How many investments has Underscore VC made?

Underscore VC has 59 tracked investments, 8 of which have exited via acquisition or IPO, including 3 dated in the last 24 months.

What stage does Underscore VC invest at?

Underscore VC invests at the Pre-Seed, Seed, Series A stages.

Where is Underscore VC located?

Underscore VC is headquartered in Boston, US.

Does Underscore VC lead rounds?

Underscore VC typically participates in rounds rather than leading them.

Who does Underscore VC co-invest with?

Underscore VC most often shares deals with Y Combinator, G20 Ventures, Dorm Room, among 148 tracked co-investors.

Underscore VC

Venture capital

Boston · Pre-Seed–Series A · 23 people tracked

Also known as UNDERSCORE.VC MANAGEMENT COMPANY, LLC

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Investment thesis

Underscore VC backs early-stage B2B software startups worldwide, positioning itself as a founder's link to Boston's innovation hub. The firm has pioneered an 'open-source' investing model, sharing profits with experts in its Underscore Core Community who support portfolio companies. This collaborative approach aligns the firm's broader network of operators and advisors with the founders it backs, aiming to provide hands-on business-building support alongside capital.

Invests inAI & Machine Learning Crypto & Web3 Developer Tools Enterprise Software Fintech Logistics & Supply Chain Robotics SaaS Boston Global United States

Source: firm website, verified Aug 25, 2026.

Stage

Pre-Seed–Series A

Boston, Massachusetts, US

Leads rounds

Follows

Instruments

Equity

Founded

2015

Last 12 months

2 investments

AUM

$260M

VC funds

Tracked investments

Team · 23 people

from the firm's website & public directories

Andrew Palmer· Co-Founder of Tamr· Cambridge, Massachusetts, United Statesin 𝕏

Serial entrepreneur with over 30 years building and scaling technology, healthcare, and life sciences companies. Co-founder of Tamr, Underscore VC Core Limited Partner, and Core Partner to Trove Health.

Dries Buytaert· Founder of Acquia & Drupal· United Statesin

Creator and project lead of the Drupal open source platform and co-founder/CTO of Acquia. An early Underscore supporter who served as Core Partner to portfolio companies Moltin and Mautic.

Steve Fredette· Co-Founder of Toast· Cambridge, Massachusetts, United Statesin

President and co-founder of Toast, leading product and innovation. Previously built early mobile apps including the first Flickr and Shoebuy.com apps. An Underscore VC Core Limited Partner.

Brian Devaney· Partner· Boston, Massachusettsin

Brian Devaney is an investor at Underscore VC who works with early-stage founders and focuses on vertical-specific AI applications and B2B software that modernize legacy business processes. He previously worked at First Round Capital, where he led diligence and supported investments, and before that led go-to-market for Strava Metro, a new line of business at Strava. He began his career as a fintech analyst at an internet bank and as a B2B SaaS marketing and sales consultant, and holds a BA in Economics, Business Administration, and Computer Science from the University of Vermont.

b•••@underscore.vcreveal

Chris Gardner· Partner· Boston, Massachusettsin 𝕏

Chris Gardner is a partner at Underscore VC who invests in founders and helps build their companies. Before Underscore, he spent nearly three decades in technology, including as an executive at PayPal, where he led P2P, PayPal Here, and In-Store payments after his co-founded company Paydiant was acquired by PayPal in 2015. His earlier roles included CMO and head of products at ExtendMedia (acquired by Cisco in 2010), SVP of Products and Marketing at m-Qube (acquired by Verisign in 2006), and VP of Products and Marketing at edocs, Inc. (acquired by Siebel Systems in 2004). He holds a BA in Communications from the University of Massachusetts at Amherst.

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James Orsillo· Partner· Boston, Massachusettsin 𝕏

James Orsillo is the CFO at Underscore-backed TetraScience and previously served as CFO at Maxwell Health and Evariant, where he led venture financing rounds and built finance and operations teams that resulted in exits for both companies. Earlier in his career he held finance and operating roles at American Tower, Kaz (now Helen of Troy), Decision Resources Group, Digitas, and State Street. He holds a Master of Science in Finance from Brandeis University, a Bachelor of Science from Boston College, and the CFA designation.

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Lily Lyman· General Partner· Boston, Massachusettsin 𝕏

Lily Lyman is an investor at Underscore VC, where she focuses on workflow automation and Vertical AI across insurance, healthcare, and life sciences, and also contributes to the firm's management. She previously worked as a growth leader at Facebook and held strategy, operational, and entrepreneurial roles, including co-founding an agtech and CPG startup while at Stanford. She holds an undergraduate degree from Harvard University and an MBA from Stanford Graduate School of Business, along with certificates from Columbia Business School and Stanford GSB.

l•••@underscore.vcreveal

Michael Skok· Partner· Boston, Massachusettsin 𝕏

Michael Skok co-founded Underscore VC in 2015 after previously working as a venture investor at North Bridge Venture Partners. Earlier in his career he was an entrepreneur, building companies in enterprise big data and analytics (AlphaBlox, acquired by IBM) and security and consumer products (Symantec UK). He focuses on breakthrough technologies and disruptive business models such as open source, cloud, IoT, blockchain, VR/AR, and AI/ML, and taught at Harvard University for over a decade.

Sooah Cho· Principal· Boston, Massachusettsin 𝕏

Sooah Cho is a Partner at SignalFire focused on AI in Health & PharmaTech investments. She brings product development experience from CVS and Devoted, combined with go-to-market strategy expertise and a background in policy. Cho holds an MBA and MPP and invests in early-stage companies in health and life sciences.

Osi Peters· Venture Partner· Boston, Massachusettsin 𝕏

Osi Peters is Head of Engineering for Instagram Friends at Instagram and a technology executive at Meta. He invests in startups and has experience building engineering teams and organizational culture.

Brian Fakhoury· Investment Analyst

Claire Crowther· VP of Strategy & Operations· Greater Bostonin

Claire Crowther is VP of Strategy & Operations at Underscore VC, where she leads investor relations, deal execution, and cross-functional workflows. Before Underscore, she produced multimedia content for MIT Solve and managed content for the Boston startup LogoMix, and earlier held content and customer success roles at Lionbridge and taught high school English in France. She holds a BA in Linguistics from the University of Rochester and an MBA from Quantic School of Business.

Corey Thomas· Chairman & CEO of Rapid7· Greater Bostonin

CEO and board chairman of Rapid7, member of NSTAC, and elected chair of the Federal Reserve Bank of Boston. Serves as an Underscore VC Core Partner to CloudZero.

Devin Nash· Member of Leadership Team (Brand & Strategy)· Boston, Massachusetts, United Statesin 𝕏

Devin Nash leads brand, strategy, creative, and communications work at Underscore VC as part of the firm's leadership team, and works with portfolio founders on narrative and visibility. She previously worked as a Strategist at experiential marketing agency George P. Johnson, developing brand experiences and communication strategies for companies including IBM, Cisco Systems, and Google. She holds a Bachelor of Science from New York University.

Gabrielle McCarthy· Senior Investment Associate· Boston, Massachusetts, United Statesin

Gabrielle McCarthy is an investor at Underscore VC, where she sources and evaluates early-stage B2B software opportunities and leads the firm's academic work supporting student founders across Boston institutions. She previously worked at OpenView on Series A and B investments in enterprise application software and product-led growth companies, and earlier held a go-to-market role on the enterprise sales team at Klaviyo. She holds a BA in Government from Dartmouth College.

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Jeremiah Brazeau· Core Partner· Boston, Massachusetts, United Statesin

Jeremiah Brazeau is a Core Partner at Underscore VC, where he advises the investing team on portfolio selection and acts as a technical sounding board for founders. He is a Distinguished Engineer at Shopify and previously served as CTO of Twilio, SVP and Distinguished Architect at Salesforce, Principal Engineer at Amazon Robotics, and co-founder of an electronic health records company. He holds patents in robotics, machine learning, distributed systems, and consumer engagement, and earned a BS and MS in Computer Science from Rochester Institute of Technology and an MS in Electrical Engineering from Northeastern University.

John Pearce· Partner· Boston, Massachusettsin

John Pearce spent over 25 years leading fast-growing technology companies as a CFO and CEO. He served as President and CEO of Demandware (later acquired by Salesforce), was CFO at AppIQ (acquired by Hewlett-Packard), co-founded SilverStream Software and Watermark Software (acquired by FileNet Corporation), and contributed to the early revenue growth of Actifio. He passed away in November 2023.

Kate DeVlieger· Executive Business Associate· Boston, Massachusetts, United Statesin

Kate DeVlieger is an Executive Business Associate at Underscore VC, where she handles calendar management, meeting coordination with founders and co-investors, briefing preparation, and tracking of firm commitments. Before Underscore, she supported executives at Morgan Stanley and Breakthrough Properties. She holds a BA in Applied Psychology and Human Development from Boston College, where she rowed on the Women's Varsity team.

Marco Rosario· Operations Manager· Boston, Massachusetts, United Statesin

Marco Rosario is the Operations Manager at Underscore VC, where he handles organizational and operational tasks supporting the firm's hybrid office, employees, community, and founders. Before joining Underscore, he worked as a Team Captain at Prialto, leading a group of executive assistants. Outside of work he is involved in mentorship programs and has interests in music and dance.

Meghan Verena Joyce· CEO of Duckbill· United Statesin

Founder and CEO of Duckbill and former Uber and Oscar Health executive. An Underscore VC Core Limited Partner.

Natalie Gibralter· VP of Product, Azure Communication Services at Microsoft· New York, New York, United Statesin

VP of Product for Azure Communication Services at Microsoft and an Underscore VC Core Limited Partner. Previously a product lead at Squarespace during a period of rapid growth.

Richard Dulude· General Partner· United Statesin 𝕏

Richard Dulude is a co-founder and General Partner at Underscore VC, a US venture firm backing enterprise software companies at the pre-seed, seed, and Series A stages. The firm manages roughly $250M across three funds, with a limited partner base of 22 institutions, endowments, family offices, and strategic individuals. He also invests personally as an LP in a number of early-stage European fund managers and plans to expand that portfolio.

r•••@underscore.vcreveal

Zoë Barry· Advisor· Boston, Massachusettsin 𝕏

Zoë Barry is Co-Founder and Co-CEO of PetWealth, which applies PCR diagnostic technology to pet healthcare. She previously founded ZappRx, a specialty medication access platform that raised $42 million before its 2019 acquisition by Allscripts, and Zingeroo, a social investing platform that secured $13.5 million in venture funding. Barry has angel invested in over 20 startups, been recognized as a Goldman Sachs Top 100 Builders & Innovators, and founded DART Car Project while maintaining a career as a professional racecar driver.

Founder mafia

4 people who came through Underscore VC went on to found or lead other companies.

Jeremiah BrazeauCore PartnerFounded Hi Marley Corey ThomasChairman & CEO of Rapid7Founded CloudZero Andrew PalmerCo-Founder of TamrFounded Tamr Amy VilleneuveBoard Director, Advisor & Past COO and President of Amazon RoboticsFounded REsurety

What they invest in

from 49 of 71 portfolio companies

AI & Machine Learning ×33SaaS ×27Enterprise Software ×13Data & Infrastructure ×10Fintech ×9Marketing Tech ×8Healthtech ×7Cloud Computing ×5

HQs:United States×31France×1United Kingdom×1Singapore×1

Who they back

founder profiles across 31 portfolio companies

39%

solo founders

12 of 31 mapped founding teams

45%

repeat founders

of 22 founders with career history

Founding team size:solo founder×122 founders×154+ founders×4

Where their founders studiedfrom 20 founders with education data

Stanford University ×3Northumbria University ×2Rensselaer Polytechnic Institute ×2Williams College ×2

Where their founders worked beforefrom 22 founders with career history

Google ×2Spotify ×2

Accelerator rootsportfolio companies that came through a program

Y Combinator ×6 Techstars ×2

Investments · 71 tracked

founders shown can be your intro path

By year:2025 · 3 2024 · 2 2023 · 2 2022 · 1 2021 · 1 2020 · 2 2018 · 1 2017 · 1 2016 · 215 dated

Aircon Air Freight, Inc.Feb 2025SEC filingmedium confidence

Flower Mound, US

Christopher Michael Condon(Executive Officer, Director)

BoardAlexey Freed(Director)

Board seatBrian Devaney· per SEC Form D · $6.1M raise · filed Feb 2025

Clockwork Technologies Inc.Oct 2023SEC filingmedium confidence

St. Louis, US

Fady Hawatmeh(Executive Officer, Director)Robert Hower(Director)

Board seatBrian Devaney· per SEC Form D · $3M raise · filed Oct 2023

CloudZerocloudzero.com in 𝕏Dec 2020

CloudZero provides cost allocation and financial management for AI workloads, helping companies understand the ROI of their AI investments across cloud platforms and AI services.

AI & Machine LearningCloud ComputingEnterprise SoftwareBoston, US

Erik Peterson(Executive Officer, Director)inMatt Manger(Founder)inPhilip Pergola(Executive Officer, Director)Phil PergolainDon Bulens(Executive Officer, Director)

Board seatJames OrsilloMichael Skok· per SEC Form D

Co-investorsG20 Ventures Innovius Capital Matrix Threshold Ventures

Commonwealth CryptoNov 2017SEC filingmedium confidence

Cambridge, US

Sharon Goldberg(Director)Ethan Heilman(Executive Officer, Director)

Board seatRichard Dulude· per SEC Form D · $1.8M raise · filed Dec 2017

Darbygetdarby.comDec 2024

Darby is an AI system for durable medical equipment (DME) providers that processes incoming order faxes, extracts clinical and billing fields, verifies provider identity, coverage, and codes against federal registries, and routes orders.

AI & Machine LearningDigital HealthHealthtechNorth Charleston, US

Jackson Stone(Executive Officer, Director)Charlotte Lawson(Executive Officer, Director)

Board seatLily Lyman· per SEC Form D

Co-investorsFlare Capital Partners

Mable Wholesale, Inc.Nov 2020SEC filingmedium confidence

Newburyport, US

Arik Keller(Executive Officer, Director)Eric Carlstrom(Director)

BoardMichael Tyrell(Director)Christopher Gardner(Director)inJoshua Summers(Director)

Board seatRichard Dulude· per SEC Form D · $8.5M raise · filed Nov 2020

TetraSciencetetrascience.com in 𝕏Apr 2021

TetraScience provides a Scientific Data and AI Platform that produces AI-native scientific data and lab data management products for scientific research and discovery.

AI & Machine LearningBiotechData & InfrastructureHealthtechSaaSBoston, US

Siping Wang(Founder/CTO)inSalvatore Savo(Director, Executive Officer)Patrick Grady(Executive Officer, Director)inMaurice Bedoni(Executive Officer)

BoardChristopher Lynch(Director)Deven Parekh(Director)

Board seatMichael Skok· per SEC Form D

Co-investorsAlkeon Innovation Dorm Room Floodgate Founder Collective Karlin Ventures Y Combinator +1 more

3Box3box.io

Co-investorsCalm Ventures Placeholder VC Venrock

Aircon

Transforming air cargo with shared airfreight gateways.

airconai.com 🡭airconai.com in 𝕏

Aircon builds a "decision layer" for air freight that gives freight forwarders real-time intelligence at the point of quoting, including margins, route feasibility, and carrier reliability, with auditable and traceable pricing decisions.

AI & Machine LearningLogistics & Supply ChainSaaS

Chris Condon(Founder)

Co-investorsBlumberg Capital Las Olas Venture Capital Schematic Ventures

Anyquestionanyquestion.comacquired by WHOOP

Digital HealthHardwareWellness & Fitness

Apploiapploi.com in 𝕏

Apploi is a hiring and scheduling platform for healthcare facilities that distributes job postings to job sites, verifies candidate and staff licenses for CMS compliance, and manages shift scheduling.

HealthtechHR TechSaaSNew York, US

Adam Lewis(Founder)inChad Maron(Executive Officer)Jonathan Lake(Executive Officer)Daniel Freedman(Executive Officer, Director)

BoardDavid Kyte(Director)Tony Wang(Director)

Co-investorsDefy Partners Equitage Ventures, L.L.C.Maywic Select Investments RiverPark Ventures Supernode Ventures

Bastion Zerobastionzero.com

Co-investorsCollab+Currency DG Daiwa Ventures Notation Capital Dell Technologies Capital

Bizzenbizzen.com in 𝕏

Bizzen is an AI back-office app for construction contractors that records site walkthroughs by voice, text, or video and turns them into notes, scopes of work, estimates, change orders, and cost-plus reports.

AI & Machine LearningConstruction TechSaaS

Co-investorsConversion Capital

BusRightbusright.com in

BusRight offers a student transportation platform used by transportation teams to build and merge bus routes and manage stop assignments, with companion apps that give parents live ETAs and notifications and provide drivers turn-by-turn navigation designed for buses.

Logistics & Supply ChainMobility & TransportationSaaSChappaqua, US

Phillip Dunn(Executive Officer, Director)Keith Corso(Executive Officer, Director)

BoardTomy Han(Director)inMark Volchek(Director)

Co-investorsAutomotive Ventures Mobility CreativeCo Huntington Angels Network Las Olas Venture Capital Long Journey Ventures Volition Capital +2 more

Cazenacazena.com in 𝕏acquired by Cloudera

Cazena provided fully managed Big Data as a Service, delivering cloud-based data lakes and analytics environments for enterprises.

AI & Machine LearningCloud ComputingData & Infrastructure

Prat Moghe(Founder)in

Co-investorsAndreessen Horowitz

Cenoacenoa.com in 𝕏

Cenoa offers freelancers and solopreneurs who earn globally a free US, European, or UK account to receive international payments and withdraw funds in local currency or as USDC/USDT stablecoins, using blockchain and integrations with Stripe and Lead Bank.

AI & Machine LearningCrypto & Web3FintechSingapore, SG

Seçkin Çağlın(Cofounder, Co-CEO)inEmre Ertan(Cofounder, Co-CEO)inBuğra Çakmak(Cofounder, Blockchain)inSırrı Perek(Cofounder, Tech Lead)inSirri Perek(Founder)in

Co-investorsUlu Ventures

ClearMetalproject44.com in 𝕏Acquired

project44 is a supply chain software company serving logistics and supply chain operations teams to improve visibility and efficiency across supply networks.

AI & Machine LearningEnterprise SoftwareLogistics & Supply ChainSaaSChicago, US

Jett McCandless(Founder and CEO)in

Co-investors8VC Btomorrow Ventures Corsa Ventures Grid Capital High Alpha M33 Growth +11 more

Clockworkclockwork.ai in 𝕏

Clockwork is AI-powered financial planning and analysis software that connects to QuickBooks, Xero, or Excel to automatically generate cash flow forecasts, financial models, and dashboards for businesses and accounting firms.

AI & Machine LearningFintechSaaS

Fady Hawatmeh(Founder)in

Co-investorsG20 Ventures New Enterprise Associates (NEA)

Clouderacloudera.com in 𝕏Acquired

Cloudera is a hybrid platform for data, analytics, and AI, serving enterprises and data teams.

AI & Machine LearningCloud ComputingData & InfrastructureEnterprise SoftwareSanta Clara, US

Amr Awadallah(Co-Founder; former CTO)inMike Olson(Co-Founder; CEO (2008-2013); Chairman & Chief Strategy Officer (2013-))Christophe Bisciglia(Co-Founder)Jeff Hammerbacher(Co-Founder; former Chief Scientist)Owen O'Malley(Founding team member (early Hadoop architect))Charles Sansbury(Chief Executive Officer)

Co-investorsAccel Dag Ventures Glynn Capital Management Greylock Partners GV (Google Ventures)Intel Capital +8 more

Codacoda.io in 𝕏Acquired

Coda (now Superhuman Docs) is a collaborative workspace platform that combines document editing, database tables, and application-building capabilities for teams.

AI & Machine LearningEnterprise SoftwareFuture of WorkSaaSMountain View, US

Shishir Mehrotra(Co-Founder & CEO (Coda); later CEO of Grammarly / Superhuman, Inc. from Dec 2024)inAlex DeNeui(Co-Founder & VP of Engineering)Lane Shackleton(Chief Product Officer)

BoardReid Hoffman(Board Member (Greylock Partner; LinkedIn Co-Founder))Hemant Taneja(Board Member (General Catalyst))

Co-investorsDria Ventures General Catalyst Greylock Partners Homebrew Khosla Ventures Kleiner Perkins +8 more

Copleycopley.com

David Henriquez(Founder)mike torra(Founder)

Flare

Smart bracelet designed by survivors of assault to provide an easy exit from iffy situations.

Forgeforge.ai in

Forge provides a security control plane for AI agents that discovers agent systems across endpoint, SaaS, and cloud, governs the human and machine (non-human) identities and MCPs they use, and enforces policy at runtime.

AI & Machine LearningCybersecurityEnterprise Software

Forge AI

Captures unstructured data and transforms it into enriched, computational-ready knowledge.

Frasefrase.io in 𝕏Sep 2018

Frase is an AI-powered content platform that runs the full SEO and generative-engine-optimization loop — researching, drafting in a brand's voice, publishing to CMS platforms, and monitoring rankings and AI citations across engines like ChatGPT, Perplexity, Claude, and Gemini.

AI & Machine LearningMarketing TechSaaSBoston, US

Tomas Ratia(CEO, President, Treasurer and Secretary)Cody Jaques(Director)Francesco Liuzzi(Director)

Co-investorsBantam Group

Gander Robotics

Defense and dual-use robotics company building autonomous systems for critical military and maritime challenges.

Getawaygetaway.house in 𝕏

Postcard Cabins operates a collection of private, design-forward cabins located in nature across 29 U.S. locations, offering short getaways with amenities like fire pits, kitchenettes, and full bathrooms.

ConsumerTravel & HospitalityBrooklyn, US

Jon Staff(Executive Officer, Director)

Co-investorsTamarisc Ventures Alpaca VC Victress Capital

Getflaregetflare.com

Goldcastgoldcast.io inJun 2022

Goldcast provides an AI-powered platform for creating and repurposing video content such as webinars, field events, video podcasts, and customer testimonials, using agentic workflows to turn long-form video into clips, blogs, emails, and social posts.

AI & Machine LearningMarketing TechSaaSNew York, US

Kishore Kothandaraman(Cofounder)Palash Soni(Co-Founder & CEO)inKishore K(Co-Founder)Aashish Srinivas(CTO)Kelly Cheng(CMO)Lauren Creedon(Chief Product Officer)

Co-investorsAfore Capital HubSpot Ventures NewBuild.VC Unusual Ventures

H1h1.co in 𝕏

H1 operates an AI-driven platform that integrates healthcare data to identify and match doctors for clinical trials, patient care, medical affairs, and referrals.

AI & Machine LearningDigital HealthHealthtechNew York City, US

Ariel Katz(Founder)inIan Sax(Founder)in

Co-investorsCommunitas Capital Partners Dorm Room Glynn Capital Management HealthX Ventures IVP (Institutional Venture Partners)Menlo Ventures +1 more

HelloTeamhelloteam.com in

HelloTeam is an employee retention and engagement platform that combines performance management, org charts, recognition rewards, and team communication tools in one place.

Future of WorkHR TechSaaS

Co-investorsOsage Venture Partners

Herald

Digital infrastructure for commercial insurance enabling quote and bind through a single API.

Heraldapiheraldapi.com in

Herald provides an AI-powered platform and API for insurance brokerages, including an intelligence engine, an email-based AI agent that extracts client data and sends submissions, and connectivity to carriers, MGUs, MGAs, wholesale brokerages, and program managers.

AI & Machine LearningInsurTechSaaS

Co-investorsAfore Capital Brewer Lane Ventures Essence Venture Capital

Hi Marleyhimarley.com in 𝕏

Hi Marley provides communication and engagement software for insurance carriers and policyholders, using intelligent solutions to facilitate customer interactions throughout the insurance lifecycle.

Enterprise SoftwareInsurTechSaaSBoston, US

Michael Greene(Executive Officer, Director)Mike Greene(Founder)inMitesh Suchak(Executive Officer, Director)John Miller(Executive Officer, Director)Paul Yanosy(Executive Officer)

BoardPuneet Agarwal(Director)in

Co-investorsBain Capital Ventures Brewer Lane Ventures True Ventures Greenspring Associates

Hiwondermenthiwonderment.com

HourWorkhourwork.com

HourWork provides an AI-driven employee engagement and retention platform for quick-service restaurant (QSR) operators, integrating with HRIS systems to run automated text and email outreach, sentiment analysis, and employee feedback.

AI & Machine LearningHR TechSaaS

Co-investorsDorm Room

Huepoweredbyhue.com in

Hue provides an AI-powered platform for brands and retailers to manage, optimize, and merchandise user-generated video content across their ecommerce experiences.

AI & Machine LearningE-commerceMarketing TechSan Francisco, US

Janvi Shah(Founder)Nicole Clay(Founder)inSylvan Guo(Founder)in

Co-investorsFika Glasswing Ventures The MBA Fund

Hypernaturalhypernatural.aiDec 2025

Hypernatural is an AI video editor that lets brands and storytellers generate, storyboard, and edit full-length videos from scripts, visuals, and audio.

AI & Machine LearningCreator EconomyMarketing TechMedia & EntertainmentElm Grove, US

Chris Kolbe(Executive Officer, Director)

Co-investorsAdverb Ventures AIX Ventures Character Character VC

Ikigai Labsikigailabs.io in 𝕏Aug 2023acquired by Celonis

AI & Machine LearningEnterprise SoftwareSaaSSan Francisco, US

Vinayak Ramesh(Co-founder)Devavrat Shah(Director, Promoter)

BoardAshu Garg(Director)inSandesh Patnam(Director)

Co-investorsFoundation Capital 8VC Premji Invest

IOpipeiopipe.com in 𝕏Dec 2016

IOpipe is a serverless DevOps platform that provides visibility and monitoring for serverless applications in production.

Cloud ComputingData & InfrastructureDeveloper ToolsSeattle, US

Erica Windisch(Founder and CTO)inAdam Johnson(Executive Officer, Director)Eric Windisch(Executive Officer, Director)

Co-investorsboldstart ventures Las Olas Venture Capital New Enterprise Associates (NEA)Struck Capital Techstars Madrona Venture Group

Kaikokaiko.com in 𝕏

Kaiko provides crypto reference data for digital assets, including standardized asset identifiers, supply and market capitalization metrics, and derivatives contract specifications.

Crypto & Web3Data & InfrastructureFintechParis, FR

Ambre Soubiran(CEO & Chairman)

Co-investorsAnthemis Venture Point Nine Eight Roads Ventures Hi Inov Motion Ventures Revaia

Kardgetkard.com in 𝕏

Kard provides transaction data and insights from millions of consumers to advertisers and financial institutions, enabling banks and card issuers to understand shopping behavior across consumer wallets while offering customizable API integrations.

AdTechAI & Machine LearningData & InfrastructureFintechMarketing TechNew York City, US

Ben Mackinnon(Founder)in

Co-investorsFin Capital Nucleus Adventure Capital Techstars Tiger Global Management

Korlkorl.co

Korl is an AI agent that generates personalized business presentations for customer interactions like roadmap reviews, quarterly business reviews, and contract renewals by integrating data from tools like Salesforce, Jira, and Google Docs.

AI & Machine LearningEnterprise SoftwareSaaSSan Francisco, US

Sumeet Pannu(Founder)

Co-investorsMaC Venture Capital Perceptive Ventures Management Company, Llc Stage 2 Capital

Learnluxlearnlux.com in

LearnLux provides personalized financial guidance to employees through employers, covering budgeting, debt management, benefits navigation, and long-term planning delivered by credentialed financial planners on a fiduciary basis.

FintechHR TechSaaSWellness & FitnessBoston, US

Rebecca Liebman(Chief Executive Officer)inMichael Liebman(Vice President, Treasurer and Assistant Secretary)

Co-investorsCrosslink Capital Dorm Room Entrepreneurs Roundtable Accelerator (ERA)J4 Ventures Moai Capital Blumberg Capital +3 more

Lendflowlendflow.com in 𝕏

Lendflow provides a platform for fintechs, lenders, and vertical SaaS companies to offer lending and financial products to their customers.

AI & Machine LearningCloud ComputingFintechAustin, US

Jon Fry(Founder)inMatthew Watts(Founder)in

Co-investorsArdent Venture Frontier Ventures Knoll Ventures Navitas Capital Y Combinator GTMfund +1 more

Lendflowlendflow.io in 𝕏

Lendflow provides embeddable capital-access infrastructure—widgets, landing pages, and a unified API—that lets brands offer lending products and connects them to a network of 75+ lenders.

AI & Machine LearningFintechSaaS

Co-investors2048 Ventures Trinity Capital

Lumanai

Simplifies multi-click processes into single-click actions across multiple software systems.

Luminailuminai.com

Luminai builds an AI-native operating system that unifies fragmented healthcare operational work streams to automate administrative and operational tasks across health systems.

AI & Machine LearningDeveloper ToolsEnterprise SoftwareHealthtechSaaSSan Francisco, US

Kesava Kirupa Dinakaran(Founder)inHarsh Gupta(Founder)

Co-investorsMoxxie Ventures Peak XV Partners Scribble Ventures Shrug Capital Wayfinder Ventures Y Combinator +4 more

Mabletrymable.com in 𝕏Acquired

Mable is a genomics-based telehealth platform that provides personalized migraine care by analyzing patients' genetic and biomarker data to inform individualized treatment plans.

AI & Machine LearningBiotechDigital HealthHealthtechMedical DevicesLondon, GB

Roman Rothaermel(Founder)inInna Thalmann(Founder)inChris EijsboutsKumeren Govnder

Co-investorsInitialized Capital Venrock Y Combinator

Mablemeetmable.com

Mable provides software for food and beverage distributors in the United States, supporting online ordering and catalog management.

Co-investorsG20 Ventures NFX Arkitekt Ventures First In Ventures Venrock Y Combinator

Macromacro.com in 𝕏

Macro is an open-source, AI-powered workspace application that consolidates email, messaging, documents, tasks, calls, and CRM functionality into a single interface with shared team memory.

AI & Machine LearningEnterprise SoftwareSaaS

Jacob Beckerman(Founder)in

Co-investorsAndreessen Horowitz LegalTech

Mauticmautic.com in 𝕏

Mautic is an open-source marketing automation platform with a drag-and-drop interface for building campaigns, emails, and landing pages, plus contact management with lead scoring.

Marketing TechSaaS

Co-investorsG20 Ventures

Messarimessari.ioAcquired

Crypto data, research and disclosure platform covering 40,000+ assets; acquired by Blockworks in June 2026.

Ryan Selkis(Founder)in

Co-investorsAnthemis Venture Blockchain Capital Coinbase Ventures Fabric Ventures Fenbushi Capital Floodgate +12 more

Moltinmoltin.comAcquired

Moltin provides API-based commerce infrastructure that allows retailers and developers to build and deploy shopping experiences across websites, mobile apps, and other customer touchpoints.

E-commerceEnterprise SoftwareBoston, US

Jamie Holdroyd(Founder/CIO)inAdam Sturrock(Founder/Vice President Customer Success)inChris Roach(Executive Officer)

BoardWill Prendergast(Director)in

Co-investorsBantam Group FundersClub Y Combinator Connect Ventures Frontline Ventures

Movemintmovemint.cc in 𝕏May 2024

Movemint is an event hosting platform that lets organizers manage and price events, with dedicated tools for brands and athletes.

MarketplacesSaaSSports Tech

Orionsecorionsec.io in

ORION is a unified data security platform that provides data loss prevention across endpoints, browsers, SaaS applications, email, AI tools, and agentic workflows.

AI & Machine LearningCybersecurityData & InfrastructureEnterprise SoftwareNew York City, US

Jonathan Kreiner(Founder)Nitay Milner(Founder)

Co-investorsNorwest Venture Partners XT Venture Capital

Pagospagos.ai in 𝕏

Pagos is an independent payments intelligence platform that monitors and helps optimize a company's entire payment stack, harmonizing data across processors and surfacing issues like approval-rate drops, fee spikes, and compliance risk in real time.

AI & Machine LearningData & InfrastructureFintech

Co-investorsArbor Ventures Infinity Ventures Point72 Ventures

Postcard

Offers simple escapes to tiny cabins nestled in nature.

project44

World's most advanced supply chain visibility platform.

Co-investorsChicago Ventures Cota Capital Emergence Capital Partners Industrious Ventures Insight Partners Matterwave Ventures+3 more

Quilt Healthquilthealth.com in

Quilt Health operates a digital platform that connects clinics, community organizations, and home care to coordinate treatment for patients with complex conditions, with an initial focus on Sickle Cell Disease.

Digital HealthHealthtechSaaS

Co-investorsCoalition Operators MaC Venture Capital Meridian Street Capital Very Serious Ventures

Quilt Healthquilt-health.com

Salsifysalsify.com in 𝕏

Salsify offers an Intelligent Product Experience Management (PXM) platform that turns product data into commerce experiences across physical, digital, and AI-driven ("agentic") shelves.

E-commerceMarketing TechSaaS

Jeremy Redburn(Founder)inRob Gonzalez

Co-investorsBright Pixel Capital Cathay Innovation Highland Europe Matrix Venrock Warburg Pincus +1 more

Slangslang.ai in 𝕏

Slang AI provides a voice AI platform for full-service restaurants to answer calls, book reservations, and handle inquiries 24/7 with customized, warm service.

AI & Machine LearningHR TechSaaSNew York City, US

Alex Sambvani(Founder and CEO)inGabe(Co-founder)

Co-investorsHomebrew Path Ventures Stage 2 Capital Techstars Thayer Ventures US Venture Partners +2 more

Soofasoofadigital.com in 𝕏

Soofa provides solar-powered digital kiosks and smart signs for outdoor advertising and city communication, selling to cities and advertisers.

AdTechHardwareIoT

Co-investorsEastward Capital Partners Momenta Ventures The E14 Fund

Tamrtamr.com in

Tamr provides an AI-native master data management (MDM) platform that unifies, cleans, and enriches enterprise data in real time.

AI & Machine LearningData & InfrastructureEnterprise Software

Co-investorsDcode Capital Foothill Ventures Granite Hill GV (Google Ventures)In-Q-Tel MassMutual Ventures +7 more

Terra Securityterra.security inSep 2025 · $30M

Terra provides red teaming and offensive security testing for deployed AI systems, including models, copilots, chatbots, and agentic applications.

AI & Machine LearningCybersecurity

Gal Malachi‏(Founder)inShahar Peled‏(Founder)in

Co-investorsFelicis Ventures Syn Ventures Seed Management Llc Dell Technologies Capital SYN Ventures

Trove Healthtrovehealth.io

Co-investorsThe MBA Fund

Vestedvested.co in

Vested provides funding to startup employees so they can exercise their stock options with no out-of-pocket cost, taking a portion of the resulting shares in exchange.

FintechSaaS

Co-investorsBoston Seed Capital

Wonderment

Zaiuszaius.comApr 2016acquired by Optimizely · Mar 2021

Zaius provided a customer data platform (CDP) and B2C marketing automation software that unified customer data to power personalized marketing campaigns.

AI & Machine LearningData & InfrastructureMarketing TechSaaSBoston, US

Mark Gally(Executive Officer, Director)Spencer Pingry(Executive Officer, Director)Salvatore Fondaco(Executive Officer)Philip Wickline(Executive Officer, Director)

BoardRaymond Tacoma(Director)David Skok(Director)

Co-investorsInsight Partners Leaders Fund Matrix

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Exits · 4

IPOs and acquisitions across the tracked portfolio

Anyquestionacq. by WHOOPCazenaacq. by ClouderaIkigai Labsacq. by CelonisZaiusacq. by Optimizely

Portfolio news

latest coverage across their companies

Cloudera Anywhere Cloud gives AI agents safe, secure access to sensitive data wherever it lives

Cloudera · SiliconANGLE · Aug 19, 2026

Infinimmune Raises $75M in Series A Funding

Forge · finsmes.com · Aug 12, 2026

Open Startup Report #41 - July 2026 - Mautic

Mautic · mautic.org · Aug 3, 2026

Sime Darby Property launches RM2.6bil funding push for hyperscale data centres | KLSE Screener

Darby · klsescreener.com · Jul 28, 2026

Crypto News. July 17, 2026 - by Crypto Integrated

Mable · cryptointegrat.com · Jul 17, 2026

H1 global fintech funding grows 23% YoY

H1 · finextra.com · Jul 17, 2026

Caliber Mining’s ₹450 crore IPO opens today; raises ₹135 crore from anchor investors ahead of issue

Learnlux · fortuneindia.com · Jul 17, 2026

Superhuman's new auto-draft feature almost makes me like AI replies

Coda · TechCrunch · Jul 14, 2026

Frequently asked questions

How many investments has Underscore VC made?: Underscore VC has 59 tracked investments, 8 of which have exited via acquisition or IPO, including 3 dated in the last 24 months.
What stage does Underscore VC invest at?: Underscore VC invests at the Pre-Seed, Seed, Series A stages.
What sectors does Underscore VC focus on?: Underscore VC focuses on AI & Machine Learning, Crypto & Web3, Developer Tools, Enterprise Software, Fintech, Logistics & Supply Chain, Robotics, SaaS.
Where is Underscore VC located?: Underscore VC is headquartered in Boston, US.
Does Underscore VC lead rounds?: Underscore VC typically participates in rounds rather than leading them.
Who does Underscore VC co-invest with?: Underscore VC most often shares deals with Y Combinator, G20 Ventures, Dorm Room, among 148 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Underscore VC’s Lily Lyman Talks ’Whole New Ballgame’ of AI Investing

Lily Lyman · finance.yahoo.com

Lily Lyman, General Partner at Underscore VC - Feb 2026

MGMT Boston - The Lantern · Lily Lyman

Lily Lyman from Underscore VC shares how volatility is the new normal. Be a high velocity learner!

MGMT Boston - The Lantern · Lily Lyman

Lily Lyman, General Partner at Underscore VC

MGMT Boston - The Lantern · Lily Lyman

Chris Gardner, Partner at Underscore VC - The VentureFizz Podcast

VentureFizz · Chris Gardner

Brook Colangelo and Michael Skok

CXOTalk · Michael Skok · cxotalk.com

Co-investors · 49

G20 Ventures

G20 Ventures is an early-stage venture capital firm that backs new businesses with capital, storytelling support, and connections, with a focus on enterprise SaaS companies.

Both backed · 4

Clockwork CloudZero Mable Mautic

$2M – $5M

Venrock

Venrock is a venture capital firm investing across technology and healthcare, backing companies in fintech, developer infrastructure, life sciences, therapeutics, semiconductors, and consumer products.

Both backed · 3

Mable Salsify3Box

$500K – $10M

General Catalyst

General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.

Both backed · 2

Coda Luminai

$30M

Greylock Partners

Greylock Partners is an early-stage venture capital firm that partners with founders building companies from inception. Its partners make only one or two new investments per year to focus deeply on each partnership.

Both backed · 2

Cloudera Coda

$100K – $200M

Afore Capital

Afore Capital is a $500M pre-seed venture fund that invests in pre-traction, early-stage companies, leveraging product and investment expertise to support founders from day zero.

Both backed · 2

Goldcast Heraldapi

$500K – $2M

MaC Venture Capital

MaC Venture Capital is a seed-stage venture capital firm that partners closely with founders, offering a multidisciplinary team, an extensive network spanning Silicon Valley, Hollywood, Washington DC, and emerging markets, and hands-on growth support.

Both backed · 2

Korl Quilt Health

$500K – $2M

Bain Capital Ventures

BCV Labs is the platform and hands-on support arm of Bain Capital Ventures, providing portfolio founders with go-to-market strategy, brand development, hiring assistance, and customer introductions.

Both backed · 1

Hi Marley

$1M – $100M

Menlo Ventures

Menlo Ventures is a venture capital firm that invests in transformative, early-stage AI companies across every layer of the modern AI stack, from applications and middleware to data infrastructure and foundation models.

Both backed · 1

$1M – $20M

Emergence Capital Partners

Emergence Capital is a venture capital firm that partners with founders building B2B software companies, from early-stage cloud and SaaS pioneers to AI-native innovators.

Both backed · 1

project44

$500K – $10M

Ulu Ventures

Ulu Ventures is a seed-stage venture capital firm focused on finding and funding early-stage founder teams, emphasizing diversity and data-driven investment decisions.

Both backed · 1

Cenoa

$2M

Hack VC

Hack VC is a venture capital firm investing in early-stage crypto, blockchain infrastructure, decentralized finance, and AI companies.

Both backed · 1

Lendflow

$3M

2048 Ventures

2048 Ventures is a thesis-driven early-stage venture capital firm based in New York and Boston that backs founders building future technologies.

Both backed · 1

Lendflow

$500K – $3M

▶37 more co-investors

Threshold Ventures Fika Flare Capital Partners Defy Partners Glasswing Ventures SparkLabs Global Ventures Eight Roads Ventures Nascent Navitas Capital Alumni Ventures Redpoint Ventures Benchmark SV Angel CRV (Charles River Ventures)Goat Capital FirstMark Capital Slow Ventures NextView Ventures SignalFire Accel-KKR Stride VC Trajectory Ventures Thrive Capital Gusto Pear VC Uncorrelated Ventures Cyberstarts Standard Capital NewView Capital Alven TRANSFORMATION CAPITAL Syngenta Group Ventures Page One Ventures Stellation Capital Aglae Ventures Impellent Ventures Lagrange Labs

Firms observed investing alongside Underscore VC, from public investor directories. Shared companies are the overlap with Underscore VC's recorded portfolio.

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Khosla Ventures is a venture capital firm that invests in early-stage companies focused on technology, mobile, and clean energy sectors, including biotechnology applications. The firm provides capital and strategic support to entrepreneurs developing breakthrough technologies across multiple markets.

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Version One Ventures

Version One Ventures is an early-stage venture firm that backs mission-driven founders building technology companies with generational potential, often committing from day one before a category is clear.

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Everywhere Ventures

Everywhere Ventures is an early-stage venture firm, backed by a community of founders and operators as LPs, that writes early checks (including pre-seed) into startups across many sectors and geographies.

Tech Square Ventures is an early-stage venture firm based in Atlanta that backs enterprise (B2B) and marketplace technology companies, primarily at the seed stage. It is affiliated with the Engage startup accelerator and corporate innovation platform.

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