What MATH Venture Partners does

MATH Venture Partners is an operator-led venture capital firm based in Chicago, Illinois, organized as MATH Venture Partners Management, LLC. Founded in 2014 and built around three Managing Directors — Mark Achler, Troy Henikoff, and Dana Zachgo Wright — the firm invests in early-stage SaaS, marketplace, ecommerce, and tech-enabled services companies, with more than 80% of its capital deployed into B2B businesses across a range of verticals. Its investment thesis is codified as the "MATH Equation" (Customer Acquisition × Operating Levers × Capital Efficiency), and the firm differentiates itself through hands-on operational support spanning financials, marketing, sales, and team scaling.

Across MATH I and MATH II, the firm has partnered with more than 200 companies and worked with 72 portfolio companies in total, of which 50 remained active as of July 2022. The underlying team track record includes having built, scaled, and sold businesses for a combined value exceeding $7 billion, and Troy Henikoff's co-founding of Excelerate Labs (later Techstars Chicago in 2013) ties MATH into one of the world's leading startup accelerators.

In July 2022, MATH publicly announced it would not raise a third fund, citing an inability to reach a minimum viable fund size in the prevailing fundraising environment. The firm has since ceased making new investments and operates in a portfolio-management mode, continuing to support its 50 active companies, holding office hours through Troy Henikoff, and producing educational content (the MATH 101 series, blog, and the Tech Scenes Unplugged video podcast). The firm generates returns through carried interest and exits from portfolio investments, with no traditional product revenue stream.

Name

MATH Venture Partners

Legal name

MATH Venture Partners Management, LLC

Website

https://mathventurepartners.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

MATH Venture Partners is a Chicago-based, operator-led venture capital firm that invested in early-stage SaaS and marketplace companies with unfair advantages in customer acquisition across MATH I and MATH II funds.

Ownership category

akta.pro rank

Product category

Early-Stage Venture Capital

NAICS

All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Venture capital investing
• Early-stage investments
• Operator-led venture capital
• SaaS investing
• Marketplace investing

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Returns: MATH generates returns through carried interest and investment exits from portfolio companies. Their portfolio includes companies across SaaS, marketplace, ecommerce, and tech-enabled services. The firm has built and scaled businesses for a combined value of more than $7B.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

MATH Venture Partners is an operator-led venture capital firm that invests capital and provides hands-on operational support to early-stage SaaS and marketplace businesses. The firm has managed two funds (MATH I and MATH II) and applies a proprietary "MATH Equation" framework — Customer Acquisition × Operating Levers × Capital Efficiency — to help portfolio companies grow with greater certainty. As of July 2022, the firm is no longer making new investments and is focused on managing its existing portfolio of roughly 50 active companies.

Product overview

MATH Venture Partners is a venture capital firm that does not offer technology products or services. The firm provides investment capital, operational expertise, and mentorship to early-stage SaaS and marketplace businesses. Their investment value-add framework (the "MATH Equation") focuses on customer acquisition, operating levers, and capital efficiency to help portfolio companies grow. The firm has ceased making new investments as of 2022 and is currently managing its existing portfolio of approximately 50 active companies.

Differentiator

Problem solved

Functional benefit

Products and services

• MATH Venture Capital Funds (MATH I and MATH II) Two venture capital funds (MATH I and MATH II) providing early-stage equity capital to SaaS and marketplace businesses, with 72 portfolio companies across the funds and 50 active investments as of 2022.
• Operator-led venture capital investment and portfolio support Hands-on operational support service for portfolio companies, including board participation, open office hours, and coaching across financials, marketing, sales, and team scaling — guided by the proprietary MATH Equation framework (Customer Acquisition × Operating Levers × Capital Efficiency).

Quantifiable outcome

• $7B+ combined value created through business building and exits
• +3 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Techstars Chicago (formerly Excelerate Labs)coreStrategic or Co-development Partner · 1 January 2010Excelerate Labs founded in 2010 by Troy Henikoff, which became Techstars Chicago in 2013. Troy continues as an active mentor with Techstars. The partnership has shaped the Chicago startup ecosystem and provided mentorship to numerous portfolio founders.
• TechstarscoreStrategic or Co-development PartnerTroy Henikoff serves as an active mentor with Techstars, one of the world's leading startup accelerators. The partnership enables MATH to access deal flow and provide mentorship to accelerator participants.
• Northwestern University Kellogg School of BusinessminorStrategic or Co-development PartnerMultiple MATH team members (Mark Achler and Troy Henikoff) teach entrepreneurship at Northwestern University's Kellogg School of Business, sharing operational expertise with future entrepreneurs.
• Illinois Venture Capital AssociationminorOthersDana Zachgo Wright serves as Board Member, contributing to the broader venture capital community in Illinois.
• Sales AssemblyminorOthersDana Zachgo Wright serves as Advisory Board Member for Sales Assembly, supporting B2B sales community development.

Scale indicators5 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Hyde Park Venture Partners: Chicago-based early-stage VC firm investing in B2B SaaS and marketplace startups across the Midwest. Most direct comparable given shared geography, stage focus, and B2B SaaS thesis.
• Chicago Ventures: Early-stage Chicago VC backing tech-enabled businesses across the Midwest with operator support. Comparable in size, geography, and stage focus to MATH.
• Lightbank: Chicago-based venture firm investing in early- and growth-stage B2B SaaS and consumer tech. Closely aligned with MATH's B2B SaaS/marketplace orientation and Midwest base.
• Origin Ventures: Chicago early-stage VC focused on SaaS, marketplace, and tech-enabled services for SMBs and consumers. Comparable mandate and customer-acquisition-oriented thesis.
• Dundee Venture Partners: Early-stage VC investing in Midwest B2B software and tech-enabled services. Direct comparable on geography and stage, with similar operator involvement.
• Corazon Capital: Chicago-based early-stage fund backing tech-enabled consumer and B2B companies. Comparable scale, geography, and operator-led model.
• High Alpha: Indianapolis-based venture studio and fund focused on B2B SaaS, with operator-led playbook. Overlaps with MATH on B2B SaaS focus and Midwest ecosystem participation.

Regional players

• Drive Capital: Midwest-focused growth-stage VC investing in tech-enabled businesses outside coastal hubs. Similar operator-led, B2B-leaning approach but at later stages than MATH.
• Cleveland Avenue: Chicago-based VC founded by a former McDonald's executive, investing across food/tech, fintech, and B2B SaaS. Comparable operator-led, Midwest-anchored early-stage model.

Others

• Techstars: Global accelerator with which MATH has a strategic relationship (Troy Henikoff co-founded Excelerate Labs/Techstars Chicago). Adjacent ecosystem player rather than direct competitor, but a key deal-flow channel.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/MATH_V_P
• LinkedInlinkedin.com/company/math-venture-partners

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

Investments77 records

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

Frequently asked questions about MATH Venture Partners