Founders’ Co-op Unveils New $50 Million Fund to Fuel Pacific Northwest Startups

In a significant move for the Seattle startup ecosystem, venture firm Founders’ Co-op has announced its sixth fund, maintaining its consistent $50 million size to support early-stage technology startups primarily in the Pacific Northwest region. Chris DeVore, the founding managing partner, emphasized their deliberate decision to maintain rather than increase their fund size, adhering to the venture capital wisdom that “your fund size is your strategy.” This commitment reflects the firm’s focused approach on being the premier first-check investor in their market, rather than expanding assets under management and potentially competing with the larger investors their portfolio companies will need for future growth. With approximately 80-90% of investments targeted toward Pacific Northwest founders, typically at pre-product or pre-revenue stages, Founders’ Co-op continues to prioritize regional entrepreneurship while maintaining its reputation for identifying promising ventures early.

The firm’s track record speaks volumes about its investment acumen, having provided early backing to billion-dollar companies including Remitly, Outreach, and Auth0. Founded in 2008, Founders’ Co-op has established itself as a cornerstone of the Seattle venture community through its consistent approach of supporting ambitious technical founding teams in their backyard and helping them build companies capable of attracting larger capital investments as they scale. The new fund will support approximately 30 companies with initial investments ranging from $1 million to $1.5 million, aiming for 10% ownership at first investment. Rather than focusing on specific industry verticals, the firm places greater emphasis on the quality of entrepreneurs and their chosen problems, with DeVore noting, “We’re lucky to be alive in the greatest era of compounding technological advancement in human history… But no moment in the hype cycle—up to and including the current LLM wave—matters more than the people we back and the problems they choose to solve.”

A significant advantage for Founders’ Co-op is its location inside Foundations, a hub for Seattle-area entrepreneurs that was launched by the firm’s general partner, Aviel Ginzburg, following the surprising closure of Techstars Seattle last year. This space has quickly become a central gathering point for the city’s startup community and has created valuable networking opportunities that have led to new investment prospects. DeVore described Foundations as “Aviel’s love-letter to the local founder community,” explaining that “by making Seattle a better place to be a founder, and helping the strongest and most committed founders connect and share with each other, it has absolutely put compelling new investment opportunities in our path.” When asked about the firm’s outlook on Seattle, DeVore’s enthusiasm was unmistakable, responding “like you wouldn’t believe,” reinforcing their commitment to the region.

Founders’ Co-op’s recent investment portfolio includes promising startups such as land use data company Aarden AI, business automation AI firm Logic, and internal help desk startup Ravenna. DeVore specifically highlighted RowZero, a Seattle-based spreadsheet software company that secured $10 million in seed funding earlier this year, as “particularly worth watching.” The firm maintains continuity with most limited partners from previous funds returning as investors, while also attracting some new backers from outside the region who “believe in small funds and the PNW as a differentiated and underserved market.” This blend of loyal and new investors suggests strong confidence in Founders’ Co-op’s investment strategy and the potential of the Pacific Northwest startup ecosystem.

The leadership team at Founders’ Co-op brings substantial experience to their investment decisions. DeVore previously led the Techstars Seattle accelerator before stepping down in 2019 to focus fully on Founders’ Co-op. His partner, Aviel Ginzburg, joined the firm in 2015 and became general partner in 2018, bringing valuable experience as a co-founder of Simply Measured and as the former managing director of Amazon’s Alexa Accelerator from 2017 to 2020. This combination of operational and investment expertise positions the firm well to identify and nurture promising startups in the region. Their hands-on approach and deep connections in the Seattle technology community have been instrumental in building their reputation as insightful early-stage investors who can help founders navigate the challenges of building successful companies.

Founders’ Co-op’s latest fund announcement comes amid increased fundraising activity in the Seattle venture capital scene, with other local firms including Ascend, Flying Fish, and Graham & Walker also raising new funds. Notably, the longtime Seattle venture firm Madrona raised a substantial $770 million for its new funds earlier this year, highlighting the growing investment interest in the Pacific Northwest technology ecosystem. Founders’ Co-op’s steady approach—maintaining its fund size rather than pursuing rapid growth—stands out in this environment, demonstrating a disciplined investment philosophy focused on founder relationships and regional expertise rather than competing with larger funds. As DeVore and Ginzburg continue to invest in promising early-stage startups, their firm remains an essential part of Seattle’s entrepreneurial infrastructure, helping to launch the next generation of innovative technology companies in the Pacific Northwest.