K9 Ventures is a 'technology-focused Pre-Seed fund' run as a solo GP by Manu Kumar that aims to be the first institutional money into a company, ideally before it has raised any outside capital at all. It backs technical founders building either core new technologies (fundamental change, e.g. Twilio) or radically new markets where money hasn't changed hands at scale before (e.g. Lyft). K9 invests 'frighteningly early' with high-conviction priced equity checks (~$400K sweet spot), takes a small and concentrated portfolio of 3-6 companies a year, and requires direct revenue, a Bay Area team, and no me-too ideas.
A real, unaddressed need — either a latent need no company has served, or a domain ripe for fundamental change. K9 explicitly rejects 'me too' framing, so the problem must be one that today's incumbents structurally don't solve.
“A new market is one where money hasn't changed hands at scale before (for example Lyft)” — Criteria | K9 Ventures
“For us new technology isn't about a marginal improvement, but about fundamental change (for example Twilio).” — Manu Kumar
“The best time to start a company is when you have an idea that won't leave you alone.” — Manu Kumar
Either core new technology (fundamental change, not incremental) or the product that unlocks a brand-new market. K9 is partial to companies that MAKE things or enable making things, and avoids media/content/advertising and e-commerce.
“We're also partial to companies that MAKE stuff or enable the MAKING of stuff. As a corollary, we don't invest in e-commerce.” — Criteria | K9 Ventures
“For us new technology isn't about a marginal improvement, but about fundamental change (for example Twilio).” — Manu Kumar
“We look for founders who are capable of building their own product and capable of leading the business.” — Manu Kumar
Markets defined by genuine novelty rather than a slice of an existing TAM — either a radically new market where money hasn't changed hands at scale, or a fundamentally new technology platform. K9 cares more about whether the market is new and large in potential than about a polished top-down TAM number.
“A new market is one where money hasn't changed hands at scale before (for example Lyft)” — Criteria | K9 Ventures
“be the first institutional money (frighteningly early) into the company, mostly leading investments” — Manu Kumar
Because K9 invests pre-seed and aims to be the first institutional money in, it bets on founders and vision rather than requiring traction. Traction is welcome but not a gate; the firm exists precisely to fund companies before the product is fully baked or the traction is interesting enough for a seed round.
“Well, enter the Pre-Seed round, where the startup raises closer to $500K.” — The Seeds Have Changed: An Epilogue to The New Venture Landscape
“I still wanted K9 to be the first institutional money in and work with 'frighteningly early-stage' companies.” — Manu Kumar
“They need to show a lot more traction than they did before (because the supply is higher).” — Manu Kumar
Technical founders who can build the product themselves and lead the business, with exceptionally high passion, integrity, ability and willingness to learn. K9 won't back teams that plan to outsource their core technology, and requires the founding team to be in the SF Bay Area.
“We look for founders who are capable of building their own product and capable of leading the business.” — Criteria | K9 Ventures
“We typically only consider companies where the founding team is located in the San Francisco Bay Area.” — Manu Kumar
“You have to be a little bit crazy and naive to start a company. It's never going to be easy.” — Manu Kumar
Direct revenue where the customer pays for the product or service directly. K9 explicitly avoids three-way business models and anything built on media, content or advertising, and prefers companies that make things or enable the making of things.
“We're also partial to companies that MAKE stuff or enable the MAKING of stuff. As a corollary, we don't invest in e-commerce.” — Criteria | K9 Ventures
“Direct Revenue, meaning no three-way business models and no advertising, media, or content.” — Manu Kumar
Each company must have something unique and different — no 'me too' ideas. Defensibility comes from being a fundamentally new technology or serving a market no one else was, rather than out-executing existing players in a known category.
“New Technology or New Market, meaning no 'me too' ideas. Each company must have something unique and different about what it is doing.” — Meet Manu Kumar, Chief Firestarter at K9 Ventures
“For us new technology isn't about a marginal improvement, but about fundamental change (for example Twilio).” — Manu Kumar
K9 frames timing around the founder being early to a fundamental technology shift or a market just coming into existence, and around the firm's own desire to enter before anyone else. The 'frighteningly early' positioning is itself a why-now bet on getting in ahead of the market.
“I still wanted K9 to be the first institutional money in and work with 'frighteningly early-stage' companies.” — The Seeds Have Changed: An Epilogue to The New Venture Landscape
“Even though the 'venture market' might be in a tough spot, there are still incredible opportunities to innovate and create value.” — Manu Kumar
“Early stage venture, particularly Pre-Seed and Seed stage venture, is a different game today than it used to be 10 years ago.” — Manu Kumar
A pre-seed raise sized to build the team and an initial product/prototype — K9's checks run $250K-$750K with a ~$400K sweet spot, structured as a priced equity round (no SAFEs or notes), with K9 leading as the first institutional capital. The ask should match the pre-seed milestone of getting to a seed-worthy product, not over-raise.
“K9's investments can range between $250K-$750K as an initial investment, with a sweet-spot around $400K.” — Criteria | K9 Ventures
“They may well be able to raise $500K now, use that to build the team and the initial product/prototype and then be able to raise a Seed round.” — Manu Kumar
“K9 typically invests in a priced equity round only. We do not do convertible notes, SAFEs, or any other forms of convertible / debt-based equity.” — Manu Kumar
“We like to be the first institutional / professional capital into a company, ideally before the company has raised any outside capital at all”