Stellation Capital

Stellation Capital Research Investment Thesis Stellation Capital, founded in 2021 by Peter Boyce II, is a solo GP fund dedicated to co-leading first-check investments behind "philomath founders" building mission-critical software. The firm believes that intellectually voracious founding teams with deep domain expertise are best positioned to solve complex problems in software. Stellation's name—derived from the Latin root meaning "extending the boundaries of an original shape, producing a new, star-like figure"—reflects their approach of extending the reach of visionary founders through access to top-notch networks, community, and capital. Stage and Check Size Stellation invests as early as possible, with a primary focus on seed-stage investments: Check Size Range : $250K - $4M Sweet Spot : ~$1M Stage Focus : Pre-seed and seed (co-leads first checks) Lead Tendency : Typically leads or co-leads first institutional rounds The firm deployed from their debut fund (Fund I, $40M, 2021) and has made 24 total investments with 16+ on record. Investment Activity Stellation is actively deploying capital with recent investments including: PromptLayer (Feb 2025, Seed) Vybe (founders: Mandela Patrick & Arnab Ghosh - Oxford VGG computer vision researchers) Mainframe (founders: Lou Mata & Jordan Singer) Software Applications Inc (founders: Ari Weinstein, Conrad Kramer, Kim Beverett - MIT and Apple alumni) The firm demonstrates consistent activity in the current market with investments spanning multiple sectors and founder backgrounds. Portfolio Composition Stellation's portfolio spans diverse sectors and business models: Software & Infrastructure: PromptLayer: AI/LLM developer tools Mainframe: Operating system/computing platform Enigma Labs: Security/infrastructure Koodos Labs: Developer tools Indify: Home services operating system Consumer & Applications: Tapestry: Consumer crypto/fintech (founder: David Gabeau, ex-Snapchat, ex-Union Square Ventures analyst) Block Party: Online safety and anti-harassment tools (founder: Tracy Chou, diversity advocate, software engineer) AddGlow: Consumer application Zeen: Consumer/media application Vybe: Multi-modal AI video/image platform Strobe: Climate/energy technology Operations & Domestic Services: Hearth Display: Home operating system for family management (founders: Mei Lin Ng, Susie Harrison, Nathalie Stratton) Revin: Home services operating system (founder: Quinn Litherland) Hopscotch: Operations/tools Security & Safety: Block Party: Online harassment/safety tools Other: swsh: Technology platform Diem: Founders Emma Bates and Divia Singh The portfolio demonstrates Stellation's emphasis on founder quality: many founders come from prestigious backgrounds (Harvard, MIT, Oxford, Google, Apple, Union Square Ventures, Snapchat) or have deep domain expertise in computer vision, cryptography, or security. Founder Profile & Preferences Stellation's portfolio reveals strong preferences: Intellectual Rigor : The firm explicitly targets "philomath founders"—lovers of learning and intellectual pursuits. Portfolio companies feature founders from top universities (MIT, Harvard, Oxford) and research institutions. Diverse Backgrounds : Portfolio includes women founders, founder teams from underrepresented backgrounds, and co-founder models emphasizing complementary skills. Domain Expertise : Founders typically have deep technical or operational background in their domain—e.g., computer vision PhDs building vision AI, Apple alumni building computing experiences, fintech experts with institutional experience. Mission-Driven : Portfolio includes founders focused on social impact (Block Party's Tracy Chou on harassment prevention, climate tech, family operations). First-Institutional Round : Stellation explicitly co-leads "first checks," suggesting they seek founder teams at inflection point—product working, some early traction, but pre-institutional funding. Team & Support Peter Boyce II - Founder & Managing Partner: 8 years at General Catalyst (joined 2013 as one of first two NYC-based investment professionals) Founder: GC Venture Fellows (fka Rough Draft Ventures)—college campus tech entrepreneurship program Harvard graduate: BA Applied Mathematics, Secondary Computer Science Founded two student groups: Harvard Ventures & HackHarvard New York native, Stuyvesant High School graduate Ron Brown Scholar Board roles: The Shed, The Studio Museum in Harlem, The New Museum, NEW INC, Harvard College Fund Executive Committee Rhian Horton - Senior Associate (joined 2023): Leads sourcing, due diligence, portfolio company support, and platform management Prior: Associate at The Voleon Group Entrepreneur: Chief Operating Officer and founding team member at JUV Consulting (Gen Z marketing firm, acquired by United Talent Agency) Duke University: Political Science, Economics, Entrepreneurship Based in Brooklyn With over a decade of combined investing, advising, operating, and network-building experience, the team positions itself as "Mission Control," supporting founders from launch to orbit. Decision Process Based on portfolio activity and website positioning: Decision Style : Partnership-based (Peter Boyce II as solo GP with support from Rhian Horton) Decision Timeline : Appears relatively quick (first-check style suggests 2-4 week cycles) Warm Intros : Likely valuable (common for pre-seed/seed stage) Typical Involvement : Advisory support, network introductions, operational guidance Geographic & Sector Focus Geographic : Primarily US-based (Brooklyn headquarters, but national reach through General Catalyst network legacy) Sector Tags : Based on portfolio: Developer Tools & Infrastructure Enterprise Software Consumer Apps & Social Fintech & Payments (tangential through Tapestry) Climate & Clean Energy (Strobe) Security & Cybersecurity (Enigma Labs, Block Party) Healthcare/Wellness (potential through home operating systems) Robotics & Automation (home automation angle) Technology Tags : AI/ML (Vybe), LLM (PromptLayer), Computer Vision, Infrastructure Recent Context Stellation Capital was founded in 2021 following Peter Boyce II's departure from General Catalyst. The fund has deployed steadily over 4+ years and continues to make investments into 2025 (PromptLayer in Feb 2025). The firm appears well-positioned in the current market with: Strong network access through Peter's General Catalyst tenure Clear thesis alignment with AI/software infrastructure trends Team dedicated to portfolio support (Rhian's operational focus) Active sourcing and deployment (24 investments in 4 years ~6/year) Anti-Thesis Based on portfolio composition, Stellation appears to avoid: Non-technical or business-only founders (preference for deep domain expertise) Consumer-only plays without operational complexity Pure hardware companies B2B non-software (no clear manufacturing/logistics plays) Large established businesses (focus is pre-seed/seed) Network & Co-Investor Pattern PromptLayer's co-investors listed: Ivan Bercovich (ScOp Venture Capital), Joshua Browder (Browder Capital), Alex Oppenheimer—suggesting Stellation operates in a network-based model with complementary early-stage VCs. Research Confidence Levels: Thesis & Founder Preferences: High (0.9) - Website and portfolio alignment Check Size: High (0.95) - Confirmed across multiple sources Stage Preferences: High (0.95) - Clear positioning and portfolio evidence Portfolio Companies: Medium-High (0.8) - Portfolio page complete but investment details sparse Team: High (0.95) - Team page details verified Geographic Focus: Medium (0.75) - Inferred from NYC HQ and portfolio distribution Sector Tags: Medium (0.8) - Inferred from portfolio but explicit thesis vague Recent Activity: High (0.9) - PromptLayer investment confirmed Feb 2025