Ulu Ventures Research
Investment Thesis
Ulu Ventures is a seed-stage venture capital firm founded on the conviction that diversity is profitable and that brilliance and potential are not confined to any single demographic. The firm's investment thesis is grounded in three core observations: (1) founder-led companies play an outsized role in shaping the world, (2) capital disproportionately flows within narrow circles despite representing diverse pension assets, and (3) decision analysis and rigorous frameworks work better than pattern-matching for capital allocation in uncertain environments.
Founded in 2010 by Miriam Rivera and Clint Korver, Ulu is the largest Latina-led fund in the US and operates as a minority- and woman-led firm with 60% female and minority partner composition—exceptionally rare in venture capital. The firm explicitly focuses on finding and funding diverse founder teams that other VCs overlook.
Stage Focus and Investment Criteria
Ulu is exclusively focused on seed-stage investing. This is not a warm-up act to larger stages; seed is their core competency and strategic focus. They invest in pre-seed, seed, and post-seed stage companies.
Investment decisions are grounded in three primary criteria: (1) a visionary entrepreneur, (2) a home-run market opportunity, and (3) an attractive risk/reward tradeoff. The firm applies decision analysis—a rigorous set of tools proven effective in pharmaceutical R&D and oil/gas exploration—to venture capital decisions. This quantitative approach aims to structure intuition intelligently, identify key uncertainty drivers, and calculate probability-weighted cash-on-cash returns for every investment.
Ulu's target return for each investment is a probability-weighted multiple (PWM) of 10x or greater.
Team and Approach
The firm is led by Miriam Rivera (CEO/Cofounder/Managing Director) and Clint Korver (Cofounder/Managing Director). Miriam's background as an inner-city, Spanish-speaking-first founder informs the firm's commitment to backing underdogs. Clint's passion for learning and data-driven decision making shapes the firm's rigorous investment process.
The team includes champions across key areas: Steve Reale (endurance and grit), Maria Salamanca (consumer), Andrea Bogarin (bridge building), Summer Barghouti (problem solving), Trina Weller (risk-taking), Rusty Dornin (storytelling), Loren Ford (transformation), Evelyn Kempi (luminaries), and Serena Rivera-Korver (changemaking).
Unique Process: Market Mapping
Ulu's most distinctive feature is their proprietary "Market Mapping" process—a 3-hour collaborative exercise designed specifically for seed-stage ventures. Unlike traditional pitching, Market Mapping involves Ulu's team mapping key drivers of risk and return with the founding team. The process includes:
- Segmenting opportunity into target ("sweetspot") and adjacent markets
- Creating bottom-up TAM (Total Addressable Market) calculations
- Assessing risk and value drivers
- Collecting data for probability-weighted return modeling
Founders consistently report that Market Mapping was the most value-added part of their fundraising experience. Entrepreneurs with multiple term sheets often choose Ulu because of the insights gained through this process.
Check Size and Investment Terms
Ulu's standard check size has evolved with the firm. In their latest fund, standard initial investments are $2M, though they write checks ranging smaller to larger based on capital needs and risk/return characteristics. The firm expects to make approximately 50 new investments per year across their portfolio.
The firm does not have a preference on financing format (priced rounds, convertibles, SAFEs). They select the format that best sets up the founding team for success. Notably, Ulu does not require board seats to invest and only occasionally takes them, preferring to roll off boards at Series A to focus on seed-stage portfolio support.
Ulu evaluates follow-on investments using the same 10x PWM hurdle as new investments. Historically, they have made follow-on investments in approximately one-third of their initial portfolio companies.
Geographic and Sector Focus
Ulu primarily invests in US-based companies that must be incorporated in Delaware. A significant number of founding teams are located in Silicon Valley and other US technology hubs, though they note that future work is changing and have no geographic restrictions within the US.
The firm invests primarily in software and internet companies. Key sectors include:
- Enterprise software
- Future of work
- Fintech and payments
- EdTech
- Blockchain and Web3
- Digital health (recent expansion)
- Sustainability (recent expansion)
Ulu is also heavily invested in the Stanford ecosystem, having co-founded Stanford Angels & Entrepreneurs (now 1,500+ strong in Silicon Valley alone).
Founder Preferences
The firm looks for three key characteristics in founding teams:
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Domain Expertise: Founders with deep understanding of their target market who can address underlying reasons for existing behaviors. Contrarian entrepreneurs with domain expertise are especially valued.
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Committed and Diverse Teams: The firm strongly favors founders 100% committed to their startups with founder vesting as a signal of long-term alignment. Diversity is fundamental to their thesis—they invest in all types of founding team compositions and have demonstrated strong returns from diverse teams. In Fund II, 27% of companies had woman CEOs, 8% had Latinx or African American CEOs, and over 80% of portfolio companies have at least one diverse founder team member.
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Signs of Early Traction: While not expecting Series A metrics, Ulu prefers evidence of product-market fit such as a pipeline of potential customers, beta customers, or paid/engagement validation.
Investment Process
Ulu's investment process consists of five core steps:
Step 1: Screening - The firm reviews all incoming email and aims to screen every pitch within 10 business days. They identify whether opportunities fit their investment rubric and decline immediately if not.
Step 2: First Meeting - 30-60 minute calls with the investment team to hear the business story, assess fit with thesis, and evaluate market opportunity, team quality, and go-to-market strategy.
Step 3: Second Meeting - Initial due diligence is completed, and the startup presents to the weekly investment committee. This is typically the first conversation with Managing Directors Rivera or Korver. Data room access is requested.
Step 4: Market Mapping - The 3-hour collaborative learning exercise described above, followed by Ulu's team creating a decision model that calculates PWM.
Step 5: Final Due Diligence (RUBS) - Discovery of capitalization, legal, and governance risks. Detailed legal diligence and data room analysis. Discussion of term sheets.
Importantly, Ulu does not require warm introductions, though they value referrals from colleagues, co-investors, portfolio teams, and trusted networks. They understand that warm intro requirements can create barriers to capital access.
Recent Activity and Portfolio Performance
Ulu closed Fund IV in October 2024 at $208M—a 50% increase over Fund III's $138M. This brings the firm's total assets under management to over $400M, more than doubling their AUM.
Historically, the firm has demonstrated exceptional returns:
- 10 unicorns in their portfolio
- 3 public companies that have exited
- 9 notable exits across their portfolio companies
- 200+ companies funded across multiple funds
- 85+ deals led
Recent notable investments (2024-2025) include:
- Vytala (GI health, 50%+ monthly sales growth)
- Pando (financial risk mitigation for groups)
- MiSalud (virtual care for Spanish speakers, 16 states, revenue quadrupled)
- True Meter (AI energy management, $4M round)
- Seven Starling (women's behavioral health, $8M raise)
- Labra (cloud GTM platform)
- Illudent (selective cancer treatment)
- RevelAi Health (care orchestration with AI)
- Genesis Therapeutics (molecular AI for drug development)
Decision Timeline and Warm Introduction Policy
Timing varies significantly (from one week to years) depending on when founders reach out and relationship cultivation. However, Ulu endeavors to screen all pitches within 10 business days.
While the firm appreciates hustle and recognizes warm introductions are helpful, they explicitly do not require them. Founders can reach out directly through their contact page or respond to their "Become an Ulupreneur" submission form.
Founder Support Program
Ulu provides robust founder support beyond capital:
- In-person and virtual events in multiple US cities
- Office hours and community meals
- "Ready for A" program to help portfolio companies raise Series A at great valuations
- GetProven marketplace—vetted software and services providers
- Access to the Ulupreneur community network
- Ongoing founder support without requirement for board representation
Why Diversity Matters to Ulu
Ulu's commitment to diversity is grounded in empirical data. In 2021, all-women teams received 2.2% of VC dollars, 5.4% of companies had women CEOs, and Latinx and African American founders received less than 3% of venture capital. Yet research shows diverse founding teams outperform homogeneous teams. Ulu's approach aims to tap into a broad innovation pool and uncover hidden gems overlooked by traditional VC sourcing.
Notably, while Ulu focuses on diverse founders, white men still comprise the majority of their portfolio (reflecting sector composition), but the firm applies identical criteria to all entrepreneurs regardless of background.
Fund Structure and Portfolio Composition
Ulu constructs portfolios based on probabilistic reasoning. They believe a portfolio of at least 70 companies gives a 96% chance of investing in at least one outlier with superior risk-adjusted returns while balancing diversification with practical deal flow and support considerations.
Historically, they expect to invest in approximately 50 new companies each year. The firm has invested across multiple funds, with Fund III being the $138M predecessor to Fund IV's $208M raise.