Blank Ventures

Blank Ventures Research Document

Investment Thesis

Blank Ventures is a specialist early-stage venture capital firm relentlessly focused on advancing the economic yield of financial innovation. The firm invests specifically at the intersection of fintech and commerce, with a concentrated thesis on where these two domains create sustainable competitive advantages and operational efficiencies.

Rather than backing broad fintech or general B2B software, Blank targets the specific gap where financial infrastructure meets commerce infrastructure—companies that unlock new economic value through better financial systems and intelligent commerce experiences.

Sector & Model Focus

Blank Ventures concentrates on five core investment areas:

1. Financial & Commerce Infrastructure - Platforms that bridge payments, capital flows, and transaction efficiency for SMBs and enterprises
2. Intelligent Systems - AI and ML applications within finance and commerce (product testing, cataloging, search)
3. Asset Management and Capital Markets - Tools for financial professionals, advisors, and portfolio management
4. Climate Fintech - Financial solutions for sustainability and energy transition
5. Insurance Technology - InsurTech platforms for underwriting, claims, and distribution

The fund does NOT invest in consumer fintech, payments for individuals, or broad B2B SaaS outside the fintech/commerce context.

Investment Stage & Check Size

Stage Focus:

• Pre-Seed: $250K-$500K for early-stage concept validation
• Seed: $500K-$2M (typical range)
• Occasional Series A: Limited participation for breakout portfolio companies

Check Size:

• Initial investment range: $500K - $2M
• Rare follow-ons: up to $5M for proven winners
• Target ownership: 10-20% for seed investments

Blank operates as a "tiny, operator-led team" that maintains direct founder relationships and concentrates all capital, time, networks, and resources on a limited set of long-term partnerships.

Lead Tendency

Leads: Blank is a lead or co-lead investor in most rounds. Evidence from recent portfolio activity shows Hannah Chelkowski proactively moving fast—she was the "ONLY investor to preemptively signup for Agree, upload a term sheet, and send it to Agree to invest" (per founder quote).

The firm's tight founder relationships and operator involvement suggest they lead rounds where they have conviction, rather than follow from the sidelines.

Recent Activity (2024-2026)

Recent Investments

• Caspian (July 2025) - AI-powered global trade advisory platform, $5.4M seed, co-led with Primary Venture Partners
• Blok (pre-seed 2024, then seed 2025) - Simulated agents for product testing in regulated industries
• Agree.com (May 2025) - AI-powered contract management with payments, $7.2M seed
• Receive (2025) - Programmable liquidity platform for SMBs, seed stage
• Seeds (Series A follow-on 2025) - Personalized portfolio management for financial advisors, $10M Series A (Blank participated)
• Runloop AI (July 2025) - Seed investment
• AtomicVest (August 2025) - Brokerage/trading platform, seed stage

Fund Status

• Fund I closed in 2022 with ~$65M
• Fund II expected to be actively deploying through 2025-2026
• Portfolio has 15+ active companies with 5+ new investments in last 12 months
• Portfolio momentum: As of January 2026, portfolio companies are actively growing with examples like logistics modernization wins and 20× YoY growth

Team

Core Partners:

• Hannah Chelkowski - Co-Founder & General Partner with deep fintech expertise and operator-focused investment philosophy
• Abhi Tiwari - Co-Founder & General Partner with domain knowledge in financial innovation
• Antoine Nivard - Co-Founder & General Partner anchoring the fund since 2022

Total team size: ~14 employees (Blank operates intentionally small to maintain hands-on relationships).

Geographic Focus

• Primary: San Francisco, CA (headquarters)
• Secondary: Likely US-focused with openness to Canada and Europe for exceptional founders

Portfolio Highlights

Notable portfolio companies include Agree.com (contract management), Caspian (trade advisory), Refine (retail search), Seeds (financial advisor tools), Receive (SMB liquidity), Koya (product cataloging), Melrose (logistics AI), Narrative (compliance), Novella (insurance), and others across fintech/commerce intersection.

Decision Process

Structure: Partnership with founder focus

• Decision Speed: FAST - Hannah executed term sheet and invested in Agree.com preemptively
• Involvement: Operational support beyond capital; network sharing and distribution help
• Decision Timeline: 2-4 weeks for aligned deals

Founder Preferences

Blank backs founders who are:

• Technical: Deep domain expertise in fintech, commerce, or financial infrastructure
• Ambitious yet grounded: Building lasting infrastructure, not growth-for-growth's sake
• Mission-driven: Focused on actual economic yield improvements
• Distribution-aware: Understanding how to reach SMBs, enterprises, or professionals
• Relentless: Operating with quiet conviction without excessive hype

Warm Intro Requirement

Yes, with qualification. Blank is relationship-focused and prefers warm intros from existing portfolio, prior founders, financial services operators, or co-investors.

Typical Involvement

• Board seat or observer rights
• Ongoing operational support: Distribution help, customer intros, hiring
• Network activation: Access to financial services C-suite LP network
• Follow-on capacity: Reserves in fund for winners

Notable Co-Investors

Primary Venture Partners, Social Leverage, FJ Labs, SuperAngel.Fund, Lerer Hippeau, Stratus Ventures, Anomaly Fund.

Fund Architecture & LP Base

Blank's LP base is intentionally constructed as an "eclectic board" of C-suite leaders at large financial institutions, multibillion-dollar startups, global family offices, and strategic investors. This network is leveraged as a go-to-market and scaling asset for portfolio companies.

Recent Market Positioning

From public commentary and portfolio activity, Blank is positioning around:

1. Agentic Commerce - The behavioral reset from choice to delegation
2. Semantic Search - Product catalog re-architecture for AI discovery
3. Dynamic Tariffs - Duty optimization and supply chain resilience
4. Personalization at Scale - AI-driven experiences for regulated industries
5. Programmable Money - Capital flows and liquidity for SMBs

Summary

Blank Ventures is a disciplined, operator-led fund focused on the underserved intersection of fintech and commerce. With a small team, concentrated portfolio, and strategic LP network, they back technical founders building durable infrastructure that improves economic yield. They move fast, lead rounds, and stay involved with portfolio companies through distribution and operational support.