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Third Leaf Partners

Private equity

San Francisco · Seed · 3 people tracked

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Investment thesis

Third Leaf Partners focuses on acquiring control of closely held businesses at fair prices, emphasizing off-market transactions with special circumstances or unusual dynamics. The firm helps existing partners or founding principals retain ownership while expanding their businesses or replacing partners seeking liquidity. It provides capital and develops and executes strategies for growth and expansion, and assesses, structures, and executes the acquisition or disposition of assets, subsidiaries, or adjacent lines of business. Its activity is concentrated in hospitality (resorts and mountain clubs) and beverage (wine) investments, and it also advises wineries across California, Oregon, Washington, New York, South Africa, and Spain.

Source: firm website, verified Oct 2, 2026.

Stage
Seed
HQ
San Francisco, US
Leads rounds
Leads
Instruments
Equity
Tracked investments
14

Team · 3 people

from the firm's website

What they invest in

from 11 of 14 portfolio companies

Consumer ×9Travel & Hospitality ×6E-commerce ×3Wellness & Fitness ×3Direct to Consumer ×2Marketplaces ×2Construction Tech ×1FoodTech ×1

HQs:United States×7

Investments · 14 tracked

founders shown can be your intro path
Blackberry Farmblackberryfarm.com

Blackberry Farm is a Relais & Châteaux luxury resort in the Great Smoky Mountains offering accommodations, dining, wellness and outdoor adventure experiences.

ConsumerTravel & HospitalityWellness & FitnessWalland, US

Blackberry Mountainblackberrymountain.com

Blackberry Mountain is a 5,200-acre resort in the Great Smoky Mountains offering wellness, spa, culinary, and outdoor adventure experiences along with lodging and a retail shop.

ConsumerTravel & HospitalityWellness & Fitness

High Hamptonhighhampton.com

High Hampton is a mountain resort in North Carolina's High Country offering lodging, dining, and activities such as golf, tennis, pickleball, fly fishing, and lake swimming.

ConsumerTravel & Hospitality

Last Bottlelastbottlewines.com

Last Bottle Wines is an online wine retailer that sells wine to U.S. consumers through daily email offers and flash-style sales, shipping from temperature-controlled warehouses in Napa Valley, California and St.

ConsumerDirect to ConsumerE-commerceNapa, US

Meadowood Napa Valleymeadowood.com

Meadowood is a 250-acre wine-country estate in Napa Valley operating as a private club and country hotel, offering lodging, dining, a spa, and recreational activities.

ConsumerTravel & HospitalityWellness & FitnessNapa Valley, US

Snake River Sporting Clubsrsc-realestate.com

A real estate developer offering ownership opportunities in Jackson Hole, including mountain modern homes and undeveloped building sites across The Ranch Estates, The Residences, and The Lodges.

Construction TechPropTech

Twin Farmstwinfarms.com

Twin Farms is an all-inclusive luxury resort set on 300 acres in Barnard, Vermont, offering 28 individually designed cottages and suites with art collections, dining, wines, and outdoor activities.

ConsumerTravel & HospitalityBarnard, US

Underground Cellarundergroundcellar.comin𝕏SeedDefunct

Underground Cellar is an online wine retailer offering daily curated wine deals from wineries across Napa Valley, France, and beyond, with surprise upgrades to higher-value bottles included with each purchase.

ConsumerDirect to ConsumerE-commerceFoodTechMarketplacesSan Francisco, US

Ben Herila(Founder)inBrian Gallagher(Founder)inJeffrey Shaw(Founder)inBrandan Zaucha(Founder)in

Co-investorsY CombinatorZillionizeAccompliceAgrolimen VenturesAudubon PartnersBling Capital+3 more

Windham Mountain Clubwindhammountainclub.com

Windham Mountain Club is a year-round resort and members' club offering skiing, a golf course, dining, and curated excursions.

ConsumerSports TechTravel & Hospitality

WineBidwinebid.com

WineBid operates an online auction marketplace for buying and selling fine and rare wines, listing bottles such as vintage Bordeaux, Burgundy, and other collectible wines.

E-commerceMarketplaces

Yes Societyyes-society.com

Yes Society is a membership-based collectorship focused on fine wine, offering members access to allocations from producers such as Domaine Bizot, Petrus, and Domaine de la Romanée-Conti.

Consumer

Other

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

Antica TerraMulderboschThe Napa Valley Reserve

Frequently asked questions

How many investments has Third Leaf Partners made?
Third Leaf Partners has 14 tracked investments.
What stage does Third Leaf Partners invest at?
Third Leaf Partners invests at the Seed stage.
What sectors does Third Leaf Partners focus on?
Third Leaf Partners focuses on Consumer, FoodTech, Travel & Hospitality.
Where is Third Leaf Partners located?
Third Leaf Partners is headquartered in San Francisco, US.
Does Third Leaf Partners lead rounds?
Yes, Third Leaf Partners leads investment rounds.

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