Marin Sonoma Impact Ventures Research
Investment Thesis
Marin Sonoma Impact Ventures (MSIV) is a regional venture fund with one mandate: back the most promising startups in Marin and Sonoma counties, the North Bay. Zachary Kushel founded it in April 2020 to strengthen the region's economic future, and the firm calls the approach "Invest Local." Its site describes it as the only venture capital fund 100% focused on Marin and Sonoma startups, and it says it makes early-stage investments in category-defining companies growing their physical presence in the two counties. The firm has two arms. The venture arm writes checks. The community arm builds the local startup ecosystem through a Founder Network, an Executive Network of mentors, sponsor partners, a job board and a yearly calendar of gatherings.
Sector Focus
MSIV is sector-agnostic inside its geography. The portfolio spans enterprise and AI software (1mind, Channel99, PairUp, Stackpack, Your360 AI, Novi), fintech (Boldin, Finalis, Union Credit, OLarry), biotech and medtech (Lighthouse Pharmaceuticals, Skribe Medical), agtech (Lumo), aerospace (Jump Aero), climate resilience (Fire Aside), and workplace and construction software (Gable, ConCntric). Press coverage of Fund II describes industries ranging from agriculture and biotechnology to financial technology and artificial intelligence.
Stage Focus
The firm invests early, at pre-seed and seed, and sometimes joins larger rounds alongside other investors. In April 2026 it took part in Lighthouse Pharmaceuticals' $12M Series A led by Double Point Ventures, and in September 2025 it joined Skribe Medical's initial raise with GoAhead Ventures and angels. Founders start the process through an Airtable intake form on the site.
Check Size
The firm does not publish a check size. A third-party fund database lists $300K to $400K. The firm's own numbers fit that range: it reports more than $8.665M deployed into 22 companies across both funds, which averages about $394K per company. Treat the range as an estimate.
Lead Tendency
The evidence points both ways. Press releases say MSIV "invests in" a company and the Lighthouse and Skribe coverage says it "participated" next to named lead investors, so it often follows. It does not claim to lead rounds. Lead tendency is recorded as unknown.
Recent Activity and Fund Status
On October 8, 2026 MSIV announced the final close of Fund II at over $11M, which more than doubles assets under management to over $17.7M. Fund II took capital from 60 limited partners, 98% of it from Marin and Sonoma residents and institutions, including a $1M commitment from the Redwood Credit Union Community Fund. Across both funds MSIV has 93 limited partners. Fund I opened in March 2021, closed in January 2025 and is fully deployed in 13 companies. Fund II opened in March 2025 and has made nine investments, including Gable (December 2025), Lighthouse Pharmaceuticals (June 2026), Lumo (October 2025), OLarry (August 2025), Skribe Medical (September 2025) and Your360 AI (September 2026). Portfolio company Sageful AI was acquired by Practicing Excellence in February 2026. With a newly closed fund, MSIV is actively deploying.
Portfolio Highlights
The portfolio page lists 19 companies. Lighthouse Pharmaceuticals has a Phase 2 Alzheimer's trial funded in part by a $49.2M National Institute on Aging grant. Skribe Medical was selected for an FDA program for home-use medical devices. Jump Aero is developing electric aircraft for emergency first response. Boldin (formerly NewRetirement) is a financial planning platform. Sageful AI is the one disclosed exit.
Team
- Zachary Kushel, Founder & Managing Partner: experience from Wall Street to Washington, DC to Silicon Valley before settling in the North Bay.
- Elizabeth Murphy, VP Community: 20 years in sales and channel marketing, runs the community programs.
- Mike Lewis, Startup Advisor in Residence: founded and exited three startups over 20 years.
- Advisors: Brett Martinez (President and CEO of Redwood Credit Union), Craig Nelson (Chairman and CEO of Nelson Connects), Beth Stelluto (impact investor) and Jordan Kivelstadt (entrepreneur and angel who helps with deal selection).
Decision Process
Kushel leads the fund and the site does not describe a committee. Advisors assist with deal selection, so the process is recorded as a small partnership. Deal consideration starts with the Airtable form, and a warm introduction does not appear to be required.
Founder Preferences
MSIV wants founders committed to building the next great North Bay companies, with a physical presence in Marin or Sonoma. It offers the Founder Network (438 founders supported to date), the Executive Network of C-level mentors (75 activated to date), mentorship mixers, the annual North Bay NEXT conference (350+ attendees in 2026) and a talent pool.
Geographic Focus
Marin and Sonoma counties only. The firm is headquartered in Corte Madera, CA. Companies outside the two counties are outside its mandate.