Maveron Research Document
Company Overview
Maveron is a consumer-centric venture capital firm founded in 1998 by Howard Schultz (founder of Starbucks) and Dan Levitan. The firm has been backing transformative consumer businesses for over 25 years. The name "Maveron" combines "maverick" and "vision," reflecting the firm's philosophy of investing in founders who look beyond convention and build the leading consumer businesses of the future.
Maveron became a certified B Corporation in June 2021, emphasizing their commitment to doing well by doing good. This reflects their belief that value creation comes through identifying where consumer behavior is changing and investing in companies that not only create profit but also make the world a better place.
Investment Thesis
Maveron's core philosophy centers on three key principles:
- Non-Normal Thinking: They believe the only way to inspire change is to eschew the status quo and think differently. Being non-normal generates power and strength.
- Relationships Over Transactions: They invest in people and relationships, not deals. Their relationships are built on transparency, honesty, and alignment.
- Responsibility and Impact: They place equal weight on the opportunity and responsibility to make change in the world. The decisions made today must consider impact tomorrow.
The firm explicitly states: "We specialize in what we do best: consumer. We invest under the premise that value creation comes through identifying where consumer behavior is changing, especially before it's obvious – and we are obsessed with observing how people live, work, learn, play, eat, and stay well."
Sector Focus
Maveron's portfolio spans multiple consumer-focused sectors:
Primary Sectors:
- Commerce: D2C brands, direct-to-consumer retail, ecommerce (Allbirds, Everlane, Madison Reed, Lovevery, Dolls Kill, Blip)
- Healthcare/Wellness: Digital health platforms, consumer health tech (Thirty Madison, Two Chairs, Gallant, Sage, Bend Health, Remedy Meds, AllStripes)
- Food & Beverage: Innovative food and beverage brands (Lucky Energy, Brewbird, Cumulus, Booster, Daring)
- Education & Skills: EdTech, workforce development, learning platforms (General Assembly, Course Hero, Lando, Leadership IQ, Engageli)
- Financial Services: Fintech, financial inclusion (Earnest, PayNearMe, Domain Money, Chariot, Otis, Flywire)
- Real Estate/PropTech: Second home ownership, residential real estate technology (Pacaso, Landing, Common, The Guild, Pro.com)
- Media & Entertainment: VR/XR, gaming, media platforms (Rec Room, Illumix, Wave, Pluto, The Wrap)
- Energy: New energy innovation (Booster, Lucky Energy)
- Social/Community: Social platforms and community building (Co-Star, Peoplehood)
Stage Preferences
Maveron explicitly focuses on early-stage investing. They state: "the earlier we get in the more useful we are." Their historical investments indicate:
- Seed Stage: Primary focus, with many portfolio companies backed at seed (Rec Room, Two Chairs, Thirty Madison, Pacaso was backed at Series A)
- Series A: Significant presence with follow-on investments
- Pre-Seed/Angel: Selective participation
Recent notable investments include:
- Pacaso (Series A): Led investment in the fastest-growing U.S. company to reach unicorn status (5 months)
- WeatherPromise (Series A): Oversubscribed Series A led by Maveron (2025)
- Allbirds (Series A): Backed at Series A, later went public (NASDAQ: BIRD)
Check Size
Based on historical portfolio patterns and fund size ($225M Fund 8 raised in 2021):
- Seed: $500K - $3M typical range
- Series A: $1M - $5M typical participation
- Pre-Seed/Angel: $250K - $500K
Maveron does not appear to be a mega-fund and maintains selective deployment even with larger funds, suggesting they prioritize founder fit and opportunity quality over check size maximization.
Lead Tendency
Maveron has a strong lead tendency. Evidence from their portfolio:
- Led Series A in Pacaso (2020, category-defining company)
- Led Series A in Allbirds (now NASDAQ-listed)
- Explicitly state they lead or co-lead at seed stage
- Often sole or primary investor in early rounds
They also make selective follow-on investments to support successful portfolio companies through later rounds.
Recent Activity & Fund Status
Fund Status: Actively deploying (Fund 8, $225M, raised 2021)
Recent Investments (2024-2025):
- WeatherPromise (Series A, 2025) - Led oversubscribed round
- Continued support for portfolio company growth through follow-on investments
Historical Performance:
- 25+ year track record of early-stage consumer investing
- Strong exit record with 40+ exits to date
- 6 IPOs (Allbirds, Zulily, Flywire, Eargo, Potbelly, Capella)
- Multiple 8-figure acquisitions across portfolio
Portfolio Highlights
IPOs:
- Allbirds (NASDAQ: BIRD, 2021) - D2C footwear, TIME magazine's "world's most comfortable shoes"
- Zulily (NASDAQ: ZU, 2013) - Flash commerce/ecommerce pioneer
- Flywire (NASDAQ: FLYW) - Education payments platform
- Eargo (NASDAQ: EAR) - Hearing aid technology
- Potbelly (NASDAQ: PBPB) - Restaurant chain
- Capella University (NASDAQ: CPLA) - Online education
Unicorns:
- Pacaso ($1B+, second home ownership category leader)
- Trupanion ($1B+, pet insurance, first "modern pet economy unicorn")
Notable Exits:
- Dollar Shave Club → Unilever (D2C to corporation acquisition)
- eBay (first investment, June 1998, IPO 3 months later)
- Groupon (marketplace)
- Shutterfly (photo services, NASDAQ: SFLY)
- Acquisitions across all sectors: Periscope (Twitter), Newsle (LinkedIn), Cranium (Hasbro), August (Assa Abloy), many others
Current Portfolio (40+ active companies):
- Alife, Allbirds, Barkbus, Blip, Booster, Brewbird, Chariot, Co-Star, Cumulus, Dolls Kill, Domain Money, Engageli, Everlane, Free Agency, Gallant, Goodbill, Illumix, Infinite Commerce, Jampack, Landing, Lando, Leadership IQ, Lovevery, Lucky Energy, Madison Reed, Nécessaire, Pacagen, Pacaso, PayNearMe, Rebel, Rec Room, Remedy Meds, Sage, Snif, Stickerbox, Two Chairs, Unvault, Veracity, Wave, WeatherPromise
Team
Leadership:
- Dan Levitan - Co-Founder and General Partner (alongside Howard Schultz)
- Jason Stoffer - Chief Investment Officer, General Partner
- Natalie Dillon - Partner
- Jerry Lu - Partner
- Nathan Apsel - COO, CFO, Partner
Investing Team:
- Simran Suri - Principal
- Angelina DiPreta - Principal
- Kyle Widrick - Venture Partner
- Anarghya Vardhana - Venture Partner
Operations:
- Hunter Lampson - Chief of Staff
- Clayton Hess - Director of Finance
- Raeann Yurman - Operations Manager
- Executive Assistants: Jodi Olson, Angie Gabel, Nicole Tighe
The team demonstrates deep founder experience (multiple team members are founders themselves) and consumer industry expertise. Leadership is stable and has been with the firm for decades.
Decision Process
Based on the partnership structure and public statements:
- Multi-partner decision model: Core partners (Levitan, Stoffer, Dillon, Lu, Apsel) likely review and approve investments
- Consumer expertise: Investment decisions emphasize consumer behavior insights and market timing
- Relationship-driven: "We invest in people" suggests founder-partner fit is heavily weighted
- Speed: No publicly stated timeline, but early-stage focus suggests relatively quick decisions
Geographic Focus
Primary: United States
- Silicon Valley/SF Bay Area
- Seattle
- New York
- Austin
- Los Angeles
Secondary: Selective international exposure through portfolio companies
The firm is Seattle-based (co-founder Howard Schultz headquarters) but maintains heavy West Coast and East Coast presence.
Founder Preferences
Maveron seeks founders that:
- Are "non-normal": Challenge convention, think differently
- Have passion, curiosity, and rigor: Obsessed with solving consumer problems
- Demonstrate courage and integrity: Willing to take bold bets
- Build consumer brands: Deep understanding of human behavior and consumer trends
- Create cultural impact: Building companies that change "how we live, work, learn, play, eat, and stay well"
They explicitly state: "It's great entrepreneurs — with passion, curiosity and rigor, courage and integrity — that create iconic brands."
Notable Patterns
- Long-term relationships: Portfolio companies often have multiple founders involved across boards
- B Corp focus: Multiple portfolio companies are B Corps (Allbirds, Lovevery, Nécessaire)
- Founder support platform: They position themselves as "platform" investors providing operational support
- Multiple category winners: Rather than concentrated bets, they've backed category leaders across diverse consumer sectors
- Mix of early exits and long-term holds: Some companies IPO while others are acquired; others remain private with significant follow-ons
Competitive Advantages
- 25+ year track record: Deep consumer expertise and relationships
- Starbucks connection: Founder insight into building iconic consumer brands
- B Corp certification: Attracts founders with mission-driven values
- Platform approach: Offer operational support beyond capital
- Portfolio density: Strong cross-portfolio learning and company introductions
- Founder pedigree: Multiple team members are successful founders themselves