The Future of MATH

Today, we are publicly announcing that MATH will not raise a third fund. 

In MATH I, we proved our thesis that companies with an unfair advantage in customer acquisition will outperform. In MATH II, we honed our portfolio construction in a way that we believe will lead to consistent top quartile fund returns. Through MATH I and MATH II, we have the honor of working closely with 72 portfolio companies - 50 of which are still active investments. 

Our decision was a difficult one. However, given the current fundraising environment, we did not feel we could get to a minimum viable fund size that would allow us to fully support our portfolio companies, construct the ideal portfolio going forward and continue sourcing/investing/supporting new investments. 

To the LPs that have entrusted us to invest on your behalf, thank you. There are founders in our portfolio that without your commitment would not be thriving and growing. We remain focused on helping them as always and will deliver on your investment. 

To the entrepreneurs that have allowed us to be a part of your journey, we are inspired by you every day. Our commitment to you is never ending - we will continue to support, coach and challenge you even after we have helped you to “Exit Right”.

To the broader tech communities in which we live and invest, we remain dedicated to building a vibrant ecosystem - where investors are true business partners and all founders have the support they need to thrive. 

MATH has always focused on business fundamentals - customer acquisition, operating levers and capital efficiency - to drive business results. However, the real joy in venture does not come from a spreadsheet. It comes from having a front row seat to watch an unsure first time founder grow into a confident leader. It comes from seeing companies that nearly failed multiple times fight back and emerge even stronger. It comes from that one piece of advice that resonates and you know that you have helped a founder reach a positive, tangible outcome. It comes from the shared success of a well-deserved, meaningful exit. These are the moments that we will strive for as we continue to work with our 50 active portfolio companies.

While this decision means we will not be making new investments, our future is the same as our past - helping founders take their vision further and grow with greater certainty.

In shared success,

Dana, Mark and Troy

Elisa Sepulveda Joins the MATH Venture Partners Team

Elisa Sepulveda sits with her dog Lola “Potato” Rose

MATH Venture Partners has touched down in Austin, TX and I’m thrilled to be joining the team as an entrepreneur-in-residence. My name is Elisa Sepulveda and I moved to Austin ten years ago as a freshly minted Cornell MBA and Masters graduate on a one year bench assignment with IBM’s Management Rotational Program. I fell in love with the weather (goodbye northeast snow), the laid back culture, and the people. I grew professionally in the technology ecosystem here, first with IBM, then joining startups focused on artificial intelligence and community in roles that covered marketing, business development, and operations. I spent the last four years running Austin’s Founder Institute Chapter, an early stage accelerator, where I work with early stage entrepreneurs, business leaders in our community, and venture capitalists. 

In this time, I learned a lot about venture capital from the founders perspective. I saw how blitzscaling companies could have a positive socio-economic impact on founders, employees, and their communities. Being a first generation American, with Cuban and Puerto Rican heritage, I knew that with more women like me investing in startups, I could make an outsized impact on communities like mine. I set out to find a firm that would align with my values.

I wanted to work for a firm that partners with founders to grow, personally and professionally, and values diverse people and perspectives. I also wanted to learn from a seasoned group of leaders who have experience as operators. I spent six months speaking to many firms across the country before I met Dana Wright at MATH. In our first conversation, I shared my story. I was honest about why I wanted to become a venture capitalist and was clear that diversity, equity, and inclusion is a requirement. Dana was thoughtful and direct in communicating the firm’s thesis, expectations, and their plan for diversity, equity, and inclusion in the firm and with portfolio companies. She shared the plan for DEI that the team put together that they would be implementing then sharing publicly in the future. I was impressed. I came off the call energized and bursting with ideas. The opportunity to learn VC from an outstanding team and build new systems and processes seemed like a perfect fit.

Every conversation confirmed that MATH lives it’s values and designed it’s strategy and policies to reflect them. Troy, Mark, and Dana are partners, each voice has equal say. Decisions are made with input from everyone on the team because each person brings a different and valuable perspective. The experience that the team brings both in venture and as operators is unparalleled -- from business to business software, healthcare, education technology, to mergers and acquisitions. The team applies this experience to the work they do every day with founders and it was above and beyond my expectations. MATH is committed to founder success. The team has embedded themselves with executive teams to solve complex problems and even met daily with portfolio companies during demanding times. The support and leadership that they provide to portfolio companies, in good times and less good, illustrate what a dedicated group they are. I’ve learned that this team is constantly working to be better and more effective with founders and each other, so there is always an open line to feedback. Additionally, diversity, equity, and inclusion isn’t just something that is discussed. MATH has a plan to work with both portfolio companies and as a firm to increase diversity. The firm, the values, and the team exceeded every expectation. It was clear that I would not only learn a lot, but also make a meaningful impact on the firm and the portfolio companies.

Looking ahead, I will be working hand in hand with the partners and the rest of the team to build an enduring marketing and sourcing strategy. I will also be working on our DEI initiatives internally and with our portfolio companies. Most importantly, I’m going to learn the business of venture capital, from first meeting through exit, from a phenomenal, talented group of people. 

I never could have predicted that this would be a new chapter in my life ten years ago when I moved to Austin and I couldn’t be more excited. I’ll be sharing a lot of insights and information as I learn along the way, so make sure to sign up for our mailing list at MATH Ventures , follow our social accounts on LinkedIn and Twitter, and follow me on Twitter.

Cheers to the next chapter with MATH Venture Partners!