Not Boring Capital

Not Boring Capital Research Investment Thesis Not Boring Capital is a unique venture fund that combines a newsletter-driven media flywheel with direct capital deployment. Founded by Packy McCormick, the fund invests in companies with compelling stories to tell and helps amplify those stories through the Not Boring newsletter, which reaches hundreds of thousands of readers. The thesis is that storytelling and great companies go hand-in-hand, and that deep narrative insight can inform better investment decisions. Packy McCormick operates Not Boring Capital as a solo GP model, maintaining tight integration between his media platform (the Not Boring newsletter with weekly content) and capital deployment. The fund invests in companies across multiple sectors and stages, united by their ability to tell meaningful stories about the future. Fund Structure & History Not Boring Capital has evolved through three funds: Fund I (2021): $8 million - Initial fund focused on early-stage companies with compelling narratives Fund II (2022): $30 million - Scaled operations with similar strategy across broader sectors. Fund II deployed $8.4 million in 48 companies and DAOs in Q4 2021 alone, with an average check size of $175K. Fund III (2023): $30 million - Focused on "Hard Startups" with emphasis on biotech, energy, education, web3, and supply chain. Fund III raised $30M with a thesis centered on exponential technology curves and deep technical innovation. Total AUM: ~$68 million across all three funds. Investment Strategy & Media Flywheel Not Boring Capital operates a distinctive model where Packy McCormick's newsletter is deeply integrated with his investment activities: Sponsored Deep Dives : The fund invests in companies and then publishes extended research articles ("Sponsored Deep Dives") about them, generating both storytelling value and revenue. This creates a unique value-add beyond capital. Narrative-Driven Investing : The fund seeks companies that tell important stories about technology, innovation, and the future. The newsletter provides distribution and narrative framework for portfolio companies. Minimal Ownership Philosophy : Not Boring Capital typically takes small ownership stakes and rarely takes board seats, preferring to stay involved through narrative amplification and strategic support. Diversified Sector Approach : While Fund III emphasized hard tech and exponential technologies, the fund maintains flexibility to invest across sectors if the story is compelling and the founding team is exceptional. Stage Focus Not Boring Capital invests across a wide range of stages: Pre-Seed to Seed : Primary focus for Fund I and early Fund II deployments Series A : Regular participation in mid-stage rounds Series B : Occasional follow-ons and participation in growth-stage rounds Growth & Beyond : Selective participation in later-stage companies within portfolio The fund is flexible with stage but maintains conviction in early-stage discovery and narrative building. Check Size & Deployment Typical Check Range: $100,000 - $2,000,000 Pre-seed/seed: $100K-$500K Seed/Series A: $250K-$2M Average check in portfolio: $175K (based on Fund II data) Deployment Velocity: The fund has demonstrated consistent, rapid deployment. Fund II deployed nearly $8.4M in 48 companies in Q4 2021 alone. Lead vs. Follow Tendency Not Boring Capital operates as both a lead and follow investor: Lead : Often leads seed and early-stage rounds, particularly for companies with strong narrative potential Follow : Also participates in later-stage rounds within portfolio companies (Series A/B follow-ons) Syndication : Works alongside quality co-investors including a16z, Lux Capital, Sequoia, Greylock, Thrive Capital, and 8VC Notable Co-Investors : Marc Andreessen and Chris Dixon are LPs in Not Boring Capital, indicating strong alignment with prominent VCs. Recent Activity & Fund Status Current Status : Fund III is actively deploying capital (closed 2023) Recent Investments (2024-2025): October 2025: Vico (Application Software) 2025: Continued active deployment across multiple sectors September 2025: Ramp reached $1B in ARR and $32B valuation (major portfolio exit trajectory) July 2025: Ambrook raised $26.1M Series A (portfolio company) Fund Status : Actively deploying, with no announced Fund IV as of February 2026 Portfolio Highlights Unicorns & High-Value Companies: Ramp : Corporate spend management platform. Fastest company to reach $1B valuation in NYC history. Currently valued at $32B+ with $1B+ in annualized revenue. Major portfolio success. Ambrook : Accounting software for modern American agriculture. Raised $26.1M Series A in July 2025, demonstrating strong post-investment growth trajectory. Notable Portfolio Companies: Convoke : AI operating system for business. Secured $8.6M for further development. Daylight Energy : Clean energy technology Vico : Application software (recent investment, October 2025) Earth.ai : AI-driven resource exploration for mining and energy Thatch : Real estate/property technology Bonfire : Decentralized finance and blockchain Sharebite : Workplace/employee benefits Portfolio Characteristics : The portfolio spans enterprise software, fintech, hard tech, biotech, web3, energy, and agriculture tech. This breadth reflects Not Boring Capital's flexible approach and focus on storytelling over strict sector specialization. Geographic Focus Primary focus: New York City and United States Headquarters: New York, New York Secondary focus: Technology hubs across US (SF Bay Area, etc.) International: Selective investments, particularly in regions with compelling tech narratives Team & Decision Process Solo GP Model : Not Boring Capital operates as a one-person fund with Packy McCormick as the sole decision-maker. This enables: Fast decision-making Clear thesis alignment Direct founder relationships Integrated media/capital strategy Decision Timeline : Packy has demonstrated ability to move quickly on decisions, particularly for companies with strong narrative fit. Typical timeline: 2-4 weeks from initial meeting to term sheet for aligned companies. Founder Preferences : Not Boring Capital seeks: Founders with compelling origin stories and clear vision Teams building transformative technologies (especially hard tech, biotech, energy) Founders who can articulate why their company matters (narratively strong) Technical depth and domain expertise Founders who embrace storytelling and thought leadership Investment Decision Process Unique Aspects : Narrative Evaluation : Beyond traditional VC diligence, Packy assesses whether the founder and company have a compelling story to tell Media Integration : Part of investment decision considers whether company fits newsletter audience and future Sponsored Deep Dives Newsletter Advantage : Founders gain distribution and credibility through coverage in Not Boring newsletter Board vs. Strategic : Typically takes no board seat but maintains strategic advisor/supporter role Warm Introduction Preferences While the fund maintains an active newsletter and public presence, warm introductions are preferred for investments. Key introduction paths: Through existing portfolio founders Through a16z, Sequoia, and other co-investors Through newsletter readers and community Direct outreach from compelling founding teams with strong narratives Fund III Emphasis: Hard Tech & Exponential Technologies Fund III (2023-present) places particular emphasis on: Core Sectors: Biotech & Life Sciences : Including cancer research, pharmaceutical innovation, gene therapy Energy & Climate : Both traditional energy optimization and renewable energy Materials & Manufacturing : Advanced materials, custom manufacturing, production innovation Aerospace & Deep Tech : Space, robotics, autonomous systems Web3 & Blockchain : Selected investments in crypto, DeFi, and blockchain infrastructure (despite LP skepticism, Packy remains invested in sector) Exponential Technology Thesis : A key pillar of Fund III thesis is that companies built on exponential technology curves are investible. This includes: AI and machine learning applications (particularly at the infrastructure level) Semiconductor and hardware innovations Biotech breakthroughs Energy technology advances Fund Performance & Results By the Numbers: 200+ portfolio companies across all funds $30M+ deployed across Fund I and II (as of April 2022) Fund III deployed $30M across hard tech companies with co-investors including Lux, a16z, Thrive, Sequoia, Greylock, 8VC Major successes: Ramp (unicorn trajectory), Ambrook (strong Series A growth) LPs & Capital Sources Notable Limited Partners: Marc Andreessen (a16z) Chris Dixon (a16z) Strategic investors and tech industry figures Friends and family of Packy McCormick This LP base indicates strong alignment with top-tier venture capital and validates the solo GP model. Competitive Advantages Media Flywheel : Unlike traditional VCs, Not Boring Capital can offer portfolio companies distribution, credibility, and storytelling support through newsletter Founder Network : Newsletter reaches hundreds of thousands, providing access to deal flow and talent Speed & Decisiveness : Solo GP model enables rapid decisions without committee overhead Narrative Expertise : Packy's writing and storytelling ability creates additional value for portfolio companies Top-Tier LP Support : a16z and other major VCs as LPs/co-investors validates approach Anti-Thesis Not Boring Capital is less likely to invest in: Consumer apps without strong hard tech or structural innovation Companies with weak founding narratives or unclear vision Pure commodities or margin-compressed businesses Teams unwilling to embrace public storytelling/thought leadership Typical Involvement & Support Beyond capital, Not Boring Capital provides: Strategic Advice : On product positioning, market strategy, fundraising Storytelling & PR : Help with narrative, media relationships, positioning Network Access : Introduction to Not Boring newsletter readers, other portfolio founders, and co-investors Thought Partnership : On company strategy, market timing, technology trends Limited Governance : No board seat typical, but regular strategic engagement Fundraising & LP Communication Packy regularly communicates fund updates through the Not Boring newsletter, providing transparency to LPs and the public. Fund raises are announced via newsletter posts, creating community involvement in fund growth. Current Focus (2026) As of February 2026: Fund III continues active deployment Fund IV discussions potentially underway (not yet announced) Portfolio companies (Ramp, Ambrook) continuing strong growth trajectories Newsletter continues as primary distribution and communication mechanism Investment thesis remains focused on hard tech, exponential technologies, and compelling narratives Summary Not Boring Capital represents a new model for venture capital: the integrated media + capital fund. By coupling Packy McCormick's influential newsletter with direct capital deployment, the fund creates a unique value proposition for both founders and LPs. The portfolio demonstrates strong outcomes (Ramp, Ambrook) and the fund maintains consistent deployment velocity. The solo GP model, while unconventional, has proven effective and is backed by top-tier co-investors and LPs.