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Operator Collective is an early-stage B2B venture capital firm founded in 2019 by Mallun Yen. Headquartered in Palo Alto, California, the firm focuses on connecting founders with experienced enterprise operators, creating a supportive ecosystem for startups. The firm has raised two funds to date, with Fund I closing at $45 million in 2019 and Fund II exceeding $92 million in 2022. Operator Collective has built a unique model that pools over 200 Operator Limited Partners (LPs), who are senior executives from successful tech companies, to provide valuable insights and connections to portfolio companies.
The firm emphasizes diversity and inclusion, aiming to enhance access to venture capital for underrepresented founders. Operator Collective has facilitated over 800 connections between founders and operators, resulting in more than 100 customer contracts. This collaborative approach has positioned the firm as a leader in the venture capital space, particularly in the B2B software sector.
Operator Collective primarily invests in early-stage B2B software businesses, focusing on pre-seed, seed, and Series A stages. The firm employs the Collective Venture Model®, which emphasizes collaboration among its LPs. This model allows LPs to actively participate in the investment process, providing valuable connections and insights to portfolio companies. Initial check sizes typically range from $500,000 to $1.5 million, with some follow-on investments reaching up to $20 million.
The firm seeks to empower diverse founders by leveraging the expertise of its LPs, who bring extensive industry experience and networks. Operator Collective's investment strategy is centered around fostering an inclusive venture ecosystem, ensuring that underrepresented founders have access to the resources and support they need to succeed in the competitive B2B software market.
Operator Collective has built a diverse portfolio of over 54 companies, with notable investments in the B2B software sector. Key portfolio companies include:
Among these, Ironclad and AgentSync stand out as notable exits, showcasing the firm's ability to identify and support high-potential startups. The firm has consistently added new investments, averaging six new companies per year over the last five years.
Mallun Yen: Founder & Managing Partner. Mallun has a background as the ex-SVP at RPX and was the lead for IP litigation at Cisco. She is recognized on the Forbes Midas Brink List for her contributions to the venture capital space.
Dana Marohn Spiliotis: Partner. Dana brings extensive experience in venture capital and has been instrumental in sourcing and supporting portfolio companies.
Haley Brannan: Partner. Haley focuses on building relationships with founders and enhancing the firm's operational support for portfolio companies.
Claire Hughes Johnson: Board of Advisors & Operator LP. Claire is a Corporate Officer at Stripe and provides strategic insights to the firm.
Anna Jacobson: Operations & Data Partner. Anna manages the firm's operations and data analytics, ensuring efficient processes and data-driven decision-making.
To pitch Operator Collective, founders should visit the firm's website at operatorcollective.com. It is important to include a detailed business plan, market analysis, and information on how the startup aligns with the firm's focus on diversity and inclusion. The firm typically responds to pitches within a few weeks, and while warm introductions are preferred, direct submissions through the website are also accepted.
In February 2025, Operator Collective filed a Form D with the SEC for its third fund, targeting an initial close of $15 million. This fund aims to continue the firm's commitment to supporting diverse founders in the B2B software space.
In 2022, Operator Collective raised Fund II, which exceeded $92 million, allowing the firm to double down on its successful investment model. The firm has consistently added new investments, averaging six new companies per year over the last five years.
Operator Collective has also been featured in various media outlets, including TechCrunch and Crunchbase News, highlighting its unique approach to venture capital and its focus on diversity and inclusion.
What are Operator Collective's investment criteria?
Operator Collective focuses on early-stage B2B software companies, particularly in the pre-seed, seed, and Series A stages. The firm seeks to invest in diverse founders and companies that can leverage the expertise of its Operator LPs.
How can I pitch to Operator Collective?
Founders can submit their pitches through the Operator Collective website. It is recommended to include a clear business model, market opportunity, and how the company aligns with the firm's focus on diversity and inclusion.
What makes Operator Collective different from other VC firms?
The firm employs the Collective Venture Model®, which emphasizes collaboration among its LPs. This model allows LPs to actively participate in sourcing, diligence, and post-investment support, providing portfolio companies with valuable insights and connections.
What is the geographic focus of Operator Collective?
Operator Collective primarily invests in companies based in the United States, focusing on the B2B software sector.
What is the typical check size for investments?
Initial check sizes typically range from $500,000 to $1.5 million, with the potential for follow-on investments reaching up to $20 million.
How involved are LPs in the post-investment process?
LPs are actively involved in the post-investment process, providing operational insights, connections, and support to help portfolio companies grow and succeed.
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