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Foreword Fund

www.foreword.vc · San Francisco, CA

“Back daring founders in their first chapters with first-check capital and access to a community of 200+ world-class founders and operators who can provide mentorship, introductions, and strategic guidance.”

$100K – $250K
Check Size
Leads & Follows
Lead Tendency
$6M
AUM
~2 Weeks
Timeline
01Investment Thesis

Back daring founders in their first chapters with first-check capital and access to a community of 200+ world-class founders and operators who can provide mentorship, introductions, and strategic guidance.

Exclusion Criteria

Unfocused teams without large ambitions. Founders who are not truly passionate about their problem space.

02Investment Team
DK
Declan Kelly
Founder & General Partner
03F4 Research Brief

Foreword Fund Research

Overview

Foreword Fund is an early-stage venture capital firm led by solo GP Declan Kelly (known as "Dec"). The fund backs daring founders in their "first chapters" — typically at pre-seed or seed stage, often as the first check in. The fund's name reflects its mission: to write the foreword to a founder's story, supporting them at the very beginning of their journey.

Declan Kelly is an early Web Summit employee who built his network through years of working with founders at one of Europe's largest technology conferences. Based in San Francisco, he has cultivated a community of over 200 founders and operators who have built world-class technology companies. This community forms the backbone of Foreword's value-add model, providing portfolio companies with access to deep operational expertise and networks across multiple sectors and geographies.

Kelly's LinkedIn bio succinctly captures his approach: "Solo GP. First check. Europe & US." He has 6K+ followers and is educated at Dublin City University.

Investment Thesis

Foreword works with daring founders at their earliest stages, often first-check or first-round. The fund seeks out exceptionally focused teams with large ambitions, partnering with approximately 10 companies annually.

The fund's philosophy centers on being more than just capital. As a solo GP operation, Foreword can move quickly and make decisions without bureaucratic delays. The 200+ founder/operator community provides portfolio companies with mentorship, customer introductions, hiring help, and strategic guidance.

The fund particularly loves helping founders shape their rounds — being the first check in and helping to bring together the right syndicate of investors for each company's specific needs.

Fund Details

  • Fund Size: €6M (micro-fund)
  • Check Size: $100K - $250K
  • Stage: Pre-seed, Seed
  • Investment Pace: ~10 companies annually
  • Founded: 2021
  • Location: San Francisco, CA (invests globally)
  • Contact: [email protected], [email protected]
  • Twitter/X: @deckelly, @forewordvc

Portfolio

Foreword has invested in 43+ companies across diverse sectors including AI/ML, fintech, developer tools, enterprise software, and consumer applications. The portfolio spans both Europe and the United States.

Notable Portfolio Companies:

AI & Automation:

  • Fyxer (fyxer.com) — AI-powered email and productivity tool
  • Gradient Labs (gradient-labs.ai) — AI research and infrastructure
  • Peec AI (peec.ai) — AI-powered analytics
  • Bottlecap AI (bottlecapai.com) — AI automation platform
  • Plato App (platoapp.ai) — AI-powered coaching/mentoring
  • Kernel AI (kernel.ai) — AI infrastructure
  • Turba (turba.ai) — AI-powered platform
  • Alchemi (alchemi.bio) — AI for biology/biotech

Developer Tools & Infrastructure:

  • Aikido (aikido.dev) — Security platform for developers
  • Speckle (speckle.systems) — Data platform for AEC industry
  • GitButler (gitbutler.com) — Git client and version control
  • Anytype (anytype.io) — Decentralized knowledge management
  • Evervault (evervault.com) — Data privacy infrastructure
  • Trace Space (trace.space) — Space industry software
  • Superlinked (superlinked.com) — Vector computing infrastructure

Fintech:

  • Deblock (deblock.com) — Financial services platform
  • Yuno (y.uno) — Latin American fintech
  • Orus (orus.eu) — Insurance technology
  • Swypex (swypex.com) — Corporate cards and spend management
  • Loctax (loctax.com) — Tax technology
  • Flint (withflint.com) — Financial infrastructure

Enterprise & B2B:

  • Delphi (delphi.ai) — AI knowledge platform
  • Kota (kota.io) — Employee benefits platform
  • Complyance (complyance.com) — Compliance automation
  • Jeeves (tryjeeves.com) — Global financial stack
  • Isembard (isembard.com) — Infrastructure for manufacturing
  • Graneet (graneet.com) — Construction management
  • Rollee (getrollee.com) — Income verification
  • Outverse (outverse.com) — Knowledge base platform
  • Handly (handly.app) — Service business management

Consumer & Marketplace:

  • Sorare (sorare.com) — Fantasy sports NFT platform (unicorn)
  • Wayflyer (wayflyer.com) — E-commerce financing
  • Localyze (localyze.com) — Relocation platform
  • Mercaso (mercaso.com) — Marketplace
  • Allo (allo.restaurant) — Restaurant technology

Hardware & Climate:

  • Starcloud (starcloud.com) — Space technology
  • Infinite Machine (infinitemachine.com) — Electric vehicles
  • Zero (zero.inc) — Climate/sustainability
  • Nodal (nodal.io) — Climate technology
  • Saris (saris.ai) — AI for climate

Other Notable:

  • Lette (lette.ai) — Communication platform
  • Roadie (roadie.io) — Logistics and delivery (acquired by UPS)

Lead Tendency & Decision Process

Lead Tendency: Both — Foreword is comfortable leading rounds or participating alongside other investors. The fund often helps founders shape their rounds from scratch.

Decision Process: Solo GP — Declan Kelly makes all investment decisions independently, allowing for fast decisions without committee delays.

Decision Timeline: Typically 2 weeks or less, reflecting the fund's ability to move quickly when conviction is established.

Approach: First-check investor who loves helping founders shape their rounds. Takes a collaborative, community-driven approach leveraging the 200+ founder/operator network.

Founder Preferences

  • Daring founders — those with large ambitions and the drive to achieve them
  • Focused teams — exceptionally focused on their problem space, not scattered across multiple opportunities
  • Early-stage preference — first-check or first-round situations preferred
  • Global mandate — invests in exceptional talent wherever found, with focus on Europe and US
  • Both B2B and Consumer — no sector dogma, focuses on the quality of the founder and opportunity

Sector Focus

  • AI/ML Applications — Applied AI across sectors (strongest cluster in portfolio)
  • Developer Tools — Tools that help developers build faster
  • Fintech — Financial infrastructure and services
  • Enterprise Software — B2B SaaS and platforms
  • Climate Technology — Sustainability and clean tech
  • Consumer Technology — Selective consumer plays

Geographic Focus

  • Primary: Europe, United States
  • Approach: Global mandate — supports exceptional talent wherever it's found

Recognition

  • Featured in Sifted's "Meet Europe's growing crowd of solo GPs" (November 2022)
  • Listed in Signature Block's Emerging 50, recognizing rising fund managers
  • Partner fund with Seedcamp portfolio

Contact

  • Email: [email protected], [email protected]
  • Website: foreword.vc
  • LinkedIn: linkedin.com/in/kellydeclan/
  • Twitter/X: @deckelly, @forewordvc
04Selected Portfolio
Biotech & Life Sciences
Alchemi Bio
Crypto & Web3
Deblock
Developer Tools & Infrastructure
Gitbutler
E-commerce & Marketplaces
Wayflyer·Mercaso
EdTech
Flint
Energy & Power
ZERO
Enterprise Software
Gradient Labs·Peec AI·Bottlecap AI·Complyance·Plato App·Speckle·Saris·allO·Anytype·Trace.Space·Superlinked·Kernel·Lette·Graneet·Turba·Outverse·Handly·Localyze·Fyxer
Fintech & Payments
Yuno·Jeeves·Swypex·evervault·Rollee
Food & Beverage
Infinite Machine
Gaming
XO Market
Insurance
Orus
Legal & Regtech
Skalar
Logistics & Supply Chain
Nodal
Manufacturing & Industrial
Delphi
Other
Starcloud·Aikido·Kota·Sorare·Isembard·Loctax·Roadie·Eigen
Open the full portfolio→
05Recent Updates

Fresh signals from public announcements, essays, and portfolio activity.

See full activity (6) →
Loctax, a Foreword Fund portfolio company and AI-powered tax control center, was acquired by Tax Systems to build the leading tax tech platform in EMEA.
EXIT·loctax.com
Added recently
Foreword Fund participated in Skalar's funding round. Skalar is a Germany-based AI-first tax advisory platform.
INVESTMENT·vestbee.com
Added recently
Participated in XO Market's $6M seed round led by 20VC and Picus Capital.
INVESTMENT·sbcnews.co.uk+1
MAY 5, 2026
Participated in Eigen's $15M seed round led by Benchmark.
INVESTMENT·linkedin.com+2
APR 16, 2026
Portfolio company Starcloud raised a $170M Series A led by Benchmark and EQT Ventures at a $1.1B valuation.
MILESTONE·techcrunch.com
MAR 30, 2026
06Frequent co-investors
T2
The 20VC Fund
Both backed 3 of the same companies
Deblock, allO, Handly
AC
AltaIR Capital
Both backed 2 of the same companies
Anytype, Jeeves
AV
Audacious Ventures
Both backed 2 of the same companies
Saris, Flint
CT
Clocktower Technology Ventures
Both backed 2 of the same companies
Yuno, Jeeves
F
Foundamental
Both backed 2 of the same companies
Graneet, Speckle
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Quick Reference
Check Size
$100K – $250K
Stages
Pre-Seed · Seed
AUM
$6M
Decision
Solo GP · ~2 Weeks
Warm Intro
Not Required
Involvement
Advisor
Location
San Francisco, CA
Sector Focus
Fintech & PaymentsManufacturing & IndustrialConsumer Apps & SocialAerospace & DefenseEnterprise SoftwareDeveloper Tools & Infrastructure
Models
B2B SaaSConsumerFintechClimateTech
Technology
AI/MLDeveloper ToolsInfrastructure
See all Fintech & Payments investors →See all Manufacturing & Industrial investors →See all Consumer Apps & Social investors →
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Focus Areas
Fintech & PaymentsManufacturing & IndustrialConsumer Apps & SocialAerospace & DefenseEnterprise SoftwareDeveloper Tools & Infrastructure

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F4 Intelligence Report · Last Researched September 6, 2026F4 Research Engine