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Aspenwood Ventures, formerly known as Hummer Winblad Venture Partners, was co-founded by John Hummer and Ann Winblad approximately 32 years ago. The firm is based in San Francisco, California, and focuses on early-stage institutional capital for emerging software companies. Aspenwood Ventures is recognized as one of the longest-running software-only venture capital firms, dedicated to supporting founders who are driving disruptive advances in software.
With a fund size of $75 million, Aspenwood Ventures has a history of providing first institutional capital to innovative software companies. The firm has evolved over the years, transitioning from its original brand to its current identity while maintaining a commitment to the enterprise software sector. Aspenwood Ventures has established a strong reputation for its long-term support of portfolio companies, emphasizing collaboration and strategic guidance.
Aspenwood Ventures invests primarily in early-stage enterprise software companies, targeting pre-seed, seed, and Series A funding stages. The firm seeks founding teams that address complex software challenges and have a proven track record of success. Their investment strategy emphasizes a long-term commitment to portfolio companies, providing ongoing support and guidance as they grow.
The firm focuses on sectors such as SaaS, security, AI/ML applications, and developer tools. Aspenwood Ventures aims to partner with category-winning companies that demonstrate innovation and potential for significant impact in the technology landscape. Their approach includes joining the boards of portfolio companies to ensure active involvement in their development and success.
Aspenwood Ventures has a diverse portfolio of notable companies, including:
Additionally, the firm has notable exits from its legacy portfolio, including MuleSoft, which was acquired by Salesforce for $6.5 billion, and Five9, which is publicly traded on Nasdaq under the ticker FIVN.
John Hummer: Co-founder of Aspenwood Ventures and former NBA player, Hummer has over three decades of experience in venture capital. He was instrumental in establishing the firm’s focus on enterprise software.
Ann Winblad: Co-founder of Aspenwood Ventures, Winblad is recognized as one of the most prominent women in venture capital. She has a strong background in software investments and continues to influence the firm’s strategic direction.
Lars Leckie: Managing Director at Aspenwood Ventures, Leckie has over ten years of experience at Hummer Winblad before co-founding Aspenwood. He is an active speaker on enterprise software investing.
Steve Kishi: Managing Director at Aspenwood Ventures, Kishi also spent over ten years at Hummer Winblad. He brings extensive experience in identifying and supporting innovative software companies.
Maria Mulcahy: Chief Financial Officer at Aspenwood Ventures, Mulcahy oversees the firm’s financial operations and strategy.
Haley Etter: Executive Assistant at Aspenwood Ventures, Etter supports the team in various operational capacities.
To pitch to Aspenwood Ventures, founders should use the contact form available on their website at aspenwoodvc.com/contact/ or send an email to info@aspenwoodventures.com. It is important to include a comprehensive overview of the business, including the team, market opportunity, and product details. Founders should expect a response within a few weeks, depending on the volume of inquiries.
Aspenwood Ventures prefers warm introductions but will consider direct pitches as well. A well-structured pitch deck that outlines the business model, market analysis, and financial projections can significantly enhance the chances of securing a meeting.
In November 2025, Aspenwood Ventures announced the final closing of its Fund III, which raised $75 million. This fund will continue the firm’s focus on early-stage enterprise software investments.
Recently, Aspenwood Ventures has highlighted its commitment to supporting innovative software companies, maintaining a consistent investment strategy without any public blog activity detected. The firm continues to engage with its portfolio companies, providing strategic guidance and support.
What are Aspenwood Ventures' investment criteria?
Aspenwood Ventures focuses on early-stage enterprise software companies, particularly those in the pre-seed, seed, and Series A stages. They seek founding teams that tackle complex software challenges and have a proven history of success.
How can I apply or pitch to Aspenwood Ventures?
Founders can pitch to Aspenwood Ventures through their website at aspenwoodvc.com/contact/ or via email at info@aspenwoodventures.com. It is advisable to include a detailed overview of the business, market opportunity, and team background in the pitch.
What makes Aspenwood Ventures different from other VC firms?
Aspenwood Ventures has over 30 years of experience in the enterprise software sector, making it one of the longest-running software-only VC firms. Their long-term commitment to portfolio companies and deep domain expertise in SaaS and AI/ML applications set them apart.
What is the geographic scope of Aspenwood Ventures?
The firm primarily invests in North America, focusing on companies that are innovating within the technology landscape.
What is the typical check size for investments?
Aspenwood Ventures typically invests between $1 million and $5 million in initial funding rounds.
How involved is Aspenwood Ventures post-investment?
The firm emphasizes a collaborative approach, often joining the boards of portfolio companies to provide ongoing support and guidance throughout their growth journey.
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