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Hivers & Strivers is a venture capital fund established in 2009/2010, based in Virginia, dedicated to investing in early-stage companies founded by U.S. military veterans. The fund was co-founded by Doug Doan, a West Point graduate, who believes that veterans possess unique skills and experiences that contribute to their success as entrepreneurs. The organization emphasizes the grit, focus, and commitment that veterans bring to their businesses.
As of 2023, Hivers & Strivers has deployed approximately $80 million across over 20 companies. The fund operates with a people-first investment approach, providing not only capital but also strategic support and access to a network of fellow veteran entrepreneurs. The team consists entirely of military veterans, reinforcing their commitment to supporting veteran-founded businesses.
Hivers & Strivers has achieved notable milestones, including successful exits such as Black Rifle Coffee Company, which went public via SPAC. The fund's headquarters is located in Washington, D.C., and it has established a reputation for outperforming 95% of early-stage funds, according to self-reported benchmarks.
Hivers & Strivers invests in early-stage companies across a diverse range of sectors, including consumer, energy, healthcare, fintech, climate, biotech, commerce, AI, logistics, and media. The fund specifically targets companies founded by U.S. military veterans, emphasizing the unique qualities that veteran entrepreneurs bring to the table. Investment stages range from pre-seed to Series A, with check sizes typically between $250,000 and $1 million.
The fund's investment strategy is characterized by a commitment to supporting veteran founders through strategic planning, operational support, and introductions to a network of industry experts and fellow veterans. Hivers & Strivers does not impose sector restrictions, allowing for a broad portfolio that reflects the varied interests and expertise of veteran entrepreneurs. This approach not only enhances the growth potential of their portfolio companies but also fosters a strong community among veteran founders.
Hivers & Strivers has invested in over 20 companies, showcasing a diverse portfolio united by the veteran founding teams. Notable successes include:
The portfolio spans various industries, including hydrogen/clean energy, consumer products, defense tech, enterprise software, and specialty food/beverage. This diversity reflects the fund's commitment to supporting veteran entrepreneurs across multiple sectors, rather than focusing on a single industry.
Doug Doan - Co-founder and General Partner; a West Point graduate from the class of 1979, Doug has a background as an Army intelligence officer and is an experienced angel investor. He serves on the board of the PenFed Foundation.
Randy Beardsworth - Co-founder and Principal Investor; a U.S. Service Academy graduate and military veteran, Randy brings a wealth of experience in supporting veteran entrepreneurs.
Rachel Hobert - General Partner; based in Washington D.C., Rachel has a strong background in venture capital and is committed to supporting veteran-founded companies.
Rick Dalzell - Co-founder; a West Point roommate of Doug Doan, Rick has extensive experience in the military and investment sectors.
Matt Warrick - Partner; a former Navy athlete, Matt joined Hivers & Strivers as an intern in 2017 and has since risen to become a key member of the investment team.
To pitch Hivers & Strivers, founders should submit their business plan through the official website. The pitch deck should include an overview of the business, market analysis, financial projections, and details about the founding team. While a warm introduction is preferred, it is not a strict requirement. Founders can expect a response within a few weeks, depending on the volume of submissions.
In 2023, Hivers & Strivers reported having funded over 20 companies since its inception, deploying approximately $80 million in total. The fund has documented six successful exits, including the notable IPO of Black Rifle Coffee Company. Recent press coverage highlights the fund's performance, claiming it outperforms 95% of early-stage funds.
Hivers & Strivers continues to attract attention for its unique focus on veteran-founded companies, with articles published in various media outlets discussing the fund's investment philosophy and success stories. The firm remains active in the venture capital space, with ongoing investments and a commitment to supporting military veterans in entrepreneurship.
What are Hivers & Strivers' investment criteria?
Hivers & Strivers exclusively invests in early-stage companies founded by U.S. military veterans. The fund looks for entrepreneurs who demonstrate grit, focus, and commitment, qualities often associated with military service.
How can founders apply or pitch to Hivers & Strivers?
Founders interested in pitching to Hivers & Strivers should prepare a detailed business plan and reach out through their official website. A warm introduction from a mutual connection is preferred but not mandatory.
What makes Hivers & Strivers different from other VC funds?
The fund's unique focus on veteran-founded companies sets it apart. Hivers & Strivers believes that military veterans possess distinct qualities that contribute to their success as entrepreneurs, and they provide tailored support to help these founders thrive.
What is the geographic scope of Hivers & Strivers' investments?
Hivers & Strivers primarily invests in companies located in the United States, focusing on veteran entrepreneurs from all branches of the military.
What is the typical check size for investments?
The fund typically invests between $250,000 and $1 million in each company, depending on the stage and needs of the business.
What kind of support do portfolio companies receive post-investment?
Hivers & Strivers provides strategic planning, operational support, and access to a network of veteran entrepreneurs and industry experts, enhancing the growth potential of their portfolio companies.
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