Wave Capital

Wave Capital is a seed-stage investment fund headquartered in San Francisco. It is run by two equal partners with no other staff, and they describe the firm as their own startup. They judge their own results by how well the companies they back do.

The portfolio is deliberately small. Wave leads its rounds and commits to no more than four investments annually.

Services

• Seed investment: lead funding for early-stage companies.
• Concentrated portfolio: a handful of deals, so each company gets close attention.
• Early-team involvement: the partners present themselves as an extension of a portfolio company's founding team, not just a source of money.

Who it serves

Founders with a clear mission that the partners find compelling. They say they look especially for people they would want to work for themselves. The partners bring operating experience from having built teams at Airbnb, Dropbox and Facebook.

Key facts

• Based in: San Francisco
• Team: Two partners
• Stage: Seed
• Pace: Up to four investments annually