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Matchstick Ventures

www.matchstick.vc · Boulder, Colorado and Minneapolis, Minnesota

“World-changing companies can be built anywhere. Partner with ambitious, underdog, diverse founders in underserved ecosystems.”

$500K – $1.5M
Check Size
Leads
Lead Tendency
~2 Weeks
Timeline
01Investment Thesis

Founder-first relationships: we work for them. Capital + camaraderie + connections + community.

Exclusion Criteria

Consumer social games, pure hardware plays, geographically narrow founders

02Investment Team
NZ
Natty Zola
Partner
RB
Ryan Broshar
Partner
NG
Nicole Glaros
Venture Partner
SS
Shannon Shroyer
Head of Network
03F4 Research Brief

Matchstick Ventures: Founder-First Early-Stage Investing in North America

Investment Thesis

Matchstick Ventures is predicated on a powerful belief: world-changing companies can be built anywhere, not just in traditional tech hubs. Founded in 2015 by Natty Zola and Ryan Broshar—both serial entrepreneurs who exited their own companies—Matchstick invests in ambitious, underdog, and diverse founders in underserved startup ecosystems, primarily in the Rockies (Colorado) and the North (Minnesota). Their thesis centers on "founder-first" relationships: they believe they work for their founders, not the other way around. Having started and scaled companies themselves, they understand the founder journey intimately and commit to being the first call when things get tough—providing not just capital but camaraderie, connections, and community.

Core Values and Operating Philosophy

Matchstick's operating philosophy is encoded in their values system:

  • Work hard, play hard, give back - Life is short; do big things with joy and give without expecting return
  • Do the right thing - Reputation is paramount; always be proud to look yourself in the mirror
  • 4H - Happy, honest, hungry, humble
  • Play the long game - Think beyond momentary optimization to long-term relationship implications

This philosophy manifests in their approach: they flip the traditional VC script by believing they serve the entrepreneur, not vice versa. They provide four core pillars:

  1. Capital: Pre-seed and seed investments of $500K-$1.5M
  2. Camaraderie: Hands-on support, trustworthy relationships, always in your corner
  3. Connections: 400+ "Matchstick Strikers" (entrepreneurs, operators, corporate partners) available for mentorship and introductions
  4. Community: Building fellowship around their companies to combat startup isolation

Investment Focus

Geographic Scope
  • Primary: Colorado Rockies region and Minnesota North region
  • Secondary: Broader Techstars network ecosystems across North America
  • Physically based: Boulder, CO and Minneapolis, MN with multi-location team
Stage Preferences
  • Pre-seed: $500K-$1M for teams with ideas or early prototypes
  • Seed: $1M-$1.5M for teams with product-market validation
  • Reserve fund participation: 50% reserves for follow-on investment in later rounds

Matchstick leads or co-leads most investments, demonstrating high conviction and hands-on involvement.

Sector and Model Diversity

Matchstick's 140+ company portfolio reflects remarkable diversity across sectors: Enterprise & B2B Software (developer tools, B2B procurement, AI/LLM infrastructure, healthcare tech, workforce technology); Consumer & SMB (e-commerce solutions, real estate tech, travel & hospitality); Marketplace & Services; and Emerging Tech (AI agents, security, blockchain, climate).

Team & Expertise

The Matchstick team combines founder experience, accelerator leadership, and deep ecosystem knowledge:

  • Natty Zola (Partner, Boulder, CO) - Founder of everlater.com (sold to AOL 2012), former MD of Techstars Boulder, advisor to 200+ founders
  • Ryan Broshar (Partner, Minneapolis, MN) - 3x founder with 2 exits, former MD of Techstars Retail Accelerator, founder of Beta.MN and Twin Cities Startup Week
  • Nicole Glaros (Venture Partner, Boulder, CO) - "Employee #1" at Techstars, helped scale to 50+ programs and $77B market cap, multi-unicorn backer (joined May 2025)
  • Shannon Shroyer (Head of Network, Minneapolis, MN) - Manages 200+ network relationships, brings atypical VC background

Additional resources: 100+ top-tier co-investors, 100+ fellow founders, subject matter experts across industries.

Fund History & Capital Deployment

  • Fund II: $30M closed ~2019-2020
  • Fund III: $55M closed ~2021
  • Fund IV: Currently deploying actively

Deployment pace shows 3 new investments in last 12 months (Dec 2025).

Recent Investment Activity (2024-2025)

Matchstick invests across diverse verticals:

  • Oct 2025: Automate.Clinic (AI healthcare)
  • Jul 2025: Paperstack (fintech working capital)
  • Jun 2025: Locate.ai (CRE tech)
  • Jun 2025: Juno (travel & expense)
  • May 2025: Cast Finance (AI accounting)
  • Mar 2025: Pageport (AI-native CRM)
  • Dec 2024: LaunchBay (onboarding)

Notable portfolio milestones: Zed raised $42M+ with Sequoia Series B, Reema Health $19M Series B, Branch partnership with Union Square Hospitality.

Decision Process

  • Structure: Partnership model (collaborative decisions)
  • Timeline: 2-4 weeks typical
  • Warm intros: Preferred but not required
  • Due diligence: Deep founder/team focus, product evaluation, market sizing

Portfolio & Exits

Current portfolio exceeds 100+ active companies. Notable exits: everlater.com (AOL), Branch (payment enablement), Kipsu (hotel tech). Scale achievements: Zed ($42M+ Series B), Warmly ($17M+), Intelligems ($9M+).

Lead Tendency and Involvement

  • Leads or co-leads most investments
  • Board seats, advisor roles, deep operational involvement
  • 50% reserves for follow-ons
  • Deep bench of top-tier co-investors

Values & Community Impact

Beyond investing, Matchstick demonstrates diversity commitment, community building (Twin Cities Startup Week, Beta.MN), transparency, and Pledge 1% membership. Differentiated by local ecosystem embeddedness, founder-first culture, operational depth, long-term relationships, and network density.

Fund Status

  • Current status: Actively deploying Fund IV
  • Check sizes: Maintained $500K-$1.5M range
  • Thesis shift: Increasing focus on AI adoption (Freeplay, Freedev.ai, Cast Finance, Locate.ai)
  • Founder focus: Repeat founder backing and operator networks
04Selected Portfolio
Consumer Apps & Social
Base
Developer Tools & Infrastructure
Freedev.ai
E-commerce & Marketplaces
Intelligems
Enterprise Software
Cast Finance·Mentium·Liminal·Freeplay·Branch·Warmly·Getro·Spekit·Dalton Mills·Entravia·Credible Data·type.com
Fintech & Payments
LaunchBay·Zed·Tilt
Healthcare & Digital Health
Althea·Keel Technologies·Delfina·Reema Health·River Health·Automate.Clinic·Saile Medical
HR Tech & Future of Work
Honest Jobs
Logistics & Supply Chain
Silkline
Media & Entertainment
Paperstack
Real Estate & PropTech
Locate.ai
Security & Cybersecurity
StackHawk
Semiconductors & Hardware
Great Sky
Other
Juno·Pageport·Soona·Cured·Airspace Link
Open the full portfolio→
05Recent Updates

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

See full activity (14) →
Matchstick Ventures is hiring its first Investment Analyst to own top-of-funnel deal sourcing and investment analysis, based in Denver/Boulder or Minneapolis.
TEAM CHANGE·matchstick.vc
JUL 17, 2026
Green Project Technologies, an ACT Group company, acquired Optera, a Matchstick portfolio company and enterprise carbon accounting platform, to build the leading AI climate management platform.
EXIT·greenprojecttech.com
JUL 13, 2026
Warmly, a Matchstick portfolio company and AI-native GTM platform, was acquired by HubSpot.
EXIT·warmly.ai
JUN 30, 2026
Matchstick Ventures Fund IV invested in Entravia, a workflow platform modernizing the PEO sales process, led by founder Kasey Devine.
INVESTMENT·matchstick.vc
MAY 29, 2026
Participated in Dalton Mills' seed round for AI-powered workflow software for the trades.
INVESTMENT·matchstick.vc+1
MAY 13, 2026
06Frequent co-investors
FG
Foundry Group
Both backed 2 of the same companies
StackHawk, Spekit
GC
Groove Capital
Both backed 2 of the same companies
Base, Reema Health
LH
Lerer Hippeau
Both backed 2 of the same companies
type.com, Branch
NF
Next Frontier Capital
Both backed 2 of the same companies
Getro, Freeplay
OV
Origin Ventures
Both backed 2 of the same companies
Tilt, Silkline
Find the investors for your round→
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Quick Reference
Check Size
$500K – $1.5M
Stages
Pre-Seed · Seed
Decision
Partnership · ~2 Weeks
Warm Intro
Not Required
Involvement
Board Seat
Location
Boulder, Colorado and Minneapolis, Minnesota
Sector Focus
Fintech & PaymentsReal Estate & PropTechClimate & SustainabilityEnterprise SoftwareDeveloper Tools & InfrastructureSecurity & CybersecurityHealthcare & Digital Health
Models
B2B SaaSHealthcare TechDeveloper ToolsFintechPropTechWorkforce TechAI/ML
Technology
AI/MLLLM
See all Fintech & Payments investors →See all Real Estate & PropTech investors →See all Climate & Sustainability investors →
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Focus Areas
Fintech & PaymentsReal Estate & PropTechClimate & SustainabilityEnterprise SoftwareDeveloper Tools & InfrastructureSecurity & CybersecurityHealthcare & Digital Health

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F4 Intelligence Report · Last Researched September 19, 2026F4 Research Engine