SNAK Venture Partners Research
Firm Overview
SNAK Venture Partners is a Chicago-based venture capital firm founded in 2024 by Sonia Nagar and Adam Koopersmith, two former General Partners at Pritzker Group Venture Capital. The firm closed its oversubscribed inaugural $50 million Fund I in February 2026, having originally targeted $40 million. The fund is anchored by Pritzker Group and backed by the State of Illinois Growth and Innovation Fund, along with executives from marketplace businesses including Favor Delivery and RetailMeNot.
The firm name — SNAK — originates from the founders purchasing the SNAK.vc domain. They operate a Substack newsletter at snakvc.substack.com authored by Sonia Nagar, sharing perspectives on marketplace investing.
Investment Thesis
SNAK's thesis is focused on 'category-defining digital marketplaces in sectors that haven't yet digitized.' The firm concentrates exclusively on B2B and vertical marketplaces, deliberately avoiding consumer platforms that dominated the previous decade. Their target sectors include supply chain, construction, manufacturing, logistics, and other industries where most workflows remain offline and manual processes still dominate.
The founders argue that marketplace companies have historically generated five of the top ten venture outcomes, and that B2B marketplaces represent large, untapped opportunities compared to the saturated consumer internet. They use a proprietary 'SNAK Scorecard' and 'SNAK Machine' diligence framework to evaluate marketplace opportunities, emphasizing metrics like liquidity, take rate, and network effects specific to B2B marketplace dynamics.
Stage Focus and Check Size
SNAK leads seed-stage rounds. Their typical check size is $1–2 million per investment into rounds sized $1–5 million total. They plan to build a portfolio of approximately 20 companies from Fund I, deploying the full $50 million over a 3–4 year period. The firm takes a lead investor position and actively participates post-investment.
Geographic Focus
SNAK is deliberately location-agnostic, actively seeking 'overlooked founders in geographies where other funds simply aren't looking.' While headquartered in Chicago, the firm invests nationally across the United States. This contrasts with coastal-focused funds and aligns with their thesis that large, inefficient offline marketplaces often exist outside Silicon Valley and NYC. Chicago roots are reinforced through their anchor LP relationship with Pritzker Group and their LP base, which includes the State of Illinois Growth and Innovation Fund.
Current Portfolio (SNAK Fund I)
As of early 2026, SNAK has invested in at least six companies from Fund I:
- APFusion (apfusion.com) — B2B automotive salvage marketplace connecting 240+ salvage yards with retail and wholesale buyers. Raised $6M Series A in July 2025 (total funding $13M).
- BigRentals (bigrentals.com) — Equipment rental marketplace and software platform for the $80B+ US equipment rental industry. Raised $2.8M seed round led by SNAK. Operates HQRent.com as AI-powered rental management software.
- Hello Gravel (hellogravel.com) — Online marketplace for bulk aggregates (gravel, sand, fill dirt, topsoil, crushed concrete). Headquartered in New Orleans, LA with national supplier network.
- Repackify (repackify.com) — Marketplace for reusable industrial packaging materials including pallets, boxes, IBC totes. Focused on circular economy and packaging logistics.
- Ruck (ruck.com) — Last-mile delivery marketplace for building supplies, enabling contractors to order from Home Depot, Lowes, and local lumberyards with 2-3 hour, same-day or scheduled delivery.
- One or more additional undisclosed companies.
Prior Notable Investments (Pritzker Group Era)
While not SNAK Fund I investments, both founders developed their marketplace expertise through these Pritzker Group investments:
- Backlot Cars — Auto marketplace, acquired by Openlane (NYSE: KAR)
- TicketsNow — Ticket marketplace, acquired by Ticketmaster
- Coinbase — Crypto exchange, IPO on NASDAQ (COIN)
- G2 — Software review marketplace
- Sittercity — Childcare marketplace, acquired by Bright Horizons (NYSE: BFAM)
- SpotHero — Parking marketplace
- Cameo — Celebrity experience marketplace
Team
Sonia Nagar, Co-Founder Nagar is a native of Bay Village, Ohio with deep roots in marketplace companies. She helped launch Amazon's clothing category in 2008, one of Amazon's earliest apparel initiatives. She subsequently co-founded a venture-backed mobile shopping startup that was acquired by RetailMeNot in 2014, where she later led the mobile team. At Pritzker Group, she was a General Partner and led the investment in Backlot Cars, which sold to KAR. She authors the SNAK Perspectives newsletter on Substack.
Adam Koopersmith, Co-Founder Koopersmith is from Worcester, Massachusetts and spent 20+ years at Pritzker Group, most recently as Managing Partner. His first marketplace investment was TicketsNow, which was sold to Ticketmaster. He has served on boards of numerous marketplace companies and brings deep operator knowledge of marketplace dynamics. Background includes Business Development at Sportvision, private equity at Berkshire Partners, and investment banking at Alex Brown.
Decision Process and Fund Dynamics
SNAK operates as a two-partner fund (partnership model), with both co-founders involved in investment decisions. Their LP base of 53 investors emphasizes sourcing, winning competitive deals, and creating post-investment value. The founders have built a brand around being the 'preferred seed fund for B2B marketplace founders.'
Competitive Differentiation
SNAK differentiates itself by:
- Exclusive marketplace focus — depth of thesis versus generalist funds
- Location-agnostic approach — sourcing deals outside traditional VC hubs
- Operator network — LPs and advisors are marketplace executives (Favor, RetailMeNot, G2, BacklotCars, Lessen/SMS Assist)
- Proprietary frameworks — The SNAK Scorecard and SNAK Machine for marketplace diligence
- Early mover — Emerging manager with strong Pritzker Group backing and track record
Summary Assessment
SNAK Venture Partners is a highly focused seed-stage fund with a clear, differentiated thesis on B2B marketplace digitization. The founders have direct marketplace operating and investing experience. Fund I is oversubscribed and actively deploying, with six investments completed as of late 2025. Strong fit for F4's network if dealing with marketplace founders in supply chain, construction, logistics, or industrial sectors.