What stage does Underdog Labs invest at?

Underdog Labs invests at the Pre-Seed, Seed stages.

What is Underdog Labs's typical check size?

Underdog Labs typically writes checks of $5K – $500K.

What sectors does Underdog Labs focus on?

Underdog Labs focuses on AI & Machine Learning, Consumer, Enterprise Software, Healthtech, SaaS.

Where is Underdog Labs located?

Underdog Labs is headquartered in San Francisco, US.

Does Underdog Labs lead rounds?

Yes, Underdog Labs leads investment rounds.

Underdog Labs

Venture capitalActively deploying

San Francisco · Pre-Seed–Seed · 6 people tracked

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Find your way into Underdog Labs

4,624 people in our graph share verified history with the Underdog Labs team — schools, employers, funds. One of them is your warm intro.

Glen Andersonunlockedknows David Hehman · together at University of California, Berkeley (overlapped)

×4knows the team · via University of California, Berkeley

×4knows the team · via Ey

×3knows the team · via University of California, Berkeley, Haas School of Business

✨ Fox Verdict

Investment thesis

Pre-seed, pre-product investors offering boutique accelerator-style support from two partners with a 25-year co-founding relationship and an Expedia exit, sourcing via trusted referrals and favoring belief-driven founders over traction.

Invests inAI & Machine Learning Consumer Enterprise Software Healthtech SaaS San Francisco United States

Source: firm website, verified Aug 7, 2026.

Stage

Pre-Seed–Seed

Check

$5K – $500K

San Francisco, CA, US

Leads rounds

Leads

Instruments

Equity

Last 12 months

1 investment

Tracked investments

Team · 6 people

from the firm's website & curated & public directories

Howard Love

An investor in 150+ companies and 40+ PE/VC funds over 25+ years, and a significant LP across Underdog Labs Funds I and II. Earlier in his career he was a founder and angel investor with notable successes including Trulia, Hotel Tonight, iSpot.TV, and FlexJobs.

David Hehman· Co-Founder· Sebastopol, California, United Statesin 𝕏

David Hehman is an entrepreneur who co-founded and sold five tech companies and runs a boutique startup studio, personally leaning in to de-risk early-stage founders and iterate to product-market fit.

Alex Chang· General Partner· San Francisco Bay Areain 𝕏

A first-generation dot-com founder who sold his first startup to Expedia in 2000, Alex Chang brings 25+ years and 100+ early-stage investments to pre-seed deals across biotech, climate, and pharmaceuticals.

Umang Saraf· Principal· Bengaluru, Karnataka, Indiain

Chartered Accountant with 4+ years in EY's investment banking team advising on M&A and fundraising in consumer and consumer tech.

Matthew Larson

Brings deep experience evaluating and investing in consumer and technology businesses, frequently advising UL founders and the firm on investments and portfolio support. He also works with Howard to allocate capital across public and private markets for the Love Family Office.

Paul Borowick· Chicago, Illinois, United Statesin

A Berkeley Haas MBA (class of 2025) focused on deal sourcing. He began his career in medtech, first as an engineer and later in business development for a startup.

Founder mafia

2 people who came through Underdog Labs went on to found or lead other companies.

David HehmanCo-FounderFounded ExitHero +1 Alex ChangGeneral PartnerFounded ExitHero

What they invest in

from 4 of 6 portfolio companies

AI & Machine Learning ×3Digital Health ×2Healthtech ×2Data & Infrastructure ×1Enterprise Software ×1Hardware ×1IoT ×1LegalTech ×1

HQs:United States×4Spain×1

Investments · 6 tracked

founders shown can be your intro path

By year:2026 · 1 2024 · 1 2022 · 1 2021 · 25 dated

Arbital Healtharbitalhealth.com in 𝕏Jan 2024

Arbital Health provides a platform for managing value-based care (VBC) contracts, unifying claims, utilization, benchmark, and contract data with actuarial tools, predictive models, and a conversational "Actuarial AI" for real-time performance monitoring and risk analysis.

AI & Machine LearningDigital HealthHealthtechSan Francisco, US

Brian Overstreet(Co-founder)inTravis May(Co-founder)in

BoardScott Rosen(Director)inIan Duncan(Director)

Co-investorsHealthy Ventures TRANSFORMATION CAPITAL Flex Capital Partners

FlowasteNov 2021

South Bend, US

Rian Mc Donnell(Executive Officer, Director, Promoter)

BoardElise Weimholt(Director)Geoff Zentz(Director)

Co-investorsRockstart

Keebler Healthkeebler.health inApr 2026 · $16M

Keebler Health, founded in 2023, is a healthcare company focused on improving efficiency and efficacy in the healthcare industry.

AI & Machine LearningDigital HealthHealthtech

Isaac Park(CEO)inAndrew Stickney(COO)inKevin Hill(CTO)inTerrell Bacchus(CMO)in

Co-investorsFlare Capital Partners Hypothesis New Stack Ventures Primordial Ventures Tau Ventures Everywhere Ventures +7 more

Pangeapangea.es 𝕏

Madrid-based travel store combining a bookshop, travel agency and digital sales points across a 1,500 m² location.

Madrid, ES

David Hernandez Pumarega(Founder)in

Co-investorsAthos Capital Axon Partners Group Faraday Venture Partners Inderhabs Ballistic Ventures PJC +1 more

Tennibottennibot.com in 𝕏Nov 2021

Tennibot operates in racquet sports and robotics, though specific details about the company's products, services, or market focus are not provided on this page.

AI & Machine LearningHardwareIoTRoboticsSports TechAuburn, US

Haitham Eletrabi(Co-founder & CEO)inLincoln Wang(Co-founder & CTO)in

Co-investorsBantam Group Techstars Untapped Capital

TermScouttermscout.com inMay 2022 · $5M

TermScout provides contract intelligence software that analyzes agreements, benchmarks commercial terms against market data, and generates risk signals to help legal, sales, and procurement teams execute deals faster.

Data & InfrastructureEnterprise SoftwareLegalTechSaaSDenver, US

Brian Schwalm(Executive Officer)Mark D. Frank(Executive Officer)Christopher Burton(Executive Officer)Chris Silvestri(Executive Officer, Director)

BoardHoward Diamond(Director)Nancy Pierce(Director)

Co-investorsGround Up Ventures LegalTech NFX Rockies Venture Club Techstars Bridge Investments

Portfolio news

latest coverage across their companies

TermScout Expands TrustMark™ Beyond Public Contracts with Launch

TermScout · natlawreview.com · Jun 4, 2026

Keebler Health - Flare Capital Partners

Keebler Health · flarecapital.com · Apr 21, 2026

Arbital Health Is Building the Actuarial Brain Value-Based Care Never Had - Hospitalogy

Arbital Health · hospitalogy.com · Feb 25, 2026

Pangea Aerospace Raises €23 Million in Series A Funding Round

Pangea · spaceinsider.tech · Mar 18, 2025

Frequently asked questions

What stage does Underdog Labs invest at?: Underdog Labs invests at the Pre-Seed, Seed stages.
What is Underdog Labs's typical check size?: Underdog Labs typically writes checks of $5K – $500K.
What sectors does Underdog Labs focus on?: Underdog Labs focuses on AI & Machine Learning, Consumer, Enterprise Software, Healthtech, SaaS.
Where is Underdog Labs located?: Underdog Labs is headquartered in San Francisco, US.
Does Underdog Labs lead rounds?: Yes, Underdog Labs leads investment rounds.

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