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Character Capital is a seed fund founded in 2021 and based in Milwaukee, Wisconsin. The firm was established to support early-stage startups with both capital and strategic assistance. Character Capital focuses on helping founders build products that effectively meet the needs of their target audiences, particularly in sectors such as AI, healthcare, biotech, and fintech.
Currently, Character Capital manages assets totaling $52 million across its funds. The firm has made approximately 50 investments in startups, demonstrating a strong commitment to fostering innovation in various industries. The fund operates globally, seeking to support technical founders without geographical limitations. Notable milestones include the launch of Character Labs, an accelerator program that runs twice yearly, providing funding and resources to selected startups.
Character Capital invests in early-stage startups, providing up to $2 million at the seed stage. The firm is particularly interested in technical founders addressing complex problems in sectors such as AI, healthcare, biotech, and fintech. Character Capital employs unique methodologies like Design Sprints and Foundation Sprints to assist startups in achieving product-market fit more effectively. These methodologies are designed to help founders rapidly prototype and validate their ideas, ensuring that their products meet market demands.
The fund's investment strategy is characterized by a global reach, allowing it to support technical founders worldwide. Character Capital seeks to partner with founders who demonstrate strong technical expertise and a clear vision for solving significant challenges. The firm does not impose geographical limitations on its investments, which broadens its potential deal flow and enhances its ability to identify promising startups across various markets.
Character Capital's portfolio includes a diverse range of companies, showcasing its focus on innovative solutions across multiple sectors. Notable portfolio companies include:
John Zeratsky: Co-founder of Character Capital, John is a former Design Partner at GV and the author of the book *Sprint*. He has extensive experience in product design and development, having worked with major companies like Google. John is based in Milwaukee and brings a strong design perspective to the firm.
Eli Blee-Goldman: Co-founder and early-stage startup investor, Eli previously served as a General Partner at Capital Midwest Fund. His background includes significant venture experience, and he is based in Milwaukee, where he contributes to the firm's investment strategy.
Jake Knapp: Co-founder and creator of the Design Sprint methodology, Jake is also a former Design Partner at GV. He is known for his work on product development and has authored books like *Sprint* and *Make Time*. Jake joined Character Capital full-time in 2024 and is based north of Seattle.
Jeanette Mellinger: A startup advisor with a wealth of experience in the startup ecosystem, Jeanette provides guidance to portfolio companies on various operational aspects.
Charles Adler: Another startup advisor, Charles brings his expertise in product design and development to support founders in their journey.
David Cirilli: A startup advisor who offers strategic insights and mentorship to portfolio companies, helping them navigate challenges and refine their offerings.
To pitch Character Capital, founders should visit their website at character.vc. The firm prefers pitches that include a clear overview of the startup's vision, market opportunity, and the technical expertise of the founding team. Founders should be prepared to discuss their product development process and how they plan to achieve product-market fit.
Character Capital does not specify a formal application form but encourages direct outreach through their website. Response times may vary, but founders can expect timely feedback on their submissions. Warm introductions are beneficial but not required.
Character Labs is an accelerator run by Character Capital, which operates twice yearly, accepting up to 15 companies per cohort. Each company receives $150,000 for 5% equity in a 4-week hybrid program that includes three days in San Francisco and remote sessions, launched in 2023.
In 2024, Character Capital announced the closing of Fund II, which raised $52 million. This fund is expected to enhance the firm's ability to support early-stage startups with increased check sizes of up to $2 million. The firm has made nearly 50 startup investments across both funds, demonstrating its active engagement in the startup ecosystem.
Character Labs, the firm's accelerator program, runs twice yearly and supports up to 15 companies per cohort, providing $150,000 for 5% equity. This program serves as a primary top-of-funnel for new investments, allowing Character Capital to identify promising startups early in their development.
What are Character Capital's investment criteria?
Character Capital focuses on seed-stage investments in early-stage startups, particularly those led by technical founders addressing complex problems in sectors such as AI, healthcare, biotech, and fintech. The firm provides up to $2 million in funding.
How can I apply or pitch to Character Capital?
Founders can pitch to Character Capital through their website at character.vc. The firm encourages submissions that clearly outline the startup's vision, market potential, and the technical expertise of the founding team.
What makes Character Capital different from other venture funds?
Character Capital distinguishes itself through its operational involvement with portfolio companies, utilizing proprietary methodologies like Design Sprints and Foundation Sprints to help startups achieve product-market fit. The founders' strong brand equity in the product and design community also enhances the support network available to portfolio companies.
What is the geographic scope of Character Capital's investments?
The firm has a global investment focus, seeking to support technical founders worldwide without geographical limitations.
What is Character Capital's post-investment involvement like?
Character Capital actively engages with its portfolio companies, providing operational support and strategic guidance through its unique methodologies. This involvement helps startups refine their products and navigate challenges in the early stages of growth.
What is the size of Character Capital's funds and check sizes?
Character Capital's current fund size is $52 million, with check sizes reaching up to $2 million for seed-stage investments. The firm has made approximately 50 investments across its funds.
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