TMV

TMV (The Migration Venture) Research Investment Thesis TMV is a purpose-driven venture capital firm founded in 2016 by Soraya Darabi (formerly founder of Foodspotting) and Marina Hadjipateras. The fund explicitly invests in "startups that reimagine the future" with a focus on solving meaningful problems across healthcare, logistics, financial services, and sustainable innovation. The firm rebranded from Trail Mix Ventures to TMV in 2020 to better reflect its mission-driven philosophy. The firm's thesis centers on backing founders building solutions that address systemic inequities and create positive impact across multiple bottom lines: social, environmental, and financial. They believe the best founders combine technical execution with deep domain expertise and authentic commitment to the problems they're solving. Core Investment Sectors Based on their portfolio and website navigation, TMV focuses on four primary sectors: 1. Health + Bio Digital health platforms (Cityblock, Fabric, Parsley Health, Roon) Specialized healthcare delivery (Millie for maternal care, Forta for ABA therapy) Mental health and wellness (Slingshot AI for mental healthcare access) Women's health (KindBody for fertility and wellness) Healthcare operations (Tali for EHR voice assistance, Elion for vendor research) 2. Logistics & Supply Chain Maritime/port optimization (Portcast, Nautilus, Nodal, Harbor Lab, OpenTug) Freight and transportation (Channel19, Secro, Shipskart, Tradeverifyd) Supply chain resilience (Resilient for transportation planning, Sima for asset visibility) Last-mile and micro-mobility (Hunger logistics solutions) 3. AI + Automation AI research for healthcare (Slingshot AI) AI-powered tools (Lovable for app/website building, PictureStudio for visual creation) AI in healthcare operations (Tali, Elion, hospital intelligence platforms) Enterprise automation (various SaaS tools) 4. Lifecycles (Sustainability & Impact) Circular economy (Ridwell for recycling/reuse, Great Wrap for compostable packaging) Sustainable food (Yay Company for school lunches, fresh pet food companies) Environmental monitoring (various logistics efficiency tools reducing emissions) Social equity (education tech, financial inclusion products) Stage Focus TMV invests across the full lifecycle from pre-seed through growth-stage, but with emphasis on: Pre-Seed to Seed : Early-stage founders with strong domain expertise and compelling problems Series A & Growth : Proven product-market fit and scaling potential Follow-on rounds : Active in supporting existing portfolio companies through growth cycles Their portfolio includes companies at various stages, from early-stage founders to more mature companies preparing for acquisition or IPO. Check Size & Capital Deployment Based on website data and recent research: Typical range : $1M-$10M (with Marina Hadjipateras' sweet spot at $1M) Pre-seed : $250K-$1M Seed : $1M-$3M Series A & beyond : $5M-$10M+ Recent fundraising : Closed $100M across two recent funds as of Nov 2025 Portfolio size : 71+ companies with 4 new investments in the last 12 months (as of Oct 2025) Lead Tendency TMV demonstrates a "leads and participates" approach: Often leads seed and Series A rounds for portfolio companies they're excited about Co-invests with strategic partners and established VCs Willing to follow strong lead investors when the thesis aligns Notable co-investors include other mission-aligned VCs and strategic limited partners Recent Activity (2024-2026) Fund Status : Actively deploying (recent $100M fundraise, actively pursuing new investments) Recent Wins : Slingshot AI featured in NY Times testing (Jun 2025) Portcast raised Series A ($6.5M, Nov 2024) Roon raised $15M Series A (Nov 2024) Forta raised $5.5M for ABA therapy expansion (Feb 2024) Topline Pro raised $12M Series A (Oct 2023) Portfolio Milestones : 1 confirmed unicorn: KindBody (valued at $1B+) Notable acquisitions: Bulletin (acquired), Svrf (acquired), Nautilus (acquired by maritime technology firm) Founders with major recognition: Soraya Darabi named Private Equity International's "Women of Influence 2025: Venture Capital" Team & Partners Leadership : Soraya Darabi, Founder & Managing Partner : Serial entrepreneur (Foodspotting founder), deep domain expertise in healthcare and food tech, recognized industry leader Marina Hadjipateras, Founder & Managing Partner : Operational and financial acumen, focuses on logistics and supply chain, strong corporate relationships Partnership : Azzi Agnelli, GP: TMV Lifecycles : Leads sustainability and impact vertical Emma Silverman, Partner : Operational support and deal execution Joshua Gold, Principal : Deal analysis and portfolio support Venture Partners : Tim Shey, Evan Wray, Darshan Somashekar (operational advisors and network) Operations : Joshua Gilbert, Chief Financial Officer Sean Villafranca, Creative Director Justin Kazmark, Public Relations Decision Process Based on observed behavior: Partnership model: Decisions are made by the GP team together Collaborative: Strong emphasis on founder fit and mission alignment Operational: Investment committee structure with partner involvement in due diligence Network-driven: Heavy reliance on referrals and corporate network (VP & C-level relationships across Fortune 500) Founder Preferences TMV explicitly targets: Mission-driven founders : Genuine commitment to solving meaningful problems Domain experts : Deep industry knowledge and operational experience Experienced operators : Proven execution track records, especially in regulated industries (healthcare, logistics) Diverse founding teams : Strong track record backing women founders and founders from underrepresented backgrounds Impact-focused : Founders who balance financial returns with social/environmental impact Founders value TMV's: Expansive network and willingness to actively support (e.g., helping CityBlock grow team by 40) Expertise in regulated industries and complex markets Long-term strategic thinking ("bold bets on where healthcare should be in 5-10 years") Geographic Focus Primary : US-based (New York headquarters, but national focus) Secondary : International opportunities that align with mission (Africa, LATAM, Asia, Europe, MENA based on stated geoPreferences) Network strength : NYC, SF Bay Area, and regional hubs with healthcare and logistics clusters Notable Portfolio Features Thematic Consistency : Portfolio companies share consistent themes: Healthcare equity : Serving underserved populations (Cityblock, Parsley, Fabric) Supply chain efficiency : Reducing waste, improving sustainability (Portcast, Nautilus, Nodal) Founder support : Strong operational and network support through growth phases Bold innovation : Willing to back unconventional solutions to hard problems Portfolio Diversity : 71+ companies across healthcare, logistics, fintech, edtech, consumer, and enterprise software Mix of B2B and B2C models Both revenue-generating and pre-revenue stage companies Investment Criteria Based on portfolio analysis: Problem importance : Addressing significant market inefficiencies or unmet needs Team quality : Strong founders with relevant domain experience Market timing : Entering large markets at inflection points Defensibility : Clear paths to competitive moats (data, operations, network) Impact potential : Both financial return and measurable social/environmental benefit Recent Market Observations Active in emerging categories (AI for healthcare, maritime tech, AI-powered creativity tools) Strong focus on regulated industries where operational expertise creates defensibility Expanding into AI/automation vertical while maintaining core logistics and healthcare focus Building specialized funds (TMV Lifecycles for sustainability) to serve subsectors deeply Corporate Network Value A unique TMV advantage is their stated VP & C-level relationships across Fortune 500 companies spanning: Multiple industries (healthcare systems, logistics companies, financial services, consumer brands) Various geographic regions Different functional areas (procurement, operations, technology, strategy) This network is actively leveraged to support portfolio company growth and expansion. Investment Philosophy Summary TMV represents a new generation of VC that refuses to sacrifice impact for returns. Their thesis is that founders solving real problems for underserved markets will build durable, valuable companies. The firm partners deeply with founders, providing not just capital but operational expertise and strategic network access. Success is measured in both financial returns and measurable impact on the problems they set out to solve.