Picks and Shovels (Picks & Shovels)
Venture capitalSanta Monica Β· Pre-SeedβSeed
Investment thesis
Picks and Shovels is an operator-led investment firm focused on pre-seed and seed stage startups. Its thesis centers on companies that sell tools and infrastructure to other businesses β the 'picks and shovels' for those 'digging for gold' β rather than betting on the end markets themselves. This approach targets the enabling layer of emerging industries, backing founders building foundational products and platforms that others depend on.
Source: firm website, verified Aug 3, 2026.
What they invest in
from 16 of 25 portfolio companiesAI & Machine Learning Γ8Crypto & Web3 Γ7Developer Tools Γ6Fintech Γ5SaaS Γ5Enterprise Software Γ4Cybersecurity Γ2Digital Health Γ2
HQs:United StatesΓ4
Investments Β· 25 tracked
founders shown can be your intro pathAnon builds agentic AI solutions that deploy AI agents from prototypes to production systems for SMBs and Fortune 500 companies.
AI & Machine LearningDeveloper ToolsEnterprise Software
Co-investorsAbstract VenturesEx/AnteImpatient VenturesSpice CapitalUnion Square Ventures (USV)
Assistiv Labs provides browser-based tools that let web developers, QA engineers, designers, and accessibility specialists test their products on real assistive technologies (such as screen readers) across platforms.
Developer ToolsDigital HealthSaaSWhite Salmon, US
Weston Thayer(Founder)Andrew Hedges(Executive Officer, Director, Promoter)
Co-investorsZenda
Cedar Money provides cross-border payment infrastructure that combines stablecoin and fiat rails to help businesses move money internationally with T+1 settlements and currency exchange.
Crypto & Web3Fintech
Benjy Feinberg(Founder & CEO)
Co-investorsQED InvestorsDigital Currency GroupLattice CapitalNIVNode CapitalWischoff Ventures
Protection of non-stable collateral in DeFi lending
Concrete provides on-chain financial infrastructure that generates yield on crypto assets across multiple blockchains, using automated vault strategies that allocate, rebalance, and compound returns across DeFi opportunities.
Crypto & Web3Fintech
Co-investorsHyperithmHypersphere Ventures
daydream provides organic search and AI visibility services, combining a defined methodology with AI agents and dedicated experts.
AI & Machine LearningMarketing TechSaaSSan Francisco, US
Shravan Rajinikanth(Founder)
Co-investorsBasis Set VenturesMoth FundSouth Quad
AI for insurance accounting teams
Eventual is an AI-native platform for insurance teams that automates financial back-office workflows, including document and statement retrieval, direct bill and agency bill reconciliation, cash reconciliation, carrier payables, invoicing, and revenue reporting.
AI & Machine LearningFintechInsurTech
Mohit Chawla(CEO)
3D IDE and design platform for professionals and teams
Ion Protocol is a lending and borrowing platform that lets users lend and borrow against staked and restaked crypto assets without price-based liquidation risk.
AI & Machine LearningCrypto & Web3Fintech
Co-investorsCollider VenturesMaelstromManifold VenturesRobot VenturesSevenX Ventures
Masava is a platform for wine and spirits distributors that manages orders, inventory, pricing, and payments in one system of record.
Enterprise SoftwareLogistics & Supply ChainSaaS
Co-investorsMoth FundRecall Capital
Morph is an AI platform that automates software development tasks including code generation, testing, documentation, and bug fixing.
AI & Machine LearningDeveloper ToolsEnterprise Software
Gil Arditi(Founder)in
Co-investorsRackhouse Venture Management LpGeneral Partnership
Olympix builds automated smart contract security tools that help Web3 developers detect vulnerabilities early in the development cycle, before deployment or audit.
AI & Machine LearningCrypto & Web3CybersecurityDeveloper Tools
Channi(Founder)
Co-investorsboldstart venturesDigital Currency Group
Olympix provides a security tool for smart contracts that deterministically analyzes Solidity code to identify and remediate vulnerabilities during development, before audits and deployment.
Crypto & Web3CybersecurityDeveloper Tools
Co-investorsCoalition Operators
Empowers business analysts to create their own data flows
Seattle, US
Pedro Pinto(Founder)
B2B fintech fraud consortium leveraging ML
Co-investorsBehind Genius Ventures
Crypto & Web3Enterprise SoftwareFintech
Co-investorsBain Capital CryptoFactionFigment
Foundational data model for psychology
Building Ash develops a foundation model for psychology delivered through Ash, an AI application that provides mental health support to individuals.
AI & Machine LearningDigital HealthMental Health
Neil Parikh(Founder)
Co-investorsAndreessen HorowitzTMVFelicis VenturesForerunner VenturesRadical Ventures
Stell builds AI-powered systems engineering software for requirements management and traceability, targeting hardware engineers working on mission-critical systems in aerospace and defense.
Defense TechSaaSSpace TechSan Francisco, US
Malory McLemore(Founder)
Co-investorsFulcrum VentureThird PrimeUrban InnovationLong Journey VenturesWischoff Ventures
Error monitoring and incident response platform
Vaporware is a decentralized, peer-to-peer internet computer built on a purely functional virtual machine ("ship") that combines cryptographic identity, large-scale file storage, encrypted networking, and full-stack web applications into a single framework.
Crypto & Web3Data & InfrastructureDeveloper Tools
Co-investorsBlockwall
Exits Β· 1
IPOs and acquisitions across the tracked portfolioSkipacq. by Interchain Foundation (Cosmos)
Portfolio news
latest coverage across their companies
Cedar Β· wmdt.com Β· Jul 15, 2026
Vaporware Β· forbes.com Β· Jun 24, 2026
Slingshot AI Β· hlth.com Β· Jul 25, 2025
Frequently asked questions
- How many investments has Picks and Shovels (Picks & Shovels) made?
- Picks and Shovels (Picks & Shovels) has 25 tracked investments, 1 of which have exited via acquisition or IPO.
- What stage does Picks and Shovels (Picks & Shovels) invest at?
- Picks and Shovels (Picks & Shovels) invests at the Pre-Seed, Seed stages.
- What is Picks and Shovels (Picks & Shovels)'s typical check size?
- Picks and Shovels (Picks & Shovels) typically writes checks of $100K.
- What sectors does Picks and Shovels (Picks & Shovels) focus on?
- Picks and Shovels (Picks & Shovels) focuses on Crypto & Web3, Data & Infrastructure, Deep Tech, Developer Tools, Enterprise Software.
- Where is Picks and Shovels (Picks & Shovels) located?
- Picks and Shovels (Picks & Shovels) is headquartered in Santa Monica, US.
- Does Picks and Shovels (Picks & Shovels) lead rounds?
- Picks and Shovels (Picks & Shovels) typically participates in rounds rather than leading them.
- Who does Picks and Shovels (Picks & Shovels) co-invest with?
- Picks and Shovels (Picks & Shovels) most often shares deals with Digital Currency Group, Moth Fund, Andreessen Horowitz, among 32 tracked co-investors.
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