MXV Capital Research
Investment Thesis
MXV Capital (styled m]x[v) is an early-stage venture firm in New York City founded by Mark Ghermezian, co-founder and former CEO of Braze (IPO November 2021). The firm launched in 2023 to fund and found "the future of cloud": B2B enterprise SaaS companies led by dedicated, tenacious founders. The pitch is a founder and operator perspective on the cap table. Ghermezian says he wants to feel like a co-founder to each portfolio company, helping with product-market fit, hiring, pricing and go-to-market. The firm's current tagline is "Founding and Funding the Future," and its 2026 site language is broader: "visionary founders building what's next."
Sector Focus
The debut fund was framed around B2B SaaS and cloud. The live portfolio page shows a wider spread, now clearly AI-flavored:
- Sales, marketing and HR software (Paiv, Spiky, Cuvama, Different, Peerbound, Postscript, Epoch, Humanly)
- Developer tools (DevRev, Novu, Elvex)
- Vertical applications in legal tech, healthcare, proptech, retail, fintech and logistics (Ajax, Goodmetal, Lambda Surgical, Marc, Hetal, Implied, PackageX, Focalpoint)
- Data and AI infrastructure (Alembic, Conduit, Timbral, The Insights Company)
- Robotics (UnitZero, Verlet Robotics)
Stage Focus
Pre-seed and seed, with occasional SPVs into later rounds. The firm led Apploi's Series B and joined Postscript's Series C through SPVs, per the 2023 launch release.
Check Size
The launch release says checks of $500K to $1.5M targeting about 10% ownership. Third-party aggregators list a $250K to $3M planning range, which is not confirmed by the firm.
Lead Tendency
Both. The firm has led (SPV lead on Apploi Series B) and joined rounds led by others (for example a $5M seed led by Work-Bench, announced publicly on LinkedIn in October 2026). Two companies, Gynger and Runhappy (earlier Tildei is named in the 2023 release), were incubated inside the firm.
Recent Activity
- May 2023: closed an oversubscribed $52M debut fund. SEC Form D/A shows about $48M from 112 LPs. LPs named include Bain Capital Ventures, Cendana Capital, Pritzker Group, K5 Global and Social Leverage.
- A third-party listing (Altss, June 2026) mentions a Fund II final close notice. The firm's own site does not confirm Fund II size, so it is not recorded as a fact here.
- October 2026: hosted MXV Summit 2026, "The Next Layer," with speakers from Antler, South Park Commons, Venrock, Anthropic, Ramp and portfolio founders.
- The fund said it had made 17 investments by launch; the portfolio page now lists 32 companies, five marked acquired and two marked incubated.
Portfolio Highlights
Acquired: Apploi (healthcare hiring), Diagram (design, acquired by Figma), Mailmodo (email marketing, acquired by Movable Ink) and Qualifi (HR). Active highlights include DevRev (founded by the Nutanix founders), Postscript (SMS marketing, Series C), PackageX, Novu (open-source notifications), Elvex and Different (founded by ThoughtSpot and Nutanix co-founder Ajeet Singh).
Team
- Mark Ghermezian: Founder and General Partner. Braze co-founder and former CEO, Managing Director of the general partner entity, angel investor in Nutanix, Lattice, ThoughtSpot, Outreach, Rubrik, Wag and Riskified. Named to Signature Block's 2022 Emerging 50 Managers.
- The 2023 release says the team had grown to six professionals in Chelsea, New York. The site does not list other team members publicly, so only Ghermezian is recorded.
Decision Process
Founder-led. Ghermezian is the sole named decision maker, so the process looks like solo GP with a small supporting team. This is an inference, not a stated policy.
Founder Preferences
Operators and domain-expert founders, often repeat founders with exits (Nutanix, ThoughtSpot, Casetext alumni circles at the summit). Tenacious, GTM-minded builders. The firm offers hands-on GTM help, customer introductions and a New York community.
Geographic Focus
New York is the base (about 14 of 32 portfolio companies), with San Francisco the second hub. The portfolio also includes London, Tel Aviv, Bengaluru, Boston, Seattle, Atlanta and Scottsdale companies, so geography is not a hard constraint.