Moderne Ventures Research
Investment Thesis
Moderne Ventures is a strategic venture capital and growth equity firm investing in disruptive technology companies across Enterprise SaaS, AI, Robotics, Deep tech, Sustainability, Data and Digital Transaction Management. Founded in 2015 by Constance Freedman, the firm operates with a distinctive "generalist investor with a vertical approach" strategy. Moderne invests in bold, broad, multi-vertical technology companies with strong teams and ambitious mandates that can be applied to multi-trillion dollar industries including real estate, finance, insurance, and sustainability. The firm believes in creating value for underlying portfolios while hedging against market cyclicality to produce outsized returns for investors.
Fund Structure and Size
Moderne Ventures manages over $600 million in assets under management across multiple funds. The firm operates a multi-stage investment approach:
Moderne Core Funds: Focus on companies with $2-20M in revenue, typically targeting Seed to Series B stage companies.
Moderne Growth Fund: Focus on companies with >$20M in revenue, targeting Series C to pre-IPO stage companies.
The firm raised $230 million for Fund III, establishing itself as the second-largest women-led fund raised in 2023. This demonstrates significant institutional confidence and investor backing.
Investment Strategy and Focus Areas
Moderne has developed a distinctive approach to venture investing that differentiates it from traditional VC firms. The firm invests in technologies applicable to multiple large industries rather than sector-specific plays. Core investment areas include:
- Enterprise SaaS: Vertical SaaS solutions serving specific industries with workflow automation and business intelligence tools
- AI/ML: Applications across enterprise software, business analytics, and operational efficiency
- Deep Tech & Robotics: Including 3D printing technology, IoT solutions, and connected devices
- Digital Transaction Management: E-signature, digital payments, compliance automation
- Fintech/InsurTech: Including embedded lending, insurance innovation, and payment platforms
- Sustainability/PropTech: ESG solutions, property technology, and sustainable materials
- Data & Analytics: Real-world location data, consumer intelligence, business intelligence
Unique Differentiation: Moderne Passport Program
Moderne has built an extraordinary differentiator through the Moderne Passport program—a proprietary six-month industry immersion program that provides exclusive access to the Moderne Network. This program connects portfolio companies with a network of 1,500+ industry executives and corporate partners across real estate, finance, insurance, and sustainability.
The Passport program generates customer introductions, strategic guidance, and operational support for portfolio companies. This creates a virtuous cycle: portfolio companies gain customers and strategic partners, while corporate network members gain access to emerging technologies and investment opportunities. This approach has generated $3B+ in commercial value for the broader Moderne ecosystem.
Stage Preferences and Check Sizes
Moderne operates a true multi-stage model:
Early Stage (Core Funds):
- Seed: $2M-$5M typical check sizes
- Series A: $5M-$10M typical investments
- Companies with $2-20M in revenue
Growth Stage (Growth Fund):
- Series B and beyond
- Companies with >$20M in revenue
- Larger check sizes for continuation rounds
The firm demonstrates flexibility in check size based on company stage and potential, with ability to participate in follow-on rounds and reserve capital for portfolio support.
Lead Tendency
Moderne demonstrates a strong tendency to lead rounds. Based on recent portfolio activity:
- Recent investments in Mesh (Series C), Orbital AI ($60M Series B), and Trust & Will (Series C) show leadership positions
- The firm regularly appears as lead or co-lead investor
- Their large fund sizes and deep industry relationships enable board seats and meaningful control
Recent Activity and Portfolio Momentum
Moderne has been actively deploying capital with strong momentum in 2025-2026:
Recent Major Investments:
- January 2026: Orbital AI platform (Series B, $60M round)
- December 2025: Mesh Series C (company reached $1B valuation)
- 2025: Multiple Passport cohorts admitted (Spring, Summer, Fall classes)
- 2025: Named to TIME Magazine's "Top Venture Capital Firms" list
Portfolio Company Highlights: The firm has achieved exceptional portfolio outcomes:
IPOs:
- Better.com (NASDAQ: BETR) - Digital mortgage platform
- Hippo (NYSE: HIPO) - Data-driven insurance
- DocuSign (NASDAQ: DOCU) - E-signatures and intelligent agreement management
- Porch (NASDAQ: PRCH) - Home services platform
- Updater (ASX: UPD) - Moving management platform
Unicorns (9 total):
- Mesh - Crypto payments platform (recently reached $1B)
- Qloo - Consumer insights AI platform
- Proof - Digital transaction security
- Measurabl - Sustainability reporting platform
- ICON - 3D printing robotics and construction
- Better.com - Digital mortgage
- Hippo - Property insurance
- DocuSign - E-signatures
Notable Acquisitions:
- August Home (acquired by Assa Abloy) - Smart entry
- Bend (acquired by HSA Bank) - Health savings accounts
- Homesnap (acquired by CoStar, now Homes.com) - Real estate platform
- LiveEasy (acquired by AppFolio) - Concierge platform
- TaskEasy (acquired by Workwave) - Maintenance SaaS
- Everlance (acquired by Motus) - Expense tracking
- Balbix (acquired by Safe Security, Nov 2025) - Cyber risk
Team and Leadership
Constance Freedman, Founder and Managing Partner: Constance founded Moderne Ventures in 2015 after a distinguished career spanning real estate, technology, and venture capital. She began as an operator in real estate, then self-taught technology skills to build software for her business. This unique background—spanning Fortune 500 tech projects, startup experience, and venture capital—informs her distinctive investment philosophy. She holds an MBA from Harvard Business School and a BS from Boston University. Constance serves on multiple boards (DocuSign, Porch, ICON, Aerwave, Trust & Will) and has been recognized with numerous awards including Crain's 40 Under 40 and Inman's Top 101 in Real Estate.
Liza Benson, Partner: Liza brings 20+ years of experience in investment management with particular focus on high-growth B2B SaaS. Prior to Moderne, she was a Partner at StarVest Partners (expansion stage) and Managing Director at Highbridge Principals Strategies (digital media, video, marketing tech). She has served on boards of public companies (Cxense [FRA:CXH], K12 [NYSE:LRN]) and exits (Widevine→Google, Webify→IBM, Siperian→Informatica). Liza holds a BA in Mathematical Economics from Colgate University.
Seth Corder, Managing Director: Seth recently joined as Managing Director after six years as a Partner at High Alpha, a leading early-stage B2B SaaS fund where he invested in 70+ companies and served on 9 boards. Prior to High Alpha, he spent a decade in technology investing with experience at Goldman Sachs (private equity/VC) and Pacific Crest Securities (M&A, DevOps specialist). Seth was recognized by Business Insider as one of the 39 Most Important VCs in the Midwest and is a Kauffman Fellow.
Investment Team includes:
- Dylan Ketcham (Principal) - Former VP of Emerging Fintech at Barclays, HSBC, Credit Agricole
- Ahmad Tahir (Vice President) - Former Director of Corporate Development at Matterport, Credit Suisse investment banker
- Matt Burns (Senior Associate) - Former Cleveland Avenue, Kirkland & Ellis (M&A specialist)
- Amol Mehta (Senior Associate) - Early employee at Advocate Technologies, Goldman Sachs, Jefferies
Supporting Team:
- Wai Yee Cheng (Managing Director, Capital Formation & Investor Relations) - Former GCM Grosvenor, PAAMCO Prisma, Goldman Sachs FX trader, CFA Charterholder
- Carolyn Kwon (Managing Director, Platform) - Former LinkedIn Enterprise Solutions, Bain & Company
- Sam Delisi (Operating Partner) - 40-year career in property management and commercial brokerage leadership at CBRE, Newmark, WeWork
- Lindsay Hyde (Operating Partner) - Co-founder & CEO of Baroo (portfolio company), Professor at Harvard Business School
Decision Process and Timeline
Based on portfolio activity and team structure, Moderne operates a partnership-based decision process with committee oversight. The firm:
- Has multiple Partners and Managing Directors who lead investments
- Demonstrates syndication and co-investment relationships
- Takes board seats and active involvement in portfolio companies
- Provides operational support through the Platform team and Operating Partners
Decision Timeline: Likely 2-4 weeks for evaluation based on firm size and process maturity. The firm has deep industry expertise and 1,500+ network connections enabling faster due diligence.
Founder Preferences
Based on portfolio analysis and positioning, Moderne prefers:
- Experienced founders with shipping/execution track records
- Technical depth - many founders have Fortune 500 or leading startup backgrounds
- Industry insight - deep understanding of problems in their verticals (real estate, finance, insurance)
- Ambitious scope - companies solving large, multi-billion dollar problems
- Team strength - emphasis on strong co-founder dynamics and operational acumen
Examples: Constance Freedman herself (founder background), Jason Ballard at ICON (3D printing expertise), founders with enterprise software pedigree.
Geographic Focus
Moderne is based in Chicago (401 N. Michigan Ave., Suite 1900) but operates nationally and internationally:
- Primary focus: US (Chicago hub, but national reach)
- Secondary: Some international activity (portfolio includes companies across geographies)
- Network: 1,500+ executives and corporate partners across US, with some international depth through larger portfolio companies
Fund Performance and Returns
Moderne has demonstrated top-decile returns:
- 5 IPOs and 9 unicorns across fund history
- 25+ successful exits
- $3B+ in cumulative commercial value created
- $1B+ in enterprise revenue across active portfolio
- Recognition as one of the top venture capital firms (TIME Magazine 2025)
The distinctive Passport program appears to be a key driver of outsized returns, enabling portfolio companies to access customers and strategic partnerships that accelerate growth.
Market Positioning
Moderne positions itself as a bridge between corporate innovation and venture capital. By connecting 1,500+ industry executives with emerging technologies, the firm creates mutual value: portfolio companies gain customers and strategic guidance, while corporate partners gain access to innovation and investment returns.
This positioning has become increasingly valuable as large corporations seek to innovate in their core industries without building from scratch. Real estate, finance, insurance, and sustainability—Moderne's core verticals—have all experienced significant digital disruption and modernization needs.
Decision Criteria and Warm Introductions
Based on firm positioning and team structure:
- Warm introductions highly valued - Network is core to Moderne's edge
- Industry relevance - Strong preference for companies applicable to real estate, finance, insurance, or sustainability industries
- Founder quality - Deep emphasis on team and execution capability
- Scalability - Focus on companies with potential to reach $100M+ ARR and serve multiple verticals
- Network fit - Companies that can benefit from connections to 1,500+ corporate executives
Founders with existing relationships into Moderne's network (through portfolio companies, Passport alumni, or direct introductions from board members) would have significant advantage.