What stage does Chemistry invest at?

Chemistry invests at the Pre-Seed, Seed, Series A, Series B stages.

Where is Chemistry located?

Chemistry is headquartered in San Francisco, US.

Does Chemistry lead rounds?

Chemistry typically participates in rounds rather than leading them.

Chemistry

Venture capitalActively deploying

San Francisco · Pre-Seed–Series B · 9 people tracked

Also known as Chemistry Ventures · CHEMISTRY VENTURES MANAGEMENT, LLC

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Investment thesis

Chemistry is built on the belief that early-stage founders deserve more focus, care, and commitment from their investors. The firm's partners, who previously worked at Bessemer, a16z, and Index, came together to concentrate on the earliest stages of company building, aiming to show up early and commit fully from day one.

Invests inAI & Machine Learning Enterprise Software Fintech Healthtech SaaS Sector AgnosticGlobalSan Francisco

Source: firm website, verified Aug 3, 2026.

Stage

Pre-Seed–Series B

San Francisco, CA, US

Leads rounds

Follows

Instruments

Equity

Private fund assets

$382.9M

VC funds

Tracked investments

Team · 9 people

from the firm's website

Ethan Kurzweil· Managing Partner· San Francisco, Californiain 𝕏

Ethan Kurzweil, co‑founder and managing partner, makes 5–10 concentrated, pure early‑stage bets annually on non‑consensus founders and monopolistic AI/developer plays, evidenced by early investments in Twilio, PagerDuty, Intercom, and LaunchDarkly.

Kristina Shen· Managing Partner· San Francisco, California, United Statesin 𝕏

Kristina Shen is a metrics-driven, teacher-operator investor who translates complex B2B SaaS benchmarks—retention, net dollar expansion, ARR, growth rates, capital efficiency—into practical playbooks via public content, coaching, and dashboard-led podcasts/videos.

Mark Goldberg· Managing Partner· San Francisco, Californiain 𝕏

Mark Goldberg leverages his Dropbox scaling experience (200→2,000) and extensive alumni network to support founders via a conviction-over-consensus deal model and unconventional, event-heavy programming like speed-chess and surfing.

Bohan Lou· San Francisco, California, United Statesin 𝕏

Bohan Lou is an investor at Chemistry. He was previously an Entrepreneur in Residence at Bain Capital Ventures, the second product manager at Tome, and a product manager for Risk and Growth at Lyft. He has also invested as an angel, both personally and as a scout, and produces a podcast on history, philosophy, and religion.

Gianna DeLuna· Operations

Gianna DeLuna is a member of the operations team at Chemistry, where she manages the office and coordinates events. She previously worked on the operations team at Kleiner Perkins and is a University of Kansas graduate.

Ivory Tang· United Statesin

Ivory Tang joined Chemistry after serving as the first growth hire at Cartesia. She previously founded a Y Combinator-backed voice agent startup and did robotics research at MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL). She holds dual degrees in Mathematics and Computer Science from MIT along with a business degree from MIT Sloan, and is an active angel investor.

Jamie Viggiano· San Francisco, California, United Statesin 𝕏

Jamie Viggiano is at Chemistry, where she works on early-stage brand strategy, marketing, and operations. She previously served as CMO at Fuel Capital and, before entering venture, as CMO at Taskrabbit.

Joey Kaplan· San Francisco, California, United Statesin

Joey Kaplan started her career at San Francisco's Stern Grove Festival before entering tech on the operations team at Cofactor Genomics. At Chemistry, she works in an operations role supporting the firm's day-to-day functioning.

Nick Mehta· Advisor

Nick Mehta is an Advisor to Chemistry and the former founder and CEO of Gainsight, which he helped establish in the customer success category before its $1.1B sale to Vista Equity Partners. He currently serves on the boards of F5, PubMatic, Larridin, and Gainsight.

What they invest in

from 18 of 37 portfolio companies

AI & Machine Learning ×12Enterprise Software ×12SaaS ×12Fintech ×6Developer Tools ×5Cloud Computing ×4Data & Infrastructure ×4HR Tech ×3

HQs:United States×10United Kingdom×1Ireland×1

Investments · 37 tracked

founders shown can be your intro path

Pager Dutypagerduty.comin 𝕏NYSE: PD

PagerDuty provides a platform for incident response and operations management that enables teams across technical and business functions to respond to critical events in real time.

AI & Machine LearningCloud ComputingDeveloper ToolsEnterprise SoftwareSaaSSan Francisco, US

Alex Solomon(Founder/CTO)inJennifer Tejada(Executive Officer, Director)John O'Farrell(Director)Steven Gatoff(Executive Officer)Ethan Kurzweil(Director)Dan Alexandru Solomon(Director)

Built TechnologiesSEC filingmedium confidence

Nashville, US

Frank Ghali(Director)David Chase Gilbert(President & CEO)Mark Goldberg(Director)Scott Thomas Sohr(Director)Jamie Ikerd(CFO)

Board seatMark Goldberg· per SEC Form D · $87.7M raise · filed Apr 2021

Matikmatik.ioin 𝕏SEC filingmedium confidence

Matik provides AI-powered automation software for business teams, enabling workflow automation, data synchronization, and content generation across various departments and industries.

AI & Machine LearningData & InfrastructureEnterprise SoftwareMarketing TechSaaSSan Francisco, US

Zachary Stein(Director)Nikola Mijic(Executive Officer, Director)Naomi Ionita(Director)

Board seatKristina Shen· per SEC Form D · $20M raise · filed Oct 2021

Muxmux.comin 𝕏SEC filingmedium confidence

Mux provides video infrastructure and API services for developers building video applications.

Cloud ComputingData & InfrastructureDeveloper ToolsEnterprise SoftwareMedia & EntertainmentSan Francisco, US

Jon Dahl(Founder/CEO)inAdam Brown(Founder)inSteve Heffernan(Founder/Head of Product)inMatthew McClure(Founder)Kristina Shen(Director)Rick Hess(Director)

Board seatKristina Shen· per SEC Form D · $105M raise · filed May 2021

AI agent for customer experience

AI-native IT service management

AI-powered healthcare referral automation

AI-powered operations suite

AI-powered productivity for SAP teams

Atomic-level AI drug design

Bridgebridge.xyzin 𝕏

Bridge is a stablecoin platform that enables businesses to receive, store, convert, issue, and spend stablecoins for global money movement.

Crypto & Web3Fintech

Comprehensivecomprehensive.ioin 𝕏

Comprehensive provides AI-powered compensation analytics and benchmarking software for managing employee pay, equity, and pay equity analysis.

AI & Machine LearningHR TechSaaSSan Francisco, US

Roger Lee(Executive Officer, Director, Promoter)Teddy Sherrill(Executive Officer, Director, Promoter)

Conversational marketing at scale

Cookieyescookieyes.comin 𝕏

CookieYes is a cookie consent management platform that helps businesses comply with global data privacy regulations including GDPR, CPRA, and LGPD.

AdTechEnterprise SoftwareSaaSUnited Kingdom, India

Datacurvedatacurve.aiin 𝕏

Datacurve develops research and data collection infrastructure for training AI systems.

AI & Machine LearningData & InfrastructureEnterprise SoftwareSan Francisco, US

Serena Ge(Founder)inCharley Lee(Founder)in

Decagondecagon.aiin 𝕏

Decagon provides AI agents that enable businesses to deliver personalized customer experiences at scale.

AI & Machine LearningEnterprise SoftwareSaaS

Jesse Zhang(Executive Officer, Director)Ivan Zhou(Director)

BoardAaref Hilaly(Director)Ashwin Sreenivas(Director)

Global sales tax automation

High-quality AI training data

Intercomintercom.com

Fin (formerly Intercom) is an AI-powered customer agent platform that handles customer service, sales, and ecommerce interactions for over 30,000 companies.

AI & Machine LearningEnterprise SoftwareSaaSDublin, IE

Eoghan McCabe(Co-founder & CEO)Des Traynor(Co-founder & Chief Strategy Officer)Ciaran Lee(Chief Engineer & Co-founder)David Barrett(Co-founder)

LaunchDarklylaunchdarkly.comin 𝕏

LaunchDarkly provides a feature management platform that enables development teams to release code changes safely through feature flags, detect production issues in real time, and run experiments without redeploying applications.

AI & Machine LearningCloud ComputingDeveloper ToolsSaaS

Edith Harbaugh(Founder & CEO)

Manychatmanychat.com

Meticulousmeticulous.aiin 𝕏

Meticulous automatically detects regressions in web applications by replaying user sessions at scale, helping front-end developers build more reliable software.

AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaSLondon, GB

Gabriel Spencer-Harper(Founder)in

Modern payroll and production platform

Novanova.aiin 𝕏

Nova provides sales pipeline management software that uses AI to recommend prioritized actions for sellers and tracks customer flow and revenue across the sales organization.

AI & Machine LearningEnterprise SoftwareSales TechSan Francisco, US

Will Dinkel(Founder)inBryan Pirtle(Founder)in

Novanovahq.comin 𝕏

Nova provides software for deal management and data sharing in private markets, serving investors and financial professionals.

FintechSaaSDallas, US

Pradyuman Vig(Founder/CEO)in

Pavepave.comin 𝕏

Pave provides compensation and equity data to help employees understand and compare their pay.

AI & Machine LearningEnterprise SoftwareFintechHR TechSaaSSan Francisco, US

Matt Schulman(Founder)inAaron Hultgren(Executive Officer, Director)John Geiken(Executive Officer, Director)Oren Bass(Executive Officer, Director)Alexander Turkot(Director)Salim Lahoud(Director)

Persona Identity verification Stage Seedwithpersona.com

Pilotpilot.com

Pilot provides bookkeeping and accounting services, modernizing financial operations for small businesses and startups.

Enterprise SoftwareFintechHR TechSaaS

Plaidplaid.comin 𝕏

Plaid provides financial infrastructure and APIs that enable developers to build financial technology products and services.

AI & Machine LearningCloud ComputingData & InfrastructureDeveloper ToolsFintech

Zach Perret(Founder & CEO)William Hockey(Director)Mo Koyfman(Director)Rick Yang(Director)

Real-time compensation insights

Secure multi-cloud infrastructure automation suite

The modern insurance broker

TRM Labstrmlabs.comin 𝕏

TRM Labs offers an online certification course on blockchain investigations and crypto forensics for professionals who need to trace cryptocurrency transactions across multiple blockchains.

AI & Machine LearningCrypto & Web3CybersecurityEdTechEnterprise SoftwareFintechGovTechSan Francisco, US

Esteban Castaño(Founder)inRahul Raina(Founder)inSujit Raman(Chief Legal Officer)Ari Redbord(Global Head of Policy)Tom Armstrong(Head of Compliance Advisory)

Twitchtwitch.tv

Unified secure access for infrastructure

Where creators stream

Yuzu Healthyuzu.healthin

Yuzu rebuilds health insurance from the ground up, replacing fragmented point solutions with an integrated system designed to realign incentives among providers, patients, and payers.

HealthtechInsurTechSaaS

Max KaudererRussell Pekala

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Frequently asked questions

What stage does Chemistry invest at?: Chemistry invests at the Pre-Seed, Seed, Series A, Series B stages.
What sectors does Chemistry focus on?: Chemistry focuses on AI & Machine Learning, Enterprise Software, Fintech, Healthtech, SaaS, Sector Agnostic.
Where is Chemistry located?: Chemistry is headquartered in San Francisco, US.
Does Chemistry lead rounds?: Chemistry typically participates in rounds rather than leading them.

Media · Podcasts & interviews

featuring the team

LIVE: State of the Early-Stage Venture Market with Chemistry Ventures Ethan Kurzweil + Jason Lemkin

SaaStr · Ethan Kurzweil

Images

Co-investors · 111

Bessemer Venture Partners

Bessemer Venture Partners is a venture capital firm that partners with entrepreneurs from early stages through every stage of growth, publishing investment roadmaps across multiple technology sectors.

Both backed · 7

Pager Duty Intercom LaunchDarkly Pave TRM LabsManychatTwitch

$5M – $100M

Andreessen Horowitz

Andreessen Horowitz's Strategic Partnerships page describes collaborations that connect its portfolio companies with established institutions to help scale and deploy their technology.

Both backed · 6

Pager Duty Decagon Matik Mux Pave Plaid

$500K – $50M

Index Ventures

Index Ventures is a venture capital firm that backs founders across the globe, investing in the people behind ideas from early through later stages.

Both backed · 6

Decagon Intercom Pave Pilot PlaidPersona Identity verification Stage Seed

$540K – $10.8M

Accel

Accel is a venture capital firm that partners with exceptional founding teams, positioning itself as a first partner to startups globally.

Both backed · 4

Pager Duty Decagon Mux Pave

$1.6M – $70M

Felicis Ventures

Felicis Ventures is an early-stage venture capital firm that has backed founders for over 20 years, leading or co-leading the majority of its investments across seed and Series A rounds.

Both backed · 4

Intercom Pave PlaidTwitch

$500K – $15M

BoxGroup

BoxGroup is an early-stage venture capital firm that invests in startups at their earliest stages.

Both backed · 2

Matik Plaid

$1M

Coinbase Ventures

Coinbase Ventures is the venture investment arm of Coinbase that backs early-stage founders building across the crypto and Web3 ecosystem.

Both backed · 2

Bridge Nova

$100K – $10M

Heavybit

Heavybit provides hands-on, strategic support to startups building developer-focused and developer tool companies, offering guidance from its partners, platform, and community of advisors.

Both backed · 2

LaunchDarkly Mux

$500K – $5M

Sequoia Capital

Sequoia Capital is a venture capital firm that partners with founders to build technology companies, with a strong current focus on artificial intelligence.

Both backed · 1

Bridge

$4.4M – $214M

General Catalyst

General Catalyst is a venture capital and investment firm that backs founders across industries, with a strong focus on AI-driven transformation, fintech, healthcare, and other sectors.

Both backed · 1

Yuzu Health

$30M

GV (Google Ventures)

GV (formerly Google Ventures) is a venture investment firm that backs founders across many industries, aiming to build long-term relationships and support companies across multiple stages and milestones.

Both backed · 1

Plaid

$250K – $50M

Founders Fund

Founders Fund is a venture capital firm that invests in companies building transformative technologies across defense, space, data analytics, and other frontier sectors.

Both backed · 1

Persona Identity verification Stage Seed

$500K – $5M

▶99 more co-investors

Craft Ventures New Enterprise Associates (NEA)Redpoint Ventures Uncork Capital Bain Capital Ventures Coatue Management Spark Capital B Capital Group Susa Ventures Oak HC/FT Addition Bond Capital Management South Park Commons Lowercase Capital Base10 Partners Blockchain Capital Next Play Ventures Lead Edge Capital Contrary Capital Bloomberg Beta Vertex Ventures Southeast Asia & India Kindred Capital AUTHENTIC VENTURES Lightspeed Venture Partners Khosla Ventures Greylock Partners Techstars Insight Partners FJ Labs First Round Capital Kleiner Perkins Kraken True Ventures Norwest Venture Partners Union Square Ventures (USV)Canaan Partners Tiger Global Management Quiet Capital FirstMark RRE Ventures Hardware Club AME Cloud Ventures C2 Investments SignalFire Kapor Capital Canvas Ventures Stellar Capital Practical Venture Capital IA Ventures Trinity Ventures Abstract Foundry Group Thrive Capital Gusto Hanabi Capital Fifth Wall Threshold Ventures Vibe Capital Uncorrelated Ventures Gaingels Costanoa Ventures AngelPad Fuel Venture Capital Operator Collective Renegade Partners TCV Viola Ventures Teamworthy Ventures Company Capital American Express Ventures (Amex)Galaxy Digital Assets Fund Nyca Partners Tusk Venture Partners Founders' Co-op Shrug Capital Commerce Ventures K2 Global K9 Ventures XYZ Venture Capital 9Yards Capital EXPONENT FOUNDERS CAPITAL House Mischief Ravelin Capital Convective Capital muru-D Space Tech Ventures Moderne Ventures Portage Ventures WI Harper Group Penny Jar Capital Venture Asset Management Ventures JLL Spark Arbor Ventures Quest Venture Partners Conductive Ventures Kaya Founders Springbank Syn Ventures Seed Management Llc

Firms observed investing alongside Chemistry, from public investor directories. Shared companies are the overlap with Chemistry's recorded portfolio.

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