Facts
- HQ
- Seattle
- Sectors
- Venture Capital and Private Equity Principals
- Founded
- 2008
- Employees
- 10
- Last fund
- Founders' Co-op IV, LP · $25M · 2017 SEC Form D
- Funds raised
- 1 fund SEC Form D filings
- Total capital
- $25M SEC Form D filings
Author outlines how successful accelerators prioritize finding and supporting exceptional founders over ideas
The author responds to reactions to their Techstars obituary by outlining what makes an effective startup accelerator, arguing that accelerators must focus on identifying and supporting exceptional founders rather than ideas or technology. They begin a step-by-step framework emphasizing clear goals and prioritizing founder quality as the most important factor for early-stage investor success.
Goodbill Raises $2M to Expand Medical Billing Error Detection for Self-Funded Health Plans Covering 50,000 People
Goodbill, a Seattle-based startup founded in 2021, raised $2 million to expand its services that identify and challenge errors in hospital bills for individual patients and self-funded employer health plans covering 50,000 people nationwide. The funding round included previous investors Founders’ Co-op, Maveron, and Liquid 2 Ventures, enabling Goodbill to scale its platform upstream into billing processes to help employers control healthcare costs.
Techstars cuts executives and cancels flagship Seattle program as Y Combinator pulls ahead
Techstars, once a leading global accelerator, has been eclipsed by Y Combinator and is now facing executive departures, program closures, and the surprising termination of its flagship Seattle program; the article analyzes strategic choices that contributed to Techstars’ decline. The authors, familiar with Techstars through founding and running its Seattle program and corporate partnerships, offer an insiders’ view of decisions that strengthened YC while weakening Techstars.
University of Washington’s CoMotion Innovation Arm Moving to Condon Hall Near Startup Hall in 2023
The University of Washington's innovation arm, CoMotion, will relocate from the Blume building to Condon Hall near Startup Hall later this year, expanding its space and event capabilities. Startup Hall is part of the Portage Bay Crossing neighborhood, which aims to foster research, education, and entrepreneurship.
Seattle VC Firm Ascend Raises $25M Second Fund to Boost AI Investments Amid Market Downturn
Seattle-based pre-seed venture capital firm Ascend, led by Kirby Winfield, raised a $25 million second fund focused on doubling down on artificial intelligence investments amid a challenging startup funding environment. Winfield, who has backed over 70 startups, predicts a further valuation correction but remains committed to early-stage investing.
Seattle’s Foundation, led by ex-Staples exec Shiv Agarwal, raises $3M seed to expand its B2B wholesale e-commerce platform
Seattle startup Foundation, led by former Staples exec Shiv Agarwal, raised a $3 million seed round to grow its B2B wholesale e-commerce platform focused exclusively on streamlining wholesale transactions. Foundation connects manufacturers, distributors, wholesalers, and retailers to simplify ordering, inventory sharing, and logistics integration.
Seattle Startup Groundlight Raises $10M Seed to Revolutionize Warehouse Monitoring with AI and Natural Language Computer Vision
Seattle startup Groundlight, co-founded by former Amazon and Picobrew execs Leo Dirac and Avi Geiger, emerged from stealth with a $10 million seed fund to simplify warehouse monitoring using AI-powered computer vision. Their platform enables businesses to query real-time video feeds through natural language prompts for instant, customizable insights.
Founders’ Co-op celebrates 15 years, reflecting on 2008 founding and mission to fund Pacific Northwest technical founders
Founders’ Co-op marks its 15th year, reflecting on founding in 2008 and its mission to build a day-zero launchpad for technical founders in the Pacific Northwest and connect them to Series A+ capital. The partners describe learning the hard lessons of venture investing—how VC’s long, deliberate cycles and irrevocable decisions differ from startup speed and scale.
Former Starbucks Exec Adam Brotman and Investor Andy Sack Raise $10M for Forum3 to Expand NFT Loyalty Tech
Seattle tech veterans Adam Brotman and Andy Sack raised $10 million to launch Forum3, a startup offering NFT-based customer engagement tech designed to simplify blockchain use for consumer brands. Forum3 aims to provide a white-labeled version of Starbucks' NFT loyalty program, Odyssey, removing cryptocurrency barriers for users.
Seattle Health Benefits Startup Pebble Launches with $17.3M Funding Including $12M Seed Round to Serve Small Businesses
Seattle-based startup Pebble, which uses AI to create health benefits plans for small businesses, has publicly launched and secured $17.3 million in total funding, including a $12 million second seed round. The company aims to provide startups and small businesses access to comprehensive health benefits similar to those of large firms, helping them attract and retain talent.
Seattle Startup Spice AI Raises $13.5M Seed Round to Build AI Infrastructure for Web3 Blockchain Applications
Seattle-based startup Spice AI raised a $13.5 million seed round to provide infrastructure for developers to build AI-driven applications on blockchain networks like Bitcoin and Ethereum. The platform indexes blockchain data for use in Web3 applications across sectors including financial services, fraud detection, and retail.
Seattle Startup Shelf Engine Lays Off 43 Employees Amid Economic Challenges
Seattle startup Shelf Engine laid off 43 employees due to challenging economic conditions, reducing its workforce from about 200 to around 150. The company, which uses machine learning to help grocers manage orders and reduce food waste, continues pursuing its mission despite the cuts.
U.S. Venture-Backed Startups See Exit Values Plunge to Lowest in Over Five Years with IPOs at 13-Year Low in 2023
Exit opportunities for U.S. venture capital-backed startups have sharply declined in 2023, with only 831 exits totaling $49 billion in the first half of the year compared to 883 exits worth $372.2 billion in 2021. The number of IPOs hit a 13-year low due to rising interest rates and recession fears, forcing startups to reconsider their exit strategies.
Betterment to acquire Seattle crypto robo-advisor Makara, joining crypto investing to its $32B platform
Betterment agreed to acquire Seattle crypto robo-advisor Makara, which launched in May 2021 and offers thematic crypto baskets; Betterment manages $32 billion for nearly 700,000 clients. Makara spun out of Strix Leviathan, was founded by Jesse Proudman and others, and raised about $3 million in seed funding while pursuing a Series A.
Goodbill raises $3.4M seed to fight medical billing errors, launches free COVID test-claim tool
Seattle startup Goodbill, founded by Patrick Haig and Ian Sefferman, helps patients identify and dispute medical billing errors and launched a free tool to submit COVID-19 rapid-test reimbursement claims after new federal coverage rules. The company raised $3.4 million in a December seed round led by Founders’ Co-op, with participation from Maveron, Liquid 2 Ventures and several angel investors.
Logixboard raises $32M to expand freight-forwarding software as supply-chain chaos boosts demand
Seattle freight-forwarding software startup Logixboard raised $32 million (after a $13M round in April) to help traditional forwarders digitize document management, communications and visibility amid ongoing supply-chain disruption.
Pack Ventures launches Seattle syndicate to back UW-linked startups, pledges 10% of future profits to University of Washington
Pack Ventures, a new early-stage Seattle VC, will invest $100K–$200K checks in startups tied to the University of Washington and has already backed five companies including Jeeva Wireless, Talus.bio and Monod Bio; the firm will return 10% of individual future profits to UW. The syndicate includes more than 35 founding investors from the Seattle VC and entrepreneur community and will target AI, robotics, computational biology, enterprise software and other high-growth areas.
Founders Co-op General Partner Aviel Ginzburg Discusses NFTs, Web3, Metaverse and Startup Investing on GeekWire Podcast
GeekWire Podcast interviews Aviel Ginzburg, general partner at Seattle seed fund Founders Co-op, about pandemic-era networking, NFTs, crypto, Web3, the Metaverse, and how his firm differentiates in a crowded funding market.
U.S. VC Hits $330B in 2021; Washington State Pulls $8.5B Across 549 Deals, 9 New Seattle Unicorns
Venture capital hit record highs in the U.S. in 2021 with $330 billion across 17,054 deals, and Washington state saw $8.5 billion invested in 549 deals (a 77% increase over 2020), driven in part by newly minted unicorns in the Seattle area.
Kirby Winfield, ex-founder and exec, raises $15M for Ascend.vc to back Pacific Northwest early-stage startups
Kirby Winfield, a longtime Seattle startup leader who experienced burnout after multiple exits, founded Ascend.vc to invest in early-stage Pacific Northwest tech companies and raised a $15 million first fund after recovering his health and shifting from founder roles to venture investing.
Spice AI raises $1M pre-seed led by Madrona; Nat Friedman and Mark Russinovich invest
Spice AI, a Seattle startup founded by former Microsoft Azure engineers Luke Kim and Phillip LeBlanc, launched an open-source project to help developers build real-time learning AI apps and raised a $1 million pre-seed led by Madrona with investments from GitHub CEO Nat Friedman and Microsoft Azure CTO Mark Russinovich. The company has no paying customers yet but is backed by several VCs and positions itself to simplify creating intelligent applications.
Microsoft acquires Seattle OKR startup Ally to integrate into Microsoft Viva; terms undisclosed
Microsoft has acquired Seattle-based OKR startup Ally, founded three years ago, to integrate its goal-tracking capabilities into Microsoft Viva and other products; financial terms were not disclosed.
Relevvo raises $1.5M seed to power personalized B2B sales messaging from Microsoft and LinkedIn veterans
Seattle startup Relevvo, founded by veterans from Microsoft, LinkedIn and other firms, raised a $1.5 million seed round to sell a B2B ‘relevance engine’ that delivers personalized sales messaging at scale to replace ‘spray and pray’ outreach. The seven-person company counts customers like iSpot, Esper, Hiya and CourseKey and was founded by Aashish Dhamdhere and Tushar Shanbhag.
Remitly IPO Marks End of 10-Year Journey for Seed Investor Who Led Early Round and Served on Board
Investor and VC recounts Remitly’s IPO, celebrating the Seattle fintech’s public debut after a decade since he led its Seed round and served on the board, praising the founders’ methodical approach and noting the milestone’s importance to his investing career.
Investors Pour Billions into Climate Tech as E8 Expands and Sector Raises $14.2B by Midyear
A wide range of investors — from tech employees to former VCs and concerned parents — are increasingly funding climate-tech startups, driving a sharp rise in capital flows after years of stagnation. By midyear, climate tech companies raised $14.2 billion globally, supported by growing networks like Seattle’s E8 and large climate-focused funds from private equity and venture firms.
Fund History
People
See all 5-
Aviel Ginzburg Founder, Co-founder and General Partner
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Chris DeVore Founder, Founder and Founding Managing Partner, Former Techstars Seattle Managing Director
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Tarun Vashisth Founder, Co-founder
