Okapi Venture Capital

Okapi Venture Capital Research Investment Thesis Okapi Venture Capital is Southern California's original seed-stage venture capital fund, established in 2005 by local business leaders and operating as a hands-on, actively engaged early-stage investor. The firm operates six funds and focuses on capital-efficient technology startups with differentiated competitive advantages targeting large, addressable, and growing markets. Their thesis emphasizes venture fundamentals, disciplined investment strategy, and active engagement with portfolio companies to optimize upside potential while minimizing downside risk. The firm uniquely positions itself outside the Bay Area, bringing expertise in building thriving entrepreneurial ecosystems in underserved geographies. They leverage their deep network and operational experience to accelerate portfolio company milestones and prepare them for follow-on investments. Stage Focus Okapi is a pure seed-stage venture capital fund, making initial investments in technology startups during their seed phase before product-market-fit is established. They typically invest in startups seeking their first institutional capital, and in many cases their first outside capital altogether. Most portfolio companies are pre-revenue at the time of initial investment. Stage preferences: Pre-Seed: Early-stage opportunities with strong founders Seed: Companies with early product and initial customers Series A: Selective follow-on investments into existing portfolio companies Check Size Okapi's typical investment range is $750,000 to $3,000,000 over the life of a portfolio company, with average check sizes in the $1-3M range. Their disciplined approach targets capital efficiency and companies that can demonstrate each investment has the potential to return the entire fund. Lead Tendency Okapi takes a leadership or co-leadership position in most of its investments. The firm emphasizes active, hands-on management and takes board seats or board observer positions on all companies in which they invest. They actively work with portfolio companies to help grow their respective businesses, providing technical, operational, legal, and investing expertise beyond just capital. Recent Activity Okapi continues to deploy capital from its six funds with recent activity in 2025 including: October 2025: Led investment in Aline Recent investments in KredosAI and Occuspace (2025) August 2025: Investment in MagicDoor Continued active deployment with 81+ portfolio companies The firm maintains strong momentum with a track record of successful exits and active portfolio company growth. Portfolio Highlights Notable Exits: CrowdStrike (cybersecurity, public) Connectifier (acquired by LinkedIn) SignNow (digital signature platform, acquired by Zoho) CLI Studios (design tools) Helixis (acquired by Illumina/ILMN) Focal Therapeutics (acquired by Hologic/HOLX) WellTok (acquired by Virgin Pulse) Obalon Therapeutics (Nasdaq: OBLN, merged 2021) Active Portfolio (30+ companies): Aline, ATM, Candid Wholesale, Chargezoom, Daasity, DeepCast, DepoDirect, dRISK, Exponential Intelligence, Figure.ai, Fluid Power AI, GoodHood, Influence, Jurny, KredosAI, LeadrPro, Magic Door, MultiPlayer, Nimble, Occuspace, PlanStreet, Slingshot Aerospace, Specright, StockApp, Trackstreet, Trellis, Trnsact, Ubiq, WeGive, WhiteFox Notable Portfolio Companies with Strong Metrics: Slingshot Aerospace: Aerospace and defense technology Figure.ai: AI-powered solutions Fluid Power AI: Industrial automation DeepCast: Digital entertainment technology Team & Leadership Marc Averitt, Co-Founder & Managing Director Marc is a seasoned startup entrepreneur and investor responsible for Okapi's technology and digital media investments. He brings foundational understanding of venture capital operations and has led investments across enterprise software, AI, and infrastructure sectors. Sharon Stevenson, DVM, PhD, Co-Founder, Managing Director & Venture Partner Sharon co-founded Okapi in 2005 and brought deep expertise in life sciences and medical device investments. She holds a DVM from Ohio State University and a PhD in Comparative Pathology from UC Davis, with an MBA from UCLA Anderson. Prior to Okapi, she served as Senior Vice President of Technology at SkinMedica (acquired by Allergan) and was a Principal with Domain Associates specializing in life sciences. She has authored 132+ publications and made 57+ professional presentations. She led Okapi's investments in Helixis (Illumina acquisition), Focal Therapeutics (Hologic acquisition), WellTok (Virgin Pulse acquisition), and Obalon Therapeutics. Sharon serves as Director on boards of portfolio companies WiserCare and BioTrace, and as Board Observer at OrthAlign. Jeff Bocan, Managing Director With over two decades in venture capital experience, Jeff brings extensive operational and investment expertise to the firm's technology sector focus. John Waller, Managing Director & Venture Partner A seasoned entrepreneur with significant operational and investment experience, John provides strategic guidance to portfolio companies and leads select technology investments. Investment Focus & Criteria Fund Construction: Small, focused fund structure Deep reserves for follow-on investments in successful companies Underwriting discipline: Each investment must have potential to return the entire fund Capital efficiency emphasis Current Investment Focus: Enterprise SaaS AI and machine learning technologies Future of work platforms A+ founding teams Large, addressable markets Underserved geographies (particularly outside Bay Area) Investment Process: Founders contact investment professionals directly with a brief description of their opportunity. If there is mutual interest after initial information exchange, the firm arranges calls or meetings. Upon continued mutual interest, the firm outlines next steps. Okapi takes board seats or board observer positions on all invested companies and actively works with management teams to develop their businesses. Sectors of Interest: Enterprise and consumer technology Software and digital platforms Medical devices and diagnostics (in prior funds) Multidisciplinary technology convergence opportunities Geographic & Market Focus Okapi explicitly focuses on Southern California (the "Tech Coast"), a region spanning Santa Barbara in the north to San Diego and the Mexican border in the south, home to approximately 26 million residents. The region includes 536,758+ small businesses and has more research universities than any other location in the US, including: 5 UC campuses (Santa Barbara, Los Angeles, Irvine, Riverside, San Diego) 10 California State University campuses Caltech, USC, Pepperdine, Loyola Marymount, Claremont Colleges Various world-class research institutes This concentration of institutional knowledge, international talent, and entrepreneurial infrastructure creates unique opportunities for early-stage tech companies. Okapi's Southern California focus allows them to identify opportunities before they attract mainstream VC attention. Decision Process & Timeline Okapi follows a disciplined but efficient investment process: Initial inquiry from founders Information review and preliminary assessment Call or meeting if mutual interest Further diligence if continued interest Investment decision with board seat placement The firm emphasizes adherence to investment criteria and disciplined portfolio construction, investing only within their circle of competence and maintaining low-loss ratios through rigorous entry pricing analysis. Founder & Company Preferences Okapi seeks founders and teams with: Technical depth and operational excellence Clear understanding of market opportunities Ability and willingness to work closely with investors Capital-efficient business models Differentiated competitive advantages Vision to scale into sustainable, large-impact businesses The firm takes an active role in developing businesses and preparing companies for follow-on funding rounds. Fund Status & Performance Okapi is actively deploying capital from its six funds with 80+ historical investments. The firm maintains a strong track record with successful exits including CrowdStrike (major cybersecurity exit), multiple acquisitions of portfolio companies by strategic buyers, and public market exits. With over $900M in assets under management, the firm continues to focus on seed-stage opportunities in its core markets. The firm maintains a low-loss ratio through disciplined investment practices and active portfolio management, validating their approach to venture fundamentals and early-stage capital allocation.