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Formulate Ventures is a venture capital firm founded in 2021 by Morgan Lai, a former partner at Foundation Capital. Based in San Francisco, the firm focuses on early-stage investments, primarily in the United States. Formulate Ventures has established itself as a key player in the early-stage funding landscape, with a portfolio that spans over 53 companies. The firm emphasizes a hands-on approach, providing support to founders from the initial concept phase through to market entry.
Since its inception, Formulate Ventures has aimed to back exceptional technical founders who are solving complex problems. The firm has a strong commitment to helping these entrepreneurs navigate the challenges of scaling their ventures. Notable milestones include the acquisition of LogicLoop by Hummingbird in September 2024, showcasing the firm's ability to identify and support promising startups.
Formulate Ventures invests primarily in early-stage companies, specifically targeting pre-seed and seed stages. The firm focuses on sectors such as enterprise/B2B software, web3, frontier technology, and biotechnology. This diverse sector focus allows Formulate to back a wide range of innovative startups that are pushing the boundaries of their respective industries.
The firm seeks to partner with technical founders who are addressing significant challenges and driving innovation. Formulate Ventures aims to provide not just capital but also operational support, leveraging Morgan Lai's extensive experience in early-stage investing. The firm typically participates in rounds ranging from $250K to $1M, often leading or co-investing alongside other reputable firms.
Formulate Ventures has built a diverse portfolio of over 53 companies, showcasing its commitment to various sectors. Notable portfolio companies include:
Other significant investments span across categories such as:
Morgan Lai — Founder/Lead General Partner. Morgan has a background as a partner at Foundation Capital, where he focused on early-stage enterprise investing. He has a strong track record in identifying and supporting technical founders. Morgan is active on social media, sharing insights on startup marketability and investment strategies.
In September 2024, Formulate Ventures celebrated the acquisition of its portfolio company, LogicLoop, by Hummingbird. This exit marks a significant milestone for the firm, validating its investment strategy and ability to identify promising startups.
As of March 2026, Formulate Ventures has reportedly made over 53 investments across various sectors, reflecting a high deal velocity for a firm of its profile. The firm continues to seek out exceptional technical founders who are solving complex problems.
What are Formulate Ventures' investment criteria?
Formulate Ventures primarily invests in early-stage companies at the pre-seed and seed stages. The firm focuses on sectors such as enterprise/B2B software, web3, frontier technology, and biotechnology. They look for exceptional technical founders who are solving complex problems and driving innovation.
How can I pitch to Formulate Ventures?
Founders interested in pitching to Formulate Ventures should prepare a clear and concise presentation that outlines their business model, market opportunity, and team. While specific application channels are not publicly disclosed, reaching out through professional networks or direct introductions is advisable.
What makes Formulate Ventures different from other VCs?
Formulate Ventures emphasizes a hands-on approach, providing operational support and guidance to its portfolio companies. Morgan Lai's background as a former partner at Foundation Capital adds significant expertise in early-stage investing.
What is the typical check size for investments?
While specific check sizes are not publicly disclosed, Formulate Ventures typically participates in rounds ranging from $250K to $1M. They often lead or co-invest alongside other firms.
What is the geographic focus of Formulate Ventures?
The firm primarily invests in the United States, with a strong concentration in the Bay Area. However, they also have exposure to international deals, particularly in the web3 sector.
What kind of post-investment involvement can founders expect?
Formulate Ventures provides hands-on support to its portfolio companies, helping founders navigate the challenges of scaling their ventures. This includes operational guidance and strategic advice tailored to the specific needs of each startup.
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