ff Venture Capital Research
Investment Thesis
ff Venture Capital (ffVC) is one of the best performing seed and early-stage venture capital firms in New York, founded in 2008 by John Frankel. The firm believes in identifying and supporting high-potential founders early in company formation, providing deep operational expertise and active board participation. ffVC's thesis centers on emerging industries with significant market potential, particularly artificial intelligence, manufacturing, energy, robotics, and cybersecurity. The firm has a proven track record of building companies from inception through successful exits, with an exceptional Series B graduation rate of 5x the industry average.
Investment Thesis Deep Dive
ffVC's core conviction is that the best investments come from driven problem-solvers building teams where the firm can add meaningful value. The investment criteria are highly selective: ffVC reviews approximately 3,000 deals annually and invests in only 5% of them. Portfolio companies must have:
- Alignment with ffVC's thematic focus areas (AI, Manufacturing, Energy, Robotics, Security)
- A clear path to $100M+ revenue run rate
- Founder industry expertise and strong leadership capability
- Defensible market moats and competitive advantages
The firm's approach emphasizes hands-on support beyond capital deployment, including access to an exclusive 35,000+ founder and investor ecosystem, strategic advice on product development, sales & marketing optimization, and revenue generation.
Sector and Stage Focus
Primary Sectors (US):
- Artificial Intelligence and AI infrastructure
- Manufacturing and industrial automation
- Energy and clean technology
- Robotics and drones
- Cybersecurity and security solutions
- Enterprise software and SaaS
- Financial technology (fintech)
European Focus (Poland): The ffVC Tech & Gaming fund, established through partnership with Totalizator Sportowy (Polish national lottery operator), invests specifically in:
- Gaming and game development
- Fintech innovations
- Enterprise software
- E-commerce solutions
- Cybersecurity
- AI and big data applications Investment range: PLN 1M - PLN 12M (Series Seed through Series B)
Geographic Coverage:
- Primary: United States (New York emphasis), Poland, Japan
- Secondary: Europe (London, Berlin, Israel)
- Selective international investments in high-growth regions
Stage Focus and Check Size
ffVC is a true seed and early-stage specialist with a clear investment strategy:
Pre-Seed & Seed Focus:
- Initial investment: $300,000 to $700,000
- Target ownership: 8-10% post-money
- Target post-money valuation: <$10 million
- Position: Lead investor with board participation
Follow-on Strategy:
- Reserves 50% of fund capital for follow-ons
- Willing to participate in Series A rounds up to ~$50M pre-money valuations
- Occasional Series B participation for strong portfolio companies
- European fund (Poland): €1M - €12M investment range
Lead Tendency and Decision Process
ffVC is decidedly a lead investor in seed and early-stage rounds. The firm:
- Leads rounds and gains board seats as a matter of course
- Takes active operational roles in portfolio company development
- Makes investment decisions as a partnership, bringing collective expertise
- Has demonstrated decision velocity - latest investments documented through September 2025
- Typical decision timeline: 4-8 weeks from initial conversation to close
Investment Activity and Fund Status
Fund Status: Actively deploying
Portfolio Composition:
- Total companies invested in: 150+ over 15+ years
- Currently active: 65+ companies
- Recent investment pace: 4+ new companies in last 12 months (as of Sep 2025)
- Latest documented investment: November 2025 (Auxilius Pharma in pharmaceuticals)
Recent Notable Investments (2024-2025):
- Microamp Solutions (September 2025)
- Auxilius Pharma (November 2025)
- Continuing deployment across AI, energy, and robotics sectors
Exit Track Record:
- 26+ documented exits
- Multiple pre-IPO unicorns in active portfolio driving $100M+ annual recurring revenue
- Notable successful exits: Movable Ink (acquired by STG), CompoSecure IPO
- Strong M&A activity with established tech companies
Team and Leadership
US Leadership (New York):
John Frankel (Founder & General Partner)
- Founded ffVC in 2008 with technology investment vision
- Long career at Goldman Sachs in technology development and capital markets
- Oxford graduate (Mathematics and Philosophy)
- Qualified Fellow Chartered Accountant
- Serves on boards of 60+ companies including NYU Tandon School of Engineering
Alex Katz (General Counsel & Partner)
- 30+ years experience with seed, early-stage, and growth companies
- CPA and attorney background
- Manages accounting, legal operations, investment processes, and compliance
Avery Ersztein (Partner, Head of Investor Relations & Capital Formation)
- 20+ years spanning technology and financial services
- VP at Goldman Sachs managing $4.5B+ client capital
- Senior banker at J.P. Morgan
- Kellogg School of Management (Northwestern) MBA
- Former Microsoft engineer
Don Basile (General Partner, Energy Focus)
- 20+ years as Silicon Valley executive, investor, board member
- CTO of Roman DBDR II (IPO Dec 2024, $230M raised)
- Former CEO of FusionIO and Violin Memory
- Board member of multiple public and private companies
- Deep expertise in storage and infrastructure technology
Michael J. Woods (General Partner, Energy Focus)
- President & Managing Member of Woods Capital (global financial advisory)
- Former CEO & COO of Rothschild & Co Asset Management U.S.
- Former CEO of DWS Investments
- 30+ years in finance, operations, and business development
- Board member of major cultural and nonprofit institutions
Katie Weiss (Principal)
- 15+ years experience with seed, early-stage, and growth companies
- Led Salesforce Launchpad program at Salesforce
- Channel sales and venture capital experience at multiple firms
- Business development roles at Salesforce and TriNet
- Quinnipiac University (History)
Oliver Mitchell (Venture Partner, Robotics/AI/Climate Tech)
- Seasoned investor with track record of exits: 2 IPOs (Novocure, Ekso Bionics), $1.4B private equity sale (TripleLift)
- Recent acquisition success: Scite.ai → Research Solutions
- Board member: CivRobotics, Cambrian Robotics, Paraspot
- Adjunct professor at Sy Syms School of Business
- Author: "A Startup Field Guide in the Age of Robots and AI"
Poland Leadership:
Maciej Skarul (General Partner)
- 12+ years investment banking and M&A experience
- Director at Santander Bank Polska (TMT and industrial focus)
- M&A experience on deals exceeding $10B in value
- Harvard Business School graduate
- Warsaw School of Economics
Mariusz Adamski (General Partner)
- 10+ years global capital markets, private equity, venture capital
- Portfolio manager and investment analyst experience
- Former roles: mBank (Commerzbank AG), Altus TFI, Bastion Investments
- 6 years in New York at Mitchell Madison Group and Pershing Square
- Wake Forest University MBA
Japan Leadership:
Masayuki Ohta (General Partner)
- Managing Director experience at JBIC IG Partners
- Expertise in PE/VC deals focused on technology and healthcare
- JBIC equity investment and project finance background
- Visiting lecturer at Hitotsubashi University
- Cambridge Judge Business School MBA
Taro Hizume (General Partner)
- Investment Director at JBIC IG Partners
- PE/VC investment deal execution
- Experience establishing European venture capital firm
- Industrial Growth Platform consulting background
- Mitsui & Co. (major Japanese conglomerate) analyst
- NYU Stern Tech MBA
Founder and Company Preferences
ffVC explicitly seeks:
Founder Profile:
- Driven problem-solvers with clear vision
- Industry expertise and ability to lead teams
- Founder-friendly, highly engaged partners preferred
- Experience with scale (Google, AWS, Stripe, major tech companies valued)
Company Profile:
- Companies with path to $100M+ revenue run rate
- Strong defensive moats and competitive advantages
- Real business models with sustainable unit economics
- Potential for high-value exits
Anti-Thesis: The firm explicitly avoids consumer games/gambling, pure hardware plays, and companies without strong founder-market fit.
Portfolio Highlights
Major Successful Exits:
- Movable Ink: Acquired by STG (private equity)
- CompoSecure: IPO on Nasdaq (CMPO) via business combination with Roman DBDR
- Multiple companies acquired by major tech platforms
Active Portfolio Unicorns (Pre-IPO):
- Multiple companies with $100M+ ARR
- Strong valuations in recent funding rounds
- Active deployment from ffVC reserves
Signature Portfolio Companies:
- Socure (identity verification, fintech)
- Omaze (digital experiences and fundraising)
- Rhino (renter insurance, proptech)
- Rescale (cloud computing, enterprise)
- Stocktwits (financial social network)
- Owlet (IoT smart monitoring, consumer tech)
- Addepar (wealth management software, fintech)
- Burro (robotics for logistics)
- CardFlight (payment processing)
- CivRobotics (construction robotics)
Fund Structure and Partnership
ffVC operates multiple vehicles:
- US Core Fund(s): Primary technology focus (AI, Manufacturing, Energy, Robotics, Security)
- ffVC Tech & Gaming Fund: European vehicle for Poland/CEE investing (€60M+ committed)
- Partnership with Totalizator Sportowy
- Co-investment with PFR Ventures
- Support from Polish National Center for Research and Development
- Japan Operations: Dedicated team for Asia-Pacific investments
LP Access:
- Investor Relations team led by Avery Ersztein
- Exclusive co-invest opportunities available for LPs
- Advisory board includes institutional partners (BNY Mellon, Scorpio Tankers, others)
Historical Context and Track Record
15+ Year History:
- Founded 2008 during financial crisis - demonstrates counter-cyclical investing
- Survived and thrived through multiple market cycles
- 6 prior domestic funds with successful deployment
- Expanded globally: Poland (2018+), Japan (recent)
Performance Metrics:
- 5x industry average Series B graduation rate for portfolio companies
- 150+ companies invested, 26+ exits
- Billions in market capitalization created across portfolio
- Top decile performing fund portfolios with pre-IPO unicorns
Decision Process and Timeline
Investment Committee:
- Partnership-based decision making with involvement from relevant domain experts
- Founders meet with multiple partners during due diligence
- Due diligence characterized as "exhaustive" with high bar for investment
Operational Support:
- Active board participation standard
- Access to 35,000+ founder and investor ecosystem
- Strategic guidance on product, sales, marketing, and revenue
- Exclusive accounting firm partnerships
- Post-investment engagement is intensive
Warm Introduction Requirement
Given the firm's highly selective approach (5% of 3,000 deals), warm introductions are strongly preferred. The firm's partnership with accelerators (GENIUS NY), ecosystem relationships, and board member networks provide channels for qualified introductions.
Recent Fund Announcements
- June 2023: €60M fund announced for Series A and late seed in Central European enterprise startups
- September 2023: Opening of upstate New York office in partnership with GENIUS NY accelerator
- November 2023: Drones & Robotics AI Summit (3rd annual, 150+ attendees)
- Ongoing: Continuous deployment from existing funds
Summary
ff Venture Capital is a generalist seed and early-stage investor with deep expertise in emerging technologies and manufacturing. The firm combines check-writing capability with significant operational resources, taking board seats and highly engaged partnership roles. With 15+ years of track record, an extensive partner network across multiple geographies, and a proven playbook for building successful companies, ffVC represents a strong institutional seed investor for technology founders building in AI, manufacturing, energy, robotics, and security.