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Key people at iFly.vc.
iFly.vc is an Austin, Texas-based venture capital fund investing in early-stage startups addressing "unglamorous, underserved, and under-appreciated demands." It backs founders transforming daily life with market insights and technology, providing hands-on support in sectors like grocery/food delivery and B2B marketplaces. Its first fund achieved a 10x rate of return, and its second fund closed at $46 million in 2021. Its portfolio includes approximately a dozen companies, notably grocery delivery startup Weee!, where it became the second-largest shareholder after a 2018 Series A. Founding Partner Han Shen leads the firm, established around 2015, with Martin Salomon as Chief of Staff. Its business model centers on venture capital fund that manages investor capital and generates returns through equity stakes in portfolio companies.
iFly.vc is a venture capital firm founded in 2016, based in Rollingwood/Austin, Texas, that invests in early-stage technology companies driving transformations in traditional industries, with an initial focus on commerce.[1][2][3][4] Its mission centers on discovering value in "unsexy" sectors by backing gritty entrepreneurs solving overlooked, real-world problems through a thesis-driven approach, maintaining a concentrated portfolio, and providing hands-on support via domain expertise and networks.[1][4] The investment philosophy emphasizes collaboration—like building a startup together—avoiding trend-chasing and "spray and pray" tactics, instead dedicating substantial resources to help founders create market-leading companies.[1][2][4] Key sectors span commerce-enabled plays like ethnic groceries (e.g., Weee!), B2B marketplaces (e.g., ShopVidi), and even energy tech (e.g., Camp Six, acquired by Helmerich & Payne).[1][4] iFly.vc impacts the startup ecosystem by engaging non-Silicon Valley founders, fostering long-term partnerships, and achieving at least one exit, with portfolio companies like BorderX Lab raising oversubscribed rounds.[2][4]
iFly.vc launched in 2016 amid VC "hard mode" fundraising challenges, as noted in its own reflections on humility from the process.[1][2][4][5] Han Shen, the Founding Partner based in Austin, leads the firm alongside key figures like Advisor Alfred Chu and Head of Operations Martin Salomon.[4][5] Shen's background includes ties to prominent funds like Formation 8 and 8VC as an advisor, bringing operator insights to identify opportunities in unglamorous sectors.[4] The firm's evolution started with a commerce emphasis but expanded to technology-enabled transformations across traditional industry value chains, building a network of domain experts while keeping a concentrated portfolio.[1][3][4] Early traction included investments in founders with prior company-building experience, leading to successes like portfolio oversubscriptions and an acquisition, humanizing its partner-like approach with entrepreneurs.[1][4]
iFly.vc rides the wave of technology-enabled reinvention of traditional industries, particularly commerce value chains underserved by glamorous tech hype, capitalizing on market forces like rising ethnic consumer demand and B2B digitization in the U.S.[1][3][4] Timing aligns with post-2016 shifts toward unsexy, high-impact plays amid VC maturation, where expertise trumps volume investing—evident in successes like Weee!'s fresh groceries delivery and Camp Six's energy tech acquisition.[1][4] It influences the ecosystem by democratizing VC for non-Silicon Valley founders, fostering cross-border e-commerce (e.g., BorderX Lab), and proving value in overlooked sectors, countering trend bubbles with tangible, collaborative value creation.[1][2][4]
iFly.vc's concentrated, expertise-led model positions it to scale influence in enduring transformations like supply chain digitization and niche marketplaces, potentially expanding beyond commerce as domain networks grow.[1][4] Upcoming trends—AI-enhanced logistics, global ethnic commerce boom, and energy transition—favor its thesis, with new funds likely amplifying exits and oversubscriptions.[2][4][5] Its partner-like ethos could evolve it into a preferred backer for operator-founders, deepening ecosystem impact in unglamorous-but-vital spaces, much like its origins in discovering value where others overlook.[1][4]
iFly.vc has 3 tracked investments across 2 companies. The latest tracked deal is $21.0M Series B in Ume in September 2025.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| Sep 1, 2025 | Ume | $21.0M Series B | Conductive Ventures | Joao Otavio Oliverio, Evli Growth Partners |
| Sep 6, 2022 | Waysia | $9.9M Pre-Series A | Banyan Pacific Capital | Cathay Innovation, Convivialite Ventures, Dastore, Goodwater Capital |
| Oct 20, 2021 | Waysia | $4.7M Seed | IFly.vc | Jean Francois Cochy, Goodwater Capital |
Key people at iFly.vc.
