Operator Collective Research
Investment Thesis
Operator Collective is a pioneering early-stage B2B venture firm founded in 2019 by Mallun Yen with a revolutionary thesis: companies succeed because of the people who build them. The firm addresses a fundamental gap in the venture ecosystem by directly connecting founders with exceptional enterprise operators—executives from the world's most successful tech companies who serve as Limited Partners (LPs).
The core belief driving OpCo's investment strategy is that operators are critical to company success but have been systematically excluded from venture capital's traditional networks. By bringing together a diverse community of 200+ exceptional operators as active, invested LPs, the firm creates a "flywheel, not a funnel" that aligns incentives and amplifies outcomes for portfolio companies.
The Collective Venture Model®
Operator Collective invented the proprietary Collective Venture Model®, a non-traditional venture fund structure built on the principle that teams deliver the best results. Unlike traditional VC where LPs are silent check writers, OpCo's operators are activated participants who:
- Bring investment opportunities and referrals
- Meet with founders during due diligence
- Provide meaningful introductions to prospective customers and key talent
- Serve as expert advisors, board members, and operational guides
- Leverage their combined 5,000+ years of operating experience
This model transforms venture capital into a platform that mobilizes not just capital, but the expertise and networks of the most respected leaders building today's successful tech companies.
Stage and Check Size Focus
Operator Collective focuses exclusively on early-stage enterprise and B2B companies:
Stage Focus:
- Primarily Seed and Series A
- Average investment size: $3M-$20M
- Recent activity includes Series A and later-stage follow-ons
Check Size Range:
- Typical investments fall within $3M-$20M range
- Write smaller checks during seed rounds alongside portfolio expansion
- Maintain reserves for follow-on investments
Fund History and Assets Under Management
Fund I (December 2019): $51M
- Closed with 100+ operators, exceeding the initial $30M target
- 75%+ of LPs made their first venture fund investment
Fund II (October 2022): $92M+
- Expanded operator LP base to 200+ exceptionally qualified executives
- Fund II LPs include: COO of Atlassian, CCO of Figma, President of Okta, VP of Technology at AWS
- Total AUM across both funds: $143M+
- Fund II is in active deployment stage
Lead Tendency: OpCo leads rounds as a general rule, positioning themselves as primary investors.
Recent Investment Activity
Operator Collective has maintained strong deployment activity through early 2026:
- January 29, 2026: Invested in Poetiq (Data & AI)
- 2025 Portfolio Additions: Sapiom, Viven, Coworker, and continued deployment
- Fund Status: Actively deploying from Fund II ($92M+)
- Portfolio Size: 54+ companies invested
Portfolio Highlights
Operator Collective has invested across six primary categories with 54+ companies:
Data & AI (15+ companies): Hex Technologies, Viven, Xata, Coworker, Poetiq, Twelve Labs, Distributional, TollBit
Developers & Product (15+ companies): Vercel, Faros AI, Voiceflow, Sapiom AI, Integry, Augment Code, E2B, Malleable, Overmind
Vertical Solutions (20+ companies): Ramp, Ironclad, AgentSync, Air Space Intelligence, Blueprint, Cube, Databento, Eudia, Numos, Supio
Go-To-Market (12+ companies): Hightouch, Spekit, Scratchpad, Regal, Common Room, Demostack, Outreach, RevSure, Dock
Workforce (10+ companies): Midi Health, Guild Education, TeamSense, Textio, Origin, Workstream, Noyo, Syndio
Security & IT (10+ companies): ConductorOne, DataGrail, SurePath AI, Productiv, Amberflo, Workbrew
Notable Successes:
- Ramp: Series E-2 raised $500M at $22.5B valuation (July 2025)
- Vercel: Major portfolio company with significant growth
- Ironclad: Active and growing contract intelligence platform
- Hex Technologies: Data collaboration platform
Geographic Focus
- Primary: San Francisco Bay Area, New York
- Secondary: Los Angeles, Seattle
- International: Selective North America focus
Decision Process & Timeline
Decision Process: Partnership-based with core investment team and advisory committee involvement
Decision Timeline: Typical venture timeline
Warm Introduction: Preferred but not required; 50%+ of portfolio sourced through operator LP referrals
Team Expertise
Investment Leadership:
- Mallun Yen: 20+ years founding, operations, category creation
- Dana Marohn Spiliotis: Former SVP at ZoomInfo, M&A and capital markets expert
- Haley Brannan: Investor and founder with operational background
- Allison Barr Allen: Ex-Uber, payments and fintech expertise
Board of Advisors: Claire Hughes Johnson (Stripe), Tekedra Mawakana (Waymo), Elena Gomez (Toast), Linda Tong (Webflow), Anu Bharadwaj (Atlassian), Erica Ruliffson Schultz (Confluent), Dan Scheinman (Zoom board), Kate Mitchell (Scale), Magdalena Yesil (Salesforce founding investor)
Founder Preferences
Operator Collective seeks:
- High-potential founders from diverse backgrounds (actively prioritized)
- Technical and operational founders
- Founders willing to leverage extensive operator network
- Founders solving problems relevant to operator experiences
Sector Focus
Operator Collective's portfolio reflects clear focus on:
- Enterprise Software (B2B SaaS)
- Developer Tools & Infrastructure
- Data & AI technologies
- Fintech and Payments
- Vertical SaaS solutions
- Workforce and People Operations
- Sales and Go-to-Market tools
- Security and IT Operations
Diversity Commitment
Operator Collective demonstrates strong commitment to ecosystem diversity:
- Operator LP Base: 90% women, 40% people of color
- Portfolio Companies: 43% with female founder (6x venture average)
- Portfolio Companies: 64% with founder of color (25x venture average)
- Sourcing: 50%+ of portfolio referred by operator LPs
Operational Values
- Opportunity: Expand wealth creation and access beyond traditional venture networks
- Purpose: Focused, intentional execution driving exponential outcomes
- Connection: Bring diverse backgrounds together for network multiplication
- Optimism: Belief in creating positive change through community
Model & Approach Summary
Operator Collective has fundamentally reimagined venture capital by turning the traditional LP model on its head. Rather than passive capital providers, their 200+ operator LPs are active participants who bring:
- Direct business relationships and customer introductions
- Talent networks and hiring support
- Operational guidance from leaders who have scaled companies
- Strategic advice from executives with deep domain expertise
The firm has demonstrated this model works through a portfolio of 54+ companies, notable exits and unicorns, and the ability to facilitate 800+ meaningful founder-to-operator connections with 100+ resulting customer contracts. Fund II's $92M+ raise in 2022 proved strong LP confidence in the Collective Venture Model's effectiveness.
What makes OpCo unique is not just capital, but systematic access to the expertise and networks of executives from companies like Stripe, Waymo, Atlassian, Figma, Toast, and Okta—all actively invested in portfolio company success.