Primary Venture Partners Research Document
Investment Thesis
Primary Venture Partners is a seed-stage venture capital fund based in New York City that invests in founders building transformative companies at the moment before the crowd believes. Founded in 2015 by Brad Svrluga and Ben Sun, Primary has built a distinctive model combining capital with extraordinary operational support. The firm believes in backing technical founders solving real problems across multiple sectors, with particular emphasis on providing "above and beyond" support through their portfolio impact team—the largest at any NYC seed investor.
The firm's core thesis centers on founders who are creating things the world hasn't seen yet. They focus on identifying exceptional founders early and providing them with strategic resources, industry connections, and operational guidance to turn product ideas into scaled businesses.
Stage and Check Size Focus
Primary Venture Partners is exclusively a seed-stage investor with a clear investment thesis:
Stage Focus:
- Primary Seed: $1M - $5M for companies with early product and initial customers
- Pre-Seed and early Seed: $100K - $1M for exceptional founders with traction
- Selective continuation investments in existing portfolio companies (up to Series A)
Check Size:
- Typical seed check: $1M - $5M
- Pre-seed checks: $100K - $500K
- Full fund deployment: $275M Fund IV (seed) + $150M Select fund (continuation)
- Total AUM: $1 billion (as of Fall 2025)
Primary is one of the largest and most active seed investors in New York, deploying approximately 20+ investments per year.
Investment Activity and Fund Status
Current Fund Status: Actively deploying from Fund IV ($275M seed fund + $150M Select continuation fund announced Fall 2025)
Recent Notable Investments (2025-2026):
- January 2026: Haiqu ($11M seed round led by Primary) - quantum computing software
- December 2025: Valerie Health - healthcare
- 2025: Circuit & Chisel ($19.2M seed) - AI agent payments infrastructure
- 2025: 19+ seed investments across multiple sectors
- 2025: 80-90% of new investments in AI-related companies (reflecting market thesis)
Portfolio Highlights (Notable Exits and Active Companies):
- Coupang (IPO 2021, $88B+ valuation) - e-commerce
- Jet.com - marketplace (acquired by Walmart)
- Ticketfly - event ticketing
- Noom - health tech
- Mirror - fitness tech
- Chief - professional network for women leaders
- K Health - telemedicine
- Small Door - veterinary healthcare ($98.5M total raised)
- Dandy - dental
- Slice - pizza delivery
- Latch - smart building access
- Ollie - pet nutrition
- Vestwell - financial services infrastructure
- Wunderkind - e-commerce personalization
- Pattern Brands - Shopify acquisition rollup
Decision Process: Partnership-based (both founders typically involved in all major decisions), with recent secondary sale of $98M to StepStone Group (November 2024) demonstrating firm maturity and founder confidence.
Team and Leadership
Co-Founders & General Partners:
- Ben Sun: Co-founder & General Partner. Forbes Midas List top 25 investor. Led ecommerce portfolio. Previously co-founded Community Connect. Also investor/advisor at Ollie.
- Brad Svrluga: Co-founder & General Partner. Extensive venture experience. Co-founder of Primary, previously at High Peaks Venture Partners.
Partnership & Extended Team:
- Jason Shuman: General Partner
- Cassie Young: General Partner
- Brian Schechter: Partner
- Rebecca Price: Partner (CHRO/Chief People Officer background)
- Sam Toole: Partner
- Emily Man: Partner
Operations:
- Team Size: 50+ full-time employees including Portfolio Impact team
- Portfolio Impact Team: Largest at any NYC seed firm, providing operational support, talent pipelines, customer connections, and strategic guidance
- CFO Support: On-call CFO support for forecasting, capitalization, and financial strategy
The firm is notable for its resource-heavy platform approach—despite being selective (2-3 deals/year after ~100 screens), they deliver exceptional founder support with 90% win rates in portfolio funding rounds.
Sector and Model Focus
Primary Sector Strengths:
- Healthcare/Digital Health (K Health, Dandy, Small Door, Valerie Health)
- Fintech/Payments (Circuit & Chisel - AI agent payments)
- Ecommerce & Marketplaces (Coupang, Jet.com, Chief, Wunderkind)
- Proptech/Real Estate (Latch)
- Enterprise Software (Vestwell)
- Deeptech/Quantum (Haiqu)
- AI/ML (80-90% of 2025 investments)
Intentional Sectors:
- Ecommerce (Ben Sun leads this specialization)
- Healthcare (dedicated healthcare investing practice)
- Consumer goods/services
- Infrastructure and developer tools
- AI/ML applications and infrastructure
Business Model Preferences:
- B2B SaaS
- Marketplace models
- Direct-to-consumer (with loyal customer bases)
- Vertical-specific solutions
- Infrastructure plays
- Consumer health and wellness
Geographic Focus
Primary Investment Regions:
- New York City and Northeast (primary focus)
- United States (broad geographic scope)
Primary is deeply committed to backing NYC founders and building the NYC tech ecosystem. Brad Svrluga has been vocal about location still mattering for venture success, with NYC being their home base.
Founder and Investment Preferences
Founder Profile Preferences:
- Technical founders with deep expertise and shipped products
- Repeat founders or those with prior success
- Operator-founders who understand building businesses
- Diverse founders (committed to diversity per Diversity Term Sheet Rider adoption)
- Underrepresented founders (explicit focus area)
- People-first leaders who understand team building and culture
What They're Looking For:
- Product-market fit signals early on
- Clear customer demand and usage metrics
- Founders committed to NYC-based teams
- Problems that are deeply understood by the founders
- Long-term vision combined with disciplined execution
Partner Access:
- Warm introductions preferred (strong network approach)
- Portfolio Impact team provides talent pipelines and customer connections
- 90% win rate in Series A funding for portfolio companies
- Choreographed founder events delivering strategic value beyond capital
Investment Decision Process and Timeline
Decision Process: Partnership-based (both General Partners involved, though they noted "no board seats, won't vote founders out" approach)
Timeline: Fast and efficient—designed to minimize friction for founders
Post-Investment Support:
- KPI and milestone setting
- Financial modeling and CFO support
- Talent recruiting assistance
- Customer introduction and validation
- Scaling strategy and fundraising preparation
Notable Anti-Thesis
What Primary explicitly does NOT invest in:
- Companies without clear founder commitment to NYC location
- Founders without demonstrated domain expertise
- Models requiring board seats or founder replacement
- Non-technical founding teams
- Sectors outside their core focus areas
2025-2026 Market Observations
- AI Dominance: 80-90% of new Primary investments in 2025 are AI-related, reflecting market trend
- Fund IV Activity: Actively deploying $275M seed + $150M Select continuation
- Specialization: Firm has become increasingly specialized within seed stage, focusing on specific sectors and founder profiles
- NYC Commitment: Continued focus on NYC founders despite national opportunity set
- Secondary Activity: Secondary sale to StepStone ($98M, Nov 2024) shows founder confidence and demonstrates firm building toward institutional scale
Founder Experience Insights
Based on public interviews and founder feedback:
- Ben Sun focuses on long-term founder success over quick exits
- Primary known for saying "no board seats, won't vote founders out"
- Portfolio Impact team provides disproportionate operational value
- Choreographed founder events deliver talent, customer, and partnership introductions
- Fast decision-making and responsive partners
- Long-term relationships beyond just capital