Seattle VC Profile: Elizabeth Scallon, Find Ventures

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

Elizabeth Scallon, Cofounder and Board Chair of Find Ventures, has been a catalyst for change and a friend to founders for years. From HP to Amazon to WeWork, she’s run incubators, seeded talent, and created hundreds of opportunities for startup to find their wings. Now, she’s created Find Ventures: a first-stage non-dilutive funder that envisions a world where all entrepreneurs have an equitable opportunity in building companies and a confident shot at solving our world’s greatest challenges.

What made you decide to be a professional investor?

A few things:

• I want to live in a better world tomorrow than I live in today.

• I love how imagination and wondering "what if" can lead to new business ideas, and through team building, customer discovery and product creation can turn into a thriving business (with a bunch of steps in between of course).

• I want to support entrepreneurship for everyone. I am tired of the perpetual funding bias for BIPOC, LGBTQIA, Women, Non-binary, disabled, immigrant, and other founders.

• I believe when people are business creators, they can increase economic wellbeing and quality of life not only for themselves, and family, but also for their community. And it's important to create businesses that have a sense of responsibility to their communities from the start.

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

I have led many startup/new venture creation programs. Some of them are: CoMotion Labs at University of Washington, WeWork Labs for West Coast and Latin America, the inaugural Softbank Emerge Accelerator program, the inaugural Maritime Blue Innovation Accelerator, and now the inaugural Equity Innovation Accelerator.

I have worked at Amazon in their corporate venture arms, Alexa Fund and Smbhav Fund, as well as their innovation arm, Grand Challenge. My day job is currently the Lead of Incubation Enablement at HP.

I teach entrepreneurship at the UW Foster Business School, part of the undergraduate and MBA programs and Masters in Science of Entrepreneurship program.

How this helps founders is that I have deep networks, some insights, and lots of learning lessons to share.

What are your most successful investments so far?

For Find Ventures, we have just started to allocate funding and time will tell. Our portfolio is: Bio Fiber, Circled In, ClearBrief, Coltrain, GoldenSHERPA, Intentionalist, Lightsprite, NiftMint, Spritz, & WhyLabs.

I would love to shout out the following startups that have been part of my earlier programs/ones that I have supported in some small way (but may not have received funding directly from the program): GameJolt, Rebellyous Foods, CloudPaper, Pure Watercraft , Discovery Health , Koniku and so many more!

Why should founders want you on their cap table?

Find Ventures is a non-dilute investment. I won't be on your cap table, but you will have to sign a pledge to pay it forward if you make it big to seed the next generation of founders.

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

It's summer, so for this month 8 (and some fall/winter months can easily go to 50+), and currently my calls revolve around if I can provide help/guidance/connections for the teams. This is not for an investment from Find Ventures, as Find Ventures is not actively seeking founders/startups right now.

How many new investments do you make per year?

We have just started this year, and our first portfolio is 10. Our goal is to raise enough capital each year to deploy to 10+ startups.

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

Up to $100K, early stage, and high tech. I personally love deep tech that has the convergence of multiple scientific disciplines.

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

ALL OF THEM!

Bio Fiber, Circled In, ClearBrief, Coltrain, GoldenSHERPA, Intentionalist, Lightsprite, NiftMint, Spritz, & WhyLabs. 

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

We have the best minds in the world here, I want to make sure that everyone has the opportunity to solve our biggest challenges and I think with Find Ventures and other great programs around our city, we will be leading the way to having Seattle break into the top 5 startup ecosystems in the world (currently we are number 9).

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

My daughter owns the music - it is anything from the Bluey soundtrack.

Favorite shoes?

Skye - they work great around town, hiking, in the rain, traveling, etc.

Favorite cooking ingredient?

Broccoli.

Anything else to say?

Two things: 1) We are always looking for donors that share our mission at Find Ventures! If inspired, donate today.

2) Thank you Kirby! Your commitment to Seattle and our founders is awe inspiring. Big love to you & your community!

Seattle VC Profile: Sara Lindquist, FUSE

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

Sara Lindquist of FUSE has already had careers as a DI college athlete and a published Nashville musician. Now, she’s one of the most compelling and energetic investors in Seattle, and we were lucky to catch up with her for this debut profile.

What made you decide to be a professional investor?

I have always been intrigued by the investment frontier and seeing “what’s next.” I was fortunate to intern at Ignition Partners (FUSE’s alma mater) in college, which was my first direct exposure to Tech and early-stage investing. I had deep respect for the team and excitement about the breadth of markets/products/verticals to learn about. The experience immediately sparked my interest. At my core, I love intellectual rigor and people, so it’s a great matchup.

My work with FUSE has granted me the opportunity to meet brilliant individuals each day who are seeking to change the way we live, work, and engage with the world. It is fun, inspiring, and the opportunity to steward capital towards these individuals is important. It is an invigorating responsibility to be trusted by our investors to find and sponsor the best people and the best ideas that will win in the long run.

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

I worked with the Industry Analyst Relations team at Smartsheet. We focused on building / defining a market category and then establishing the company's product position within that category. As such, we were always trying to determine (1) the market scale and viability, (2) why customers needed the product, and (3) how to talk about the product in a way that people would best understand. It’s storytelling… and storytelling = influence. I try to contribute that experience to our portfolio companies as they work to hone their market position and tell their story.

Why should founders want you on their cap table?

The FUSE community. FUSE has always been intensely focused on building a community that offers founders access to thoughtful guidance, top talent, customers to help them scale…and more. This comes via the support of our entire team, and the 150+ PNW leaders, executives, and investors we are fortunate to call our LPs. Our team is a group of smart, high integrity, “roll up your sleeves” people who will work relentlessly to help portfolio companies succeed. Feel free to check out our website or reach out to any of us directly to learn more!

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

We take about 150/month on average.  

How many new investments do you make per year?

About 10.

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

Our focus is Pre-seed through Series A and check sizes range between $500K-$12M. Our core area of focus is B2B software, but we also will invest in B2C and other digital businesses as well.

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

How about two? :) I’ll first give a shout out to Zuper. They are changing the game in field service management and Co-founder/ CEO Anand Subbaraj is a terrific leader, and a great product-mind. He truly lives out a customer-obsessed mentality.

Also want to mention Xemelgo. Founders Rich Rogers and Akhila Tadinada are building a team and product that is completely transforming manufacturing and factory operations. Industry 4.0 here we come! 

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

The PNW looks strong! The next generation of founders/leaders get to stand on firm “bedrock” – this business community now represents an abundance of top talent, investors, mentors, coaches, etc. that have evolved from the region’s numerous startup and corporate success stories.

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

Oh man, who to choose… have been listening to a lot of Moon Taxi, Chris Stapleton and Emily King lately. And then of course anything by the one and only Grace Potter.

Favorite shoes?

They certainly aren’t the best-looking shoes in the closet, but I’ve got to say my Hokas. Those babies are CLOUDS to walk/run on.

Favorite cooking ingredient?

Bomba Sauce from Trader Joes. Perfect little kick for everything – pasta, pizza sauce, you name it. It’s fire.

Ascend Founder Profile: Matt Meyers - Yesler

This is a series of real talk blog posts meant to let founders share a bit about themselves and their companies without the marketing jargon and “killing it” puffery of most tech startup profiles.

What does your company do, for who, in plain English please!

Yesler is a marketplace plus tools for sellers and buyers of bulk lumber (truck and railcar quantities).

What's a typical day like for you, from wakeup ‘til bed?

Up by 5 (lumber trades early) working from home watching the GYM (Go Yesler Marketplace, our internal slack channel to monitor marketplace activity), prepping for customer calls or creating new GTM ideas to share with the team. In office by 8 or 9, customer meetings/demos, internal meetings, zoom, whiteboarding. Late afternoon ideation with other team members as the day slows down around 3 or 4. Water taxi home. Run. Cook dinner for the family or drive a kid to soccer training. Work from the car or home on the couch cleaning up from the day's email or uncompleted tasks. Wordle and NYT Spelling B with my 12 year old around 9pm. Asleep by 10. Repeat.

What keeps you up at night?

Whenever I sense: 1) Lack of urgency/intensity 2) Lack of creativity or grit at roadblocks 3) When the team is asking what to do, instead of doing and telling me what they have done. Why? These indicate that the culture has crept toward command and control, instead of empowered, entrepreneurial, supported.

What brings you joy?

Signs of magic in little wins. Failure full of lessons. Working with smart people. Family.

What is one word you hate to hear?

Phrase: "I know you don't want to hear this..." Yes, I do. Whatever it is.

What is one word you love to hear?

Why?

What was your biggest failure in the past year?

Too slow to figure out that customers would let us do the work for them.

What was your greatest accomplishment in the past year?

Grit

Who or what inspires you most?

Creativity of any kind - art, music, invention

What's your best tool for managing stress?

Running

What's getting the most burn on your playlist right now?

I’m all in on podcasts

Favorite shoes?

Altra Running

Favorite cooking ingredient?

Tamari

Ascend Founder Profile: Dave Siegfried - LOANtuitive

This is a series of real talk blog posts meant to let founders share a bit about themselves and their companies without the marketing jargon and “killing it” puffery of most tech startup profiles.

What does your company do, for who, in plain English please!

LOANtuitive empowers commercial mortgage brokers to match loan requests to lenders better than anyone else.

What's a typical day like for you, from wakeup ‘til bed?

The typical day I strive for includes waking up by 5:30 am, two cups of coffee while sending emails / working on more creative tasks. By 7:00am I bike ride for 10 to 20 min to get the blood pumping and clear my head. By 8:00 am I’m usually in my first meeting. Later in the day I try to step away from the computer for an hour to go to the gym. I try to break from working by 6:00 pm so that I can spend time with my husband before working a few more hours. My last task for the day is preparing the coffee machine for the next morning before reading in bed.

What keeps you up at night?

It varies, though it is usually something I’m excited for or anxious about. Generally a problem I’m trying to work through.

What brings you joy?

Family, Friends, Team. I’m fortunate that my personal Venn diagram would intersect with each.

What is one word you hate to hear?

COVID

What is one word you love to hear?

Uncle

What was your biggest failure in the past year?

Finding balance between the I time spent working and time I spent with family and friends.

What was your greatest accomplishment in the past year?

Assembling our current team at LOANtuitive.

Who or what inspires you most?

The people I’ve been fortunate enough to surround myself with.

What's your best tool for managing stress?

I find consistent exercise is the best lead indicator for whether I will feel stressed or calm.

What's getting the most burn on your playlist right now?

The archived streaming set from KEXP’s Friday Night with Michele Myers

Favorite shoes?

Whichever pair is closest to the door I’m leaving from.

Favorite cooking ingredient?

I use DoorDash too often. When I don’t its a dash for garlic salt in what ever dish it is I’ve MacGyver’d from our refrigerator.

Ascend Founder Profile: Aaron Ambuske - HEST

This is a series of real talk blog posts meant to let founders share a bit about themselves and their companies without the marketing jargon and “killing it” puffery of most tech startup profiles.

What does your company do, for who, in plain English please!

HEST develops and delivers high-performance and portable sleeping solutions for camping and travel. HEST revels in the idea of enabling more people to get outdoors and enjoy all that it has to offer, especially after a good night's sleep.

What's a typical day like for you, from wakeup ‘til bed?

Wake at 6 AM, Check email and Oura sleep score, run with the dog (or bike), take youngest son to school, work at HEST warehouse until 6 PM, dinner at home, walk dog with wife, try to get through all emails and go to bed.

What keeps you up at night?

I try to have a good sleep routine, but sometimes my mind gets going with HEST product ideas and responsibilities which wake me up in the night.

What brings you joy?

Designing products to help people find joy in the outdoors.

What is one word you hate to hear?

Impossible

What is one word you love to hear?

Iterate

What was your biggest failure in the past year?

Hmmm. Seems like I fail everyday in something, but fortunately, there have not been any big ones the past year.

What was your greatest accomplishment in the past year?

Developing, commercializing and launching new products to drive over 50% of our sales YTD.

Who or what inspires you most?

Other founders. I’ve been fortunate to meet some amazing founders since creating HEST, and I’m so impressed and inspired by people building companies from scratch.

What's your best tool for managing stress?

Riding my bike

What's getting the most burn on your playlist right now?

Sleeping on the Blacktop by Colter Wall or Mountains, Alone by Carly King

Favorite shoes?

K2 Ski Boots (Designed original collection)

Favorite cooking ingredient?

Traeger Blackened Saskatchewan Rub

Ascend Founder Profile: Scott Case - Recurrent

This is a series of real talk blog posts meant to let founders share a bit about themselves and their companies without the marketing jargon and “killing it” puffery of most tech startup profiles.

What does your company do, for who, in plain English please!

Recurrent helps electric vehicle owners and shoppers understand batteries when they buy and sell EVs.

What's a typical day like for you, from wakeup ‘til bed?

6:45 - 7:45 -- The breakfast/dog/school drop-off scramble

8:00 - 4:00 -- A potpourri of Zoom meetings from home and trying not to sit at the computer for too long at once. Sometimes I try to see other humans outside of my family and the Zoom screen for dog walks or lunch or runs. I'm getting better at making time to eat in the middle of the day.

4:00 - 8:00 -- My favorite thing about work-remote is having the flexibility to be home and present for the afternoon to hang out with my 11-year old. The tyranny of the 9-5 work day + commute meant that I didn't get to spend that time with family pre-pandemic.

8:00 - 9:30 -- Finish work if needed, doing lower-priority stuff like filling out this questionnaire :)

What keeps you up at night?

Staying up too late at my computer doing things like filling out questionnaires :)

What brings you joy?

Running, gardening and board games with friends. Social interactions outside work are so much more important now!

What is one word you hate to hear?

Mayonnaise

What is one word you love to hear?

Done

What was your biggest failure in the past year?

I got a little lost on the #2 job a startup CEO has -- making sure the rest of the team has really clear alignment on strategic direction -- while I was focused on the #1 job a startup CEO has (see next question). That meant some extra wasted time where everyone wasn't working with intent on the highest priorities for the company.

What was your greatest accomplishment in the past year?

Got our $4.5M raise done in April, in a choppy venture market. #1 job of a startup CEO = don't run out of money. Check.

Who or what inspires you most?

The students and graduates of Ada Developers Academy, overcoming so many barriers to get there and then thrive as software engineers in the tech industry.

What's your best tool for managing stress?

A great "To Do" list (I love Any.do), and plenty of cardio exercise.

What's getting the most burn on your playlist right now?

Cold Heart - PNAU Remix from Elton John and Dua Lipa.

Favorite shoes?

Brightly colored adidas sambas - my favorite pair is kelly green with bright orange stripes.

Favorite cooking ingredient?

Sourdough culture for weekly bread bakes and crackers (yum).

Ascend Portfolio Founder Dinner - March 2022

Incredible to celebrate 3 years of Ascend with some of our awesome founders. We’re blessed to work with the best!

Seattle VC Profile: Andy Liu, Unlock Ventures

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

Andy Liu of Unlock Ventures is a founder’s founder. His track record raising venture, exiting his two startups, and angel investing prolifically, combined with a poker master’s love of the game, makes Andy unique in the Seattle ecosystem.

What made you decide to be a professional investor?

I get fired up helping entrepreneurs achieve their goals and dreams.

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

I started and exited two venture-backed companies and can empathize with the entrepreneurial journey. Learned a ton of good and hard lessons along the way.

What are your most successful investments so far?

We are still early but many of our companies are performing well including Possible Finance, Dolly, Fight Camp, and Outer to name a few.

Why should founders want you on their cap table?

We hustle hard for our founders assisting on the board, taking late night calls, introducing new anchor customers, new hires, helping with financing strategy, amongst other things. While we don't operate the company, we understand how difficult it is to build a company from the ground up and we want to be as helpful as the founder would like us to be. In addition, we host learning events, summits, and build strong networks for our entrepreneurs to thrive. They become a part of our community.

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

I average about 25-30 per month.

How many new investments do you make per year?

We average about 8 investments per year.

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

We invest in pre-seed and seed stage. Our average check size is between $750K-$1.5M for the initial check and target ownership in the range of 10-25% although there isn't a hard and fast rule. We are pretty broad in verticals - it is all tech and we won't do biotech or medtech. We like companies that have a strong, sustainable competitive advantage around data.

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

Keep an eye out on Concreit. Great team and product, gaining real traction.

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

Not much to say here except that we're VERY bullish.

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

Waka Waka

Favorite shoes?

NB Running Shoes

Favorite cooking ingredient?

Sesame Oil

Anything else to say?

Go get a great bowl of ramen!

Growing Ascend - Welcome Jen!

Running a venture capital fund requires a lot more than just meeting entrepreneurs and making investments. As one of my favorite LPs is quick to remind me, "any a**hole can write a check."

The real work happens behind the scenes. Thousands of pitches need to be screened. CRM needs to be updated. Portfolio companies need support; from recruiting to service provider sourcing, from investor discovery to sales lead sourcing. Networks and relationships need to be nurtured. LPs need to be engaged. Advisors need to be connected in to founders. The fund itself as a set of entities needs to be administered, budgets and expenses managed, compliance and security minded. Its service providers need oversight. The website needs to stay fresh. Blog posts need creating. Community engagement and events require planning. Meetings need to be coordinated.

If you've ever worked with me, you know very few of the items on the list above are in my "sweet spot." But as they're integral to the success of our funds and founders, they need proper attention and investment. Just like a solo startup founder who has discovered product/market fit, I need to start building a world class team to support our growth at Ascend.

That's why I am so stoked to share that we've made Jen Haller our first hire at Ascend. Yes, it's truly "we" now!

Jen is an absolute dynamo. Her title will be Chief of Staff but in reality she'll do a bit of everything. She's been a classic utility infielder at a few of Seattle's most successful startups of the 2010s (Urbanspoon, Axon); she was part of the Paul Allen/Vulcan family via Stratolaunch; and most recently she helped Ascend portfolio standout Attunely scale through their Series A.

Jen is an awesome human. Aside from her selfless and well documented courage as the first recipient of Moderna's trial COVID vaccine, she's a foster parent for special needs dogs and has a long history of civic involvement from volunteering for social justice causes to political organizing. She is also a supermom to two teens, and in her spare time, enjoys trying to relax.

If you haven't met her yet, I cannot wait for you to meet Jen. She's just the person we need to help Ascend begin its next phase of growth!

Seattle VC Profile: Ben Nahir, Elevate VC

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

What made you decide to be a professional investor?

Right place, right time. I left my career in academic research in 2014 to begin an MBA at Portland State University. I started working with TiE Oregon, an angel group in Portland, OR, in 2016 as I was wrapping up my degree. I knew about the startup and angel community abstractly but didn't have a good sense of what it was really like. 5.5 years later, I found I absolutely love working with entrepreneurs and helping them navigate the challenges of starting companies.

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

I spent 12 years as a research neurophysiologist. While that by itself may not be helpful, my education and training as a scientist taught me how to identify problems quickly, ask targeted, probing questions, and come up with potential solutions and ways to test them. More than having the right answer, I have found helping entrepreneurs come up with solutions through asking the right questions is incredibly valuable. I'm sure my in-depth knowledge of the rat brain will come in handy one day, though.

What are your most successful investments so far?

Despite being a relatively young fund, having been founded in 2016, we have realized 4 exits to date. One of our first investments, RFPIO, exited within 2 years. Brandlive provided us another (partial) exit this year and we are very excited to see this company continue to grow. The majority of our portfolio is still active and we have several companies positioning for new fundraising or potential exits this year. TrovaTrip, our last investment from Fund 1, just closed a Seed round led by PSL. We participated in that round out of Fund 2 and are very impressed with their growth trajectory.

Why should founders want you on their cap table?

Our General Partners are all seasoned entrepreneurs (including 2 IPOs) and have weathered the ups and downs of the last 20+ years. We believe very strongly in mentor capital and engage with our portfolio companies in whatever way makes the most sense to help them succeed.

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

Too many? Just pitches for new companies is ~25-30 per month.

How many new investments do you make per year?

We hit the ground running with Fund 2. Since October 2020, we've made 10 new investments and 7 follow-ons from Fund 1. We are targeting 5-6/year but are not terribly strict on that if we see good opportunities. Though at this point, we are only going to make a few more investments to round out the portfolio.

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

Check size: $250k - $1M, depending on a lot of factors

Valuation: $5-15M, though we are participating in some much larger rounds too. We are still feeling this out as we mature from a pre-seed to a seed stage fund.

Vertical: technology (software) generally and healthcare in particular. We are pretty industry agnostic and are more interested in compelling problems and business models. Given the breadth of our team and partners, we believe we can add value across industries by helping entrepreneurs with the fundamentals of managing and growing their companies.

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

Fund 2: Time Study. Kishau Rogers is an amazing founder and created a simple, elegant solution for time management within hospitals. She is a no-nonsense leader who gets things done but is incredibly supportive and empathetic with her team.

Gap Fund: biomotum. Ray and Zach are developing a lower extremity, soft-robotic exoskeleton to help kids with Cerebral Palsy learn to walk.

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

We closed more than 17 investments entirely virtually in the last year and a half. I expect this trend will open up access to capital across the country. But, with investors gaining visibility into so many more markets, the competition for those investment dollars will increase even more. We may see increased maturity and development as a requirement for earlier seed and pre-seed rounds.

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

I've been listening to Anihmed's Deep House playlists on YouTube. Good beat that helps me focus, especially on diligence work. My 3-year-old son is really into mariachi music right now. So that provides a great contrast.

Favorite shoes?

I just replaced my Lems after about 5 years - with another pair of Lems. For formal occasions, I love my Primal Professionals. I'm all about minimalist shoes.

Favorite cooking ingredient?

Bacon. Garlic. Onion. But really, bacon.

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.