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Hivers & Strivers is a venture capital fund founded by Doug Doan, a West Point graduate and successful angel investor. Established to provide early-stage financing exclusively to ventures led by U.S. military veterans, the fund operates with a mission to leverage the unique skills and determination of veteran entrepreneurs. The firm is based in the United States and has a total AUM of $80 million.
Since its inception, Hivers & Strivers has completed two funds and has a history spanning over ten years. The firm has a strong commitment to supporting diverse industries, including healthcare, AI, fintech, consumer, energy, and defense. Notable milestones include successful exits such as Shield AI and Heat Biologics, showcasing the fund's ability to identify and nurture high-potential veteran-led startups.
Hivers & Strivers primarily targets early-stage companies across various sectors, emphasizing investments in businesses led by military veterans. The fund invests at multiple stages, including pre-seed, seed, seed-plus, series A, and series A+ (extension), with check sizes ranging from $100,000 to $1 million. This broad investment strategy allows the firm to support a diverse array of startups, fostering innovation and growth within the veteran community.
The firm believes that military veterans, who represent only about 5% of the working population, contribute significantly to the economy as business owners. Hivers & Strivers seeks founders who embody the 'hive' trait of excellence in execution, focusing on their determination and leadership skills. The firm’s investment thesis is centered on the belief that veteran entrepreneurs can drive substantial economic impact.
Hivers & Strivers has a notable portfolio that includes companies across various sectors. Key portfolio companies include:
These companies exemplify the fund's commitment to supporting veteran-led startups that are making a meaningful impact in their respective industries. Hivers & Strivers aims to continue expanding its portfolio by identifying and investing in high-potential ventures led by military veterans.
Doug Doan — Founder; a 1979 West Point graduate and successful angel investor prior to launching Hivers & Strivers. He has a strong background in supporting veteran entrepreneurs and is committed to leveraging their unique skills in the business world.
To pitch Hivers & Strivers, founders should visit their website at hiversandstrivers.com. The pitch deck should include a comprehensive overview of the business, including the problem being solved, the target market, and the team's qualifications. Founders are encouraged to provide data that supports their business model and growth projections.
Response times may vary, but founders should expect to hear back within a few weeks after submission. Warm introductions are preferred, but cold pitches are also accepted through the website.
As of April 2026, Hivers & Strivers has maintained an active presence in the venture capital space, focusing on investments in veteran-led startups. The firm has successfully exited from notable companies such as Shield AI and Heat Biologics, contributing to its reputation for identifying high-potential ventures.
Recent updates indicate that the firm continues to seek new investment opportunities within the veteran community, aiming to expand its portfolio and support the growth of innovative startups.
What are Hivers & Strivers' investment criteria?
The firm invests exclusively in early-stage companies led by U.S. military veterans across various sectors. They focus on founder quality, specifically looking for veteran entrepreneurs who demonstrate the 'hive' trait of determination and execution.
How can I pitch to Hivers & Strivers?
Founders can pitch their startups through the official website at hiversandstrivers.com. It is recommended to include a clear business plan, market analysis, and details about the founding team in the pitch deck.
What makes Hivers & Strivers different from other VC firms?
Hivers & Strivers is unique in its exclusive focus on investing in ventures led by military veterans. This specialization allows the firm to leverage a deep understanding of the challenges and opportunities faced by veteran entrepreneurs.
What is the geographic focus of Hivers & Strivers?
The firm primarily invests in companies based in the United States, supporting local veteran entrepreneurs across the country.
What is the typical check size for investments?
Hivers & Strivers typically invests between $100,000 and $1 million in early-stage companies, providing the necessary capital to help these ventures grow.
What kind of support do portfolio companies receive?
Portfolio companies benefit from Hivers & Strivers' robust network of limited partners, which includes industry leaders and experts. The firm provides strategic planning, operational expertise, and access to a wide range of resources to help veteran entrepreneurs succeed.
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