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#51 · Top 100 · 2026

Matrix Partners

matrixpartners.com · San Francisco, CA

“We invest in founders with deep technical expertise and a specific vision of the future. As former founders and company builders ourselves, we provide not just capital but steady partnership through early stages.”

$250K – $5M
Check Size
Leads & Follows
Lead Tendency
~2 Weeks
Timeline
01Investment Thesis

We are contrarians who invest with conviction.

Exclusion Criteria

Not interested in founders without technical depth, unclear vision, or limited company-building experience.

02Investment Team
AR
Antonio Rodriguez
General Partner (AI, Frontier)
DS
Dana Stalder
General Partner (FinTech, B2B)
IS
Ilya Sukhar
General Partner (AI, Infrastructure)
KO
Kojo Osei
Partner (AI, Infrastructure)
MB
Matt Brown
Partner (FinTech, B2B)
PM
Patrick Malatack
Partner (Infrastructure)
SR
Stan Reiss
Partner (Semiconductors)
TP
TJ Parker
Partner (HealthTech, Consumer)
AV
Andrew Verhalen
Partner (Infrastructure)
DS
David Skok
Partner (B2B, Infrastructure)
AB
Andrea Black
Chief Operating Officer
EM
Erin Mauro
Chief Financial Officer
03F4 Research Brief

Matrix Partners Research

Investment Thesis

Matrix Partners is an early-stage venture capital firm that invests from idea through Series A with a focus on founders who possess deep technical expertise and a specific vision of the future. The firm describes itself as "contrarians who invest with conviction," targeting founders building transformative technology across diverse sectors. As a close-knit team of former founders and company builders, Matrix brings operational experience and a commitment to "engage early, wear well, and are steady."

Sector and Stage Focus

Matrix is notably a generalist investor across multiple sectors including:

  • AI/Frontier Tech: Heavy focus on artificial intelligence and emerging technologies
  • B2B/Enterprise Software: B2B SaaS, developer tools, and enterprise solutions
  • FinTech/Payments: Financial services and payment infrastructure
  • HealthTech: Healthcare technology and digital health
  • Consumer: Consumer apps and marketplaces
  • Infrastructure: Data infrastructure, cloud, and developer tools
  • Semiconductors: Hardware and semiconductor companies

The firm invests across all early-stage rounds:

  • Pre-Seed: Early-stage founder validation
  • Seed: Series A: Early product-market fit

Check Size and Investment Approach

While specific check size ranges are not publicly disclosed, Matrix's portfolio spanning 974 investments (as of early 2026) across pre-seed through Series A suggests a typical range of $250K-$5M for seed investments. The firm's emphasis on early engagement and steady support indicates they reserve funds for follow-on investments.

Lead vs. Follow Tendency

Matrix demonstrates both lead and follow investing behavior:

  • They lead rounds in select investments (evidenced by portfolio diversity)
  • They participate in follow-on rounds for portfolio companies
  • The firm's approach is selective: they are "selective in our investments and generous with our time"

Recent Activity (2025-2026)

As of January 2026, Matrix Partners continues active deployment:

  • Latest investment: Cosmos (Series A, January 19, 2026)
  • Fund status: Actively deploying
  • Investment pace: 974 total investments to date across multiple funds
  • Recent focus areas: Continued investments in AI (Luma AI, Suno, Infinity AI), infrastructure (Hookdeck, Ampersand), and frontier tech

Notable Portfolio Companies and Exits

Unicorns and Major Companies
  • Afterpay - Payment platform (IPO)
  • Canva - Design platform
  • Fivetran - Data integration
  • HubSpot - CRM platform (IPO)
  • GOAT - Sneaker marketplace
  • Zendesk - Customer service (IPO)
  • Oculus - VR/AR (acquired by Meta for $2B)
  • Suno - AI music generation
  • Luma AI - AI image generation
65+ IPOs and 110+ Acquisitions

Matrix has generated exceptional returns with 65+ IPOs and 110+ acquisitions in portfolio, demonstrating strong selection ability and value-add capabilities.

Team Structure and Expertise

Investing Partners (11 Partners)
  • Antonio Rodriguez (Managing Partner): AI and Frontier tech specialist
  • Dana Stalder: FinTech and B2B expertise
  • Ilya Sukhar: AI and infrastructure focus
  • Kojo Osei: AI and infrastructure
  • Matt Brown: FinTech and B2B specialist
  • Patrick Malatack: Infrastructure focus
  • Stan Reiss: Semiconductors and hardware
  • TJ Parker: HealthTech and consumer focus
  • Andrew Verhalen: Infrastructure expertise
  • David Skok: B2B and infrastructure (noted for blog "For Entrepreneurs")
  • Paul Ferri: Founder specialist
Operations and Support Team
  • Andrea Black: Chief Operating Officer
  • Erin Mauro: Chief Financial Officer
  • Phyllis Doherty: Administrative Partner
  • Scott Khanna: Talent Partner
  • Tim Barrows: Infrastructure specialist

Geographic Focus

Matrix maintains offices in:

  • San Francisco, CA: 535 Mission Street, Suite 2600 (headquarters)
  • Boston, MA: 101 Main Street, 17th Floor

The firm invests primarily across the US with selective international investments.

Decision Process and Timeline

  • Decision structure: Partnership-based (multiple partners involved in decisions)
  • Engagement model: Early engagement with founders, ongoing support and mentorship
  • Typical involvement: Board seats, advisory roles, and active support
  • Warm introductions: Not strictly required but preferred for higher quality deal flow

Founder Profile Preferences

Matrix targets founders with:

  • Deep technical expertise (engineers, former company builders)
  • Specific vision of the future
  • Conviction in their thesis
  • Experience building companies or working at scale
  • Ability to work with a partner firm that "engages early and wears well"

Investment Philosophy

The firm's tagline captures their approach: "We are steady, engage early, and wear well." This suggests:

  • Steady: Reliable partner through multiple funding rounds
  • Engage Early: Willing to invest at pre-product or early-product stages
  • Wear Well: Long-term partnership and support beyond capital

The contrast positioning of "contrarians who invest with conviction" indicates the firm is willing to back unconventional founders and ideas that align with their thesis.

Notable Track Record

With 974 investments, 65+ IPOs, and 110+ acquisitions, Matrix demonstrates:

  • Exceptional selection ability: High hit rate in successful exits
  • Long-term value creation: Multiple successful rounds of funding across portfolio
  • Operational leverage: Team of former founders providing real value-add
  • Diversified returns: Success across multiple sectors (not reliant on single category)

Current Fund Status

Based on January 2026 activity (Cosmos investment), Matrix Partners is actively deploying capital and continues to source early-stage opportunities across all sectors they cover.

04Selected Portfolio
Biotech & Life Sciences
Trisk Bio
Consumer Apps & Social
Sesame
Crypto & Web3
Cosmos
Developer Tools & Infrastructure
Hookdeck·GraphQL Apollo
E-commerce & Marketplaces
GOAT·ApartmentList·Salsify·Channel3·Giant
EdTech
BoldVoice
Energy & Power
Sila
Enterprise Software
Canva·Fivetran·HubSpot·Zendesk·Owl Labs·Chameleon·Mashgin·Parabola·Ampersand·LM Studio·Rainforest·Courier·Fini·LogRocket·CloudZero·CloudBees·Smartcat·Collov AI·Relace·Takeoff
Fintech & Payments
Afterpay·Baselane·Earnin·Flex·Zest AI·Meadow·Benny·Salient·Reshop
Healthcare & Digital Health
Aluna·August Health·Centaur Labs·Lightforce·General Medicine·Headlight·Mevo
Logistics & Supply Chain
Mudflap
Manufacturing & Industrial
Markforged·Xtalic
Media & Entertainment
Luma AI·Steadily·Sieve·Suno
Real Estate & PropTech
Side
Security & Cybersecurity
Flock Safety
Semiconductors & Hardware
Baya Systems·Nubis
Other
Oculus·Lightmatter
Open the full portfolio→
05Recent Updates

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

See full activity (12) →
Sierra acquired Takeoff, a portfolio company Matrix invested in via its $15M round in June 2026. Takeoff built long-horizon autonomous AI agents and was nearing $10M ARR at the time of acquisition by Sierra.
EXIT·sierra.ai
JUL 23, 2026
Matrix invested in Takeoff's $15M funding round alongside Lachy Groom. Takeoff builds fully autonomous 'long-horizon' AI agents that handle complex workflows across voice, SMS, and email for industries like lending and healthcare.
INVESTMENT·hiretakeoff.com
JUN 10, 2026
Participated as an existing investor in Suno's $400M+ Series D at a $5.4B post-money valuation.
INVESTMENT·suno.com+1
JUN 3, 2026
Participated in Collov AI's $23M Series B round.
INVESTMENT·cbinsights.com
APR 21, 2026
Participated in Giant's $8M seed round.
INVESTMENT·cbinsights.com
FEB 23, 2026
06Frequent co-investors
B
Bond
Both backed 3 of the same companies
Canva, Suno, HubSpot
IG
ICONIQ Growth
Both backed 3 of the same companies
Canva, Fivetran, Side
N
N47
Both backed 3 of the same companies
Markforged, GraphQL Apollo, Sila
SA
SV Angel
Both backed 3 of the same companies
Sesame, Flock Safety, GOAT
AV
Anorak Ventures
Both backed 2 of the same companies
Sesame, Flock Safety
Find the investors for your round→
07Similar Firms
PH
Pareto Holdings
$100K – $25M · Pre-Seed · Seed
→
OV
Octopus Ventures
$250K – $2.5M · Pre-Seed · Seed
→
AV
Armilar Venture Partners
$200K – $10M · Seed · Series A
→
UV
Upfront Ventures
$1M – $15M · Pre-Seed · Seed
→
MF
MAGIC Fund
$50K – $5M · Pre-Seed · Seed
→
Quick Reference
Check Size
$250K – $5M
Stages
Pre-Seed · Seed · Series A
Decision
Partnership · ~2 Weeks
Warm Intro
Not Required
Involvement
Board Seat
Location
San Francisco, CA
Sector Focus
Fintech & PaymentsConsumer Apps & SocialSemiconductors & HardwareEnterprise SoftwareDeveloper Tools & InfrastructureHealthcare & Digital Health
Models
B2B SaaSAI/MLDeveloper ToolsFinTechHealthTechConsumer AppsHardware
See all Fintech & Payments investors →See all Consumer Apps & Social investors →See all Semiconductors & Hardware investors →
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Focus Areas
Fintech & PaymentsConsumer Apps & SocialSemiconductors & HardwareEnterprise SoftwareDeveloper Tools & InfrastructureHealthcare & Digital Health

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