Matchstick Ventures
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.
- Company typePrivate
- Founded2015
- HeadquartersBoulder, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
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.
Matchstick Ventures firmographics
Firmographics- 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
Matchstick Ventures industry classification
Industry- 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
Where Matchstick Ventures is headquartered
LocationHeadquarters
- HQ city
- Boulder
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Matchstick Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Pre-seed / seed-stage venture capital check of $500K–$1.5M per company |
| Other | Multi-year contract | Fund II size: $30M; Fund IV currently active |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Matchstick Ventures product offering
Product offeringCore 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
Companies that use Matchstick Ventures
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles4 records
Matchstick Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Matchstick Ventures partnerships and signals
Strategic signalPartnerships
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 companyOrijin 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 companyLodgistics, a hotel operations software, was acquired by Matchstick portfolio company Kipsu to enhance guest experience and operational efficiency for hoteliers.
- Cynclyflagship acquirer of portfolio companyCyncly 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 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 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 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 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 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 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
Matchstick Ventures competitors and assessment
Company assessmentDirect 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
Matchstick Ventures social profiles
Digital presenceMatchstick Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Matchstick Ventures leadership team
Management profileNumber of profiles
Profiles4 records
Matchstick Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Matchstick Ventures M&A and investment
M&A and investmentM&A
Investments162 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Matchstick Ventures
What does Matchstick Ventures do?
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.
Is Matchstick Ventures a public or private company?
Matchstick Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Matchstick Ventures founded?
Matchstick Ventures was founded in 2015. It employs 1 to 10 people.
Where is Matchstick Ventures based?
Matchstick Ventures is headquartered in Boulder, United States, in the North America region.
How does Matchstick Ventures make money?
Two revenue lines are on record. Venture fund management (Fund II, III, IV) is the primary driver. The others are portfolio company support and follow-on investing.
Who are Matchstick Ventures's main competitors?
Direct peers on record are Foundry Group, High Alpha, Revolution's Rise of the Rest, Range Ventures, Pelion Venture Partners, Peterson Ventures, Lerer Hippeau and Interlock Ventures. Techstars Ventures is listed as a broad incumbent. Great North Ventures is listed as a regional player.
Does Matchstick Ventures have an API?
No public API is recorded for Matchstick Ventures.
What industry is Matchstick Ventures in?
Matchstick Ventures's product category is Early-Stage Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists). Its NAICS code is 52394 and its SIC code is 6282.