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

Based in Minneapolis, with a second home in Boulder, Colorado, Matchstick Ventures wants to be the most impactful seed-stage technology investor in the North and Rockies — the startup ecosystems between the coasts that big coastal funds often fly over. Founded in 2015, the firm backs early-stage technology companies where ambitious founders, large markets and overlooked geographies meet.

Investment thesis

Matchstick invests at the pre-seed and seed stages in technology companies across the North and Rockies, with a focus on Minnesota, Colorado and neighbouring states. Its hunting grounds include business software, fintech, marketplaces, enterprise applications and applied AI — sectors where a strong team can build a capital-efficient business without needing a coastal headquarters. The partners describe themselves as founder-first because they were founders first, and they look for curious, ambitious and humble entrepreneurs rather than pedigree alone.

Cheque size and fund size

Matchstick's current fund size is not publicly disclosed. The firm is investing from Matchstick Ventures Fund IV, which has backed companies including Juno, Paperstack and Locate.ai, but it has not published the fund's total. Third-party investor profiles put its typical early cheques at around $750,000 to $1.25 million; treat that range as indicative, not firm-stated, and expect the firm to follow on as its companies grow.

Notable portfolio companies

Matchstick's portfolio includes workforce payments platform Branch, sales enablement platform Spekit, API security company StackHawk and restaurant technology company Ordermark. Delivery company Veho is the firm's unicorn. More recent bets show the same seed-stage pattern: in 2026 Matchstick led the $2.2 million pre-seed round of healthcare staffing platform Saile, and its Fund IV has backed guest-travel platform Juno and warehouse orchestration platform Fulfilld through Fund III.

Partners and programs

General partner Ryan Broshar is a three-time founder who brought Techstars to the Twin Cities and ran its retail accelerator with Target; partner Natty Zola previously ran the flagship Techstars Boulder program, and partner Nicole Glaros is a long-time Techstars leader. Matchstick runs no accelerator or startup credits programme. Its value-add is community and network: Broshar co-founded Beta.MN and Twin Cities Startup Week, and the firm leans on a large network of local founders and operators, known as the Matchstick Strikers, to open doors for its companies.

How to apply for funding

Matchstick Ventures takes founder approaches through the connect page on its website, matchstick.vc. Come with a clear answer to why you are building in the North or Rockies, evidence of early traction, and a capital-efficient plan for the seed round. A warm introduction from a founder in its portfolio or a member of its network will always travel further than a cold note, so use the firm's community events and portfolio founders as your route in where you can.