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Long Run Capital is a venture capital firm founded in Nashville, Tennessee, with an additional office in San Francisco, California. The firm focuses on partnering with founders to build and grow businesses, particularly in the fintech and climate sectors. Established to support companies that demonstrate early revenue and a disciplined approach to scaling, Long Run Capital emphasizes cash-flow-focused technology and tech-enabled services.
The firm currently operates with a team of experienced professionals, including co-founders Daniel Maren and Wilson Patton, who serve as Co-Chief Investment Officers. Long Run Capital has a significant presence in the United States, particularly in Nashville and San Francisco, and is known for its commitment to investing in early-stage companies that show potential for profitable growth.
Long Run Capital has made notable strides in the venture capital space, focusing on investments that align with its thesis of capital efficiency and disciplined growth. The firm has closed at least one fund, Long Run Capital II, as of July 2023, although specific fund sizes remain undisclosed. The firm’s approach is characterized by a hands-on partnership with founders, providing not just capital but also strategic guidance to navigate the complexities of scaling a business.
Long Run Capital invests primarily in early-stage companies, particularly those that exhibit meaningful early revenue and a focus on cash-flow efficiency. The firm targets sectors such as fintech and climate, emphasizing technology and tech-enabled businesses that can achieve profitable scaling. Investment checks typically range from $2 million to $4 million, aimed at companies with annual recurring revenue (ARR) between $500,000 and $1.5 million.
The firm seeks businesses that demonstrate a clear path to profitability and significant exit outcomes, ideally in the range of $50 million to $250 million. Long Run Capital's investment strategy is centered on identifying startups that can scale efficiently without relying on excessive venture capital burn. Founders are encouraged to present strong revenue quality, customer traction, and unit economics during the pitch process, highlighting their potential for sustainable growth.
Long Run Capital has made strategic investments in a select group of companies that align with its focus on fintech and climate. The following are notable portfolio companies:
These investments reflect Long Run Capital's commitment to supporting businesses that prioritize cash-flow efficiency and have a clear path to profitable scaling. The firm’s portfolio showcases its focus on technology-driven solutions that address pressing market needs in both the financial and environmental sectors.
Daniel Maren - CEO and Co-Chief Investment Officer. Daniel has a background in venture capital and has been instrumental in shaping Long Run Capital's investment strategy. He is based in San Francisco and has a strong focus on fintech investments.
Wilson Patton - Co-Chief Investment Officer. Wilson operates from Nashville and brings extensive experience in early-stage investments, particularly in technology and climate sectors.
Calvin Clayton - Partner. Calvin is based in Nashville and has a proven track record in supporting startups through their growth phases, focusing on cash-flow efficiency and sustainable scaling.
To pitch Long Run Capital, founders should visit their website at longrun.capital. It is recommended to include details about revenue quality, customer traction, and unit economics in the pitch deck. Founders should be prepared for a thorough evaluation of their business model and growth potential.
Response times may vary, but founders should expect a detailed review process given the firm's focus on disciplined growth and cash-flow efficiency.
In October 2023, Long Run Capital invested in CNaught, a science-based carbon-credit purchasing platform, during a pre-seed round. This investment aligns with the firm's focus on climate-related technologies.
Additionally, Long Run Capital participated in a seed round for Gestalt Tech, a lender data ecosystem company, in September 2024. This investment further emphasizes the firm's commitment to fintech and tech-enabled services.
What are Long Run Capital's investment criteria?
Long Run Capital focuses on early-stage companies, particularly in fintech and climate sectors, that demonstrate meaningful early revenue and a disciplined approach to scaling. They typically invest in businesses with ARR between $500,000 and $1.5 million.
How can founders pitch to Long Run Capital?
Founders can pitch their startups by visiting the firm's website at longrun.capital. It is advisable to highlight revenue quality, customer traction, and unit economics in the pitch.
What makes Long Run Capital different from other VC firms?
Long Run Capital emphasizes cash-flow-focused technology and tech-enabled services, aiming for capital efficiency and sustainable growth. Their hands-on approach provides strategic guidance alongside financial investment.
What is the geographic focus of Long Run Capital?
The firm primarily invests in the United States, with a strong presence in Nashville, TN, and San Francisco, CA.
What is the typical check size for investments?
Long Run Capital typically leads rounds with check sizes ranging from $2 million to $4 million.
What type of post-investment involvement does Long Run Capital have?
Long Run Capital partners closely with founders, providing strategic guidance and support to help navigate the path to profitability and disciplined growth.
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