Matchstick Ventures

# Matchstick Ventures: Democratizing Early-Stage Investment Beyond the Coasts

High-Level Overview

Matchstick Ventures is an early-stage venture capital firm dedicated to proving that transformative companies can be built anywhere in America, not just in Silicon Valley or coastal tech hubs.[1] Founded in 2013 by Ryan Broshar and Natty Zola—both experienced entrepreneurs turned investors—the firm operates with a founder-first philosophy that prioritizes hands-on mentorship, deep relationships, and genuine partnership over transactional capital deployment.[1][6]

The firm's mission centers on supporting ambitious entrepreneurs in underserved startup ecosystems, particularly across the northern United States and the Rockies region.[1] Matchstick has invested in over 100 companies since 2015, with portfolio companies raising billions in subsequent funding, validating their thesis that geography should not constrain ambition.[6][7] Their investment strategy spans pre-seed through Series B stages, with check sizes ranging from $100,000 to $3 million, focusing on technology, software, SaaS, developer tools, and emerging sectors like creator economy and climate tech.[1][5]

Origin Story

Matchstick Ventures emerged from the lived experience of its founders. Ryan Broshar and Natty Zola had both successfully started, scaled, and exited their own companies before transitioning into venture capital.[6] This founder-to-investor journey proved formative: having experienced the challenges of building startups firsthand, they recognized a critical gap in the venture ecosystem—ambitious entrepreneurs in the Midwest and Mountain West regions were being systematically overlooked by coastal-focused capital.

The firm was officially founded in 2013, though the partners' involvement in early-stage investing traces back to their work as Techstars Managing Directors, where they began backing companies across underserved regions.[7] This experience crystallized their conviction that world-class companies could emerge anywhere, provided they had access to capital, mentorship, and community. The firm has since raised three funds: a $5 million Fund I, a $30 million Fund II, and a $55 million Fund III, totaling $90 million in capital under management.[1] Their most recent fund opened in July 2024, signaling continued commitment to their regional thesis.[8]

Core Differentiators

Founder-First Operating Model

Unlike traditional venture firms that maintain arm's-length relationships with portfolio companies, Matchstick positions itself as a true partner. The founders' own entrepreneurial backgrounds mean they understand founder psychology, operational challenges, and the emotional rollercoaster of building.[6] This translates into hands-on support, accessible mentorship, and a willingness to roll up sleeves during critical moments—not just at board meetings.

Geographic Arbitrage & Regional Expertise

Matchstick has deliberately chosen to focus on "between the coasts" ecosystems, particularly the North and Rockies regions.[5][6] This geographic specialization creates several advantages: deeper local networks, better deal flow from underserved regions, lower competition for deals, and the ability to become a trusted anchor investor in emerging startup communities. Their dual offices in Boulder, Colorado and Minneapolis, Minnesota position them as regional leaders rather than distant coastal observers.[1]

Proven Track Record

The firm's portfolio includes notable exits and high-growth companies such as Soona, Inspectorio, Parallax, and Branch.[1] The fact that their 100+ portfolio companies have collectively raised billions in follow-on funding demonstrates that their investment thesis—that great companies can be built anywhere—has real market validation. This track record becomes a recruiting tool for future founders seeking validation and capital.

Relationship-Driven Capital Allocation

Matchstick explicitly rejects transactional venture investing in favor of building "deep, trustworthy and enduring relationships."[6] This approach means they invest time in understanding founders' values, ambitions, and challenges before deploying capital. The result is higher founder satisfaction, better information flow, and stronger alignment between investor and entrepreneur—a competitive advantage in a market increasingly skeptical of venture capital's value-add.

Role in the Broader Tech Landscape

Matchstick operates at the intersection of two powerful trends: the geographic decentralization of tech talent and capital, and the professionalization of pre-seed and seed-stage investing.

For decades, venture capital concentrated in coastal metros, creating a self-reinforcing cycle where founders migrated to San Francisco or New York to access capital, talent, and networks. Matchstick's success challenges this orthodoxy. As remote work, distributed teams, and regional tech communities have matured, the firm's thesis has become increasingly vindicated. They are riding a wave of founder demand for capital that doesn't require relocation and investor recognition that innovation isn't geographically constrained.

Additionally, Matchstick represents the professionalization of early-stage investing. Pre-seed and seed rounds were historically informal, driven by angel networks and accelerators. Matchstick brought institutional rigor, repeatable processes, and meaningful capital to this stage, helping formalize what was once a chaotic market. Their emphasis on founder support and mentorship has also influenced broader venture culture, pushing back against the myth that VCs should remain passive capital providers.

The firm's influence extends beyond portfolio returns. By investing in underserved regions, they help build local startup ecosystems, attract talent, and create role models for future founders. They are essentially infrastructure for geographic diversification in tech.

Quick Take & Future Outlook

Matchstick Ventures has successfully executed on a contrarian thesis: that venture capital's geographic concentration was a market inefficiency, not an immutable law. As their portfolio companies continue to scale and raise billions, they are proving that founders in the Midwest and Mountain West can compete with coastal peers when given equivalent capital and support.

Looking forward, several trends will shape their trajectory. First, the continued normalization of remote work and distributed teams will only strengthen their regional thesis. Second, as coastal venture markets become increasingly saturated and competitive, capital will continue flowing to underserved regions—Matchstick is well-positioned as a trusted local player. Third, the rise of climate tech, developer tools, and enterprise software—sectors where geography matters less than technical talent—aligns well with their portfolio focus.

The firm's next chapter likely involves scaling their impact without losing the founder-first ethos that defines them. With a fund in market as of mid-2024, they are actively deploying capital and building on their track record. The real test will be whether they can maintain their relationship-driven approach as assets under management grow and portfolio complexity increases.

Ultimately, Matchstick Ventures represents a broader shift in how venture capital thinks about geography, founder support, and value creation. They have turned a geographic constraint into a competitive advantage—and in doing so, have helped democratize access to early-stage capital for ambitious founders everywhere.