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Foundry is a venture capital firm founded in 2007 and based in Boulder, Colorado. The firm manages over $3 billion in assets for its limited partners and has completed more than 320 investments, achieving over 70 exits. Foundry is recognized for its flat partnership structure, which eliminates associates and analysts, allowing all partners to engage directly in the investment process. This model promotes radical transparency and collaboration among partners, founders, and teams.
Co-founded by notable figures including Brad Feld and Seth Levine, Foundry has played a significant role in shaping the Boulder startup community and co-founded Techstars, a prominent startup accelerator. The firm is B-Corp certified, reflecting its commitment to social and environmental performance. Foundry's latest fund, Foundry 2022, totals $500 million and has been announced as the final fund, with no plans to raise additional capital.
Foundry's investment strategy is centered around thematic investing, organizing its portfolio around long-lived horizontal themes such as 'glue' and 'protocol' rather than traditional industry sectors. The firm primarily invests in early-stage companies, focusing on Seed and Series A rounds, with check sizes ranging from $1 million to $15 million. Foundry leads these rounds with a concentrated, high-conviction approach, ensuring that all six partners are actively involved in the investment process.
In addition to direct investments, Foundry operates a fund-of-funds strategy, investing in over 40 seed-stage venture managers. This dual approach enhances their ability to support a diverse range of startups while maintaining a strong network of partners. Foundry's commitment to a 'give first' philosophy fosters a collaborative environment that encourages innovation and entrepreneurship.
Foundry has invested in a total of 239 companies, achieving notable successes including 6 unicorns, 3 IPOs, and 95 acquisitions. The firm's portfolio features prominent names such as:
Additionally, Foundry's fund-of-funds portfolio includes over 40 partner venture funds, further expanding its reach within the startup ecosystem. Currently, the firm is deploying 33-40% of its final fund, continuing to support active portfolio companies and new investments.
Brad Feld: Co-Founder. Feld is a prominent author and co-founder of Techstars, with extensive experience in venture capital and entrepreneurship.
Seth Levine: Co-Founder. Levine has a strong background in technology investments and has been instrumental in Foundry's thematic approach.
Ryan McIntyre: Co-Founder. McIntyre brings expertise in early-stage investments and has played a key role in building Foundry's portfolio.
Lindel Eakman: Partner. Eakman has a focus on technology and SaaS investments, contributing to the firm's strategic direction.
Jaclyn Freeman Hester: Partner. Hester specializes in early-stage investments and has a background in operational roles within startups.
Lena Giacomini: Chief Financial Officer. Giacomini oversees financial operations and strategy at Foundry.
Melissa Childers: Operations Specialist. Childers supports the operational aspects of the firm.
Colleen Clair: Executive Assistant. Clair provides administrative support to the partners.
Megan Salamida: Executive Assistant. Salamida assists with operational tasks and partner support.
Foundry prefers pitches to be submitted through their contact page. Founders should include a concise overview of their business, market analysis, and team qualifications in their pitch deck. Response times may vary, but the firm aims to provide timely feedback to applicants. Warm introductions are beneficial but not mandatory.
On May 1, 2025, Foundry made a new investment in mpathic, continuing its engagement in the startup ecosystem. This investment reflects the firm's ongoing commitment to deploying capital from its final fund, Foundry 2022, which totals $500 million.
In January 2024, Foundry announced that their current fund would be their last, marking a significant transition in their investment strategy. The firm is currently deploying 33-40% of this final fund, focusing on maintaining its high-impact investment approach.
What are Foundry's investment criteria?
Foundry focuses on early-stage investments, primarily in the Seed and Series A rounds, with a thematic approach that emphasizes horizontal themes rather than traditional sectors. The firm seeks high-conviction opportunities where all partners can actively contribute.
How can I apply or pitch to Foundry?
Foundry encourages founders to visit their contact page for pitch submissions. They prefer a clear presentation of the business model, market opportunity, and team background.
What makes Foundry different from other venture capital firms?
Foundry's flat partnership structure allows for direct engagement between founders and partners, fostering radical transparency. Their thematic investment strategy also sets them apart, focusing on long-lived themes rather than traditional sectors.
What is Foundry's geographic scope?
Foundry primarily invests in North America, with a strong emphasis on building the startup community in Boulder, Colorado, and beyond.
What is Foundry's post-investment involvement like?
Foundry maintains a collaborative relationship with portfolio companies, providing access to a network of over 1,900 companies and 40+ partner funds. They emphasize mentorship and support through their extensive community.
What is the size of Foundry's funds and check sizes?
Foundry manages over $3 billion in assets, with check sizes ranging from $1 million to $15 million. Their final fund, Foundry 2022, totals $500 million.
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