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Overlap Holdings is a venture capital firm founded by Justin Stevens, who has over 20 years of experience in financial structuring and investment management. Established in the United States, the firm focuses on addressing significant global challenges through investments in frontier technology. Overlap Holdings operates with a unique integrated model that combines equity investments, capital solutions, and government solutions to support its portfolio companies.
The firm closed its inaugural fund, Overlap Holdings Flagship Fund 1 (OHF1), at $33 million on February 5, 2025. Overlap Holdings targets a portfolio of 30 to 35 companies, primarily investing in Seed through Series B rounds. Currently, the firm has invested in 11 companies, demonstrating its commitment to supporting early-stage startups in capital-intensive sectors.
Located in the United States, Overlap Holdings emphasizes its ability to provide differentiated value to its portfolio through its extensive network and expertise in navigating complex financing landscapes. The firm’s approach is designed to ensure that startups have the necessary resources to thrive between equity rounds, addressing the unique challenges faced by frontier tech companies.
Overlap Holdings invests in frontier technology companies across several sectors, including Energy, Life Sciences, Materials Science, Space, Robotics, and Semiconductors. The firm’s investment strategy encompasses Seed, Series A, and Series B equity rounds, with an average check size of approximately $700,000. This approach allows Overlap Holdings to support startups at critical stages of their development.
The firm operates three integrated business lines: equity investments, Capital Solutions, and Government Solutions. Capital Solutions focuses on optimizing financing outcomes for portfolio companies, while Government Solutions assists startups in securing non-dilutive government funding, such as SBIR/STTR and DoD grants. These services are provided free of charge to portfolio companies, enhancing their financial flexibility and growth potential.
Overlap Holdings seeks to invest in companies that merge scientific innovation with hardware solutions, targeting those that aim to solve world-scale problems. This focus on the intersection of technology and hardware positions Overlap Holdings as a valuable partner for startups in capital-intensive industries.
Overlap Holdings has invested in a diverse range of frontier technology companies, with a current portfolio of 11 notable firms. Key investments include:
These companies exemplify Overlap Holdings' commitment to investing in innovative solutions that address significant global challenges. The firm’s portfolio reflects its focus on sectors that require substantial capital and technological advancement.
Justin Stevens - Founder & CEO. Justin has over 20 years of experience in financial structuring and investment management, previously serving as a Senior Partner at Apollo Global Management.
Gauri Jaswal - Principal. Gauri has a background in venture capital, having previously worked as an investor at Conscience VC, where she focused on early-stage technology companies.
Rob Morelli - Chief Operating Officer. Rob has experience as a former leader of the debt desk at UBS and has also founded his own startup, bringing valuable operational insights to Overlap Holdings.
Elizabeth Stockton - Director of Government Solutions. Elizabeth specializes in navigating government funding opportunities and assists portfolio companies in securing non-dilutive financing.
Irene Edwards - Chief Communications Officer / Head of Investor Relations. Irene manages communications and investor relations, ensuring that Overlap Holdings maintains strong connections with its stakeholders.
Startups interested in pitching to Overlap Holdings should reach out directly, ideally through a warm introduction. The pitch deck should include a comprehensive overview of the business model, market opportunity, competitive landscape, and financial projections. Founders should also highlight any traction or milestones achieved to date.
Overlap Holdings does not have a formal application portal, but they encourage direct communication with the team. Response times may vary, but founders can expect to hear back within a few weeks of submission.
On February 5, 2025, Overlap Holdings announced the successful closing of its inaugural fund, Overlap Holdings Flagship Fund 1 (OHF1), at $33 million. This fund is dedicated to investing in frontier technology startups across various sectors.
Since its founding, Overlap Holdings has actively promoted its investment strategy and unique offerings, including Capital Solutions and Government Solutions, which are provided free of charge to portfolio companies. The firm emphasizes its commitment to supporting startups in navigating the complexities of financing in capital-intensive industries.
As of March 2026, Overlap Holdings has invested in 11 companies, with plans to expand its portfolio to 30-35 companies within the fund's lifecycle. The firm continues to seek innovative startups that align with its investment thesis of merging scientific innovation with hardware solutions.
What are Overlap Holdings' investment criteria?
Overlap Holdings invests in frontier technology startups across various sectors, including Energy, Life Sciences, Materials Science, Space, Robotics, and Semiconductors. The firm focuses on Seed, Series A, and Series B rounds, with an average check size of around $700,000.
How can startups apply or pitch to Overlap Holdings?
Startups interested in pitching to Overlap Holdings should prepare a detailed presentation that outlines their business model, market potential, and technological innovation. The firm prefers to receive pitches through direct outreach, ideally with a warm introduction from a mutual connection.
What makes Overlap Holdings different from other venture capital firms?
Overlap Holdings distinguishes itself through its integrated model, which includes Capital Solutions and Government Solutions. These services help portfolio companies secure non-dilutive funding and optimize their financing outcomes, addressing the capital-intensive nature of frontier tech startups.
What is the geographic focus of Overlap Holdings?
The firm primarily invests in startups based in the United States, allowing it to leverage its local expertise and network to support portfolio companies effectively.
What is Overlap Holdings' post-investment involvement like?
Overlap Holdings actively supports its portfolio companies by providing access to non-dilutive financing options and government funding assistance. This support is crucial for startups navigating the challenges of capital-intensive industries.
What is the size of Overlap Holdings' fund?
Overlap Holdings closed its inaugural fund, Overlap Holdings Flagship Fund 1 (OHF1), at $33 million in February 2025. The firm aims to build a portfolio of 30 to 35 companies within this fund.
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