Euclid Ventures Research
Investment Thesis
Euclid Ventures is an inception-stage venture capital firm purpose-built for Vertical AI founders. The firm positions itself as a partner from "Day Zero" — investing pre-product, pre-traction, and even pre-incorporation. They make selective, high-conviction bets in exceptional founders building category-defining vertical software and AI companies.
The firm believes Vertical AI is redefining software and has built their entire platform around supporting operators in specialized industries. Their thesis centers on founder-market fit: backing teams who know their vertical intimately and can build enduring companies from the inside out.
Sector Focus
Euclid focuses exclusively on:
- Vertical SaaS and vertical software
- Vertical AI (AI applications for specific industries)
- B2B marketplaces
- Industry-specific platforms
They have particular depth in construction tech, healthcare, real estate, and regulated industries. Their portfolio spans childcare management (Brightwheel), construction procurement (BuildVision), and insurance (Frontier Risk).
Stage Focus
- Pre-Seed: Working with founders before they hire teams or write code
- Seed: Initial institutional capital for vertical-focused startups
- They position themselves as the first check, often before traditional seed funds engage
Check Size
- Initial investments up to $2M
- Ample capital reserved for follow-on investments
- Lead investor positioning with hands-on involvement
Lead Tendency
Leads. The firm explicitly states they "partner selectively and work tirelessly in support of our founders." They take board seats and provide operational support from inception.
Team
Omar El-Ayat, General Partner
- 10+ years leading early-stage investments
- Prior: Partner at Crosslink Capital (2010-2022)
- Notable investments: Postmates (acq Uber), BuildingConnected (acq Autodesk), Hungryroot, HomeLight
- Based in San Francisco
Nic Poulos, General Partner
- 10+ years in vertical software investing
- Prior: GP at Fifth Wall, co-founded Bowery Capital (2013)
- Notable investments: Electric, Transfix, Netomi, VNDLY (acq Workday)
- Based in San Francisco (after decade in NYC)
Recent Activity
Actively deploying. The firm publishes extensive research on Vertical AI markets and hosted a Vertical AI Summit in 2025 with GPs from Greylock, Emergence, and Scale. Recent essays include "The Future of AI is Vertical" and "The AI-First Roll-Up."
Portfolio Highlights
- Brightwheel — Childcare & preschool management software
- BuildVision — Procurement network for $600B commercial construction market
- BuildingConnected — Pre-construction software (acquired by Autodesk)
- Frontier Risk — Vertical risk & insurance for regulated industries
- Hungryroot — AI-powered digital grocer
- HomeLight — Technology partner to residential real estate agents
- Postmates — Delivery platform (acquired by Uber)
Decision Process
Partnership. Two GPs making high-conviction, selective investments. They emphasize deep due diligence on founder-market fit and vertical expertise.
Founder Preferences
- Operators with deep domain expertise in their target vertical
- Teams with founder-market fit (know the industry intimately)
- Founders building from inside the industry, not outside observers
- High-velocity teams focused on markets they understand
Geographic Focus
Primarily US, based in San Francisco. Portfolio companies span multiple geographies but concentration appears to be US-based vertical software founders.
Differentiators
- Inception-stage focus: Willing to invest before traditional VCs engage
- Vertical Collective: Network of 100+ vertical founders and operators for portfolio support
- Research-driven: Publishes extensive market research on vertical AI sectors
- Hands-on GTM support: Product-market fit, go-to-market, and fundraising assistance