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Underscore VC is a venture capital firm based in Boston, Massachusetts, founded in 2015. The firm specializes in supporting early-stage B2B software entrepreneurs, focusing on Pre-Seed and Seed investments. Underscore VC operates under a unique 'open-source' investing model, where 10% of general partner profits are allocated to over 1,800 Core Partners. These partners provide non-dilutive support to portfolio companies, enhancing their growth potential.
As of now, Underscore VC has made over 114 investments, with a current portfolio of more than 60 companies. The firm has achieved notable milestones, including backing two unicorns and facilitating over 12 acquisitions. Their latest fund, Fund III, closed at $58 million in 2024, reflecting their commitment to early-stage investments in the B2B software sector.
Underscore VC primarily invests in B2B software companies at the Pre-Seed and Seed stages, with check sizes ranging from $500,000 to $3 million. Their sweet spot for investments is around $1 million. The firm leads or co-leads funding rounds and typically conducts due diligence within a 2-3 week timeframe. Their investment strategy is evenly split between vertical SaaS and fintech/emerging technology, with a clear avoidance of biotech, medtech, and pure hardware sectors.
Geographically, Underscore VC is rooted in Boston but maintains a geography-agnostic approach, with approximately 50% of their investments originating from the Boston area and the other 50% from the rest of the United States. The firm seeks bold entrepreneurs who are solving impactful problems, emphasizing a community-driven model that leverages the expertise of their Core Partners.
Underscore VC has a diverse portfolio of over 114 investments, including notable companies such as:
Among their achievements, Underscore VC has backed two unicorns and facilitated over 12 acquisitions, including Coda, Project44, and Salsify. Recent investments include Slang AI in February 2026 and Quilt Health, which received a $6 million Seed round.
Michael Skok: Partner Emeritus with extensive experience in venture capital and entrepreneurship.
Richard Dulude: Partner, known for his expertise in early-stage investments and operational support.
Brian Devaney: Partner with a focus on B2B software and technology investments.
Chris Gardner: Partner, specializing in fintech and emerging technologies.
Lily Lyman: Partner with a background in supporting startups through various growth stages.
Gabrielle McCarthy: Senior Investment Associate, involved in sourcing and evaluating new investment opportunities.
Devin Nash: Vice President of Brand & Experience, focusing on enhancing the firm's visibility and outreach.
James Orsillo: Partner and Chief Financial & Operating Officer, overseeing financial operations and strategic initiatives.
Marco Rosario: Operations Manager & Executive Assistant, supporting the firm's day-to-day operations.
To pitch Underscore VC, founders should submit their proposals through the firm's website or via email. A compelling pitch deck should include details about the business model, market opportunity, competitive landscape, and team qualifications. Founders can expect a response within a few weeks, as the firm typically conducts due diligence in a 2-3 week timeframe.
Warm introductions are preferred, especially from existing Core Partners or mutual connections within the startup ecosystem.
Underscore VC has established the Core Community, which connects portfolio companies with a network of experts and advisors. This program incentivizes Core Partners to provide hands-on support, ensuring that founders receive the right expertise at the right time. Additionally, the firm offers resources such as the Startup Secrets series, which includes articles and templates on fundraising, hiring, and product development.
In the last 12 months, Underscore VC has made 7 investments, showcasing their active engagement in the startup ecosystem. Their latest investment was in Slang AI on February 23, 2026, followed by a $6 million Seed round for Quilt Health. The firm also closed Fund III at $58 million in 2024, further solidifying their position in the venture capital landscape.
Q?
What are Underscore VC's investment criteria?
Underscore VC focuses on early-stage B2B software companies, particularly in vertical SaaS and fintech/emerging tech. They invest at the Pre-Seed and Seed stages, with check sizes ranging from $500,000 to $3 million.
Q?
How can startups apply or pitch to Underscore VC?
Startups can reach out via their website or email to pitch their ideas. A well-prepared deck that outlines the business model, market opportunity, and team is essential.
Q?
What makes Underscore VC different from other venture capital firms?
Underscore VC employs a community-driven 'open-source' investing model, sharing 10% of GP profits with their Core Partners who provide hands-on support to portfolio companies.
Q?
What is the geographic scope of Underscore VC's investments?
While based in Boston, Underscore VC is geography-agnostic, investing in startups across the United States and beyond.
Q?
What kind of post-investment involvement does Underscore VC have?
Underscore VC provides extensive support through their Core Partners, offering hiring assistance, customer validation, strategic guidance, and access to community events.
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