OVO

OVO Fund Research

Investment Thesis

OVO Fund is a pre-seed and seed-stage venture capital firm founded in 2014 by Eric Chen, headquartered in Menlo Park, California. The firm specializes in what they call the "negative one to zero" stage — backing founders before customers or fully-formed narratives exist. OVO's core philosophy is that they invest in founders rather than ideas, providing conviction and guidance beyond capital. They position themselves as a founder's "most meaningful partner at the earliest stage," helping entrepreneurs define or even create their categories.

OVO Fund III is a $52 million fund, and the firm reserves $3 for every $1 invested, providing significant follow-on capacity through Series A. Since inception, OVO has backed 117+ portfolio companies that have collectively raised over $5.7 billion in subsequent funding and generated $32 billion in portfolio value. The fund has produced 8 unicorns, 2 IPOs, and created over 12,700 jobs across its portfolio.

Sector Focus

OVO Fund invests across a broad range of technology sectors:

• Applied AI — AI/ML applications, AI infrastructure, LLM tooling
• Enterprise Tech / B2B SaaS — Vertical SaaS, developer tools, workflow automation
• Fintech — Payments, financial services, consumer fintech
• Digital Health — Healthcare technology, autoimmune care, mental health
• Consumer — Consumer apps, e-commerce, marketplaces
• Web3 — Blockchain and crypto applications
• Legal Tech — E-discovery, compliance software

Their advisory team's specializations reflect this breadth: Applied AI (Dr. Zhengyuan Zhou, Marcus Gomez), B2B SaaS/Dev Tooling (Beyang Liu, Steve Ciesinski, Pankaj Shah), Healthcare (Lou Shapiro, Dr. Rene Caissie, Maurice Chiang), and Fintech/Consumer (Ilse Calderon).

Stage Focus

OVO Fund is firmly positioned as a pre-seed investor, focusing on the first institutional tranche of funding. They typically invest at the pre-seed stage with check sizes of $250K-$750K. Their follow-on reserve strategy of 3:1 allows them to support portfolio companies through subsequent rounds up to Series A. Historical data shows the firm has also participated in 19 seed rounds (avg $3.5M round size), 4 Series A rounds (avg $7.4M), and 1 Series B.

Check Size

Typical initial check: $250,000 - $750,000 Sweet spot: ~$250K for pre-seed Follow-on reserves: $3 for every $1 initially invested, up to Series A

Lead Tendency

OVO typically invests as the first institutional investor (lead or co-lead at pre-seed). They led the $5M seed round of Zurp alongside Launchpad Capital. At later stages, they tend to participate as follow-on investors in their existing portfolio companies.

Recent Activity

OVO Fund III ($52M) is actively deploying:

• 2025-05: Participated in WellTheory's $5M seed round (autoimmune digital health)
• 2025-04: Invested in LTV.ai's $5.2M round (AI customer experience for e-commerce)
• 2025: Invested in TISC
• 2024: Led Zurp's $5M pre-seed round (fintech)
• 2024: Invested in Clayful's $7M round (children's mental health)
• 2024: Invested in Suma Wealth (fintech)
• 2023: Invested in Haize Labs (AI safety, $7.45M raised)

Portfolio Highlights

Unicorns (8):

• Addepar — Wealth management platform
• Juniper Square — Real estate investment management (became unicorn 2025)
• Payjoy — Mobile fintech / payments
• Sourcegraph — Code intelligence platform
• Everlaw — Legal technology / e-discovery
• Signifyd — E-commerce fraud prevention
• And 2-3 others

Notable Exits:

• RelateIQ — Acquired by Salesforce
• Augmedix — IPO (healthcare documentation AI)
• Optimus Ride — Acquired
• PastureMap — Acquired
• Palantir — IPO (early investment)
• Wish — IPO (e-commerce)

Active Portfolio Highlights:

• KiwiCo — STEM education subscription boxes
• Context — Enterprise software
• Haize Labs — AI safety
• Accordance — Legal/compliance software
• WellTheory — Autoimmune digital health
• LTV.ai — AI customer experience

Team

Core Team:

• Eric Chen, Managing Partner & Founder — Stanford MBA and BS in Industrial Engineering. Has made 150+ investments including Palantir and Sourcegraph. Founded OVO Fund in 2014.
• Gianfranco Filice, Partner — Stanford Economics degree. Previously at Goldman Sachs, McKinsey, Matrix Partners, Visa, Barclays Capital, and Realization Capital. Focuses on emergent technologies and provides hands-on guidance for earliest-stage companies.
• Adam Kaufman, Senior Advisor — 20+ years in leadership development and strategic growth across healthcare and technology. Founder of Up2 Opportunity Fund.

Advisory Network (12 advisors): OVO maintains a robust advisory network with domain-specific expertise including Applied AI (Dr. Zhengyuan Zhou at NYU Stern, Marcus Gomez of Luminous Computing), B2B SaaS/Dev Tooling (Beyang Liu, CTO of Sourcegraph; Steve Ciesinski, former SRI International president), Healthcare (Lou Shapiro, former HSS president; Dr. Rene Caissie of Stanford), and Fintech/Consumer (Ilse Calderon, Forbes 30 Under 30).

Decision Process

OVO Fund operates with a small core team led by Managing Partner Eric Chen, with Partner Gianfranco Filice. The decision-making is partnership-style given the small team size, with domain-specific advisors consulted for sector expertise. The firm's focus on pre-seed means decisions are often based on founder quality rather than traditional metrics.

Geographic Focus

Primarily US-based investments, concentrated in the San Francisco Bay Area and Los Angeles. The firm is headquartered in Menlo Park, CA, situated in the heart of Silicon Valley.

Founder Preferences

OVO backs founders with ambitious visions who have the potential to create or define categories. They emphasize investing in people over ideas, seeking driven entrepreneurs at the earliest stages. The firm provides a human-centric approach, supporting founders through "every pivot and every milestone." Their advisory network suggests a preference for founders with deep domain expertise in AI, enterprise tech, healthcare, and fintech.