Matchstick Ventures

What Matchstick Ventures does

Matchstick Ventures is a private, founder-controlled early-stage venture capital firm founded in 2015 by Natty Zola (Boulder, CO) and Ryan Broshar (Minneapolis, MN), both repeat founders and former Techstars Managing Directors. The firm invests $500K-$1.5M per company at pre-seed and seed stage into technology startups in the "between the coasts" geographies of the Rockies (Colorado and surrounding states) and the Upper Midwest (Minnesota and surrounding), plus across the broader Techstars accelerator network. Capital is organized into successive fund vintages (Fund I through Fund IV), with Fund II documented at $30M of investable capital and Fund IV as the current active vehicle. The team consists of four visible professionals: co-founders/General Partners Natty Zola and Ryan Broshar, Venture Partner Nicole Glaros (joined May 2025, ex-Techstars Managing Director/CPO/CIO/CISO), and Head of Network and Operations Shannon Shroyer.

Matchstick's core "product" is an integrated founder-support offering layered on top of capital — the firm explicitly markets "Capital, Camaraderie, Connections, Community, Content, Coaches, Colleagues, and Co-investors." This includes a curated 400+ network of entrepreneurs, operators, and corporate partners; 100+ "Matchstick Strikers" subject-matter experts; and deep relationships with 100+ top-tier co-investors (Sequoia, Lerer Hippeau, Bison Ventures, Range Ventures, Assembly Ventures, Foundry Group). Revenue is generated through standard venture fund economics: management fees on committed capital and carried interest on successful exits. Notable exits include Halp (acquired by Atlassian), Pana (acquired by Coupa), Broadlume (acquired by Cyncly), Kipsu (acquired by Lodgistics), Honest Jobs (acquired by Orijin), and Branch. In 2025-2026 the firm has aggressively deployed Fund IV into AI-native investments spanning healthcare (Saile, Automate.Clinic), fintech (Paperstack, Cast Finance, Pageport/Slant), AI hardware (Great Sky), AI tooling (Type.com, Locate.ai), and adjacent verticals. The firm is a Pledge 1% member with public diversity commitments, has invested in 100+ companies since 2015, and shows no signs of ownership change, secondary, or public listing.

Name

Matchstick Ventures

Legal name

Matchstick Ventures

Website

https://matchstick.vc

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Matchstick Ventures is a Boulder- and Minneapolis-based seed-stage venture capital firm founded in 2015, investing $500K-$1.5M checks into pre-seed and seed technology startups in the Rockies and Upper Midwest, plus across the Techstars network. Its 4-person team supports 100+ portfolio companies with capital and a curated operator/mentor network, currently deploying Fund IV.

Ownership category

akta.pro rank

Product category

Early-Stage Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital investing
• Pre-seed seed funding
• Early-stage capital
• Startup founder support
• Founder-first venture capital

Headquarters

HQ city

Boulder

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Venture fund management (Fund II, III, IV): Matchstick raises dedicated early-stage venture funds from limited partners and deploys capital into pre-seed and seed-stage startups 'between the coasts.' Fund II had $30M of new capital to invest, and Fund IV is the current active vehicle. The firm earns economics typical of a venture manager (management fees and carried interest on exits) through these funds.
2. Portfolio company support and follow-on investing: Beyond initial checks, Matchstick reserves significant capital to reinvest in future rounds of its portfolio companies, generating ongoing fund economics as portfolio companies grow, raise additional capital, or exit (e.g., acquisitions of Branch, Halp, Inspectorio, Pana, Upsie, Broadlume, Kipsu, Honest Jobs, etc., referenced on the Companies page).

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Matchstick Ventures is an early-stage venture capital firm that invests $500K–$1.5M checks into pre-seed and seed-stage technology startups "between the coasts" — primarily in Colorado, the broader Rockies, Minnesota, the broader Upper Midwest, and across the Techstars network. The firm raises dedicated fund vintages (Fund II documented at $30M, Fund III, and the current active Fund IV) from limited partners and deploys capital with significant reserves for follow-on participation. Layered on top of the capital is an integrated founder-support platform that pairs portfolio companies with a 400+ entrepreneur/operator/corporate-partner network, an internal Matchstick Strikers expert network, peer-founder community, executive coaching, and curated hiring intros.

Product overview

Matchstick Ventures is a single-platform early-stage venture capital firm, organized as a series of fund vintages (notably Fund II, Fund III, and Fund IV) that deploy pre-seed and seed checks of $500k-$1.5M into technology startups. The firm's core "product" is its integrated founder-support offering layered on top of capital: Capital (the funds themselves), Camaraderie (founder relationships), Connections (the 400+ entrepreneur/operator/corporate-partner network and the internal Matchstick Strikers network), Community (peer portfolio founders), Content (frameworks and workshops), Coaches (executive coaching network), Colleagues (warm hiring intros), and Co-investors (top-tier follow-on capital network). Matchstick focuses on "between the coasts" geographies — Colorado, the broader Rockies region, Minnesota, the broader North region, and the Techstars network — and has invested in 100+ companies since 2015.

Differentiator

Problem solved

Functional benefit

Products and services

• Matchstick Ventures Fund II An early-stage venture capital fund vintage of Matchstick Ventures that deployed $30M of investable capital into pre-seed and seed-stage technology startups with first checks averaging $500K and significant reserves for follow-on participation. Targeted at pre-seed/seed technology founders in Matchstick's between-the-coasts ecosystems.
• Matchstick Ventures Fund III A subsequent fund vintage of Matchstick Ventures used to back later-stage seed investments (e.g., Pageport/Slant), continuing the firm's pre-seed / seed strategy of investing $500K–$1.5M in "between the coasts" technology startups. Targeted at pre-seed/seed technology founders across Matchstick's ecosystems.
• Matchstick Ventures Fund IV The current active fund vintage of Matchstick Ventures; recent investments include Juno, Paperstack, Locate.ai, Cast Finance, Great Sky, Saile, Dalton Mills, and other portfolio companies. Used for both core between-the-coasts seed checks and smaller "Access" checks outside the firm's core geography or valuation range. Targeted at pre-seed/seed technology founders between the coasts and at repeat-relationship founders in adjacent geographies.
• Matchstick Strikers Network An internal network of 200+ subject matter experts, startup leaders, and fellow founders available to Matchstick portfolio companies for mentorship, introductions, and problem solving, complemented by the broader community of fellow portfolio founders. Targeted at founders of Matchstick portfolio companies seeking expert guidance.
• Founder Support Platform (Capital + Camaraderie + Connections + Community + Content + Coaches + Colleagues + Co-investors) An integrated founder-support platform layered on top of Matchstick's capital, combining honest loyal founder relationships (Camaraderie), access to a 400+ entrepreneur/operator/corporate-partner network (Connections), peer portfolio founder community (Community), frameworks and workshops (Content), executive coaching network (Coaches), warm hiring intros (Colleagues), and a 100+ top-tier co-investor network for follow-on capital (Co-investors). Targeted at founders of pre-seed/seed technology startups in Matchstick's portfolio.

Quantifiable outcome

• 100+ portfolio companies backed since 2015
• +5 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered flagship acquirer of portfolio company, flagship acquisition by portfolio company, flagship ecosystem partner and core ecosystem partner.

• Orijinflagship acquirer of portfolio companyStrategic or Co-development Partner · 26 February 2026Orijin acquired Matchstick portfolio company Honest Jobs to create the first end-to-end education-to-employment pathway for justice-involved individuals in the US, uniting Orijin's education/rehabilitation platform with Honest Jobs' national employer network.
• Lodgisticsflagship acquisition by portfolio companyStrategic or Co-development Partner · 25 April 2025Lodgistics, a hotel operations software, was acquired by Matchstick portfolio company Kipsu to enhance guest experience and operational efficiency for hoteliers.
• Cynclyflagship acquirer of portfolio companyStrategic or Co-development Partner · 7 March 2025Cyncly acquired Broadlume (a Matchstick Fund I portfolio company) in 2025 to accelerate the development of an all-in-one software platform for the flooring industry, marking a successful exit for Matchstick's earliest fund.
• Techstarsflagship ecosystem partnerStrategic or Co-development PartnerFounding partners Natty Zola and Ryan Broshar were Techstars Managing Directors before Matchstick (Natty: 6 Boulder programs; Ryan: 3 Retail Accelerator programs with Target). Matchstick invests 'across the Techstars network,' Nicole Glaros was a long-time Techstars leader (Managing Director, CPO, CIO, CISO) and helped scale Techstars from one program to over 50 and $77B in market cap, and Shannon Shroyer previously managed a global team at Techstars.
• Beta.MNflagship ecosystem partnerStrategic or Co-development PartnerBeta.MN was co-founded by Ryan Broshar shortly after moving back to the Twin Cities in 2012, alongside Twin Cities Startup Week and the Techstars Retail Accelerator with Target. Beta.MN continues to operate as a major part of the Minnesota startup community.
• Twin Cities Startup Weekflagship ecosystem partnerGTM or Marketing PartnerTwin Cities Startup Week was co-founded by Ryan Broshar and continues to operate as one of the largest free entrepreneurial events in the US, providing ongoing top-of-funnel awareness and deal flow for Matchstick in the Upper Midwest.
• Pledge 1%flagship ecosystem partnerStrategic or Co-development PartnerMatchstick Ventures is a proud member of Pledge 1% and has published specific commitments to fight racism, injustice, and underrepresentation in the firm, portfolio, and community (including a one-year update posted June 2021).
• Foundry Groupcore ecosystem partnerStrategic or Co-development PartnerFoundry Group is referenced as part of the Colorado startup community that supported Matchstick's founders on their entrepreneurial journeys and that the firm continues to engage with for mentorship and ecosystem support.
• High Alpha (Studio)core ecosystem partnerStrategic or Co-development PartnerMatchstick sourced Base through the High Alpha Studio program in Indianapolis and co-invested in Base alongside High Alpha, Slack Fund, and Revolution's Rise of the Rest.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Foundry Group: Boulder, Colorado-based early-stage venture capital firm investing in software, Internet, and technology startups. Highly comparable to Matchstick given shared Boulder roots, similar stage focus (seed/Series A), and long history of operator-style investing in the Rockies ecosystem.
• High Alpha: Indianapolis-based venture studio and seed fund that co-invested with Matchstick in Base. Comparability comes from shared operator-led model, seed-stage focus, 'between the coasts' Midwest positioning, and active co-investment relationship documented in Matchstick's deal history.
• Revolution's Rise of the Rest: Steve Case-led seed fund explicitly targeting startups located outside the coastal tech hubs. Directly comparable to Matchstick's 'between the coasts' thesis, sharing the same under-served geographic investing mandate that has become a distinct venture category.
• Range Ventures: Colorado-based seed-stage venture capital firm that co-invested alongside Matchstick in Great Sky's $14M round. Highly comparable given shared Mountain West geography, seed-stage focus, and active co-investment relationship with Matchstick.
• Pelion Venture Partners: Salt Lake City-based early-stage venture firm with a long history of seed and Series A investments in Mountain West and broader US startups. Comparable to Matchstick in stage, check size, and geographic focus on non-coastal founder ecosystems.
• Peterson Ventures: Utah-based seed-stage venture capital firm that participated alongside Matchstick in Two Boxes' $3.2M round. Comparable given shared focus on under-served geographies, seed-stage investing, and active co-investor relationship with Matchstick.
• Lerer Hippeau: New York-based seed-stage venture capital firm that has co-invested with Matchstick in Mentium and Type. Directly comparable at the seed stage with similar check sizes, though Lerer Hippeau is concentrated in NYC vs. Matchstick's 'between the coasts' focus.
• Interlock Ventures: Early-stage venture capital firm focused on the Midwest and under-served geographies, with thesis-aligned investing in founders outside the coastal tech hubs. Comparable to Matchstick in stage, geographic thesis, and operator-led approach to seed investing.

Broad incumbents

• Techstars Ventures: The venture investing arm of Techstars, with which Matchstick's partners (Broshar, Zola, Glaros, Shroyer) were deeply involved before founding Matchstick. Comparable ecosystem DNA and ongoing co-investment relationship, though Techstars operates at significantly larger scale globally.

Regional players

• Great North Ventures: Minneapolis-based seed and early-stage venture capital firm investing in Midwest founders. Highly comparable to Matchstick's 'North' (Minnesota and Upper Midwest) thesis, sharing the same regional geographic focus and seed-stage orientation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/matchstickvc
• LinkedInlinkedin.com/company/matchstickventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments162 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matchstick Ventures