Anthem Venture Partners Research
Overview
Anthem Venture Partners is a long-established venture capital firm based in Santa Monica, California, founded in 2000. The firm specializes in early-stage Series A and B technology investments with a strong geographic focus on Southern California and the wider US market. Anthem is known as an active, hands-on investor that leads or co-leads most of its investments and takes board seats. The firm's philosophy centers on building deep relationships with founders, supporting them through challenges, and identifying contrarian, "under-the-radar" opportunities that others may overlook.
Investment Thesis & Philosophy
Anthem's investment thesis is built on the belief that exceptional founders exist everywhere and that great companies can come from unexpected places. The firm's motto, "We turn how-to into have done," encapsulates their hands-on approach to supporting founders.
Core Philosophy:
- Personal Commitment: Anthem takes every investment personally and fights hard for their founders. They measure success by expecting all portfolio companies to succeed, treating losses as seriously as the founders do.
- Active Partnership: Rather than passive capital provision, Anthem acts as a true partner, providing operational guidance, board-level involvement, and ongoing support.
- Founder-Centric: The firm seeks to work as hard as the successful entrepreneurs it backs, positioning itself as the "go-to guys" when things get difficult.
- Contrarian Investing: Anthem deliberately looks for under-the-radar opportunities and avoids crowded sectors, focusing on unique founder talent combinations.
Investment Focus & Sectors
Anthem maintains a sector-agnostic approach but has demonstrated particular strength in:
Primary Sectors:
- Fintech & Financial Services: Including payment platforms (Chime), banking infrastructure, financial tools
- Gaming & Digital Media: Mobile games (Scopely), content platforms, entertainment technology
- Semiconductors & Hardware: Foundational technology companies
- Biotech & Life Sciences: Healthcare innovation and pharmaceutical technology
- Platforms & Infrastructure: Enterprise and consumer platform companies
Geographic Focus: Anthem explicitly prioritizes Southern California investments but maintains a national presence across the United States. The firm seeks opportunities in technology hubs while maintaining a strong preference for LA and Southern California companies.
Stage Focus & Check Size
Stage Preference:
- Primary: Series A ($1M-$5M initial investment)
- Secondary: Series B (larger rounds)
- Note: The firm is described as "early stage Series A and B" investor, distinguishing it from pure seed-stage funds
Check Size:
- Typical Initial Investment: $1,000,000 - $5,000,000
- Historical Range Observed: $500,000 - $4,000,000 for initial investments
- Follow-On Reserves: Significant portion of fund reserved for follow-on investments in existing portfolio companies
- Fund Size: Multiple funds deployed; Fund capacity estimated in $100M+ range based on portfolio scale
Lead Tendency & Decision Process
Lead Tendency: Primarily leads and co-leads rounds
Anthem is an active investor that "almost always leads or co-lead[s]" its investments, distinguishing it from passive followers. The firm takes board seats in its portfolio companies, indicating strong control and involvement.
Decision Process: Partnership model with integrated expertise
The firm is led by a partnership structure:
- Bill Woodward: Founding Partner, serial entrepreneur and technology executive with extensive venture experience
- Claudia L. Llanos: Partner / CFO
- Doug Sills: Partner
- Dillon Woodward: Junior Partner / Marketing Director
- Sudhin Shahani: Entrepreneur in Residence / CEO of Surfair (portfolio company)
Decision-making leverages the collective experience of this partnership, with Bill Woodward's founder background and serial entrepreneurial experience informing investment thesis and due diligence.
Geographic Focus
Primary: United States, with emphasis on Southern California
- Los Angeles, California (headquarters in Santa Monica)
- Southern California technology ecosystem
- National presence across US technology hubs
- San Francisco Bay Area
- New York
The firm explicitly states: "Our focus is primarily on Southern California investments" and positions itself as understanding the unique dynamics of the LA tech ecosystem.
Recent Activity & Fund Status
Fund Status: Actively Deploying
Anthem continues to actively invest from its funds. Recent activity demonstrates sustained investment pace and successful portfolio outcomes.
Notable Recent Exits & Outcomes (2024-2025):
- Chime: IPO on NASDAQ (CHYM) on June 12, 2025. Chime closed 37% higher than IPO pricing. This represents one of Anthem's most successful exits.
- Chime/Salt Labs: Chime acquired Salt Labs (employee rewards platform) for up to $173M, expanding capabilities ahead of and following IPO
- Scopely: Acquired by Saudi-backed Savvy Games Group for $4.9 billion (completed 2025). Originally seeded by Anthem with $8.5M Series A in 2012.
Historical Portfolio Highlights:
- TrueCar: Auto marketplace platform, significant growth company
- Celenex: Early biotech investment
- Android: Early semiconductor/platform work
- Interset: Security and data analytics
- Entropic Communications: Semiconductor technology
- BeachMint: Consumer content platform
- SurfAir: Members-only airline (CEO Sudhin Shahani now EIR at Anthem)
- Blurb: Print-on-demand publishing platform
- DailyPay: Earned wage access platform
- FabFitFun: Subscription fitness and lifestyle box
- MATIC: Blockchain infrastructure
Investment Velocity: Historically made 5-10+ first-time investments per fund cycle, with consistent follow-on activity demonstrating successful portfolio development.
Team & Leadership
Partnership Structure:
Bill Woodward - Founding Partner
- Background: Serial entrepreneur and technology executive
- 20+ years of venture experience
- Founder of Anthem Venture Partners in 2000
- Previously held managing director roles at major financial institutions
- Strong network in Southern California technology ecosystem
- Known as prolific angel investor
- Board involvement in multiple portfolio companies
Claudia L. Llanos - Partner / CFO
- Financial leadership of the fund
- Partner-level decision making
- Fund operations and economics expertise
Doug Sills - Partner
- Investment partner with board-level involvement
- Active in portfolio company support
Dillon Woodward - Junior Partner / Marketing Director
- Marketing and communications leadership
- Next-generation partner development
- Relationship with Bill Woodward suggests family continuity in firm leadership
Sudhin Shahani - Entrepreneur in Residence / CEO Surfair
- Brings operator perspective to firm
- Active CEO of portfolio company (SurfAir)
- Bridges investor and founder perspectives
Decision Timeline & Process
Decision Timeline: Estimated 2-4 weeks for qualified opportunities
Given the firm's active involvement and board seat requirements, decision-making balances due diligence thoroughness with investment velocity. The partnership structure suggests discussions across multiple partners for significant decisions.
Investment Process:
- Deep due diligence on founder backgrounds and market opportunity
- Board seat negotiation and governance planning
- Reference calls with existing portfolio CEOs
- Market validation for contrarian theses
Summary
Anthem Venture Partners represents a traditional, hands-on venture capital approach rooted in Southern California's technology ecosystem. The firm has demonstrated success across diverse sectors (fintech, gaming, semiconductors, biotech) through a philosophy of deep founder relationships, active governance, and patient capital. With recent exits including Chime's 2025 IPO and Scopely's $4.9B acquisition, Anthem continues to generate significant returns while maintaining its focus on Series A and B technology companies. The firm's preference for under-the-radar opportunities and contrarian thesis development, combined with its partnership model and active investor involvement, positions it as a distinctive force in early-stage venture capital, particularly for Southern California-focused founders.