recommendation!) and Adam Grant’s Think Again. I would highly recommend Fortress as a beach summer read - great coming of age story. Think Again should be a must read for your founders. It’s full of insightful information and guidance that has broad application across industries and disciplines.

Seattle VC Profile: Martina Welkhoff, WXR Fund

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

Martina Welkhoff has probably forgotten more about VR/XR startups than most of us will ever know. In a category that’s been notoriously tough to crack, she has built a company, a studio, and now has just announced (along with partner Amy Lameyer) her $5M WXR Fund, focused on investing in women-led companies in this especially male-heavy industry. I learn something every time we interact, and I’m stoked she shared her wisdom here.

What made you decide to be a professional investor?

I often say I'm still an entrepreneur at heart, but what ultimately convinced me to go from founder to funder was the time-limited opportunity I saw to invest in women-led companies as the foundation for XR is being established. As we move from 2D to 3D computing, there's exciting opportunities to do things differently, not just in terms of the user experience, but in the way we fund companies and build out an inclusive ecosystem. Women-led and gender diverse teams have been shown to produce stronger financial outcomes, yet are still woefully underfunded, so there's huge potential economic upside as well.

What did you do before becoming an investor and how does that benefit your founders?

I co-founded a mobile gaming company called Zealyst, which I ran for six years. I then founded a VR studio called ConveneVR where we were experimenting with social XR. The main way my entrepreneurial experience benefits our portfolio companies is the empathy I have for their journey and the many challenges they face along the way.

What are your most successful investments so far?

Obsess is an immersive shopping platform that went through our accelerator in 2018 and we invested in 2020. Their growth has been astounding, and they are now working with brands like Ralph Lauren, Coach, Dior, and many notable others. The founder & CEO, Neha Singh, was the first technical product hire at Vogue and brings a unique blend of technical and market expertise that perfectly positioned her to execute on her vision to transform ecommerce.

Why should founders want you on their cap table?

We bring XR expertise and an extensive network in the space, and we love to roll up our sleeves to help our founders (without micromanaging or getting in their way!). We also have a rich community of women founders for our companies to join. I can say from my own experience as a founder that having that community of fellow entrepreneurs you can turn to for help and support is crucial, and we try to facilitate meaningful opportunities to connect whenever possible.

How many new pitches (actual calls/zooms) do you take per month?

It definitely ebbs and flows, but I've already had two today! I'd say a typical monthly range is 15-30.

How many new investments do you make per year?

5-7

What's your sweet spot(s) in terms of check size, valuation, and vertical?

Our checks range from $125k-$500k right now. We are vertically agnostic and looking for sub $10M valuations.

What one portfolio company do you want to hype for us here?

Another company that went through our accelerator and we later invested in is Embodied Labs, an immersive training platform for caregivers. The cofounder & CEO, Carrie Shaw, has become an important voice in the eldercare community and has been featured in places like the New York Times and Wall St. Journal. Her leadership through the pandemic in a space that was especially hard hit has been admirable: she was able to adapt quickly and continue to grow the company in extraordinarily difficult circumstances, which is exactly the kind of determination and nimbleness we look for in founders.

What do you think the next ten years looks like for Seattle/Pacific Northwest startups?

It's been incredible to be part of the ecosystem evolving over the past decade--there are so many more startups and funds in the region than when I started my first company, and lots of groups and programming for entrepreneurs to plug into. For a long time now, I've believed this is one of the best places in the world to found a company, and I think that's going to become even more true over the next ten years. Founders in the PNW will benefit from a more mature ecosystem and the robust set of resources that will come with that. I also think we'll see more companies with geographically dispersed teams, so early stage startups will be able to cast a wider net for talent and potentially keep costs down.

What song is currently getting the most run on your Spotify/Apple Music?

I have a eight-month old daughter who is currently ruling the playlist at our house. :) Her favorites so far seem to be Buffalo Soldier by Bob Marley, 9 to 5 by Dolly Parton, and Dancing Queen by ABBA.

Favorite shoes?

Honestly, for the past several months, it's been my Lands' End slippers.

Favorite cooking ingredient?

Salt. I read "Salt Fat Acid Heat" by Samin Nosrat soon after lockdowns started last year, and it completely changed the way I cook.

Anything else to say?

Thank you Kirby for doing this! I spent a lot of time in the last few years traveling, so I was feeling less connected to Seattle prior to the pandemic. One silver lining for me of the past year was reconnecting with this place that I truly love. I'm proud to say that we just made our first Seattle investment (announcement coming soon), and I hope it will be the first of many in the PNW!

Seattle VC Profile: Sean Sternbach, VentureOut

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

There are hundreds of thousands of entrepreneurs working at Amazon, Microsoft, Google, Facebook, and dozens of other large tech companies in the Seattle area. They just don’t know they’re entrepreneurs yet. Sean Sternbach wants to help them discover their inner founders. He started Venture Out to achieve this goal, and he also makes investments in ex-Amazonians out of his Day One syndicate. Sean is simply a great guy who wants to see founders win, and spends his life trying to help them do so.

What made you decide to be a professional investor?

As a former startup founder, I wanted to pay it forward and help more founders. As a mentor at Techstars for several years, I realized how much I enjoy supporting founders. After a dozen angel investments and a ton of fun working with founders I realized there was an opportunity to invest in a more professional manner and there was no better place to do it than in Seattle.

What did you do before becoming an investor and how does that benefit your founders?

After co-founding a B2B SaaS company, I worked at Amazon, building products for the Home Innovation Team where I learned how to scale products to the millions. During this time I mentored a variety of startups in the Alexa Accelerator and Techstars Seattle. After doing this for two years, I was offered an opportunity to be the EIR for Techstars. This was a great opportunity to work alongside the MDs and see what it takes to get more startups funded.

Between Techstars and supporting founders from big tech companies, I realized there was a great opportunity to share my learnings with the founders I work with.

What are your most successful investments so far?

Latchel is a company co-founded by a former Amazon employee who led a team behind Prime 2-Day and 2-Hour shipping. The company manages 80% of a property manager’s maintenance coordination efforts while adding new profit streams to their bottom line. We met the founder during Seattle Angel Conference and I invested in the company before they went on to Y Combinator. We have made subsequent investments in Latchel as they continue on their growth trajectory.

My other most successful investment has been an investment of time building out a community, called Venture Out, which is composed of hundreds of founders who have experience working at big tech companies. I’ve learned so much from them and they have supported their fellow community members in so many ways. Startups like Iteratively, Spiral, Neu, Schedulista, Sniffspot, and so many more have made such an impact on other founders following in their footsteps and I couldn’t be more grateful for all of them.

Why should founders want you on their cap table?

What I love about investing in startups is that I get to support founders beyond writing a check. Sometimes it means being a sounding board, and other times it means sharing access to a strong network of founders, mentors, and investors who can support them. Having co-founded a tech company I can relate to what other founders are going through and I go to bat for my portfolio companies when they need help.

How many new pitches (actual calls/zooms) do you take per month?

~15

How many new investments do you make per year?

Fund I was 10 investments per year, and fund II, our current fund, will average 15 investments per year.

What's your sweet spot(s) in terms of check size, valuation, and vertical?

Pre-seed and seed investments between $50K and $100K across all verticals that are B2B or enterprise SaaS and marketplace companies. The valuation to me is not as important if all the other boxes are checked.

What one portfolio company do you want to hype for us here?

Fusebit. I met the founders a year before investing in them and the team is amazing. They just raised their seed round and have amazing opportunities for engineers to join them at the ground level.

What do you think the next ten years looks like for Seattle/Pacific Northwest startups?

For starters, hopefully the Seattle Supersonics will be back playing basketball here. The future for startups in Seattle and the PNW is strong. However, I’m excited to see what pockets outside of Seattle, but in the PNW, can grow into startup hubs and build off the foundation set in Seattle. I saw firsthand how Colorado has supported entrepreneurship outside of its key cities that promote a work-hard, play-hard balance and I think the PNW has an opportunity to do something similar.

What song is currently getting the most run on your Spotify/Apple Music?

Better Days by JJ Grey and Mofro

Favorite shoes?

It might be the hippy in me from my Boulder days, but when I can, I prefer to be shoeless.

Favorite cooking ingredient?

I never realized how many different kinds of mustards there are until I walked into DeLaurenti’s in the market. I’ve been experimenting with a variety of them and right now my favorite is Amora’s.

Anything else to say?

I’m grateful and honored to be part of such a great community that supports one another in so many ways. People like you. Thank you.

Seattle VC Profile: Julie Sandler, PSL Ventures

I hugely appreciate the Seattle/Pacific Northwest venture capitalists who paved the way for newer folks like me to participate in the ecosystem, and since I did it for the new wavers, I thought it would also be fun to profile some of our region’s OG VC talents in these pages. —KW

Ever since we pitched Dwellable to the Madrona partnership in 2014, I’ve been impressed with Julie Sandler. Her operating experience and product-first mindset set her apart immediately. Her intellectual rigor and creative energy drove her to co-found, raise and launch PSL Ventures. Her advice has been incredibly helpful to me as I made my own transitions in VC, and I’m pleased she took the time to share her story below!

What made you decide to be a professional investor?

Ten years ago, some amazing folks at Madrona offered to hire me.

What did you do before becoming an investor and how does that benefit your founders?

I was a would-be psychologist turned marketer turned product lead at both startups and on big company high-growth products. Those experiences ends up benefitting my work with portfolio founders in different ways, but I gotta say, just about everything in company-building comes down to people... so the psych background has been killer.

What are your most successful investments so far?

My first day at Madrona in 2011, my now-PSL partner Greg Gottesman pulled me in to help him evaluate, launch and invest in Rover. That was a great way to kick off a venture career. I was also a super proud investor in Integris (acq by OneTrust) founded by the great Kristina Bergman and a couple other nice outcomes at Madrona, and am proud to be on the partner squad supporting PSL companies like Shipium, Super.ai, Reserved, Boundless Immigration, and a couple coming out of stealth shortly here.

How many new pitches (actual calls/zooms) do you take per month?

15+ brand new interactions (e.g., never met the founders before) per month. Though they are definitely always two-way pitches.

How many new investments do you make per year?

I oversee our venture fund work at PSL and we’ll do anywhere from 6-10 new investments in a year. Personally I’ll lead 1-3.

What's your sweet spot(s) in terms of check size, valuation, and vertical?

Pre-seed, seed. Check size in the $1M-3M range but flexible - we want to empower the founder to put together the round he/she/they need. If you look at my current boards I’ve been investing lately in everything from ML applications (horizontal and vertical) to logistics tech to fintech, but wild generalist over here. And if there’s a software or digital component to your business, there’s inevitably someone on our 25-person team who is an extreme nerd and amazing thought partner when it comes to your market or category.

What do you think the next ten years looks like for Seattle/Pacific Northwest startups?

🚀 🦄 Out-of-control opportunity for founders, startup employees, investors, and LPs alike.

What song is currently getting the most run on your Spotify/Apple Music?

Unfailingly old school broadway showtunes or super modern musicals. Right now: “They’re Playing Our Song”.

Favorite shoes?

Nothing higher than two inches or I’m limping and complaining.

Favorite cooking ingredient?

50 types of hot sauce and a little too much oil/flour/refined sugar.

Anything else to say?

PSL hearts Ascend.vc.