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Conversion Capital is an early-stage venture capital firm founded in 2015, with offices located in San Francisco, New York, and Washington, D.C. The firm focuses on early-stage investments in technology companies, particularly in the areas of artificial intelligence (AI), cloud infrastructure, and software. Since its inception, Conversion Capital has evolved from a fintech-first mandate to a broader focus on AI and software infrastructure.
As of now, Conversion Capital manages approximately $250 million in assets under management (AUM) and has launched three funds, with the most recent, Fund III, totaling $122 million. This fund, launched in June 2022, is six times larger than its predecessor, Fund II, which was around $20 million. The firm has built a reputation for backing high-potential companies, including notable exits like Ramp and Blend.
Conversion Capital has invested in over 70 portfolio companies, raising a total of $7 billion in follow-on capital and creating a market cap of $35 billion. The firm’s commitment to identifying transformative technologies positions it as a significant player in the early-stage investment landscape.
Conversion Capital invests primarily in early-stage technology companies, emphasizing sectors such as artificial intelligence (AI), cloud infrastructure, and software. The firm targets various stages of investment, including pre-seed, seed, and Series A funding, to support the growth of transformative technologies. Their investment thesis revolves around backing infinite teams in infinite markets, focusing on businesses that can disrupt traditional industries.
The firm seeks to partner with ambitious founders who are building generational companies. Conversion Capital employs a unique approach through its Conversion Labs Fellowship, which recruits and supports technical talent, providing access to exclusive events, sector research, and industry networks. This support enhances the growth potential of its investments and aligns with the firm’s goal of fostering innovation in the technology sector.
Conversion Capital's portfolio includes a diverse range of companies, particularly in the sectors of AI, cloud infrastructure, and fintech. Notable portfolio companies include:
This diverse portfolio reflects Conversion Capital's commitment to supporting innovative companies across various technology sectors.
Christian Lawless - Founder & General Partner. Lawless has a background as a former Managing Director at Lehman Brothers and Nomura. He has led investments in notable companies such as Ramp, Blend, Cognition, and Temporal.
Eugene Marinelli - Partner. Marinelli co-founded Blend and served as its CTO before joining Conversion Capital in May 2020. His expertise lies in technology and product development.
David Talpalar - Partner. Talpalar has experience as a venture investor at Citi, bringing valuable insights into investment strategies and market trends.
Erin Collard - Operating Advisor. Collard provides operational support and strategic guidance to portfolio companies.
Andrew Unger - Recruiting Advisor. Unger focuses on talent acquisition and team building for portfolio companies.
Max Humphrey - VP of Finance. Humphrey oversees financial operations and investment management.
Andres Sucre - Venture Partner. Sucre contributes to investment decisions and portfolio management.
To pitch to Conversion Capital, founders should visit their website at conversioncapital.com. It is advisable to include a comprehensive pitch deck that outlines the business model, market opportunity, and team qualifications. The firm prefers detailed financial projections and a clear go-to-market strategy.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial, as they can enhance the chances of securing a meeting with the investment team.
Conversion Capital runs the Conversion Labs Fellowship, designed for engineers, designers, and company builders. This fellowship provides participants with access to exclusive events, sector research, and industry networks, enhancing their skills and opportunities in the technology sector. Applications for the fellowship are accepted annually, allowing talented individuals to connect with innovative startups.
In 2024, Conversion Capital's portfolio company Cognition raised $400 million at a $10.2 billion valuation, marking a significant milestone for the firm. This investment highlights Conversion Capital's ability to identify and support high-potential companies in the AI sector.
Additionally, the firm has actively invested in over 70 portfolio companies, raising a total of $7 billion in follow-on capital and creating a market cap of $35 billion. This demonstrates Conversion Capital's strong momentum in the early-stage investment landscape.
As of 2023, Christian Lawless has joined Cognition full-time, which may impact Conversion Capital's active deployment strategy from Fund III, which totals $122 million.
What are Conversion Capital's investment criteria?
Conversion Capital focuses on early-stage investments in technology companies, particularly in AI, cloud infrastructure, and fintech. They target pre-seed, seed, and Series A funding stages.
How can I apply or pitch to Conversion Capital?
Founders can pitch to Conversion Capital through their website at conversioncapital.com. It is recommended to include a detailed business plan and financial projections in the pitch deck.
What makes Conversion Capital different from other VC firms?
Conversion Capital emphasizes a hands-on approach, providing portfolio companies with access to the Conversion Labs Fellowship, which recruits technical talent and offers exclusive events and sector research.
What is the geographic scope of Conversion Capital's investments?
The firm primarily invests in the United States, focusing on early-stage technology companies across various sectors.
What is the typical check size for investments?
While specific check sizes are not disclosed, Conversion Capital invests in early-stage rounds, which typically range from hundreds of thousands to several million dollars, depending on the stage and potential of the company.
What is Conversion Capital's post-investment involvement like?
Conversion Capital actively supports its portfolio companies through mentorship, access to industry networks, and follow-on investment opportunities, enhancing their growth potential.
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