Lockstep Ventures

Lockstep Ventures Research

Investment Thesis

Lockstep Ventures is a mission-driven venture capital firm dedicated to addressing racial inequality in the United States through strategic investments. Founded in 2020 by Marcus Glover and Bonin Bough, the firm invests exclusively in "overlooked visionaries of color" and companies directly tackling racial disparities in health, wealth, education, and justice. The firm's foundational philosophy centers on fair-chance hiring and systemic change—creating pathways for Black entrepreneurs and overlooked founders to access capital and achieve their vision.

The name "Lockstep" reflects the firm's commitment to moving in lockstep with their community of founders and practitioners, prioritizing mutual reinforcement between profit and positive impact while solving for social and environmental challenges.

Stage Focus

Lockstep Ventures focuses on early-stage companies with transformative potential:

• Pre-Seed: $25,000-$100,000 for initial traction
• Seed: Foundation and growth stage for minority-owned and founded companies
• Series A and beyond for exceptional portfolio follow-ons

The firm has demonstrated flexibility in sizing, from founder-friendly checks to larger allocations for leading rounds in vision-aligned companies.

Check Size & Fund Details

Typical investment range: $25,000 - $100,000+

• Fund size: Sub-$50M (as of 2025)
• Check sizes calibrated for early-stage founder needs and fair-chance hiring alignment
• Notable co-investors: NBA star Kyrie Irving (through KAI Eleven Consulting collaboration)

Portfolio Companies

Lockstep Ventures has made 7+ investments across diverse sectors:

Transportation & Logistics:

• Fleeting: Black-owned commercial trucking and fleet management company (received $500,000 investment from Kyrie Irving and Lockstep Ventures in 2021)

Identity & Security:

• Hydden: Identity security platform that raised $4.4M seed round (Sep 2024), supported by Lockstep
• VanishID: Cybersecurity startup backed in $10M round (April 2025)

Additional Portfolio Companies:

• Companies across consumer, gig economy, and other high-impact sectors
• Portfolio reflects diversity of founders and focus on marginalized communities

Team & Decision Process

Leadership:

• Marcus Glover (Co-Founder, General Partner & Managing Partner): Background in private equity and creative direction. Passionate about reimagining equity for Black America and criminal justice reform. Board Chair of Defy Ventures.
• Bonin Bough (Partner): Strategic leader focused on building ecosystem support for portfolio companies
• Matt Williams (Principal): Investment and portfolio development
• Shawn Rochester (Team Member): Supporting deal sourcing and analysis

Decision Process: Partnership structure with 2 General Partners and active involvement of principal team members. Decision-making emphasizes:

• Mission alignment with fair-chance hiring and racial equity focus
• Founder vision and execution capability
• Market impact potential alongside financial returns
• Community relationships and ecosystem integration

Investment Philosophy

Lockstep operates on a few core principles:

1. Founder-First Approach: Fair-chance hiring at core. The firm actively partners with founders who may have been overlooked by traditional VC but possess exceptional vision and capability.

2. Systemic Impact: Investments must address racial disparities in key areas: health, wealth, education, and justice. This is not a secondary consideration but central to investment thesis.

3. Community Embedded: The firm positions itself as connective tissue between practitioners (active operators, entrepreneurs) and founders. This is evidenced by active community events and partnerships.

4. Practical Support: Beyond capital, the firm provides operational guidance, network access, and strategic partnership—especially critical for first-time founders and those from underrepresented backgrounds.

Geographic Focus

Primarily United States, with emphasis on:

• New York area (headquarters and network hub)
• Cities with significant Black entrepreneurial communities
• Sectors with diverse founder representation

Lead Tendency

Mixed approach:

• Willing to lead early-stage rounds for mission-aligned founders
• Participatory investor in seed rounds
• Follow-on investor in Series A for strong portfolio companies
• Collaborative with other mission-driven investors

Recent Activity & Fund Status

Lockstep Ventures continues active deployment from its current fund:

• December 2025: Investment in Nasdaq Private Market (Series B-III)
• September 2024: Supported Hydden's $4.4M seed raise
• April 2025: Co-invested in VanishID (cybersecurity) $10M round alongside Energy Impact Partners
• May 2021: Co-invested in Fleeting with Kyrie Irving
• 2021-2025: Consistent portfolio building and founder support

Fund Status: Actively deploying capital with strategic selectivity. The firm maintains focus on quality of mission-alignment over quantity of investments.

Notable Characteristics

1. Celebrity & Community Alignment: Partnership with Kyrie Irving reflects broader commitment to bringing high-profile voices into racial equity investing. This is authentic to mission, not merely promotional.

2. Sector Flexibility: While not exclusively focused on any one vertical, portfolio spans transportation (Fleeting), cybersecurity (Hydden, VanishID), consumer, and gig economy—all with diversity and equity angle.

3. Fair-Chance Commitment: Central differentiator. Marcus Glover's work with Defy Ventures (criminal justice reform) shows commitment extends beyond VC checks to systemic change.

4. Operator Embedded: Experienced entrepreneurs and leaders on team reflect real-world experience grounding investment decisions.

Founder Preferences

Lockstep actively seeks:

• Founders of color with exceptional vision and execution
• First-time founders backed by community validation
• Founders with lived experience relevant to problem they're solving
• Operators willing to think about systemic impact alongside growth
• Authentic commitment to equity (not performative)

Antithesis

The firm avoids:

• Investors seeking to replace their traditional VC exposure with performative diversity plays
• Founders unwilling to engage with their community or ecosystem
• Companies where racial equity is disconnected from core business model

Conclusion

Lockstep Ventures represents a significant shift in American venture capital toward intentional diversity and systemic change. Rather than treating racial equity as an optional add-on to traditional VC returns, the firm has made it central to both investment thesis and operational philosophy. The firm's growth from 2020 to 2025 and increasing visibility (partnerships with Kyrie Irving, media coverage) suggest the market is validating this approach—that founders of color can deliver exceptional returns when given fair access to capital and operational support.