/Investor DB

Haystack

Venture capitalActively deployingoperating company · company profile

San Francisco · Pre-Seed–Series A · 4 people tracked

Also known as HAYSTACK MANAGEMENT COMPANY, LLC

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Investment thesis

Haystack invests at the initial chapters of software and technology startup formation. Operating as a small team of investors, it partners closely with founders, limited partners, operators, and industry contacts. The firm typically writes initial checks of $1M to $3M and is willing to either lead or participate in rounds.

Source: firm website, verified Sep 29, 2026.

Stage
Pre-Seed–Series A
Check
$1M – $3M
HQ
San Francisco, CA, US
Leads rounds
Leads
Instruments
Equity
Founded
2013
Last 12 months
11 investments
Private fund assets
$671M
VC funds
17
Tracked investments
157
Unicorns
16
IPOs
5
Acquisitions
27

Team · 4 people

from the firm's website & public directories
Thomas Lehrman· General Partner

What they invest in

from 145 of 157 portfolio companies

AI & Machine Learning ×69Enterprise Software ×64SaaS ×57Developer Tools ×30Consumer ×21Fintech ×20Data & Infrastructure ×19Deep Tech ×14

HQs:United States×119Canada×2United Kingdom×2Brazil×1China×1Germany×1

Who they back

founder profiles across 19 portfolio companies
16%
solo founders
3 of 19 mapped founding teams
43%
repeat founders
of 28 founders with career history

Founding team size:solo founder×32 founders×63 founders×54+ founders×5

Where their founders studiedfrom 24 founders with education data

Harvard University ×4Stanford University ×4Princeton University ×2Stanford University Graduate School of Business ×2Yale University ×2

What their founders studiedfrom 30 founders with field-of-study data

Computer Science ×12Engineering ×9Business & Management ×4Economics ×2

Where their founders worked beforefrom 28 founders with career history

Google ×4Founders ×2Founders Fund ×2LinkedIn ×2Microsoft ×2

Accelerator rootsportfolio companies that came through a program

Y Combinator ×6

1 founders hold a PhD · 3 hold an MBA (of 30 with degree data)

Investments · 157 tracked

founders shown can be your intro path

By year:2026 · 72025 · 62024 · 92023 · 82022 · 122021 · 62020 · 12019 · 42018 · 32017 · 32016 · 12015 · 363 dated

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Tony Xu(CEO)inAndy Fang(Founder)inStanley Tang(Founder)inEvan Moore(Founder)inRavi Inukonda(Chief Financial Officer)inPrabir Adarkar(Chief Operating Officer and President)in

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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 PartnersBACKGROUND CAPITALBling CapitalBright Pixel Capital+54 more

Opendooropendoor.comin𝕏NASDAQ: OPEN

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B2B MarketplacesE-commerceMarketplacesPropTechPhoenix, US

Eric Wu(Founder)inJD Ross(Founder)Keith Rabois(Founder)inKaz Nejatian(Chief Executive Officer)inIan Wong(Founder)

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Joseph Cooper(Founder & CEO)in

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Patina Systemspatinasystems.comin𝕏✓ verified

Patina Systems builds Angles, an AI-powered photos app for consumers that offers natural-language photo search, similar-content browsing, and auto-updating albums, with an on-device ML stack for speed and privacy.

AI & Machine LearningConsumerNew York, US

Tyler Angertin

Co-investorsAir Street CapitalMoth FundUncommon Projects Capital Management

Polar Signalspolarsignals.comin𝕏Mar 2024✓ verifiedAcquired

Polar Signals develops software performance and reliability tooling, including continuous profiling, to help developers build faster and more reliable applications.

AI & Machine LearningCloud ComputingData & InfrastructureDeveloper ToolsClaymont, US

Frederic Branczyk(Founder & CEO)inThorbald Hansen(Executive Officer)

Co-investorsGV (Google Ventures)Lightspeed Venture PartnersSpark CapitalLorimer VenturesAmplify Partners

Xbiomexbiome.com✓ verified

未知君 (XBiome) develops microbiome-based therapeutics and diagnostics using AI-driven bioengineering, targeting diseases including cancer immunotherapy, inflammatory conditions, and autism through live bacterial therapeutics and fecal microbiota transplantation (FMT).

AI & Machine LearningBiotechDeep TechMedical DevicesBeijing, CN

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1confirmation1confirmation.com𝕏

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Crypto & Web3

Nick Tomaino(Founder)in

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Aestheticaesthetic.comin𝕏

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AI & Machine LearningDeveloper ToolsEnterprise SoftwareNew York City, US

Nate Smith(CEO)inMatthew Trost(Software Engineer)inAndrew Look(CPO)inJohn Milinovich(CEO)Sumon Sadhu(CRO)inJames Lawrence Turner(Senior Software Engineer)

Co-investorsSoma CapitalY CombinatorA.Capital VenturesFoundation CapitalSignalFireTwenty Two Ventures+1 more

AlphaXivalphaxiv.orgin𝕏Nov 2025 · $7M

alphaXiv is a platform that connects academic papers, researchers, and organizations, providing AI-grounded answers based on underlying research work.

AI & Machine LearningDeep TechMedia & Entertainment

Rehaan Ahmad(Founder)inLino Le Van(Founder)inDaniel J. Kim(Founder)inRaj Palleti(Founder)

Co-investorsSHAKTIThe Westly GroupUpfront VenturesInnovation EndeavorsMenlo Ventures

Andurilanduril.comin

Anduril builds autonomous systems and software for defense and military applications, including attack aviation, unmanned aircraft, and underwater vehicles, unified by an autonomy platform.

AI & Machine LearningDefense TechHardwareRobotics

Palmer Luckey(Founder)inBrian Schimpf(Founder)inTrae Stephens(Founder)inJoe Chen(Founder)Joseph Chen(Founder)inMatt Grimm(Founder)

Co-investors137 Ventures1435 Capital1Flourish Capital8VCAliya Capital PartnersAltra Venture+105 more

Applied Intuitionappliedintuition.comin𝕏

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AI & Machine LearningDeep TechDeveloper ToolsEnterprise SoftwareRoboticsSunnyvale, US

Qasar Younis(Founder)inPeter Ludwig(Founder)inQasar Younis Peter Ludwig(Founder)

Co-investors137 VenturesAndreessen HorowitzBond Capital ManagementCatalytic Impact FoundationCoatue ManagementElad Gil+33 more

Astranisastranis.comin𝕏Series C

Astranis manufactures small, high-powered geosynchronous satellites equipped with advanced digital processing technology for global telecommunications and connectivity services.

Advanced ManufacturingDeep TechHardwareSpace TechSan Francisco, US

John Gedmark(CEO)inRyan McLinko(CTO)inMike Mancini(Executive Officer)Siamak Ebadi(Lead RF Engineer)inHall Chen(RF Payload Design)inShraddha Pandya(Talent Acquisition)

Co-investorsAndreessen HorowitzATEL VenturesBlack FlagBoxGroupCantos VenturesCherubic Ventures+87 more

AutoComputerautocomputer.aiSeed

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Madhav Singhal(CEO)inRick Sugden

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Autumn AIautumnai.comin𝕏Seed

Autumn AI identifies early-stage startup founders and companies through signals like incorporation filings, GitHub activity, social media follows, and hiring pages before they appear in public directories.

AI & Machine LearningData & InfrastructureDeveloper ToolsEnterprise SoftwareSan Francisco, US

Vishnu Sampathkumar(CEO)inShiv Kampani(Founder)in

Co-investorsY CombinatorAmino CapitalMetsu CapitalNexus Venture PartnersPhosphor CapitalRebel Fund+2 more

Bandit MLbanditml.cominSeedAcquired

Bandit ML develops machine learning software for online retailers to improve business operations and decision-making.

AI & Machine LearningE-commerceEnterprise SoftwareSaaSSan Francisco, US

Edoardo Conti(Founder)inJoseph Gilley(Founder)inLionel Vital(Founder)in

Co-investorsAlumni VenturesY CombinatorBasecamp FundJigsaw VCKleiner PerkinsLiquid Ventures+2 more

Benchbench.coinFeb 2024 · $2.8M

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Ian Crosby(Founder)inAdam Saint(Founder)Jordan Menashy(Founder)Pavel Rodionov(Founder)

Co-investorsAlpine MeridianCore Ventures GroupTechstarsBain CapitalFenwick & WestInovia Capital+2 more

BentoBoxgetbento.cominApr 2019 · $16.4M

BentoBox provides restaurant marketing and commerce solutions, now integrated into the Clover POS ecosystem.

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Krystle Mobayeni(Founder)inPierre Drescher(Executive Officer, Promoter)

Co-investorsBullpen CapitalFemale FoundersGolden SeedsLaunchCapitalRiverPark VenturesTechstars+7 more

Betterviewbetterview.netin𝕏Sep 2017 · $2M

Betterview is a property intelligence platform that enables insurance underwriters to assess properties and manage risk using high-resolution aerial imagery, AI analysis, and integrated data from multiple sources.

AI & Machine LearningInsurTechPropTech

Co-investorsMetaProp Ventures645 VenturesArab AngelChestnut Street VenturesCompoundMetaProp+2 more

Bezibezi.comin𝕏Jul 2026

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Cecilia Uhr(Founder)inJulian Park(Founder)inDenys Bastov(Founder)in

BoardChetan Puttagunta(Director)inSusan Liu(Director / investor representative)in

Co-investorsBessemer Venture PartnersDesigner FundUncork Capital2.12 Angels8VCAdverb Ventures+16 more

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Blockit AIblockit.comin𝕏Jan 2026

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Bluesmartbluesmart.comSeedAcquired

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Alejo Verlini(CPO)inDiego Saez Gil(CEO)inMartin Diz(CTO)inTomi Pierucci(CEO)Brian Chen(Vice President of Operations)Pablo Orlando(COO)in

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Boardboard.fun𝕏Feb 2025

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Canvascanvas.xyzJul 2022 · $24M

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Henry Ward(Founder)inManu Kumar(Founder)inCharly Kevers(Chief Financial Officer)inJeff Perry(Chief Revenue Officer)inNick Avery(Chief People Officer)inNicole Baer(Chief Marketing Officer)in

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CybersecurityDeveloper ToolsEnterprise SoftwareSaaSSan Francisco, US

Johan Brissmyr(CEO)inSebastian Wallin(CTO)inMax Nussenbaum(Founder)inScott Lowe(Founder)inTim Dingman(Founder)in

BoardShardul Shahin

Co-investorsFirst Round CapitalIndex VenturesY CombinatorF-Prime CapitalFundersClubWalking Ventures+8 more

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Salomon Serfati(Founder)inAaron Kahane(Founder)inDrew Schneider(Founder)inRomain Di Vuolo(Founder)inSalo Serfati(Founder)Matthew Magaldi(Lead Engineer)

Co-investorsFuture Back VenturesHAWKTAILMaven VenturesMaveronY CombinatorAndreessen Horowitz+8 more

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Co-investors8VCBoxGroupBreyer CapitalCity LightEthos VCGreycroft+8 more

Clara Labsclaralabs.comin𝕏Seed · Jul 2017Acquired

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AI & Machine LearningEnterprise SoftwareFuture of WorkSaaSSan Francisco, US

Maran Nelson(CEO)inMichael Akilian(CTO)inZain Shah(Machine Learning)

BoardXuezhao Lan(Director)in

Co-investorsY CombinatorBasis Set VenturesDeciensFirst Round CapitalFuel CapitalInitialized Capital+6 more

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B2B MarketplacesConsumerDirect to ConsumerLogistics & Supply ChainNew York City, US

Tom Harari(CEO)inChen Atlas(CTO)inItay Forer(COO)inEliran Grushkowsky(Director)

BoardMaxim Medvedev(Director)

Co-investors500 GlobalAddventureFundersClubSoma CapitalY CombinatorAgrolimen Ventures+8 more

Codes Healthcodeshealth.cominSeed · Sep 2024

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Cody Durr(Founder)inAustin Mills(CTO)inAlvaro Rivera(CEO)

Co-investorsNight CapitalY CombinatorAmplify CapitalGeneral CatalystPathlight Ventures

Cognitocognitohq.comin𝕏SeedAcquired

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CybersecurityDeveloper ToolsEnterprise SoftwareFintechSaaSSan Francisco, US

Alain Meier(CEO)inJohn Backus(CTO)inChristopher Morton(President and COO)inDaniel Gollahon(Engineer)Eugene Otto(Engineer)X'Zavierr Garland(Recruiting)

Co-investorsDigital Currency GroupY CombinatorBattery VenturesBerggruen HoldingsBoost VCDraper Associates+4 more

Comfy Deploycomfydeploy.comin𝕏Seed

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Developer ToolsEnterprise SoftwareSan Francisco, US

Nicholas Kao(CEO)inBenny Kokin

Co-investorsPioneerY CombinatorAmplify Partners

Conductor AIconductorai.coinMar 2025 · $15M

Conductor AI builds the Conduit platform, which ingests complex policy documents and encodes expert processes into AI-powered agentic workflows for document review, approval, agentic search, and redaction.

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Eric Schwartz(Executive Officer, Director)inBen Fichter(Founder)inZachary Long(Executive Officer, Director)

Co-investorsAbstract VenturesBooz Allen VenturesBungalow CapitalHumba VenturesLux CapitalSunflower Capital Management Fund+2 more

Dailydaily.coin𝕏Series B

Daily provides WebRTC-based infrastructure that enables developers to build voice, video, and real-time AI applications.

AI & Machine LearningCloud ComputingDeveloper ToolsEnterprise SoftwareFuture of WorkSan Francisco, US

Kwindla Hultman Kramer(Founder)inDoug BruntonRamya Venkateswaran(Head of Business Development)Nina KuruvillaMark Backman(Product)Marco SJ(Support)

Co-investorsCompoundFreestyle CapitalGround Up VenturesMoxxie VenturesRenegade PartnersRoot Ventures Manager, Llc+13 more

EdgeBitedgebit.ioin𝕏SeedAcquired

EdgeBit monitors software dependencies and supply chain risk in real time by cross-referencing build pipelines and server infrastructure with multiple data sources.

CybersecurityDeveloper ToolsEnterprise SoftwareSaaSSan Francisco, US

Rob Szumski(Founder)inEugene Yakubovich(Founder)inRussell Haering

Co-investorsY CombinatorBoxGroupLiquid Ventures

Emerge Toolsemergetools.comin𝕏Seed · Nov 2021 · $1.7MAcquired

Emerge Tools provides mobile performance and competitor analysis tools for iOS and Android development teams, enabling measurement of app size, performance regressions, and competitive benchmarking without requiring source code access.

AI & Machine LearningDeveloper ToolsEnterprise SoftwareLos Angeles, US

Josh Cohenzadeh(Founder)inNoah Martin(Founder)in

Co-investorsMatrixY CombinatorLiquid VenturesUpside Partnership

Enigma Labsenigmalabs.io𝕏

Enigma develops a platform for collecting, analyzing, and sharing reports of unidentified aerial phenomena (UAP) sightings from a global community of observers.

AI & Machine LearningData & InfrastructureDeep TechSector Agnostic

Alex Smith(Founder)in

Co-investorsDria VenturesFJ LabsKindred Ventures

Envoyenvoyamerica.cominJan 2022 · $111M

Envoy America provides transportation and care coordination services for patients, older adults, and individuals with disabilities through partnerships with healthcare systems and senior living communities.

HealthtechLogistics & Supply ChainMobility & TransportationWellness & FitnessScottsdale, US

K.C. Kaanan(Co-founder and CEO)

Co-investorsCypress Growth CapitalFJ LabsMyelin VCService Provider CapitalAndreessen HorowitzBuilding Ventures+6 more

Exaexa.aiin𝕏Seed · Aug 2021

Exa is an AI-powered search API that retrieves high-quality information from the web in real-time, designed for AI agents, developers, and applications that require precise natural-language search capabilities.

AI & Machine LearningData & InfrastructureDeveloper ToolsEnterprise SoftwareSaaSSan Francisco, US

William Bryk(CEO)inJeffrey Wang(Founder)inWalden Yan(Co-Founder)Marcus Holm(Chief Revenue Officer)inDan McArdle(Founder)Jeff Wang(Founder)

Co-investors137 Ventures49 Palms VenturesAndreessen HorowitzFelicis VenturesHelium-3 VenturesLightspeed Venture Partners+29 more

Farcasterwarpcast.com

Farcaster is a decentralized social network where users own their identity, aimed at connecting people and building software on top of the network.

Crypto & Web3SocialVenice, US

Daniel Romero(Executive Officer, Director)Varun Srinivasan(Founder)Dan Romero(Founder)

Co-investors1confirmationA.Capital Venturesa16z cryptoAndreessen HorowitzArchetypeChapter One+18 more

Feroot Securityferoot.comin𝕏Seed

Feroot discovers and monitors third-party scripts, tags, and trackers on websites to detect malicious or unwanted code and block threats.

CybersecurityEnterprise SoftwareSaaSToronto, CA

Ivan Tsarynny(Founder)inVitaliy Lim(Founder)in

Co-investorsNEXT AIStoneMill VenturesTrue VenturesY CombinatorAndros15 VenturesIndustry Ventures+2 more

Finleyfinleycms.comin𝕏Seed · Nov 2022Acquired

Finley provides software to banks and asset managers that automates debt capital management, due diligence, compliance, and reporting for asset-backed finance, private credit, and structured finance.

Enterprise SoftwareFintechSaaSSan Francisco, US

Jeremy Tsui(Founder)inKevin Suh(Founder)inJosiah Tsui(Founder)inTanna Cowie(Operations)Kim Loftis(Vice President of Customer Success)Shea Piro(People Ops)

Co-investorsBain Capital VenturesCRV (Charles River Ventures)Nine Four VenturesUpper90Y CombinatorA-Level Capital+4 more

Flintwithflint.comin

Flint connects international and U.S.-based healthcare professionals with hospitals and care organizations offering direct employment and pathways to permanent residency, addressing the critical shortage of nurses in the United States.

HealthtechHR TechVancouver, CA

Kenton Jarvie(Founder)inAnson Kung(Founder)inSimon Green(Head of Engineering)Wonchan Kim(Special Projects)Neil Prigge(Vice President Operations)Olivia Renaud(Head of Product)

Co-investorsY CombinatorAudaciousMPG FundRhino VenturesForewordLiquid Ventures+5 more

Flintflintk12.comin𝕏

Flint is an AI-powered platform providing personalized learning tools for K-12 schools, offering student analytics, instant feedback, and AI tutoring across multiple subjects.

AI & Machine LearningEdTechNew York City, US

Sohan Choudhury(Founder)inJinseo Park(Founder)inAnson Kung(Founder)inKenton Jarvie(Founder)inMax Levenson(Founder)Michelle Lim(Founder)

Co-investorsAfore CapitalBasis Set VenturesPatronY CombinatorAccelAME Cloud Ventures+3 more

Gathergather.townin𝕏Series A

Gather builds a virtual office platform where distributed teams can work, chat, and interact synchronously without relying primarily on scheduled meetings.

ConsumerEnterprise SoftwareFuture of WorkSaaSSocialNew York City, US

Kumail Jaffer(Founder)inPhillip Wang(Founder)inJingsong Wang(Vice President Engineering)inNate FossAlex ChenKatrina Lopez(Recruiter)

Co-investorsIndex VenturesNext Play VenturesY CombinatorPeterson Venture PartnersSequoia CapitalWinslow Capital

Hadrianhadrian.co

Hadrian operates AI-powered precision manufacturing factories for the aerospace and defense industrial base, producing precision components and offering manufacturing capacity as a service.

Advanced ManufacturingAI & Machine LearningDefense TechRoboticsTorrance, US

Christopher Power(Executive Officer, Director, Promoter)Thomas Cobbs(Founder)inChris Power(Founder)Maurice Clin(Founder)Olivier Beg(Founder)Rogier Fischer(Founder)

Co-investors137 VenturesAndreessen HorowitzCapitalGCommodity CapitalConstruct CapitalCubit Capital+22 more

Hashicorphashicorp.comAcquired

HashiCorp builds multi-cloud infrastructure automation and security tools such as Terraform and Vault; an IBM subsidiary since 2025.

San Francisco, US

Mitchell Hashimoto(Founder)Armon Dadgar(Founder)inDavid McJannet(Executive Officer, Director)

BoardScott Raney(Director)inGlenn Solomon(Director)inRobin Vasan(Director)in

Co-investorsAmplify PartnersBessemer Venture PartnersChemistryCisco InvestmentsFirebolt Ventures Management Company, LlcFounders Circle Capital+14 more

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Bench IQBuf TechnologiesFilament LabsIntegral Privacy TechnologiesKinetic AutomationMyra LabsOnos HealthViveWorkbase

Exits · 32

5 IPOs · 27 acquisitions · showing 9

DoorDashNASDAQ: DASHFigmaNYSE: FIGInstacartNASDAQ: CARTOpendoorNASDAQ: OPENChariotacq. by Ford MotorHelloSignacq. by DropboxHiredacq. by LHH (Adecco Group)Materiaacq. by Thomson ReutersWorkRampacq. by Learning Pool

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has Haystack made?
Haystack has 157 tracked investments, 32 of which have exited, including 13 dated in the last 24 months.
What stage does Haystack invest at?
Haystack invests at the Pre-Seed, Seed, Series A stages.
What is Haystack's typical check size?
Haystack typically writes checks of $1M – $3M.
What sectors does Haystack focus on?
Haystack focuses on AI & Machine Learning, Enterprise Software, SaaS, Sector Agnostic.
Where is Haystack located?
Haystack is headquartered in San Francisco, US.
Does Haystack lead rounds?
Yes, Haystack leads investment rounds.
Who does Haystack co-invest with?
Haystack most often shares deals with Andreessen Horowitz, Y Combinator, Coatue Management, among 197 tracked co-investors.

Media · Podcasts & interviews

featuring the team

How Semil Shah Built Haystack

The Peel with Turner Novak · Semil Shah

Haystack Partner Semil Shah on the State of Venture and Almost Investing in Coinbase

The Logan Bartlett Show · Semil Shah

#43 - Aashay Sanghvi (Investor @ Haystack) Hype cycle of a venture career

ConfluenceVC · Aashay Sanghvi

Wide World of News - A Conversation with Semil Shah from Haystack

Walking Duck · Semil Shah

Semil Shah, Creator of Haystack Fund | Product Hunt LIVE

Product Hunt · Semil Shah

Images

Haystack photo

Co-investors · 7

Lux Capital

Lux Capital is a venture capital firm that backs founders building transformative deep technologies, having been among the first investors in category-defining companies across AI, robotics, biotech, defense, and infrastructure.

$100K – $100M
Fuel Capital

VC Firm committed to standing in their founder's corner, not their kitchen.

$500K – $1M
Battery Ventures

Battery Ventures is a global investment firm that has backed more than 450 companies over its 40-year history, operating its investment staff as a single global unit.

Both backed · 5
$500K – $100M
Alt Capital

Alt Capital is a 2023-founded San Francisco firm that has built an unusually large early-stage portfolio (40+ companies) in just two years, functioning as a tiny team that writes $1-25M checks like a much larger institutional fund but maintains direct founder relationships. The firm differentiates itself through founder Jack Altman's operator background (previously built Lattice) and "founder-philosopher-led" approach, quickly becoming a preferred co-investor for top-tier firms like Sequoia and Y Combinator in competitive AI and software rounds.

$1M – $10M
Benchmark

Benchmark is a venture capital firm with offices in San Francisco and Woodside that invests in early-stage startups.

$100K – $15M
Construct Capital

Construct Capital is a venture capital firm that invests in companies transforming foundational industries such as supply chain, manufacturing, critical infrastructure, energy transition, and core software.

$2M – $6M
Inovia Capital

Inovia Capital is a full-stack venture capital firm based in Canada with a presence in the EU, partnering with founders to build global technology companies.

Both backed · 3
BenchFlintBench IQ
$250K – $8M

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

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