Untapped Capital

Untapped Capital Research Investment Thesis Untapped Capital is a data-driven search fund founded in 2020 by Yohei Nakajima and Jessica Jackley that targets the most under-networked and execution-focused founders building in large markets. Rather than relying on warm introductions like traditional VCs, Untapped generates approximately 90% of their investment pipeline through systematic outbound sourcing—a unique approach that surfaces exceptional founders typically outside conventional VC networks. The fund invests in founders who are introverted technologists, non-tech industry veterans, and heads-down operators—entrepreneurs who may lack the typical network access but bring deep domain expertise and execution capability. This contrarian approach reflects Nakajima's data-driven and technology-forward perspective. Fund Overview Founded in 2020 and based in Los Angeles, California, Untapped Capital operates as a pre-seed/seed stage focused fund with a $15M capital base. The firm has completed 15+ investments to date, maintaining an active deployment pace through 2025-2026. Investment Stage and Check Size Untapped Capital focuses exclusively on the earliest stages: Pre-seed : Target check size $100K-$250K Seed : Extended participation up to Series A follow-ons Check size range : $100K-$250K typical investments The fund prefers to be among the first institutional capital and actively co-invests with other pre-seed/seed funds. Given their data-driven approach, they likely conduct technical due diligence and founder assessment using proprietary sourcing and analysis methods. Recent Investment Activity Recent investments demonstrate activity across AI/ML, data infrastructure, and execution tools: December 2025 : The General Intelligence Company (Seed, $9M round) October 2025 : The General Intelligence Company (earlier stage, Seed) May 2025 : Salmon Labs (Seed, $3M, co-invested with Weekend Fund) Q1-Q2 2025 : Continued deployment with focus on AI agents and infrastructure The fund status appears "actively deploying" with regular investments every 1-3 months. Portfolio Focus and Trends Based on portfolio companies visible on their website, Untapped invests across multiple sectors with a technology-forward bias: Portfolio Companies Include: Be Patient : Marketplace/operations PIXELS : Gaming/digital SeniorSign : Healthcare/elder care Windmill : Wind/renewable energy infrastructure FalkorDB : Database infrastructure Basil Systems : Business systems PulzAid : Healthcare/wellness Payman : Fintech/payments Eli : Energy/sustainability Common Trust : Trust/legal technology DocDraft : Document/legal automation pass_by : Mobility/transportation Zams : Manufacturing/operations e2b : Developer tools/API infrastructure Covalent : Blockchain/infrastructure MAGE : Media/AI The portfolio reflects both horizontal (infrastructure, AI, developer tools) and vertical (healthcare, energy, fintech) opportunities. Investment Approach Founder Profile Untapped targets founders typically underrepresented in VC: Introverted technologists with deep technical expertise Industry veterans transitioning from non-tech sectors Heads-down operators focused on execution over networking Founders with unique market insights or domain advantages Individuals outside traditional Silicon Valley networks Sourcing Strategy The firm's defining characteristic is systematic, technology-enabled sourcing: ~90% of pipeline generated through outbound prospecting Less reliant on warm introductions than most VCs Data-driven identification of high-potential founders Likely uses proprietary algorithms and research methods Decision Process Multi-partner approach with Nakajima and Jackley as primary decision makers, supported by operational team. Team and Expertise Yohei Nakajima - Managing Partner Unique VC with active "build in public" presence AI/ML researcher and developer (100k+ followers on X/Twitter) Author of BabyAGI (21.3k GitHub stars), a foundational autonomous AI agent framework Created multiple open-source projects: instagraph, mindgraph, prettygraph, pippin Recognized as top AI thought leader: Edelman's Top 50 AI Creators (2025) TED conference speaker on AI Top 20 Data-Driven VC Thought Leader (2023, 2024) 70+ academic citations Maintains active role in venture while building AI tools and sharing insights publicly Philosophy: Bridge between venture investing and hands-on technology creation Jessica Jackley - General Partner Co-founder of Kiva.org (world's first person-to-person microlending crowdfunding platform) Kiva facilitated $2B+ in loans to underserved entrepreneurs globally Also co-founded ProFounder (crowdfunding platform) University of Southern California professor Expertise in underserved markets, financial inclusion, and alternative funding mechanisms Complements Nakajima's technical AI focus with founder experience and social impact perspective Sergey Plotnikov - Partner Portfolio support and value creation focus Previous experience in private equity partnerships and business development Brings operational and scaling expertise Maggie Curry - Director of Operations Based in Austin, TX Prior experience in direct-to-consumer and operations Manages fund operations and portfolio support Geographic and Sector Focus Geographic Preferences Primary focus: United States (Los Angeles base, but network spans nationally) Open to founders outside traditional tech hubs No apparent geographic constraints given sourcing model Sector Preferences Based on portfolio, the fund is generalist with slight tilts toward: Developer Tools & Infrastructure : Reflecting Nakajima's expertise (FalkorDB, e2b, Covalent) Enterprise Software : Core business systems focus (Basil Systems) Healthcare : Particular focus on elder care and wellness (SeniorSign, PulzAid) Fintech/Payments : (Payman) Climate & Energy : (Windmill, Eli) Legal & Compliance : (Common Trust, DocDraft) Gaming : (PIXELS, MAGE media/AI) Manufacturing : (Zams operations) No specific exclusions detected; fund appears truly generalist but with founder-quality bias. Lead Tendency Untapped typically co-leads or participates in rounds rather than being sole lead. Recent investment in The General Intelligence Company shows participation in larger rounds ($8.7M-$9M) alongside other investors (Union Square Ventures led; Untapped participated). Warm Introduction Requirements Unknown. Given their systematic outbound sourcing approach (~90% of pipeline), the fund does not appear to require warm introductions, though they likely prefer founder referrals from their network. Fund Status Status : Actively deploying Last known activity : December 2025 Notable recent : Participated in The General Intelligence Company ($9M seed), demonstrating continued fundraising momentum Fund vintage : Original fund established 2020; appears to be deploying first/early fund Notable Elements and Unique Insights Nakajima's Dual Role : Unlike most GPs, Nakajima actively codes, publishes research, and maintains significant public presence as AI thought leader. This bridges the gap between investor and builder, giving portfolio founders direct access to technical mentorship. Systematic Sourcing : The ~90% outbound prospecting rate is exceptionally high in VC. This systematic approach likely involves data analysis, algorithmic founder identification, and technology-enabled outreach. Founder Diversity : Explicit focus on founders outside typical networks creates potential for higher hit rates on underestimated founders. Jessica Jackley's Impact Background : ProFounder and Kiva experience suggests interest in alternative business models and underserved markets, complementing Yohei's tech-first approach. Infrastructure Focus : Clear emphasis on developer tools, data infrastructure, and AI agents as evidenced by recent investments and Nakajima's research contributions. Investment Decision Timeline Based on activity rate (regular monthly investments in 2025), estimated decision timeline is 2-4 weeks from initial outreach to investment decision. Co-Investors and Ecosystem Recent investments show co-investment with: Union Square Ventures (The General Intelligence Company) Weekend Fund (Salmon Labs co-investor) Weekend Fund founder Ryan Hoover mentioned as co-investor Broader pre-seed/seed ecosystem participation Historical Context Founded in 2020 during pandemic, the fund has operated through multiple market cycles and demonstrated resilience with consistent deployment through 2025-2026 despite broader VC slowdowns.