Incisive Ventures

Seattle-based B2B SaaS investor with 74% portfolio follow-on rate at pre-seed and seed

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Updated: Dec 5, 2025 ·

About

Seattle-based B2B SaaS investor with 74% portfolio follow-on rate at pre-seed and seed

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Oct 1, 2025	Deel	$300.0M Series E	—	Andreessen Horowitz, C2 Investment, Cambrian Ventures, Coatue, Electric Capital, Founders Fund, Franklin Templeton Investments, General Catalyst, Gradient Ventures, Green Bay Ventures, LGF, Ribbit Capital, Roosh Ventures, Seven Seven Six, Spark Capital, Y Combinator, Alexandre Scialom, Ben Lang, Elad Gil, Jeffrey Wilke, Justin Mateen, Vinay Hiremath, William Hockey
Sep 1, 2025	Ignosis	$4.0M Seed	—	Expert Dojo, Ankush Gera
Aug 1, 2025	IVIX	$60.0M Series B	—	10D, Angelic Ventures, Cardumen Capital, Citi Ventures, Insight Partners, Kaszek Ventures, Team8, David de Picciotto, David Vélez, Harsh Sinha, Ziv Kop
May 1, 2025	Parloa	$120.0M Series C	—	Andreessen Horowitz, C2 Investment, Cambrian Ventures, Coatue, Electric Capital, EQT Ventures, Founder Collective, Founders Fund, Franklin Templeton Investments, General Catalyst, Gradient Ventures, Green Bay Ventures, LGF, Outrun Ventures, Ribbit Capital, Roosh Ventures, Seven Seven Six, Spark Capital, Y Combinator, Alexandre Scialom, Ben Lang, Elad Gil, Jeffrey Wilke, Justin Mateen, Ron Pragides, Vinay Hiremath, William Hockey
Apr 1, 2025	Cynomi	$37.0M Series B	—	Andreessen Horowitz, Canaan Partners, Cyberstarts VC, Insight Partners, Khosla Ventures, Lightspeed Venture Partners, Menlo Ventures, Norwest Venture Partners, O'Reilly AlphaTech Ventures, Ameet Patel, Paul Forster
Apr 1, 2025	Mugafi	$3.0M Seed	—	Expert Dojo, Hoxton Ventures, Vibe Capital, Gaurav Munjal, Kunal Shah, Ramakant Sharma
Apr 1, 2025	Belvo	$15.0M Venture Round	—	Citi Ventures, In-Q-Tel, Kaszek Ventures, Redpoint Ventures, Steve Krausz, David de Picciotto, David Vélez, Harsh Sinha, Matt Carbonara
Jan 1, 2025	Quantum Brilliance	$20.0M Series A	—	CP Ventures, In-Q-Tel, Main Sequence Ventures, MYASIAVC PTE LTD, Rainfall Ventures, Sommet AB, Didier Valet, Emlyn Scott, Kunal Shah, Nate Matherson, Philippe Teixeira da Mota
Jan 1, 2025	Justpoint	$45.0M Series A	—	Lightbank, Right Side Capital Management, 01 Advisors, 9Yards Capital, AAF Management Ltd., Afore Capital, AirAngels, Akshay Kothari, Ali Moiz, Andreessen Horowitz, Antiportfolio Ventures, Backed VC, Basecamp Fund, Basecase Capital, Bradley Horowitz, Brainchild, Brendan O'Driscoll, Chris Smoak, CrunchFund, Divergent Capital, Evan Cheng, Factorial, Flybridge Capital Partners, Founder Collective, George Burke, Hoxton Ventures, KW Angel Fund, LGF, Long Journey Ventures, Mario Gabriele, Matteo Franceschetti, Matthew Dellavedova, Moshe Lifschitz, Pioneer Square Labs, Scott Banister, Scott Belsky, Shrug Capital, Stellation Capital, Supernode Ventures, Symbolic Capital, Todd and Rahul's Angel Fund, Uncork Capital, Vivek Garipalli, VZVC, Wave Capital, Weekend Fund, What If Ventures
Dec 1, 2024	Grw AI	$1.0M Seed	—	LAUNCH, Precursor Ventures
Nov 1, 2024	Influur	$10.0M Series A	—	Expert Dojo, Human Capital, Launchpad Venture Group, Pitbull Ventures, Single Fin Ventures, Alex Beckman, Claire Diaz-Ortiz, Dale Okuno, Guillermo Gomez
Sep 1, 2024	Cobre	$35.0M Series B	—	Faction VC, Oak HC/FT, Pioneer Fund, Sommet AB, Streamlined Ventures, Unpopular Ventures
Aug 1, 2024	Levels	$10.0M Series A	—	01 Advisors, AAF Management Ltd., AirAngels, Andreessen Horowitz, Backed VC, Basecamp Fund, Brainchild, CrunchFund, Founder Collective, Frst, Highbury Group, IDInvest Partners, Khosla Ventures, KW Angel Fund, Long Journey Ventures, Pioneer Square Labs, Redpoint Ventures, Shrug Capital, Stellar Capital, Supernode Ventures, Todd and Rahul's Angel Fund, VZVC, Wave Capital, What If Ventures, Bradley Horowitz, Brendan O'Driscoll, Mario Gabriele, Matteo Franceschetti, Matthew Dellavedova, Moshe Lifschitz, Scott Banister
Aug 1, 2024	Slingshot AI	$30.0M Seed	—	01 Advisors, 11, 1984 Ventures, AAF Management Ltd., AirAngels, AIX Ventures, American Express Ventures, Andreessen Horowitz, Backed VC, Basecamp Fund, Bessemer Venture Partners, Bling Capital, Brainchild, CrunchFund, E1 Ventures, Felicis Ventures, First Round Capital, Forerunner Ventures, Founder Collective, Future Shape, General Catalyst, GIT1K, Health Velocity Capital, Icebreaker.vc, Innovation Endeavors, K2 Global, KW Angel Fund, Left Lane Capital, Lerer Hippeau, Lightspeed Venture Partners, Long Journey Ventures, Lux Capital, Maven Ventures, Original Capital, Pioneer Square Labs, sequel, Sequoia Capital, Shrug Capital, Social Capital, Solana Ventures, Soma Capital, Supernode Ventures, Swift Ventures, The House Fund, Todd and Rahul's Angel Fund, Tribe Capital, VZVC, Wave Capital, What If Ventures, Y Combinator, Adeel Hussain, Anne Wojcicki, Bradley Horowitz, Brendan O'Driscoll, Chris Eyre, Cory Levy, David J. Phillips, Deborah Liu, Gokul Rajaram, Liu Jiang, Manuel Bronstein, Mario Gabriele, Markus Villig, Matteo Franceschetti, Matthew Dellavedova, Mattia Astori, Mei Z., Michael Stoppelman, Mo El-Bibany, Moshe Lifschitz, Nate Matherson, Nitay Joffe, Paul Graham, Sam Altman, Scott Banister, Siddharth Singhal, Timothy A. Springer
Jun 1, 2024	Sidecar Health	$170.0M Series D	—	Acrew Capital, Alex, Alpha Edison, Atman Capital, Bond, Cathay Innovation, CRV, Drive Capital, Ensemble VC, Global Founders Capital, ‎GreatPoint Ventures, Insight Partners, Kickstart Fund, Latitud, Lightspeed Venture Partners, Menlo Ventures, Norwest Venture Partners, Polaris Partners, Scale-Up Ventures, Section 32, Alex Anton, Anne Wojcicki, Benjamin Gleason
May 1, 2024	CRMBonus	$78.0M Series B	—	2xN, Alumni Ventures, Bond, Scott Hartley, Flexcap, Flucas Ventures, Modern Venture Partners, Pareto Holdings, Social Capital, Unpopular Ventures, Claire Diaz-Ortiz, George Godula, Julian Shapiro, Mandeep Singh
Mar 1, 2024	Ediphi	$12.0M Series A	—	Insight Partners, Lightspeed Venture Partners, Menlo Ventures, Norwest Venture Partners
Mar 1, 2024	PipeDreams	$26.0M Seed	—	2xN, AfterWork Ventures, Allison Pickens Ventures, formerly The New Normal Fund, Alumni Ventures, Avalanche VC, Bond, Canvas Ventures, Conviction Partners, Scott Hartley, Flexcap, Flucas Ventures, Founders Fund, IDG Ventures, Meritech Capital Partners, Modern Venture Partners, Paradigm, Pareto Holdings, Pear VC, Alexander Rosen, Social Capital, Stellar Capital, Unpopular Ventures, bill weathersby, Bradley Horowitz, Claire Diaz-Ortiz, Elad Gil, Frederic Kerrest, George Godula, Jeremy Stoppelman, John Collison, Julian Shapiro, Karim Atiyeh, Kevin Stumpf, Mandeep Singh, Michael Stoppelman, Ron Pragides, Ryan Carlson, Tushar Garg
Feb 1, 2024	Watches.io	$2.0M Seed	—	2xN, Kevin Hartz, Coatue, Craft Ventures, Electric Capital, Flexcap, FTX Ventures, Goat Capital, Gumi Cryptos Capital, Haun Ventures, Outlier Ventures, Paradigm, Scalar Capital, Seven Seven Six, Sound Ventures, The Hit Forge, Thirty Five Ventures, Y Combinator, Andrew Steinwold, Balaji Srinivasan, Ben Silbermann, Dylan Field, Julian Wright, Justin David Blau, Mark Cuban, Regan Bozman, Scott Belsky, Tim Ferriss
Dec 1, 2023	Lassen Peak	$6.0M Series A	—	Jacob Colker, Citi Ventures, Khosla Ventures, Madrona Ventures, Partech Ventures, Point72 Ventures, Matt Carbonara
Nov 1, 2023	Tixologi	$930K Seed	—	ACME Capital, Ascension Ventures, Baroda Ventures, CASC Ventures, Correlation Ventures, Crosscut Ventures, Gutbrain Ventures, Jump Crypto, KB Partners, Menlo Ventures, Norwest Venture Partners, Sharp Alpha Advisors, Social Leverage, Howard Lindzon, T-Bird Capital, Mathieu Guerville, Tom Williams, Zain Jaffer
Nov 1, 2023	Evvi Aftercare	$200K Seed	—	Hustle Fund, Techstars, Untapped Capital
Sep 1, 2023	Pulzaid	$680K Seed	—	Audacity, C2Ventures, Future Africa, Hashed, Hustle Fund, Jumpstart Foundry, Shima Capital, Speedy Packets Inc., Balaji Srinivasan
Aug 1, 2023	Synthpop	$3.0M Seed	—	2xN, Alumni Ventures, Bond, Scott Hartley, Flexcap, Flucas Ventures, Modern Venture Partners, Pareto Holdings, Social Capital, Unpopular Ventures, Claire Diaz-Ortiz, George Godula, Julian Shapiro, Mandeep Singh
Aug 1, 2023	IVIX	$13.0M Series A	—	10D, Angelic Ventures, Cardumen Capital, Citi Ventures, Insight Partners, Kaszek Ventures, Team8, David de Picciotto, David Vélez, Harsh Sinha, Ziv Kop

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at Incisive Ventures.

Leadership Team

Key people at Incisive Ventures.

Deep Dive

High-Level Overview

Incisive Ventures is a Seattle-based venture capital firm specializing in pre-seed and seed-stage investments, primarily in B2B SaaS and technology startups that focus on reducing friction at scale. Founded by Martin Tobias, the firm targets transformative founders working on high-impact projects in sectors such as artificial intelligence (AI), data, fintech, marketplaces, healthtech, and vertical market software. Incisive Ventures emphasizes deep founder engagement, providing not only capital but also strategic advice and operational support to help startups scale efficiently. The firm boasts a strong portfolio follow-on rate of 74%, significantly above the industry average, reflecting its success in connecting early-stage companies to subsequent financing rounds[1][2][3][4].

Origin Story

Incisive Ventures was founded in 2020 by Martin Tobias, a seasoned investor and serial entrepreneur with decades of experience, including leadership roles at Microsoft and Accenture, and having raised over $500 million for his own ventures. Tobias has invested in over 250 companies as an angel and served as a venture partner at a major VC firm. His investment philosophy emerged from identifying meta-themes and a pattern recognition approach to spotting outlier companies that reduce friction at scale—akin to how Amazon and Uber transformed their industries. The fund was created to leverage Tobias’s extensive network and operational experience to back early-stage B2B software companies, particularly those harnessing AI to solve complex problems[2][3].

Core Differentiators

Unique Investment Model: Incisive Ventures operates a high-conviction, low-volume approach, focusing on a small number of startups to provide tailored support and maximize their chances of success. It uses proprietary fundraising software to facilitate warm introductions for follow-on financing[4].

Network Strength: The founder’s extensive network, built through angel investing in over 60 companies (including four unicorns), enables strong connections and follow-on funding opportunities.

Track Record: With a 74% portfolio follow-on rate at pre-seed and seed stages—2.5 times the industry average—the firm demonstrates exceptional success in helping startups secure subsequent rounds[4].

Operating Support: Beyond capital, Incisive Ventures offers strategic advice, operational guidance, and a focus on team dynamics, go-to-market strategies, and unit economics to help startups scale efficiently[1][6].

Role in the Broader Tech Landscape

Incisive Ventures rides the wave of AI-driven transformation in B2B software, focusing on startups that reduce friction in complex markets such as healthcare, fintech, and supply chain. The timing is critical as AI infrastructure matures, creating vast opportunities at the application layer where SaaS-like models can scale rapidly. The firm’s emphasis on distribution and founder-market fit aligns with market forces favoring startups that can quickly prove product-market fit and scale customer acquisition. By supporting early-stage companies with operational expertise and strong networks, Incisive Ventures influences the broader ecosystem by accelerating the growth of transformative B2B SaaS startups[3][6].

Quick Take & Future Outlook

Looking ahead, Incisive Ventures is poised to continue capitalizing on the AI application boom, focusing on startups that solve “hair-on-fire” problems with founder-led teams demonstrating rapid growth and strong distribution strategies. The firm’s proprietary tools and deep founder engagement model position it well to maintain its high follow-on financing rate and influence in the early-stage B2B SaaS space. As AI and SaaS markets evolve, Incisive Ventures’ approach to reducing friction at scale will likely remain a key differentiator, potentially expanding its geographic reach and sector focus while continuing to nurture startups that can become category leaders[3][6]. This trajectory ties back to the firm’s mission of being a partner for growth, leveraging sharp analytical insight and operational experience to back the next generation of transformative technology companies.

Sources

High-Level Overview

Origin Story

Core Differentiators

Unique Investment Model: Incisive Ventures operates a high-conviction, low-volume approach, focusing on a small number of startups to provide tailored support and maximize their chances of success. It uses proprietary fundraising software to facilitate warm introductions for follow-on financing[4].

Network Strength: The founder’s extensive network, built through angel investing in over 60 companies (including four unicorns), enables strong connections and follow-on funding opportunities.

Track Record: With a 74% portfolio follow-on rate at pre-seed and seed stages—2.5 times the industry average—the firm demonstrates exceptional success in helping startups secure subsequent rounds[4].

Operating Support: Beyond capital, Incisive Ventures offers strategic advice, operational guidance, and a focus on team dynamics, go-to-market strategies, and unit economics to help startups scale efficiently[1][6].