Stackpoint Research
Investment Thesis
Stackpoint (formerly Gemini Ventures, rebranded in 2023) is a venture studio that conceives, funds, and builds vertical AI companies inside legacy, high-barrier industries, primarily real estate, construction, fintech, and property management. Rather than purely writing checks, Stackpoint pairs capital with an embedded in-house team of product, design, and engineering operators who co-build companies alongside founders from idea validation through launch. The firm's stated edge is speed and de-risked execution: portfolio companies reportedly reach funding milestones and exits 30-50% faster than conventional startups and are roughly 3x more likely to graduate from Seed to Series A. Stackpoint's founders, Chris Kelly and Adam Pase, previously built businesses that created over $2B of combined equity value and bring that operating playbook to every venture they launch.
Sector Focus
Stackpoint concentrates on vertical AI applied to traditionally underserved, legacy sectors:
- Fintech and real estate: residential homeownership, multifamily operations, mortgage underwriting, renter financial services
- Construction and land development: site feasibility, entitlement workflows, project risk mitigation
- Commercial real estate sustainability: AI-enabled retrofit and reuse of existing buildings
Stage Focus
Stackpoint engages at the earliest possible stage, frequently before a founder has "landed on the right idea yet," and stays involved through follow-on rounds. They explicitly solicit both pre-seed ideation partnerships (via their Founders page) and follow-on capital into their more mature, ready-to-scale companies (via their VCs page).
Check Size
Stackpoint commits $1M in seed capital to every company it partners with as a baseline. The firm does not publicly disclose a maximum check size or explicit equity target, but emphasizes preserving a "clean cap table" where the founder/CEO remains the largest shareholder.
Lead Tendency
Stackpoint's behavior varies by deal type. For studio-built companies (e.g., SurfaceAI, Whale, DirtAI, LoanLight, Truelist), Stackpoint is effectively the first and lead investor, since it originates and funds the company from inception. In syndicated external rounds, such as Whale's $4M seed (led by proptech-focused Camber Creek) and Canoa's $10.2M raise (led by other institutional investors), Stackpoint participates alongside a lead.
Recent Activity
Stackpoint filed for Stackpoint Venture Fund II, L.P. in January 2026, with Fund I said to be launching its final companies in Q2 2026 ahead of Fund II's start. In January 2026, Stackpoint participated in Whale's $4M seed round for its rental security deposit platform. Studio-built companies LoanLight (AI-powered non-QM mortgage underwriting) and Truelist (AI listing coordinator for residential agents, founded by ex-Zillow VP Carey Schwaber Armstrong) both launched product in the second half of 2025.
Portfolio Highlights
Notable Stackpoint-built or backed companies include:
- SurfaceAI (getsurface.ai) - AI agent platform for multifamily property management, lease audit, due diligence, and delinquency monitoring
- Whale (gowhale.com) - fintech platform for high-yield, FDIC-insured rental security deposits
- Splitero (splitero.com) - home equity investment (HEI) platform, Stackpoint's first committed check
- DirtAI (godirt.ai) - AI-native land development and site feasibility platform
- LoanLight (loanlight.com) - AI-powered underwriting platform for non-QM mortgages
- Truelist (truelist.com) - AI-powered listing coordinator for residential real estate agents
- Canoa (canoa.supply) - SaaS platform for low-carbon commercial real estate retrofits and asset planning, co-invested alongside Eclipse Capital, Building Ventures, and TMV
Team
- Chris Kelly, Co-Founder & General Partner - previously built and scaled multiple businesses to over $2B of combined equity value
- Adam Pase, Co-Founder & General Partner - co-founder alongside Kelly, deep real estate and technology operating background
- Matt Zisow, Partner & Head of Platform - leads platform and portfolio support functions
- Liz Haerling, CFO - finance leadership for the firm
- Additional in-house team spans product, design, engineering, marketing, and talent acquisition functions embedded directly into portfolio companies
Decision Process
Stackpoint operates as a partnership led by co-founding General Partners Chris Kelly and Adam Pase. The firm is highly selective, launching only three to five new companies per year and prioritizing quality over volume. Prospective founders pitch directly to [email protected], are assessed for idea potential and founder fit, and if there is mutual interest, proceed to build together, indicating no warm intro is required.
Founder Preferences
Stackpoint looks for "seasoned builders" with demonstrated grit, resourcefulness, and self-awareness. They favor founders who benefit from an embedded operating team and deep industry relationships rather than founders who already have a fully-formed technical team of their own.
Geographic Focus
Stackpoint's portfolio and team are concentrated in the United States, with named portfolio companies based in markets including Chicago (Whale) and Boston (SurfaceAI, DirtAI). No explicit international investment focus is stated on the website.
Business Model
Stackpoint charges no service fees or additional costs to founders and states it "only makes money if the value of the company's equity grows," aligning its incentives directly with portfolio company equity performance rather than management fees.