Bowery Capital

Bowery Capital Research Investment Thesis Bowery Capital is a thesis-driven venture capital firm founded in 2013 that believes the shift toward next-generation business software represents the greatest area of value creation in technology. The firm invests exclusively in B2B founders who are modernizing business through technology, with a particular focus on applying technology to underserved market segments and creating software that changes how businesses operate. The firm's core conviction is that this shift is driven by four major forces: the prominence of internet natives, large-scale digital transformation, new and expanding software budgets, and increasing demand for software by laggard industries. Bowery positions itself at the forefront of this shift and succeeds when the entrepreneurs they invest in change the way businesses operate for the better. Sector and Model Focus Bowery Capital specializes in early-stage B2B software, with a particular emphasis on: B2B SaaS : Enterprise software solving real business problems at scale Vertical Software : Industry-specific solutions serving underserved segments (e.g., field sales, water utilities, healthcare credentialing, agricultural equipment) Infrastructure and Developer Tools : Software that enables other businesses to build better software AI/ML Applications : Increasingly interested in how AI can modernize back-office and field operations The firm explicitly states they invest B2B only and focus on companies that directly impact revenue operations or core business processes. Recent portfolio investments show particular interest in: AI for field operations : Enata (field sales AI, January 2026, pre-seed) AI for back-office compliance : Rulebase (financial services compliance, September 2025, pre-seed) Marketplace and logistics : ePallet, Transfix, VNDLY, and others that use software to modernize fragmented markets Vertical SaaS : Klir (water utility compliance), Elevate (benefits management), Andros (healthcare credentialing) Stage Focus and Check Size Bowery Capital is an early-stage investor with a clear focus on Pre-Seed and Seed: Primary stages : Pre-Seed and Seed Typical check size : $250K - $5M based on portfolio review Investment strategy : They lead or co-lead rounds, typically partnering with 2-3 other investors Target ownership : Historical guidance suggests 15-20% at seed stage Recent investments indicate: Pre-seed checks: $500K - $2M range (e.g., Enata, Rulebase, Singulate) Seed checks: $1M - $3M range Occasional follow-ons on fund reserves for Series A companies showing exceptional growth Fund Status and Capital Deployment Fund III : $70 million, launched in 2021, actively deploying. The fund has raised capital from foundations, endowments, and funds of funds. The firm practices disciplined asset allocation and modestly-sized funds, which allows them to roll up their sleeves with founders and work hands-on. AUM : Approximately $70M under active management based on public disclosures. Lead Tendency : The firm leads rounds in the majority of investments (approximately 50% of deals are led by Bowery). Recent Activity (2025-2026) Bowery Capital has been actively deploying capital in 2025-2026: January 2026 : Led pre-seed in Enata (field sales AI) September 2025 : Invested in Rulebase (financial services compliance AI) August 2025 : Follow-on in Pantomath (Series B) Q3 2025 : Invested in Singulate (generative AI personalization for marketers) Fund status: Actively deploying - The firm continues to make 8-12 new investments per year at pre-seed and seed stages, with portfolio construction focused on companies solving tangible business problems. Founder Preferences and Selection Criteria Bowery Capital seeks founders who: Have domain expertise : Founders who have lived the problem they're solving (e.g., Justin Bedard at Enata was a field sales rep before building the tool) Combine technical depth with business acumen : Strong technical founders paired with those who understand GTM and revenue Focus on underserved markets : Seeking to apply technology to segments that have been neglected or using desk-first tools for too long Are passionate about modernization : Founders who genuinely believe they can improve how businesses operate Anti-thesis: The firm avoids consumer apps, pure consumer marketing plays, and non-technical founders without clear domain expertise. Team and Investment Approach Bowery Capital's team includes two General Partners (Michael Brown, Loren Straub), multiple Principals and Venture Partners, plus an operating team focused on go-to-market (Ellen LoBiondo, Director of Growth) and talent (Jessica Bernido, VP Talent). They also maintain a Revenue Council of experienced operators including Mark Roberge (SalesLoft founder), Allison Pickens, and others. Hands-On Value Add Bowery Capital is known for operational support beyond capital , specializing in: Go-To-Market Strategy : Deep expertise in sales enablement, building sales processes, revenue scaling from $0-$10M+ Talent Acquisition : Dedicated talent team helping with hiring, culture building, and early team formation Business Development : Direct introductions to customers, advisors, and strategic partners Revenue Council : Access to experienced operators and sales leaders who mentor founders on scaling This hands-on approach is a differentiator - the firm describes itself as "rolling up sleeves" with founders to drive revenue growth and product-market-fit. Geographic Focus Primary : New York and San Francisco offices Investment regions : North America focused, with particular concentration on: East Coast : NYC, Boston, Washington DC West Coast : Bay Area, Seattle Midwest : Chicago, Columbus, Cincinnati (vertical-specific picks) Portfolio Highlights and Exits Notable Exits (portfolio success stories): ActionIQ → Uniphore (2025) - Enterprise intelligence SupplyShift → Sphera (2024) - Supply chain risk mParticle → Rokt (2025) - Mobile data platform Moat → Oracle (2017) - Advertising intelligence Sailthru → Campaign Monitor (2019) - Marketing automation StreetCred → Snapchat (2021) - Location data Codecademy → Skillsoft (2022) - Coding education Outlaw → Filevine (2021) - Contract management Metricly → Virtual Instruments (2019) - Cloud monitoring Active Portfolio features 100+ companies across vertical SaaS, infrastructure, developer tools, AI applications, and marketplace businesses. Notable Characteristics B2B Exclusive : No consumer, hardware, or vertical-agnostic plays Founder-Friendly : Known for collaborative relationships and hands-on support Revenue-Focused : Deep expertise in go-to-market and building sales organizations Disciplined : Modest fund sizes allow focused attention on each portfolio company Dual-Hub : Can support companies across both coasts Long-Term View : Portfolio companies often work with them for 5-10 year journeys Bowery Capital is recognized as a leading early-stage B2B investor. The firm's focus on underserved vertical SaaS segments and application of AI/ML to business operations positions them well in the 2025-2026 investment environment.