Fundraising Fox
Madison · Seed–Series A · 1 people tracked
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Investment thesis
Solo GP with multi‑fund track record operating from Madison, backed by successful founders to create a founder-to-founder network and described as easy to work with.
Source: firm website, verified Aug 5, 2026.
Team · 1 people
from public directories
What they invest in
from 15 of 22 portfolio companiesSaaS ×7AI & Machine Learning ×6Developer Tools ×6Enterprise Software ×6Data & Infrastructure ×4Consumer ×2Digital Health ×2E-commerce ×2
HQs:United States×10Canada×1
Investments · 22 tracked
founders shown can be your intro pathBy year:2025 · 22024 · 12023 · 22022 · 12021 · 12020 · 22019 · 110 dated
Instacart operates a marketplace connecting grocery retailers with customers who order food and household items for same-day delivery or in-store pickup, serving millions of households across North America through partnerships with over 350 retailers.
ConsumerE-commerceFoodTechSan Francisco, US
Apoorva Mehta(Chairman \u0026 Founding CEO)inBrandon Leonardo(Founder)inMax Mullen(Founder)inChris Rogers(Chief Executive Officer)inEmily Reuter(Chief Financial Officer)inHetong Li(Senior Software Engineer)
Co-investorsA*Andreessen HorowitzAvenue Growth PartnersBling CapitalBright Pixel CapitalCanaan Partners+54 more
Knoq operates a platform that recruits and trains neighborhood representatives to conduct direct-to-home sales and customer engagement for brands, helping companies connect with consumers through local, in-person interactions.
B2B MarketplacesConsumerDirect to ConsumerMarketing TechSaaSSales TechBoston, US
Kendall Tucker(Founder, CEO)in
Co-investorsTechstarsFathom CapitalAlumni VenturesWalnut Venture Associates
AudioShake develops sound separation technology that splits audio into component parts for media, entertainment, and speech workflows.
AI & Machine LearningCreator EconomyMedia & EntertainmentSan Francisco, US
Jessica Powell(CEO & Co-Founder)inLuke Miner(CTO & Co-Founder)in
BoardAlexander Hartz(Director)in
PartnerRafael Corrales· solo GP
Co-investorsAlumni VenturesCoho DeeptechCrush VenturesDisney AcceleratorOrigin VenturesPrecursor Ventures+4 more
Beacon acquires software businesses and holds them permanently, providing engineering, AI, sales, and operating support to grow them and add AI-native products for their customers.
AI & Machine LearningEnterprise SoftwareSaaSToronto, CA
Nilam Ganenthiran(Founder)inDivyahans Gupta(Founder)in
Co-investorsGeneral CatalystGlasswing VenturesGolden VenturesIntrepid Growth PartnersLightspeed Venture Partners
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Beeps builds agent-based platforms to automate incident response and on-call management for reliability engineering teams.
AI & Machine LearningDeveloper ToolsEnterprise Software
Joey
Co-investorsAndreessen HorowitzBase Case Capital
Bunkerhill Health provides a platform for clinical and operational teams to build and deploy AI agents that help health systems improve care delivery and operational efficiency at scale.
AI & Machine LearningDigital HealthHealthtechSan Francisco, US
Nishith Khandwala(Founder)inDavid Eng(Founder)inJack Paparian(Founding Software Engineer)Sean Bennett(Head of Operations)Bradley Gordon(Head of Sales)Alex Bumpers(Founding Software Engineer)
Co-investorsFelicis VenturesKhosla VenturesLevel VenturesOptum VenturesSequoia CapitalY Combinator+7 more
Ditto is a content management system that centralizes product language standards, terminology, and content patterns, then enforces consistency across design, development, and code tools.
Developer ToolsEnterprise SoftwareMarketing TechSaaSSan Francisco, US
Jo Ma(Founder)inJessica Ouyang(Founder)inAdam Fish(Founder)Allen Wang(Founder)inEric Liu(Founder)inJolena Ma(Founder)
Co-investorsRubio Impact VenturesSoma CapitalY CombinatorAcrew CapitalAJGAmity Ventures+17 more
Marr Labs provides an AI operating layer that automates customer engagement workflows—including voice and chat interactions, document processing, and multi-step processes—with compliance controls built in for regulated industries like healthcare and financial services.
AI & Machine LearningEnterprise SoftwareSaaSSan Francisco, US
Dave Grannan(CEO)inHan Shu(CTO)inGhinwa F. Choueiter(Co-Founder & Head of AI & Data Science)inGhinwa Choueiter(Founder)
Co-investorsMaiora Rebel VenturesSurgePoint AngelTRAC (Third Round Analytics Capital)Wayfinder VenturesY CombinatorAME Cloud Ventures+6 more
Empowers business analysts to create their own data flows
Seattle, US
Pedro Pinto(Founder)in
Co-investorsPicks and Shovels (Picks & Shovels)
PopSQL is a SQL editor and data collaboration platform that enables teams to write, visualize, and share SQL queries and data results.
Data & InfrastructureDeveloper ToolsEnterprise SoftwareSaaSSan Francisco, US
Rahil Sondhi(CEO)inBill Babeaux(Builder)Jake Peterson(Head of Customer Success)Victor Fernandez(Designer)Travis Cooper(Head of Engineering)Justin Murray(Software Engineer)
Co-investorsFundersClubGradient VenturesSoma CapitalY CombinatorFCVCRavikant Capital+2 more
PostgresML provides an in-database machine learning platform that integrates ML model training, testing, and inference directly into PostgreSQL databases.
AI & Machine LearningData & InfrastructureDeveloper ToolsSan Francisco, US
Montana Low(CEO)in
Co-investorsAmplify PartnersBedrock
Red Planet Labs develops Rama, a software platform that reduces the cost of building scalable backend applications by integrating deployment, monitoring, and maintenance in a single tool.
Cloud ComputingData & InfrastructureDeveloper ToolsSaaS
Nathan Marz(Founder)
Co-investorsInitialized CapitalKindred VenturesSciFi VC
Reveri is a self-hypnosis application that delivers clinically validated relief from pain, stress, and sleeplessness without drugs or appointments.
Digital HealthMental HealthWellness & Fitness
David Spiegel(Co-founder)Ariel Poler(Co-founder)in
Co-investorsTheVentureCityInreach VenturesVery Serious Ventures
Revoy builds electric vehicles or electric drivetrain technology.
Advanced ManufacturingCleantechClimate TechHardwareLogistics & Supply ChainMobility & TransportationSan Francisco, US
Ian Rust(Founder)inShashwat Kandadai(Founding Engineer)
Co-investorsLeap Forward VenturesOlive Tree CapitalPioneerSoma CapitalStandard CapitalTRAC (Third Round Analytics Capital)+20 more
Alek Koenig(Founder)Kamil Sayour(Founder)Mostafa Mobarak(Founder)
Co-investorsAcasia VenturesShorooq PartnersCanaryCiti VenturesClocktower VenturesData Point Capital+4 more
ShoppingGives provides a social impact platform that enables businesses to integrate charitable giving into their commerce operations, allowing customers to donate at point of purchase or through customizable giving campaigns.
E-commerceImpact & Social GoodSaaS
Ronny Sage(Founder and CEO)in
PartnerRafael Corrales· solo GP
Co-investorsMana VenturesRed Dog CapitalSerena VenturesService Provider CapitalSummit Peak Ventures20VC+8 more
Supergood generates real backend APIs for enterprise platforms that lack them by reverse-engineering the underlying network calls behind logins, handling MFA and CAPTCHAs via service accounts.
Data & InfrastructureDeveloper ToolsEnterprise Software
Co-investorsSciFi VCShine Capital
Developer platform to go from code to production in minutes.
Holly Whitaker(Founder)
Co-investorsAbstract VenturesAlumni VenturesMaveronDesigner FundRefactor Capital
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Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
EmperiaFlipturnTundra
Exits · 3
1 IPOs · 2 acquisitions · showing 1InstacartNASDAQ: CART
Portfolio news
latest coverage across their companies
Bunkerhill Health · thesaasnews.com · Jul 17, 2026
Ditto · dittowords.com · Jan 20, 2026
Beacon Software · finsmes.com · Nov 4, 2025
AudioShake · prnewswire.com · Oct 1, 2025
Frequently asked questions
- How many investments has BACKGROUND CAPITAL made?
- BACKGROUND CAPITAL has 22 tracked investments, 3 of which have exited, including 3 dated in the last 24 months.
- What stage does BACKGROUND CAPITAL invest at?
- BACKGROUND CAPITAL invests at the Seed, Series A stages.
- What is BACKGROUND CAPITAL's typical check size?
- BACKGROUND CAPITAL typically writes checks of $100K – $250K.
- What sectors does BACKGROUND CAPITAL focus on?
- BACKGROUND CAPITAL focuses on Enterprise Software, Fintech, Healthtech, Logistics & Supply Chain, Marketplaces, SaaS.
- Where is BACKGROUND CAPITAL located?
- BACKGROUND CAPITAL is headquartered in Madison, US.
- Does BACKGROUND CAPITAL lead rounds?
- BACKGROUND CAPITAL typically participates in rounds rather than leading them.
- Who does BACKGROUND CAPITAL co-invest with?
- BACKGROUND CAPITAL most often shares deals with Andreessen Horowitz, Canaan Partners, Collaborative Fund, among 42 tracked co-investors.
Images
Co-investors · 20
SciFi VC is Max and Nellie Levchin's early-stage generalist venture fund that backs founders tackling hard problems, with an emphasis on fintech, artificial intelligence, and science.
Soma Capital is a venture capital firm that backs founders building category-defining technology companies, emphasizing close, early relationships with ambitious entrepreneurs.
Andreessen Horowitz (a16z) is a venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz, known for pioneering the platform model with a large team of operators supporting founders across stages.
General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.
FundersClub is an online venture capital firm and startup investing platform that gives accredited members access to a curated selection of vetted early-stage startups, funding fewer than 2% of the companies it reviews.
Shine is an early-stage venture capital firm that backs entrepreneurs building iconic businesses.
Lightspeed Venture Partners is a global venture capital firm that backs founders from Seed through Series F and beyond, emphasizing deep, immersive partnerships with the companies it invests in.
Amplify Partners is a venture capital firm that invests in technical founders building companies across developer tools, machine learning/AI, data infrastructure, digital biology, cybersecurity, and related deep technology areas.
Worklife is a venture capital firm focused on the future of work and creator economy, backing technical teams and founders often before they leave their prior jobs.
Bedrock is an investment firm whose stated approach centers on identifying opportunities that run counter to prevailing market narratives.
Early-stage venture capital firm that makes first checks into pre-product and pre-traction companies, leading rounds of $1-5M without board seats and focusing on founders who are still exploring and building their ideas.
InReach Ventures is an AI-driven venture firm backing founders across Europe at the earliest stage.
▶8 more co-investors
BenchmarkForerunner VenturesAccel-KKRAccompliceMosaic VenturesFuture Perfect VenturesLifeX VenturesAudacious
Firms observed investing alongside BACKGROUND CAPITAL, from public investor directories. Shared companies are the overlap with BACKGROUND CAPITAL's recorded portfolio.
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