Capital Eleven Research
Investment Thesis
Capital Eleven is a Meridian, Idaho-based investment firm founded in 2009 by Travis Hawkes and David K. Gardner, who met as business students at Boise State University. The firm describes its mission as building great companies, strong leaders, and superior outcomes for a thriving Idaho economy through high-trust relationships and relentless innovation. Unlike a pure-play VC fund, Capital Eleven operates across four connected lines: operating its own companies, seed-stage venture investing, private equity partnerships with operators acquiring existing businesses, and (since early 2025) M&A advisory through Capital Eleven Advisors. The founders are themselves longtime entrepreneurs and operators, and that operator identity shapes the firm's venture thesis: a deep conviction in the Boise tech ecosystem and a desire to help local founders led them to start seed-stage investing in January 2019.
Sector Focus
Capital Eleven is a generalist seed investor rather than a single-sector specialist. Its venture portfolio spans B2B SaaS and enterprise software (Team Procure, LeanLaw, Karus), proptech and property management tech (OurPetPolicy, Pest Share, Plotify), fintech (Future Mortgage/Discount Home Loans), healthtech (Ovation, Rescription), consumer and marketplace models (GoodBuy, Seeking Simple, Boldhue), edtech (Tovuti), and mobility/data (Moove.ai). Its separate PE/Operating arm holds direct stakes in operating businesses including auto lending (Capital Auto Loan), retail and sports apparel (Pro Image Sports), sports/entertainment (an interest associated with Leeds United and TGL golf branding appears on its portfolio page), regional consumer brands (Teton Valley Brands), and industrial/services businesses (Urness Industries, Subcontractor Hub, Echelon Protective Services, Quick Custom Intelligence).
Stage Focus
Capital Eleven invests primarily at seed and pre-seed. Multiple third-party trackers (Visible.vc's Pacific Northwest VC list) classify the firm's stage focus as Pre-Seed and Seed. The firm has led Series Seed rounds outright (SeekingSimple, Pest Share's initial seed) and also participates alongside other lead investors in larger seed and Series A rounds (GetWhys, OurPetPolicy, Pest Share's later Series A).
Check Size
Public reporting (Boise Entrepreneur Week coverage of the firm) describes a first check in the $100,000–$1,000,000 range with follow-on investment as portfolio companies grow. This is consistent with the firm's mixed lead/participate pattern seen across its announced deals.
Lead Tendency
Capital Eleven both leads and follows. It led SeekingSimple's Series Seed and Pest Share's original 2022 seed round, but participated as one of several investors in GetWhys' 2025 seed and 2026 extension, OurPetPolicy's $8M Series A (led by RET Ventures), and Pest Share's later $28M Series A (led by other investors, with Capital Eleven as an existing investor).
Recent Activity
The firm has been active through 2025–2026: GetWhys raised a $2.75M seed in February 2025 with Capital Eleven participating, then a $5.2M round in April 2026 led by EPIC Ventures with Capital Eleven again participating. OurPetPolicy closed an $8M Series A in January 2026 led by RET Ventures with Capital Eleven and StageDotO participating. Pest Share, one of the firm's earliest venture bets (2022 seed), has scaled to a $28M Series A in 2025 with Capital Eleven remaining an investor. Capital Eleven Advisors, the firm's M&A advisory line, launched in early 2025 and has since advised on lower-middle-market sell-side and buy-side transactions.
Portfolio Highlights
The active venture portfolio includes more than two dozen companies discovered on the firm's site, spanning FoodReady, Textla, Teal, Carketa, GetWhys, Snag, Lineage, ChipAgent, SponsorCX, Contio, Our Pet Policy, Crew, Karus, Switchboard Health, Tovuti, After, WarrantyHub, CMG, PaymentLabs, Pressbox, Future Mortgage, GoodBuy, Athlete Narrative, Ovation, Hyperice, Wealthie, Quintar, Boomerang, RoofScout, Boldhue, Goldie, Venvee, Agility, Prima Medical, Ned, Enhanced AI, MedZero, Nibbles, LeanLaw, Starsight, Rescription, HarmCheck, Moove.ai, Bead, Clubhaus, Infinite Outdoors, Team Procure, Days to Happy, Plotify, Shadowscape, GTMx, Seeking Simple, Leadscorz, and Gybe. The site also lists several venture exits.
Team
- Travis Hawkes — CEO + Managing Partner (co-founder)
- David K. Gardner — Managing Partner (co-founder)
- Stefanie Aragon — Chief of Staff / Investor Relations
- Kurtis Taylor — Chief Financial Officer
- Aaron Chandler — General Counsel
- Brian Jorgenson — Head of Private Equity, Joint Ventures, and M&A Advisory
- Donald Bielen — Managing Director, Capital Eleven Advisors
- Mason Whitt — Principal
- Cam Zavell — Principal
- Maggie Hyde — Director of Private Equity
- Nate Arnold — President, Lending Division
- Brandon Miner — Operating Partner, Retail Group
- Klay Frongner — Operating Partner, Retail Group
- Ashley Hess — Deputy Chief of Staff
- Forrest Wartig — Senior M&A Analyst
- Jesse Ronnow — Venture Partner
- Jerek Anderson — Venture Partner
- Todd Cranney — Venture Partner
Decision Process
With multiple managing partners, principals, and venture partners involved in sourcing and diligence, Capital Eleven operates as a partnership rather than a solo-GP shop or formal investment committee structure.
Founder Preferences
The firm's own language ("we build great companies, strong leaders") and its operator-founder backstory suggest a preference for founders building durable, cash-generative businesses rather than pure growth-at-all-costs plays, consistent with a firm that itself operates companies alongside investing in them.
Geographic Focus
Capital Eleven is headquartered in Meridian, Idaho, just west of Boise, and is explicitly focused on building Idaho's startup ecosystem, though its portfolio includes companies from outside the state (e.g., Seattle-based Teal Communications) and its PE/Operating and M&A Advisory arms describe themselves as serving the broader Pacific Northwest and Mountain West.