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 · 5 people tracked

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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 · 5 people

from the firm's website & 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.

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

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.

What they invest in

from 2 of 2 portfolio companies

AI & Machine Learning ×2Digital Health ×2Healthtech ×2

HQs:United States×1

Investments · 2 tracked

founders shown can be your intro path

Arbital Healtharbitalhealth.com in 𝕏

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

Keebler Healthkeebler.healthApr 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)Andrew Stickney(COO)Kevin Hill(CTO)Terrell Bacchus(CMO)

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

Portfolio news

latest coverage across their companies

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

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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