Madison · Seed–Series A · 1 people tracked
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 4 of 4 portfolio companiesE-commerce ×2AI & Machine Learning ×1Consumer ×1Creator Economy ×1Digital Health ×1FoodTech ×1Impact & Social Good ×1Media & Entertainment ×1
HQs:United States×2
Investments · 4 tracked
founders shown can be your intro path
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(Founder & CEO)inBrandon Leonardo(Founder)inMax Mullen(Founder)in
Co-investorsA*Andreessen HorowitzBling CapitalBright Pixel CapitalCanaan PartnersCoatue Management+28 more
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)Luke Miner(CTO & Co-Founder)in
BoardAlexander Hartz(Director)in
PartnerRafael Corrales· solo GP
Co-investorsCoho DeeptechDisney AcceleratorOrigin VenturesPrecursor VenturesShine CapitalThomson Reuters Ventures+1 more
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)Dr. David Spiegel(Co-founder)Ariel Poler(Co-founder)
Co-investorsTheVentureCityInreach Ventures
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-investorsSerena VenturesSummit Peak Ventures20VCCaffeinated CapitalGlobal Founders CapitalSciFi VC+2 more
Exits · 1
IPOs and acquisitions across the tracked portfolioInstacartNASDAQ: CART
Portfolio news
latest coverage across their companies
Instacart · superbcrew.com · Jul 18, 2026
AudioShake · slator.com · Nov 13, 2025
Frequently asked questions
- 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.
- 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, Felicis Ventures, among 32 tracked co-investors.
Images
Co-investors · 20
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.
FundersClub is an online venture capital firm and startup investing platform that gives accredited investors access to vetted early-stage startups from Silicon Valley and beyond.
SciFi is the venture fund of Max and Nellie Levchin, an early-stage generalist firm partnering with founders tackling hard problems, with emphasis on fintech, artificial intelligence, and science.
Shine is an early-stage venture capital firm that backs entrepreneurs building iconic businesses.
InReach Ventures is an early-stage venture firm using its own AI platform to source and back Europe's most promising founders, investing at MVP stage with signs of user engagement.
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General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.
Lightspeed is a global venture capital firm that has spent over two decades backing innovative companies as an early and first investor.
Benchmark is a venture capital firm with offices in San Francisco and Woodside that invests in early-stage startups.
Forerunner Ventures is a venture capital firm that backs companies redefining consumer behavior, health, commerce, fintech, and AI-native products.
Accel-KKR is an investor in enterprise software companies that has operated for 25 years, providing resources and expertise to help companies advance.
Amplify Partners is a venture capital firm that backs technical founders — engineers, researchers, and scientists — building companies across AI/ML, data infrastructure, developer tools, and life sciences.
Soma Capital is a venture capital firm that partners early with founders, emphasizing close relationships and running a fellows program for those just getting started.
▶8 more co-investors
AccompliceWorklife VenturesBedrockMosaic VenturesFuture Perfect VenturesLifeX VenturesAudaciousBase Case Capital
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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