What stage does TruStage Ventures invest at?

TruStage Ventures invests at the Seed, Series A, Series B, Series C, Late Stage stages.

What is TruStage Ventures's typical check size?

TruStage Ventures typically writes checks of $1M – $5M.

What sectors does TruStage Ventures focus on?

TruStage Ventures focuses on Enterprise Software, Fintech, InsurTech, SaaS.

Where is TruStage Ventures located?

TruStage Ventures is headquartered in Madison, US.

TruStage Ventures

Corporate VC

Madison · Seed–Late Stage · 29 people tracked

Also known as MEMBERS CAPITAL ADVISORS, INC.

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Investment thesis

TruStage Ventures backs the next generation of financial technology, aiming to drive innovation across the credit union and fintech ecosystem. It operates two funds: a general fund pursuing strategic investments and partnerships that connect fintechs with credit unions, and the Discovery Fund, which focuses on early-stage fintech companies led by traditionally underrepresented founders, including BIPOC, LGBTQ+ and women entrepreneurs. Backed by its parent's deep ties to U.S. credit unions, the firm emphasizes partnerships between portfolio companies and credit unions to improve financial wellness and solve industry pain points.

Invests inEnterprise Software Fintech InsurTech SaaSMadisonUnited States

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Late Stage

Check

$1M – $5M

Madison, Wisconsin, US

Instruments

Equity

Founded

1935

Last 12 months

1 investment

AUM

$39.5B

Tracked investments

Team · 29 people

from the firm's website & public directories

Jacqueline S. Shoback· Board Member; Co-founder & Managing Director, 1414 Ventures

Brian Kaas· President and Managing Director· Greater Milwaukeein

b•••@trustage.comreveal

Elizabeth McCluskey· Managing Director, Discovery Fund· Newport Beach, California, United Statesin

Elizabeth McCluskey is Managing Director of the Discovery Fund at TruStage Ventures, where she invests in seed-stage fintech companies founded by underrepresented entrepreneurs. She also serves as an angel investor and startup advisor, with a focus on early-stage company development and fundraising support. Her investment interests include companies addressing family support, community, and health and wellness.

Mike Kraus· Managing Director· Madison, Wisconsin, United Statesin

m•••@trustage.comreveal

Sam Das· Managing Director· Rochester, New York Metropolitan Areain

Sam Das is a Managing Director at TruStage Ventures with over 20 years of experience in financial services and fintech. His background spans investment management, mergers and acquisitions, debt and equity financings, and specialty finance across the fintech and insurtech sectors.

s•••@trustage.comreveal

Allison Hietpas· Platform Associate· Chicago, Illinois, United Statesin

Allison Hietpas is a Platform Associate at TruStage Ventures. She holds a BA in Communications from the University of Wisconsin-Madison's College of Letters and Sciences and completed a certificate in Entrepreneurship from the Grainger School of Business, graduating in May 2020.

Amy Cameron· Chief Investment Officer· Monroe, Connecticut, United Statesin

Amy Cameron is Executive Vice President and Chief Investment Officer at TruStage, with 25 years of experience in fixed income asset management for institutional investors. She holds an MBA and Chartered Financial Analyst credential and has developed expertise across fixed income strategies, risk management, and team leadership.

Brett J. Martinez· Board Member; President & CEO, Redwood Credit Union

Chris Copeland· Chief Business Officer· Madison, Wisconsin, United Statesin

Glenn R. Richter· Board Member; Retired CFO, International Flavors & Fragrances

Greg Holman· Chief Administrative Officer· New York, New York, United Statesin

Greg Holman is Chief Administrative Officer at TruStage, where he oversees enterprise operations, technology integration, and strategic transformation. With more than 26 years in financial services across MetLife, American Express, Bank of America, Nationwide, and State Farm, he has led P&L organizations and enterprise transformation initiatives managing portfolios exceeding $1 billion across North America and Asia. Holman serves on the boards of the African-American Credit Union Coalition and LaSell University and is a member of the Executive Leadership Council.

Jackson Lefelar· Senior Associate· Washington DC-Baltimore Areain

Jackson Lefelar is a Principal at TruStage Ventures, the venture capital arm of TruStage, where he leads investments in financial technology and manages corporate development and M&A activities. He previously worked as an investor at Fenway Summer and held analytics and investment roles across financial services firms, including Leavenworth Capital. Lefelar holds a Master's in Applied Economics from Georgetown University and a Bachelor of Arts in Economics from Wake Forest University.

John O. Larsen· Board Member; Retired Executive Chairman, Alliant Energy

Jon Winderman· Chief Financial Officer· Philadelphia, Pennsylvania, United Statesin

Kevin D. Johnson· Board Member; President & CEO, Suncoast Credit Union

Kim Sponem· Board Member; President & CEO, Summit Credit Union

Kirby Wenger· Chief of Staff· Mineral Point, Wisconsin, United Statesin

Linda Nedelcoff· Chief Strategy and Human Resources Officer· Greater Madison Areain

Linda Nedelcoff is Executive Vice President of Corporate Strategy and Human Resources at TruStage, with experience across insurance, financial services, and manufacturing. Her background encompasses human resources, succession planning, strategic planning, mergers and acquisitions, and business process improvement, along with community board leadership. She holds a Bachelor of Arts in Accounting from St. Ambrose University.

Mandy Fields· Board Member; CFO, e.l.f. Beauty

Michael G. Valentine· Board Member; President & CEO, Baxter Credit Union

Pat Lawicki· Chief Information Officer· Greater Chicago Areain

Pat Lawicki serves as Executive Vice President of Enterprise Technology, Data, and Digital at TruStage, where he oversees large-scale global technology operations. He has held leadership roles directing digital transformation programs and technology organizations, with experience in strategic planning, business process modernization, and mergers and acquisitions. Lawicki also serves as a board member and Group Chief Information Officer.

Paul Barbato· Chief Legal Officer· Madison, Wisconsin, United Statesin

Sarah Farino· Head of Platform· Madison, Wisconsin, United Statesin

Sarah Farino serves as Head of Partnerships & Platform at TruStage, where she works to connect credit unions with fintech solutions. Her focus includes facilitating partnerships between credit unions and fintechs within the broader ecosystem.

Stephanie Bush· Board Member; Retired Insurance Executive, The Hartford

Tammy Schultz· Sales & Marketing· Rapid City, South Dakota, United Statesin

Tanya Thompson· Senior Executive Assistant· Mount Horeb, Wisconsin, United Statesin

Terrance Williams· President & CEO

Tyrone E. Muse· Board Member; President & CEO, Visions Federal Credit Union

Laura Sievert· Senior Associate· Newport Beach, California, United Statesin

Laura Sievert is Managing Director of the Discovery Fund at TruStage Ventures, where she invests in seed-stage fintech companies founded by underrepresented entrepreneurs. She also works as an angel investor and startup advisor supporting early-stage founders. Her investment focus includes purpose-driven companies in the areas of family support, community, health, and wellness.

l•••@trustage.comreveal

What they invest in

from 20 of 36 portfolio companies

Fintech ×16SaaS ×6AI & Machine Learning ×5Enterprise Software ×3InsurTech ×3PropTech ×3Cybersecurity ×2Data & Infrastructure ×2

HQs:United States×19

Investments · 36 tracked

founders shown can be your intro path

By year:2026 · 1 2023 · 1 2021 · 1 2020 · 1 2019 · 1 2017 · 16 dated

Ethosethoslife.comin 𝕏NASDAQ: LIFE

Ethos provides online life insurance that can be purchased entirely digitally, partnering with established insurance carriers.

InsurTech

Lingke Wang(Co-founder)Peter Colis(Co-founder)

Block Time FinancialFeb 2026SEC filingmedium confidence

Delafield, US

LOUIS J. MORGAN, II(Executive Officer, Director)MIKE SEIFERT(Executive Officer)BRUCE ROSENHEIMER(Executive Officer, Director)THEODORE R. ROLFS(Executive Officer, Director)RICK REUTER(Executive Officer)

Board seatBrian Kaas· per SEC Form D · $10M raise · filed Mar 2026

ForeverCar HoldingsMar 2020SEC filingmedium confidence

Chicago, US

Mark Hodes(President and Secretary of Issuer)Nick Hurtgen(Director of Issuer)Michael Mackey(Director of Issuer)Steve Sorrel(Director of Issuer)Edwin Hagerty(Director of Issuer)Dave Forman(Vice President and Treasurer of Issuer)

Board seatBrian Kaas· per SEC Form D · $750K raise · filed Apr 2020

Happy Money Holdings, Inc.Dec 2023SEC filingmedium confidence

Madison, US

Paul Braude(Director)Nitin Dahiya(Director)Jonathan Herczeg(Executive Officer)Liz Pugliese(Executive Officer)Laurie Winger(Director)Joe Heck(Executive Officer, Director)

Board seatBrian Kaas· per SEC Form D · $145.6M raise · filed Jan 2024

Jenny LifeDec 2019SEC filingmedium confidence

Seattle, US

Chirag Pancholi(Executive Officer, Director)Lief Larson(Director)

Board seatBrian Kaas· per SEC Form D · $5M raise · filed Jun 2021

MortgageHippoApr 2017SEC filingmedium confidence

Chicago, US

Michael Salichs(Executive Officer, Director)Valentin Saportas(Executive Officer, Director)

Board seatBrian Kaas· per SEC Form D · $1.5M raise · filed Apr 2017

PayoffDec 2021SEC filingmedium confidence

Costa Mesa, US

Jim Lane(Director)Mohamed El Erian(Director)Ralph Scott Saunders(Executive Officer, Director)Matt Wilson(Executive Officer)Sean Park(Director)

BoardJoe Saunders(Director)

Board seatBrian Kaas· per SEC Form D · $62.6M raise · filed Mar 2022

Arkatechturearkatechture.comin 𝕏

Arkatechture is a data analytics firm offering data strategy, warehouse/lakehouse buildout, business intelligence, dashboards, and predictive analytics through its Arkalytics platform, project services, and staff augmentation.

AI & Machine LearningData & InfrastructureSaaS

Arrayarray.com

Bank BIbankbi.com

Beemtrybeem.comin

Beem is a fintech app offering instant cash advances up to $1,000 with no credit checks or income restrictions, personal loans up to $100,000, and AI-powered financial tools for budgeting, price comparison, and job matching.

FintechSan Francisco, US

Blocktimeblocktimefinancial.com

Cariboucaribou.com

Caribou offers car loan refinancing services by connecting drivers with lenders and managing the refinancing process, including paperwork and administrative steps.

FintechDenver, US

CarSavercarsaver.com

Miami, US

Sebastian Echavarria(Director)Chadwick J. Collier(Executive Officer, Director)Ernest Bachrach(Director)Sean Wolfington(Executive Officer, Director)George D. Crowley, Jr.(Director)C. David Boice(Director)

Clerkieclerkie.io

Clerkie is a full-service automation platform powered by machine learning that helps lenders manage, optimize, and recover loan portfolios through AI-driven repayment strategies and multi-currency payment solutions.

AI & Machine LearningFintech

Clutchwithclutch.comin

Clutch provides origination solutions for credit unions, enabling member-centric digital experiences across deposits, loans, and business accounts.

Enterprise SoftwareFintechSaaS

Nicky Hinrichsen(Founder & CEO)Chris Coleman(Co-founder)

Currentcurrent.comin 𝕏

Current is a mobile-first banking platform offering no-fee spending accounts and integrated financial services to everyday Americans.

Crypto & Web3Fintech

DataVisordatavisor.comin

DataVisor provides an AI-driven, real-time SaaS platform for fraud detection and anti-money laundering, using machine learning to detect and investigate financial crime across large transaction volumes.

AI & Machine LearningCybersecurityFintechMountain View, US

Fang Yu(Executive Officer, Director, Promoter)Kevin Fong(Director)Yinglian Xie(Executive Officer, Director, Promoter)Kai Wang(Director)

BoardJon Sakoda(Director)

Eltropyeltropy.com

Fair Warrantyfairwarranty.comin

Fair Warranty provides insurance pricing and risk management solutions for the automotive sector.

Enterprise SoftwareInsurTech

William Betteridge(Founder, CEO)Stephen Bates(Founder, Chief Risk Officer)

Goalsettergoalsetter.co

Goalsetter provides a financial literacy and goal-setting platform designed for K-12 schools, colleges, universities, and financial institutions.

AI & Machine LearningEdTechFintechSaaS

Tanya Van Court(Founder & CEO)

Happy Money Exits falsehappymoney.comin 𝕏

Harnessharnessfi.comin

Harness turns financial institutions' raw transaction and member data into real-time, personalized engagement campaigns for card and rewards programs.

Data & InfrastructureFintechMarketing Tech

Maticmatic.comin

Matic is a digital insurance marketplace that connects homeowners and auto insurance seekers with 60+ A-rated carriers through an embedded digital experience offered to distribution partners.

B2B MarketplacesFintechInsurTech

Ben Madick(Co-founder & CEO)

Maxwell Financialhimaxwell.comin

Maxwell provides software solutions for mortgage lenders, including point-of-sale, loan fulfillment, and due diligence tools designed for small to midsize community lenders.

Enterprise SoftwareFintechPropTechSaaSDenver, US

Evan Einhorn(President & Founder)John Paasonen(Co-founder & CEO)Rutul Dave(Co-Founder / CTO)

Momntmomnt.comin 𝕏

Exits · 1

IPOs and acquisitions across the tracked portfolio

EthosNASDAQ: LIFE

Portfolio news

latest coverage across their companies

Alphabet-linked entities sell $1.83m Ethos Technologies stock By Investing.com

Ethos · investing.com · Jul 18, 2026

Caribou VFW receives credit union funding - The County

Caribou · thecounty.me · Jul 16, 2026

Cover Genius hits $1.9bn valuation with $100m raise

Current · fintechfutures.com · Jul 16, 2026

Job Application for Partner Development Manager at SmartAsset

SmartAsset · job-boards.greenhouse.io · Jul 15, 2026

Beem's $1M Bet on BC: Fueling Pilots, Reformers, and a New Economy - BriefGlance.com

Beem · briefglance.com · Jun 25, 2026

Matic secures minority investment from Primus Capital

Matic · coverager.com · Jun 24, 2026

Clutch.ca raises $35M in funding, valued above $400M - AIM Group

Clutch · aimgroup.com · Feb 24, 2025

Frequently asked questions

What stage does TruStage Ventures invest at?: TruStage Ventures invests at the Seed, Series A, Series B, Series C, Late Stage stages.
What is TruStage Ventures's typical check size?: TruStage Ventures typically writes checks of $1M – $5M.
What sectors does TruStage Ventures focus on?: TruStage Ventures focuses on Enterprise Software, Fintech, InsurTech, SaaS.
Where is TruStage Ventures located?: TruStage Ventures is headquartered in Madison, US.

Media · Podcasts & interviews

featuring the team

CUC- 2025 TruStage Ventures Fintech Summit: Brian Kaas

The Credit Union Connection · Brian Kaas

Investing in Fintech Innovation: A Conversation with Mike Kraus of TruStage Ventures

The Fintech Combine · Mike Kraus

The Credit Union Connection- Interview w/ TruStage Ventures Managing Director Sam Das

The Credit Union Connection · Sam Das

Images

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