Mudita Venture Partners Research
Investment Thesis
Mudita Venture Partners (stylized Muditā) is a Detroit-based, human-centered early-stage venture fund and startup studio founded in 2023 by brothers Josh and Ethan Linkner. The firm backs bold, principled founders building AI-first B2B software that "elevates how we live and lead." The name comes from the Pāli and Sanskrit word for vicarious joy. The brand pitches itself as "a venture fund with a soul," with explicit values such as "Lift Others Up," "Give Generously, Don't Keep Score," and a "No Assholes Rule" under which it will walk away from financially attractive deals if the founders lack character.
Stage Focus
Mudita invests in post-revenue, pre-growth-spurt companies, generally $1M to $5M in ARR. Its portfolio page labels entries as Seed, Series A, Growth, or Exit. It says it is not a fit for companies raising a third or fourth round. The studio arm, Mudita Studios, also invents and launches companies in-house, gated by an internal "F*** Yeah Index."
Check Size
The Who We Back page states initial checks of $250,000 to $2 million. The About page says $500K to $1M, with an average initial check of about $750K. The firm also writes follow-ons.
Lead Tendency
The firm says it is not hung up on lead, co-lead, or follow, makes independent decisions, and often invests alongside other investors, while wanting a meaningful stake and a seat at the table. It says it will take board seats where it earns them.
Recent Activity
Fund I closed at about $40M in late 2023 and early 2024. In June 2025 the firm announced the first close of $85M toward a $125M Fund II focused on early-stage B2B AI companies, and announced Sandy Schwartz as a Managing Partner. PitchBook lists the latest investment as Cableteque in July 2026. The portfolio page shows Fund II companies including Aerovy, Cableteque, CentSight, Curated for You, i-Genie.ai, Implentio, Koda Health, Mav, National Quality Systems, Pavewise, and Scorbit. The fund appears to be actively deploying.
Portfolio Highlights
The page lists 28 companies across automotive, manufacturing, fintech, HR tech, consumer, healthcare, logistics, insurance, media, marketing, and edtech. Exits shown are Amplify Publishing Group and K1x. Growth-stage names include BlastPoint, Koda Health, Screencastify, Trajektory, Qwoted, and i-Genie.ai.
Team
- Josh Linkner, Managing Partner: serial founder, author, and co-founder of the firm
- Ethan Linkner, Managing Partner: co-founder and brother of Josh
- Josh Tolman, Managing Partner
- Sandy Schwartz, Managing Partner: joined for Fund II, an enterprise operator
- Gary Shuman, Investment Partner
- Ruchira Dasgupta, COO / Principal
- Buddy Foster, Senior Associate
- Operating partners: Craig Jablonski, Alan Ying, Evan Ufer, Jeremie Bacon, Janet Foutty, Catherine Williams
Decision Process
A partnership decision. The first meeting is under an hour, followed by a deeper session with a point partner, then a 45-minute pitch to five partners who have read an internal memo, then reference calls and a decision, often the same week. The full process runs 30 to 90 days.
Founder Preferences
Character, conviction, creative grit, and a mission that measures impact beyond ARR. Operator-led support comes through the Mudita Advantage, Growth Playbook, Mudita Clinic, and the SoulScore impact index. It values underdog founders outside the coasts, such as Pittsburgh, Ann Arbor, and Detroit.
Geographic Focus
North America, with a stated emphasis on the Midwest and overlooked secondary markets, but portfolio companies are spread from Texas, California, and New York to Ottawa. Offices or contacts are in Detroit, Ann Arbor, Chicago, Las Vegas, and San Francisco.
Capital Base
Most of the capital comes from accredited individuals and family offices rather than institutions. The Michigan VCA profile lists AUM of about $165M. This record uses about $125M, from $40M in Fund I plus Fund II's $85M first close, which is an estimate.