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Investment Thesis

We believe companies that have an unfair advantage in customer acquisition will outperform.  This advantage is usually inherent in the business model – leveraged sales, channel partners, compliance triggers, network effects, expansion opportunities or some other element creating urgency in the market.

 
  Team  We partner with founders and teams that are maniacally focused on customers and share our values.

Team
We partner with founders and teams that are maniacally focused on customers and share our values.

  Market  We look for large, growing markets or markets in transition creating opportunities for disruption.

Market
We look for large, growing markets or markets in transition creating opportunities for disruption.

  Product  We look for technology innovations in both products and business models.

Product
We look for technology innovations in both products and business models.

 

Investment Criteria

 
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Stage

We invest at the earliest institutional stages.

Normally, we enter investments with the first or second round of institutional funding, when the total prior amount raised is less than $10 million.

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Size

We make initial investments up to $2 million.

Our core, venture investments are sized between $1-2 million, with reserves of 1-2x our initial investment. We also make seed-stage investments of $100,000 when the team is still searching for product-market fit and/or a scalable customer acquisition model.

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We lead or follow depending on total size of round.

We often lead investments when the overall size of the round is $5 million or below and actively partner with other investors to syndicate the remainder of the round.

 
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Active Management

We are active in our investments.

We believe our leverage is in our operating experience – scaling operations and growing teams. More than just showing up to quarterly board meetings, we become active advisors in our portfolio companies and usually, but not always, take formal Board seats in our investments.

Geography

We invest in the U.S. and Canada.

Our primary focus is the Midwest and other non-coastal markets. We make coastal investments occasionally when our network provides us unique insight and valuations are in line with business fundamentals.

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Industry

We invest in digital technology companies.

Our portfolio includes software, data analytics, marketplaces and e-commerce companies across industries. We invest in both B2B and B2C businesses. We do not invest in medical device, life sciences or capital-intensive businesses.

THE MATH ETHOS
We lead with our values.

We are the proud partners of entrepreneurs. We are the champion, the cheerleader, the teacher, and the coach.  We ask tough, challenging questions. Then, we use every skill, every tool, and every contact to help discover the best path forward. We offer a hand up when things are down, and we raise our glass when things go right.

Candid
We are honest and transparent.

Curious
We are eager to learn. 

Courageous
We make bold investments in people.

Tenacious
We are resolute in our pursuit of shared success.

Accountable
We are accountable to our portfolio companies, our investors and one another.

Community Oriented
We are partners in building a diverse and inclusive entrepreneurial ecosystem.

Our Team

  MARK ACHLER   MANAGING DIRECTOR   LINKEDIN

MARK ACHLER
MANAGING DIRECTOR
LINKEDIN

  TROY HENIKOFF   MANAGING DIRECTOR   LINKEDIN

TROY HENIKOFF
MANAGING DIRECTOR
LINKEDIN

  DANA WRIGHT   MANAGING DIRECTOR   LINKEDIN

DANA WRIGHT
MANAGING DIRECTOR
LINKEDIN

  SAMARA MEJIA HERNANDEZ   PRINCIPAL   LINKEDIN

SAMARA MEJIA HERNANDEZ
PRINCIPAL
LINKEDIN

  DAVID SEMMEL   CFO   LINKEDIN

DAVID SEMMEL
CFO
LINKEDIN

  KRISTIE DAVIDSON   OFFICE & OPERATIONS MANAGER   LINKEDIN

KRISTIE DAVIDSON
OFFICE & OPERATIONS MANAGER
LINKEDIN

Venture Portfolio

 

 

Testimonials