Coalition Operators

Coalition Operators Research

Investment Thesis

Coalition Operators is a founder-led venture capital firm that invests in exceptional founders solving important problems with deep conviction and domain expertise. Founded in 2022 by four successful operators—Ashley Mayer, Toyin Ajayi, Lindsay Ullman, and Jaclyn Rice Nelson—Coalition represents a fundamentally different approach to early-stage venture investing. Rather than providing solely capital, they bring operational expertise, tactical support, and a carefully curated network of 100+ world-class startup operators to their portfolio companies.

The firm's core philosophy centers on "founder-problem fit"—backing founders who have genuine, all-consuming conviction about problems they're solving, possess unfair insights or domain expertise that gives them competitive advantages, and demonstrate an insatiable drive to win. Coalition explicitly rejects a hands-off investment model, instead operating with "deep empathy and radical pragmatism," rolling up their sleeves to help with both strategic vision and tactical execution.

Stage and Check Size Focus

Coalition Operators specializes exclusively in pre-seed and seed stage investments, with a target check size of $500,000. This represents their "sweet spot" for deploying capital and providing maximum value relative to investment size. The fund raised $12.5M for its inaugural fund, which means they are highly strategic and selective about their investments given the fund size relative to typical venture firms.

Their stage preferences indicate they seek companies at:

Pre-seed: Companies with inspired ideas and early technical progress
Seed: Companies with working products and initial early signs of traction

The $500K target check size is notably deliberate—large enough to be meaningful to early-stage founders but not so large that it creates pressure for outsized returns. This sizing aligns with their operator-led thesis: they invest enough to matter, but maintain high conviction in founder-problem fit rather than relying on large portfolio plays.

Investment Approach and Decision Process

Coalition operates as a partnership model with clear decision-making authority distributed among their general partners. Ashley Mayer serves as the full-time GP, while Toyin Ajayi (CEO of Cityblock Health), Lindsay Ullman (Head of Product at Angi), and Jaclyn Rice Nelson (CEO of Tribe AI) contribute as part-time partners. This structure is intentional—each partner brings active, real-world operating experience to bear on investment decisions and founder support.

The decision process appears to be collaborative and relatively fast for early-stage deals. The firm is actively investing and deploying, demonstrating a clear ability to move decisively on companies that fit their thesis. Their media appearances and thought leadership (featured in Entrepreneur, Bloomberg, and other tier-1 publications) suggest they're confident in their approach and actively building brand awareness among founders.

Portfolio Composition and Recent Activity

Coalition's portfolio has grown to 45+ companies across diverse sectors, with particular strength in healthcare, enterprise software, consumer goods/commerce, and emerging AI infrastructure. The portfolio demonstrates Coalition's stated generalist approach with concentrated depth in healthcare (where multiple GPs have strong expertise via Cityblock and other experiences) and emerging AI/enterprise sectors (influenced by Jaclyn Rice Nelson's Tribe AI background).

Team & Expertise

Ashley Mayer brings communications and marketing expertise from roles at Box (IPO), Social Capital, and Glossier. She is the full-time operator and primary relationship manager with portfolio companies, with expertise in founder storytelling, brand building, and narrative strategy.

Toyin Ajayi is a physician and healthcare entrepreneur, co-founder and CEO of Cityblock Health (multibillion-dollar health equity company). She advises on regulated industries, healthcare systems, and complex team scaling.

Lindsay Ullman brings multi-angle operating experience: founder of Umbrella (seniors marketplace, acquired by IAC), leads product at Angi, partner at GV, and company builder at Sidewalk Labs. She specializes in deal-making, negotiation, fundraising strategy, and product leadership.

Jaclyn Rice Nelson is an AI-focused technologist and company builder, co-founder and CEO of Tribe AI (enterprise AI platform) with access to 600+ top AI engineers. She provides AI strategy, LLM application guidance, and technical depth to portfolio.

All four GPs bring active operating experience rather than purely financial investing background, which is core to Coalition's differentiation.

Founder Preferences

Coalition seeks founders with three core attributes:

Deep, Authentic Conviction: Founders with an all-consuming "why" that will sustain them through startup's inevitable ups and downs. They back people solving problems they genuinely care about, not trend-chasers.
Unfair Advantage: Coalition explicitly seeks founders with insider insights, domain expertise, or prior execution that gives them a speed advantage. Examples: founders from Goldman Sachs and Zynga, healthcare professionals, successful previous founders.
Competitive Drive: Founders described as having an "insatiable drive to win" who've likely been told they're "too competitive" at some point.

Geographic and Sector Focus

Geographic: Primary focus on United States, particularly startup hubs (SF Bay Area, NYC). The firm is based in New York.

Sectors: Generalist with concentrated depth:

Healthcare: Clear strength (multiple GPs, 15+ portfolio companies in healthcare/life sciences)
AI & Enterprise Software: Growing focus (Tribe AI involvement, TensorZero, infrastructure plays)
Consumer & Commerce: Active (Revive, Ghost, Canal)
Clean Energy & Sustainability: Active (Euclid Power)
Education: Active (Campus, Dream Bound)

The firm explicitly states they are "unabashed generalists because we know that every world-changing company starts with a world-questioning founder."

Operator Network & Post-Investment Support

Coalition's 100+ operator network is a core competitive advantage and key value driver. The network includes marketing leaders, revenue/sales experts, operations/finance professionals, product leaders, engineering/technical talent, and recruiting specialists—many from iconic tech companies (Box, Glossier, Social Capital, Google, AWS, Goldman Sachs, etc.).

They explicitly market the ability to place these operators as angels, advisors, fractional CTOs, or customer relationships. Founder feedback emphasizes the quality and relevance of introductions—not vanity connections, but high-yield relationships.

Fund Status and Capital Availability

The $12.5M inaugural fund appears to be actively deploying based on recent portfolio additions, continued media engagement, and founder outreach. Fund likely still in deployment phase (funds typically deploy over 3-4 years). Coalition should be actively seeking high-quality founders matching their thesis.

Coalition Operators