Kokopelli Capital

Kokopelli Capital Research Investment Thesis Kokopelli Capital is a micro-VC fund founded in 2017 that specializes in early-stage investing in the Rocky Mountain region (Colorado and Austin). The fund was established as the Rocky Mountain region's first pre-seed venture fund, with a mission to identify and support scalable businesses founded by entrepreneurs in non-coastal hubs. Their philosophy centers on "founders investing in founders" - the three partners bring deep operational and entrepreneurial experience to their investor role. The fund believes in the power of distributed entrepreneurship and recognizes that exceptional founders exist beyond Silicon Valley and New York. They focus on identifying scalable businesses with sub-$5 million revenues and provide hands-on support to portfolio companies. Fund History and Performance Kokopelli Capital raised Fund I with $1.4 million in 2017. Since inception, the fund has invested in 35+ companies, primarily at the pre-seed and seed stages. On paper (TVPI), Fund I is in the top 25% of fund performance for its vintage according to Cambridge Associates Q2 2020 Benchmarks Report. The fund has already achieved a successful exit to Atlassian (Halp acquisition in 2020, a Slack-integrated helpdesk tool). Stage Focus Kokopelli Capital primarily invests in: Pre-Seed : $25,000-$500,000 checks Seed : $25,000-$500,000 checks Series A : Selective follow-on investments through AngelList syndicate The typical investment via their AngelList syndicate is $119.5k, with expected dealflow of 6 investments per year. Check Size Kokopelli Capital typically writes checks in the range of $25,000 to $500,000, with a median investment around $119.5k. Through their AngelList syndicate, they invest as co-investors alongside lead investors, typically deploying $100k-$300k. Geographic Focus The fund is based across non-coastal hubs in: Colorado : Boulder and Denver regions (primary focus) Austin, Texas : Growing secondary market Rocky Mountain Region : Broader geographic mandate The majority of their deals originate from these regions, though they participate in follow-on rounds for existing portfolio companies. Portfolio Composition As of recent data, Kokopelli Capital has invested in 25-28 companies (per various sources). Known portfolio companies include: Woof : Consumer goods (footwear/apparel) Goally : Education/special needs technology Stand+ : Footwear/consumer Halp : Slack-integrated helpdesk (acquired by Atlassian, 2020) - successful exit Kindara : Fertility/women's health tracking Sitter : Babysitting/childcare marketplace (acquired) Pepper : Denver-based intimate apparel startup AdvicePay : Financial advisory software MC Squares : Technology/hardware Portfolio companies span diverse sectors including consumer goods, fintech, HR tech, healthcare/wellness, and software. Decision Process and Investment Strategy Kokopelli Capital operates as a partnership of three co-equal partners (Cory Finney, Jamie Finney, and Fletcher Richman). Decisions appear to be made collaboratively as a partnership rather than by solo GP. Their investment strategy emphasizes: Community-based sourcing : Strong referral network from existing founders and limited partners Active community leadership : Host investor dinners and networking events across Austin and Colorado Co-investment model : Typically co-invest alongside great lead investors Long-term support : Provide operational support and connections beyond capital Lead Tendency Kokopelli Capital is described as a co-investor fund. They typically follow strong lead investors and provide $100k-$300k of follow-on capital. However, they do lead pre-seed and seed rounds within their core markets and investment thesis. Co-Investor Network Portfolio companies have received follow-on funding from exceptional firms including: Union Square Ventures True Ventures Bessemer Venture Partners Thrive Capital Lerer Hippeau This demonstrates the fund's ability to attract subsequent investment from tier-one VCs, validating their investment selections. Team Backgrounds Cory Finney : Co-founder and General Partner. Sixth-generation Coloradan originally from Durango. Passionate about entrepreneurship and the outdoors. Partner at both Kokopelli Capital and Greater Colorado Venture Fund, demonstrating commitment to regional venture ecosystem. Jamie Finney : Co-founder and General Partner. Also from Durango, Colorado. Invests in rural Colorado startups and employee ownership transitions. Strong focus on Colorado startup community development. Fletcher Richman : Co-founder and General Partner. Former CEO of Halp (acquired by Atlassian in 2020), demonstrating operational success in the space. Now Senior Product Manager at Atlassian while maintaining Kokopelli partnership. Brings hands-on experience scaling companies to acquisition. Warm Introductions While not explicitly stated, Kokopelli Capital receives strong referral flow from their existing network of founders and LPs. Warm introductions through Colorado/Austin startup ecosystem or existing portfolio founders would likely be advantageous. Recent Activity As of Q3 2025, Kokopelli Capital has made no new investments in 2025 so far. The most recent investment activity was in June 2021 (Haekka investment per PitchBook). This may indicate: Focus on managing and supporting existing portfolio Potential fund transition or new fund raising Seasonal variation in deployment The fund has demonstrated patience in deployment, suggesting selective and thoughtful investment approach. Sector and Model Preferences Based on portfolio analysis, the fund invests across diverse sectors with apparent flexibility: Consumer : Apparel, footwear, marketplaces (Woof, Stand+, Sitter) Healthcare/Wellness : Women's health, special needs education (Kindara, Goally) Software/SaaS : Fintech, HR tech, productivity (AdvicePay, Halp) Hardware : MC Squares and other technology hardware The fund appears sector-agnostic, focusing instead on finding scalable founders in Rocky Mountain region. Notable Exits and Returns Halp → Atlassian (2020) : Slack-integrated helpdesk ticketing tool. Acquired by Atlassian for undisclosed amount after raising $2.6M. This represents a successful outcome for Fund I investors. Sitter : Babysitting/childcare marketplace acquired (details undisclosed). Their portfolio has seen 4 total acquisitions, demonstrating consistent exit activity. Investment Conviction and Philosophy Kokopelli Capital's approach reflects several core convictions: Regional diversity matters : Great founders exist outside coastal hubs Founder-operators understand best : Investing as operators who have scaled companies Community creates deals : Strong regional ecosystem development drives deal flow Long-term support : Providing operational help, not just capital Patience and selectivity : Fewer companies with higher conviction Current Fund Status Fund I ($1.4M, 2017) remains active in supporting portfolio companies. The fund appears to be in mature deployment/management phase. No announcement of Fund II capital raise was identified, suggesting the fund may be exploring new structures or fundraising approaches. The AngelList syndicate provides an alternative deployment vehicle for follow-on investments.