What Top Down Ventures does

Top Down Ventures is a Vancouver-based venture capital firm founded in 2018 by Chris Day that invests exclusively in early-stage SaaS and AI companies serving the global Managed Service Provider ecosystem. The firm positions itself as the first institutional VC dedicated to this vertical and currently manages approximately $68M in committed capital across two vehicles: Founders Fund I ($28M, closed April 2026) and Founders Fund II ($40M, actively deploying). Capital is paired with an operational platform — Vibe Studio (a $2M AI-first venture studio that co-builds with founders via 12-week cohorts and $250K SAFE investments), TD Innovation Hub (a virtual CSO service), shared back-office functions (Finance, HR, Corp Dev), and a cross-portfolio integration program that brokers joint partnerships between portfolio companies such as ThreatMate/ControlMap and Slide/BackupRadar.

The firm generates returns through traditional VC economics — management fees on committed capital plus carried interest on exits — rather than product revenue. Its 28+ portfolio companies span cybersecurity (ThreatMate, Styx Intelligence, Cork, Longwave), AI-driven service desk and documentation automation (zofiQ, Neo Agent, Lexful), BCDR (Slide), payments and FinOps (Benji Pays), and emerging categories such as AI Transformation-as-a-Service (Lemhi). Fund I has already produced one liquidity event — zofiQ's January 2026 acquisition by ConnectWise at a 5.3x return — and the fund is tracking in the top decile of 2024 vintage venture funds based on early DPI and deployment metrics. Top Down also operates a community and content stack (MSP Outliers podcast, MSP2MVP research platform, annual Horizons Summit in Scottsdale, and an 18-city investor roadshow) that serves both as a deal-flow engine and as LP-acquisition infrastructure, supported by a 100+ LP base of which 75% comes from within the MSP industry. The firm's competitive advantage rests on the operating credibility of its general partners, who have founded category leaders including IT Glue (acquired by Kaseya), Fully Managed (acquired by TELUS), N-able (NYSE: NABL), and ScalePad.

Name

Top Down Ventures

Legal name

Top Down Founders Fund Management Ltd.

Website

https://topdown.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Top Down Ventures is a Vancouver-based venture capital firm that invests exclusively in early-stage SaaS and AI companies serving the global Managed Service Provider ecosystem, managing $68M across two funds plus the Vibe Studio AI venture studio.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

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

akta.pro secondary industry

Venture Studios / Company Builders (FSANAAAH)

Keywords

• Venture capital investing
• MSP software funding
• Early-stage SaaS investment
• AI venture studio
• Managed service provider ecosystem

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management / Carried Interest: Top Down Ventures generates returns through carried interest on fund profits and management fees from its Founders Fund I ($28M) and Fund II ($40M). The firm returns capital to LPs through exits of portfolio companies (e.g., zofiQ acquired by ConnectWise at 5.3x return). Prior investments generated 12.8x MOIC and 97% IRR.
2. Investment Returns / Capital Gains: Realizes returns through exits of portfolio companies. The fund's first exit (zofiQ acquired by ConnectWise) returned 5.3x to the fund six months after initial investment. A second portfolio company completed its Series B at a 3.5x markup to Top Down's entry.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Top Down Ventures is an early-stage venture capital firm that invests exclusively in AI-native and SaaS companies serving the Managed Service Provider (MSP) ecosystem, deploying capital from its $28M Founders Fund I and $40M Founders Fund II alongside a hands-on "build to exit" operating playbook. The firm provides portfolio companies with strategic guidance, shared services (Finance, HR, Corp Dev, Product, MSP Strategy), access to a 100+ LP network, and runs Vibe Studio, a $2M AI-first venture studio that co-builds tools with founders via 12-week cohorts.

Product overview

Top Down Ventures operates as a venture capital firm offering multiple investment vehicles and ecosystem programs. The core products include Founders Fund I ($28M, closed 2026) and Founders Fund II ($40M, current fund) focused on early-stage MSP software and AI companies. Supporting platforms include Vibe Studio ($2M AI-first venture studio with 12-week accelerator cohorts), the TD Innovation Hub (virtual CSO service), Top Down Network (executive advisory), and Shared Services (Finance, HR, Corp Dev support). The portfolio companies (28+ total) span MSP-focused products including Lemhi Engage (AI Transformation-as-a-Service), Lexful Ask Lex (AI-native KnowledgeOps), Slide BCDR Platform (Business Continuity & Disaster Recovery), Neo Agent (AI help desk automation), Longwave AI Security, ThreatMate (attack surface management), Cork Protection (cyber warranty), Styx Intelligence (digital risk protection), Gateway, SuperIT, Ukon, ScalePad, Inforcer, Benji Pays, EmpathMSP, and MSP Growth Hacks. Media and research products include the MSP Outliers Podcast (10+ episodes covering MSP venture capital), MSP2MVP (research-based media with AI-enabled micro-apps), Top Down Horizons Summit (annual investor event), and MSP Investor Roadshow (18-city event series).

Differentiator

Problem solved

Functional benefit

Brands

• Founders Fund: Early-stage venture fund focused on founder-led software companies transforming the MSP landscape
• MSP Outliers
• Top Down Horizons
• MSP Investor Roadshow
• Vibe Studio
• MSP2MVP
• The State of MSP Capital

Products and services

• Founders Fund I Early-stage venture capital fund of US$28M (closed April 2026, oversubscribed from $25M target) that invests in founder-led software companies transforming the MSP landscape, with seed and Series A investments up to $3M for companies with $1M+ ARR.
• Founders Fund II Current $40M early-stage venture fund investing globally in the next generation of MSP software companies across AI & Automation, Cybersecurity, SaaS Management, FinOps and MSP Orchestration.
• Vibe Studio $2M AI-first venture studio that co-builds and funds early-stage founders building AI-native tools, platforms and services for the MSP and SMB markets via 12-week accelerator cohorts, providing $250K per startup across two SAFE agreements plus AI development resources, domain expertise and operational support.
• TD Innovation Hub Virtual CSO (Chief Strategy Officer) service supporting portfolio companies through the innovation phase, providing strategic guidance to grow companies from initial GTM to $10M ARR, with corporate development, mentorship, finance and infrastructure support.
• MSP Outliers Podcast Monthly podcast and blog built for investors covering venture capital in the $500B managed services industry, featuring Top Down general partners, portfolio founders, limited partners and market-leading executives exploring next-gen software and AI opportunities.
• MSP2MVP Research-based media platform packaging solutions into free AI-enabled micro-apps and methodologies for MSPs, with research verticals covering Customer Success, Productivity, AI and Advanced Cybersecurity.
• Top Down Horizons Summit Annual MSP investor summit bringing together top institutional and high net worth investors with leading managed service providers, aggregators and software companies, featuring LP Day and MSP Outliers Day sessions, held annually in Scottsdale, Arizona.
• MSP Investor Roadshow Invitation-only series of hosted hospitality, investor presentations and networking events across 18 cities in North America and London, UK, building on the Top Down Horizons Summit and connecting exited founders, HNW investors and portfolio companies.
• The State of MSP Capital Research Report Annual research publication exploring how AI, capital efficiency and governance are redefining the global managed services ecosystem, including editions for Vendors and Investors.

Quantifiable outcome

• 5.3x return on first Founders Fund I exit (zofiQ acquired by ConnectWise six months after investment)
• +3 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

AI capability11 records

Partnerships

Four partnerships are on record, tiered ecosystem.

• GTIAecosystemStrategic or Co-development Partner · 1 November 2025Global Technology Distribution Association. Lemhi, a Top Down portfolio company, is a member of GTIA. Top Down ecosystem engagement through industry associations.
• Microsoft for StartupsecosystemStrategic or Co-development Partner · 1 November 2025Lemhi, a Top Down portfolio company, is a member of Microsoft for Startups program. Top Down ecosystem connects portfolio companies with major platform partners.
• International Association of Microsoft Channel Partners (IAMCP)ecosystemStrategic or Co-development Partner · 1 November 2025Lemhi co-founder John Harden serves as Americas representative on IAMCP International Innovation Committee. Top Down ecosystem connectivity through channel associations.
• ConnectWise PitchIT AcceleratorecosystemStrategic or Co-development Partner · 1 November 2025Lemhi was selected into ConnectWise's PitchIT accelerator, joining vetted early-stage companies in the channel.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/top-down

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments19 records

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

Frequently asked questions about Top Down Ventures