We invest in fast-growing software, mobile and Internet companies at initial scale, typically over $1 million in revenue. We invest actively across North America and have a dedicated fund focused on South Korean companies.

We prefer founder-led companies that have bootstrapped or grown to initial scale with minimal capital. We like to back teams that can grow efficiently without relying on excessive amounts of outside capital.

We often provide a company’s first institutional capital and will invest up to $10 million over the life of the company. Our typical initial investment ranges between $1-5 million, for which we seek a meaningful ownership stake.

We typically take an active board role in helping founders to scale their teams and companies. We are especially active in the early years of our partnership with founders, but have the patience to nurture companies for over a decade.


Origin Games

Mobile MMORPG Seoul, Korea


Vertical Markets: A Trillion-Dollar Opportunity

According to a Gartner, vertical-specific software is by far the largest category of the software market posting $100B in sales in 2013 and accounting for 28% of the market. The second biggest category, operating systems, holds only 8% of the market, ahead of database management systems, ERP, middleware and security.

$100B is a surprisingly large number given that customers in many vertical markets are notorious laggards when it comes to adopting technology. Most still rely on paper-based, manual processes and the majority of the $100B software spend is on legacy technology.

Going forward, we believe the total opportunity in vertical markets is far larger than Gartner’s $100B. Replacing manual processes is perhaps an order of magnitude bigger… 10 x $100B is literally a trillion-dollar opportunity!

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  • The Series B Trap – And How to Avoid It

    The original version of this post was published in PandoDaily on January 20 2014 Over the last two years, much has been made of the “Series A Crunch”, a steep drop off in the number of seed-funded companies that are able to close an institutional Series A financing.  For the companies that make it that far, … Read More

  • SaaS: Early Innings, $1 Trillion Game

    In our work as software investors, we think a lot about where we are in the adoption cycle for the current generation of software-as-service (SaaS).  We know quantitatively and qualitatively that the opportunity to bring productivity and enterprise functions to the cloud is huge, but at the same time, we worry about investing into a … Read More

  • Beyond Competitive Advantage

    Imagine two very different business worlds. One is a world in which market forces work their magic. If companies are profitable, new competitors enter and profits get worked down to nothing. If there is too much competition, companies exit (or go out of business) so that they neither lose nor make much profits. The other … Read More

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