Conversion Capital
Conversion Capital is an early-stage venture capital firm founded in 2015 that invests in AI/ML, fintech, cloud infrastructure, national security, and healthcare companies, providing go-to-market support to founders from pre-seed through Series A across U.S. and Mexico.
- Company typePrivate
- Founded2015
- HeadquartersNew York, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Conversion Capital does
Conversion Capital (legal entity: Conversion Capital LLC) is an early-stage venture capital firm founded in 2015 by Christian Lawless and headquartered in San Francisco, with additional offices in New York and Washington, D.C. The firm invests in AI/ML, cloud infrastructure, fintech, vertical software, national security, healthcare, and manufacturing/logistics, writing checks from pre-seed through Series A and leading or co-leading rounds. Conversion differentiates by fielding an operator-heavy team - including Operating Advisors Eugene Marinelli (Blend cofounder/CTO) and Erin Collard (Blend cofounder/CFO, ex-Clarium Capital) plus additional venture partners - to provide go-to-market and revenue acceleration support from "day zero."
The firm manages $250M+ in assets under management across its fund series, with Fund III closing at $122M in June 2022. Its portfolio of 70+ companies includes Ramp, Cognition, Temporal, Vesta, Figure (IPO 2025, NASDAQ: FIGR), Blend (IPO 2021, NYSE: BLND), Chalk, and Booster Fuels, with reported $35BN in total portfolio market cap and $7.0BN in follow-on capital raised by portfolio companies. Beyond direct investment, Conversion operates "Conversion Labs," an open fellowship program for scientists and technologists, and maintains multi-channel thought-leadership distribution (Substack, Medium, X, LinkedIn) to source deals.
Economically, Conversion earns revenue through venture capital returns: management fees on committed AUM and carried interest on profitable exits. Own-firm revenue is not publicly disclosed; standard 2% management fee on $250M AUM would imply management-fee revenue on the order of low single-digit millions annually before any realized carry, with realized gains tied to IPOs (Figure, Blend), secondary sales, and future liquidity events.
Conversion Capital firmographics
Firmographics- Name
- Conversion Capital
- Legal name
- Conversion Capital LLC
- Website
- https://conversioncapital.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Conversion Capital is an early-stage venture capital firm founded in 2015 that invests in AI/ML, fintech, cloud infrastructure, national security, and healthcare companies, providing go-to-market support to founders from pre-seed through Series A across U.S. and Mexico.
- Ownership category
- akta.pro rank
Conversion Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- Other Financial Vehicles (525990), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
Keywords
Where Conversion Capital is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Conversion Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Venture Capital Returns: Conversion Capital generates returns through equity investments in early-stage technology companies. The firm takes ownership stakes in portfolio companies and realizes returns through IPOs, acquisitions, and secondary transactions.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Conversion Capital product offering
Product offeringCore offering
Conversion Capital is an early-stage venture capital firm that invests in technology startups from pre-seed through Series A, with a primary focus on AI/ML, cloud infrastructure, fintech, vertical software, national security, healthcare, and manufacturing/logistics. The firm deploys capital from its venture funds (most recently Fund III at $122M) and pairs equity investment with hands-on go-to-market strategy, revenue acceleration, and operational support for portfolio founders.
Product overview
Conversion Capital is an early-stage venture capital firm founded in 2015, specializing in investments in AI/ML, cloud infrastructure, vertical software, fintech, national security, healthcare, and manufacturing/logistics companies. The firm operates as an investor and partner to founders, providing capital and guidance to portfolio companies. Their offering structure includes investment funds (with Fund III totaling $122M), a fellowship program called Conversion Labs for innovators and builders, and advisory services. As a VC firm, Conversion Capital does not offer software products or modules — its core "service" is providing early-stage capital, GTM strategy support, and revenue acceleration to portfolio founders.
Differentiator
Problem solved
Functional benefit
Brands
- Conversion Labs: Fellowship program for innovators and builders in science and technology
Products and services
- Early-Stage Venture Capital Funds Pooled venture capital fund vehicles (Funds I/II/III) that deploy equity capital into early-stage technology startups from Pre-seed through Series A, with thematic concentration in AI/ML, fintech, cloud infrastructure, vertical software, national security, healthcare, and manufacturing/logistics. The funds are available to institutional and accredited limited partners, and capital is returned through IPOs, acquisitions, and secondary transactions. Total AUM exceeds $250M as of 2024.
- Operator-Led Portfolio Support Hands-on support services provided to portfolio companies concurrent with equity investment, including go-to-market strategy, revenue acceleration, product and technology guidance, recruiting and talent support, and board-level engagement. Delivered by senior operators including the cofounders of Blend and other founders/executives serving as Operating Advisors and Venture Partners.
- Conversion Labs Fellowship Program A community fellowship program branded as Conversion Labs, open to bright minds across all ages and backgrounds in science and technology. The program includes hands-on projects and thought-provoking events designed to foster collaboration, exploration, and pipeline of talent for Conversion Capital's venture activities.
Quantifiable outcome
- $35BN total market cap created across portfolio companies
- +2 more outcomes
Companies that use Conversion Capital
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Conversion Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Conversion Capital partnerships and signals
Strategic signalScale indicators6 records
Recent moves8 records
Expansion highlights6 records
Conversion Capital competitors and assessment
Company assessmentDirect peers
- Bain Capital Ventures: Early- and growth-stage venture firm with a strong fintech and enterprise software focus, comparable stage profile, and similarly operator-oriented value proposition. Bain Capital's broader platform gives it somewhat more firepower but the day-to-day practice is closely analogous to Conversion Capital.
- Lightspeed Venture Partners: Long-standing early-stage investor with deep fintech, enterprise, and consumer software exposure. Lightspeed's seed and Series A practice and global footprint overlap materially with Conversion Capital's investment thesis.
- Founders Fund: Early-stage, thesis-driven investor in transformative technology companies including fintech, AI, and defense — closely matching Conversion Capital's concentration on AI/ML, cloud infrastructure, and national security.
- 8VC: Operator-led early-stage fund focused on enterprise software, fintech, logistics, and national security, with a small team and concentrated, conviction-driven investing. The thesis, size, and operator DNA are highly comparable to Conversion Capital.
- Primary Venture Partners: NYC-based early-stage investor with a strong fintech and infrastructure focus, frequently co-investing at the same stages as Conversion Capital. Shared geography and overlapping portfolio themes make it a close comparable.
- Lerer Hippeau: NYC-based early-stage fund backing seed and Series A companies across fintech, SaaS, and consumer. Operates with a similarly small, operator-heavy team and overlaps with Conversion Capital on stage and sector.
- Founders Collective: Concentrated, thesis-driven seed fund backing founders in software, fintech, and emerging tech. Small team, early-stage focus, and operator orientation make it a strong comparable to Conversion Capital's day-to-day practice.
Broad incumbents
- Greylock Partners: Established early-stage venture firm with a strong enterprise and fintech franchise. Larger fund size and broader portfolio make it a broad incumbent comparable rather than a direct peer, but it competes for many of the same deals.
- Accel: Global early-stage investor with deep enterprise software and fintech roots. A broad incumbent that overlaps with Conversion Capital at the seed and Series A stages but operates at materially greater scale.
- Andreessen Horowitz (a16z): Mega-fund with dedicated fintech and AI practices that overlaps with Conversion Capital's core themes. Operates at vastly greater scale, so a16z is best understood as a broad incumbent competing for the same category-defining rounds.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Conversion Capital social profiles
Digital presenceConversion Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Conversion Capital leadership team
Management profileNumber of profiles
Profiles6 records
Conversion Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Conversion Capital M&A and investment
M&A and investmentM&A
Investments85 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Conversion Capital
What does Conversion Capital do?
Conversion Capital is an early-stage venture capital firm that invests in technology startups from pre-seed through Series A, with a primary focus on AI/ML, cloud infrastructure, fintech, vertical software, national security, healthcare, and manufacturing/logistics. The firm deploys capital from its venture funds (most recently Fund III at $122M) and pairs equity investment with hands-on go-to-market strategy, revenue acceleration, and operational support for portfolio founders.
Is Conversion Capital a public or private company?
Conversion Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Conversion Capital founded?
Conversion Capital was founded in 2015. It employs 1 to 10 people.
Where is Conversion Capital based?
Conversion Capital is headquartered in New York, United States, in the North America region.
How does Conversion Capital make money?
One revenue line is on record: venture Capital Returns.
Who are Conversion Capital's main competitors?
Direct peers on record are Bain Capital Ventures, Lightspeed Venture Partners, Founders Fund, 8VC, Primary Venture Partners, Lerer Hippeau and Founders Collective. Broad incumbents are Greylock Partners, Accel and Andreessen Horowitz (a16z).
Does Conversion Capital have an API?
No public API is recorded for Conversion Capital.
What industry is Conversion Capital in?
Conversion Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B). Its NAICS code is 525990 and its SIC code is 6282.