Investor Profile: Imaginary Ventures — Thesis, Cheque Size & How to Apply

Founders researching Imaginary Ventures funding are looking at one of the largest venture firms sitting at the intersection of technology and retail. Launched in 2018 by Net-a-Porter founder Natalie Massenet and veteran consumer investor Nick Brown (formerly of 14W), the New York-based firm invests in generationally defining brands and the technology businesses that empower them. In just four years it grew from a $75M start-up fund to over $1B in assets under management.

Thesis and focus areas

The firm's organising principle is the “consumer wallet”: it invests across the entire consumer ecosystem, organised around how people eat, live and shop rather than traditional category silos. The portfolio blends iconic tech-enabled brands with the platforms behind them — e-commerce, fashion, beauty, food and beverage, lifestyle and related marketplaces — and the firm explicitly positions for consumer shifts emerging through Web3 and new digital-physical retail formats. With Fund III, the firm invests across both early and late-stage vehicles, deepening stakes in fast-growing early companies while also backing more established businesses with venture-scale return potential. A stated focus on underserved markets and emerging consumer needs runs through the strategy, and roughly half of the first fund's founders were women.

Cheque size and stage

In April 2022 Imaginary Ventures announced Fund III at $500M across early and late-stage vehicles, taking the firm past $1B in assets under management. The firm does not publish a standard cheque range; its mandate spans early-stage brand-building through later-stage growth rounds in consumer. Geographically it backs companies across the United States and Europe, with a bias toward brands that can achieve global reach.

Notable portfolio

The portfolio's iconic brands include SKIMS, Mejuri, BRADY, Glossier and Daily Harvest, alongside leading technology and retail businesses such as GRIN, Stripe, ShiftSmart and EON. Noteworthy early exits include Farfetch, Reformation and NuOrder — a track record of backing culture-defining brands from the early rounds through to liquidity.

Team

Natalie Massenet and Nick Brown are co-founders and managing partners — Massenet built Net-a-Porter from inception into a multi-billion-dollar e-commerce business and chaired the British Fashion Council, while Brown brings a strong early-stage consumer investing track record including early bets on brands such as Goop and The RealReal. Kelly Dill and Logan Langberg were promoted to partner alongside the Fund III announcement.

How to apply for funding

Imaginary Ventures publishes no formal pitch portal or application process — its public website is currently minimal. The practical route is a direct approach to the investment team or, far better, a warm introduction from a portfolio founder, a fellow consumer investor or an operator in the firm's network. Given how much the firm trades on cultural fluency and consumer insight, founders should arrive with a sharp point of view on their customer and a credible path to the $100M-scale the partners look for.