MHS Capital
Venture capitalActively deployingSan Francisco · Seed–Late Stage · 2 people tracked
Also known as MHS CAPITAL MANAGEMENT III, LLC · MHS CAPITAL MANAGEMENT, LLC · MHS Capital Partners · MHS Capital Partners CE · MHS Capital Partners IN · MHS Capital Partners ST
Investment thesis
Targets bootstrapped software companies transitioning to venture-backed growth and serial entrepreneurs buying small tech firms, offering direct access to senior operator-mentors and making 2–5 $1–3M initial investments annually.
Source: firm website, verified Jul 28, 2026.
Team · 2 people
from public directories
What they invest in
from 6 of 9 portfolio companiesCircular Economy ×2SaaS ×2Advanced Manufacturing ×1AI & Machine Learning ×1Consumer ×1Data & Infrastructure ×1Developer Tools ×1Direct to Consumer ×1
HQs:United States×7
Investments · 9 tracked
founders shown can be your intro pathBy year:2026 · 12018 · 12017 · 22015 · 15 dated
Grove is an e-commerce platform that curates and sells household and personal care products vetted against health and environmental standards.
Circular EconomyConsumerDirect to ConsumerSan Francisco, US
Jeff Crowe(Director)Tim Chang(Director)Mark Sugarman(Director)Christopher Clark(Director)Stuart Landesberg(Executive Officer, Director)
Board seatMark Sugarman· per SEC Form D · $15.5M raise · filed Apr 2017
San Francisco, US
Mark Sugarman(Director)Igor Lebovic(Executive Officer, Director)Erik Fantasia(Executive Officer, Director)
Board seatMark Sugarman· per SEC Form D · $5.4M raise · filed Jan 2018
SendCutSend provides on-demand laser cutting, CNC machining, and finishing services for custom metal parts, serving makers, small businesses, and large enterprises across the United States.
Advanced ManufacturingHardware
Jim(CEO & Founder)inJake(CTO)James Ryan Belosic(Chief Executive Officer)Erin Belosic(President)Mark Sugarman(Director)Andrew Reed(Director)
Board seatMark Sugarman· per SEC Form D · $110M raise · filed May 2026
Seattle, US
Board seatMark Sugarman· per SEC Form D · $4.7M raise · filed Oct 2015
Walnut, US
Samantha Wong(Director)Mark Sugarman(Director)Alexandra De Bonis(Director)Nicolas De Bonis(Executive Officer, Director)
Board seatMark Sugarman· per SEC Form D · $2.8M raise · filed Dec 2017
Crunchtime Ops Execution (formerly Zenput) is a software platform that helps multi-unit restaurant operators manage operational tasks, food safety protocols, staff scheduling, inventory, and compliance across locations.
Enterprise SoftwareFoodTechSaaSSan Francisco, US
Vijay Nagappan(Director)John Clarke Mills(Director)Gregory Gretsch(Director)Vladislav Rikhter(Executive Officer, Director)
Garmentory is an online marketplace that curates and sells fashion, home goods, and kids' items from vetted independent boutiques and emerging designers.
Circular EconomyE-commerceMarketplacesBellevue, US
JOHN SCROFANO(Executive Officer, Director)CHRIS DEVORE(Director)SUNIL GOWDA(Executive Officer, Director, Promoter)
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.
Exits · 1
IPOs and acquisitions across the tracked portfolioGrove CollaborativeNYSE: GROV
Portfolio news
latest coverage across their companiesSend Cut Send · thefabricator.com · Jul 16, 2026
Frequently asked questions
- What stage does MHS Capital invest at?
- MHS Capital invests at the Seed, Late Stage stages.
- What is MHS Capital's typical check size?
- MHS Capital typically writes checks of $1M – $3M.
- What sectors does MHS Capital focus on?
- MHS Capital focuses on Consumer, E-commerce, EdTech, Enterprise Software, SaaS.
- Where is MHS Capital located?
- MHS Capital is headquartered in San Francisco, US.
- Does MHS Capital lead rounds?
- MHS Capital typically participates in rounds rather than leading them.
Co-investors · 20
Bullpen Capital is an early-stage venture firm that has funded over 100 companies, focusing on businesses that have found product-market fit but are overlooked by other investors.
Founders' Co-op is a Seattle-based early-stage venture firm backing technical founding teams building enterprise technology companies, investing at the pre-product, pre-revenue stage.
Jackson Square Ventures (JSV) is an early-stage venture capital firm based in San Francisco that backs founders building software and marketplace companies. Founded in 2011, it has invested more than $700 million across multiple funds.
Vast Ventures is a venture fund that invests in disruptive companies aiming for global impact.
Khosla Ventures is a venture capital firm known for backing bold, contrarian bets in world-class teams that can reshape entire industries.
Insight Partners is a venture and growth-stage software investor featuring a large portfolio of technology companies across multiple sectors and regions.
Norwest is a venture and growth equity investment firm that has backed over 700 companies across sectors including AI, retail, and healthcare, working alongside entrepreneurs from early to late-stage growth.
Bling Capital is a seed-stage venture firm that backs entrepreneurs seeking to find and scale product-market fit, supported by its Bling Product Council of over 100 product leaders.
Madrona Venture Group is an early-stage venture capital firm that backs founding teams at seed, early, and acceleration stages, primarily in Seattle, the Bay Area, and beyond.
Scale Venture Partners is an early-stage investor that partners with AI companies to help them grow from founder-led growth into a scalable go-to-market operation.
Floodgate is a venture capital fund that backs founders at the earliest stages, positioning itself as their first true believers.
Lightbank is a Chicago-based venture capital firm that invests in early-stage technology companies and provides operational support to portfolio companies. The firm was founded by Eric Lefkofsky and Brad Keywell, entrepreneurs behind Groupon, Mediaocean, InnerWorkings, Echo Global Logistics, and Uptake.
▶8 more co-investors
Hyde Park Venture PartnersJavelin Venture PartnersSmash CapitalEnsemble VCVersion One VenturesLearn CapitalHyperplane Venture CapitalMetanoia
Firms observed investing alongside MHS Capital, from public investor directories. Shared companies are the overlap with MHS Capital's recorded portfolio.
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