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

Moderne Ventures is one of the most founder-friendly venture firms you have never heard of outside real estate circles — which is exactly the edge it offers. If you are building technology for property, finance, insurance or sustainability, this Chicago firm does something rare: it brings customers to its portfolio companies. Understanding how to get funding from Moderne Ventures starts with understanding its network-first model: a multi-stage fund married to an industry immersion programme that has now run through 22 cohorts.

Founded in 2015 by Constance Freedman, Moderne grew out of a $20 million predecessor fund she launched in 2008 while running National Association of Realtors’ venture arm, Second Century Ventures, and its REach accelerator. The firm calls itself a generalist investor with vertical expertise, and says it now manages more than $600 million across five funds, with 160+ investments and 25+ exits.

Thesis: what Moderne Ventures looks for

Moderne invests in enterprise SaaS, AI, robotics, deep tech, sustainability, data and digital transaction management — specifically where those technologies touch the multitrillion-dollar industries of real estate, finance, insurance and sustainability, which together make up roughly a fifth of US GDP. Its “secret sauce”, in its own words, is its Moderne Network: more than 1,500 corporate executives and companies that act as investors, mentors and advisers to the fund and its portfolio. Roughly a third of the latest core fund’s LPs are real-estate companies, giving the firm direct insight into what buyers actually want.

Sectors and stage

Moderne is multi-stage but concentrated on seed through Series B. Reporting on its second fund put its typical ticket at $4 million–$7 million in late-seed to early Series B rounds, targeting companies with $2 million–$10 million in revenue. It deliberately backs technology that starts in its core verticals but can expand beyond them, a lesson Freedman traces to the 2008 downturn: pure real-estate plays collapse with the cycle, while platforms that travel across industries survive it.

Notable portfolio and track record

Moderne’s funds have produced top-decile returns, five IPOs and eight unicorns, according to Freedman’s profiles. Its name-brand bets include DocuSign (NASDAQ: DOCU), Porch (NASDAQ: PRCH) and Homesnap (acquired by CoStar), alongside newer companies such as ICON, Qloo, Proof, Measurabl, Xeal, Trust & Will and Caribou. In 2024 it closed MV Core Fund III at over $230 million, earmarked for companies that can apply within its core industries and scale into broader markets.

People and programmes

The firm is led by Constance Freedman, Founder and Managing Partner, with partner Liza Benson. Its signature programme is the Moderne Passport, a six-month industry immersion programme that has admitted more than 150 companies across 22 cohorts. Passport companies get structured access to the executive network, mentorship and partnership opportunities — a distribution channel rather than just classroom time.

How to apply for funding from Moderne Ventures

Moderne accepts Moderne Passport applications on a rolling basis through its website at moderneventures.com; new classes typically launch twice a year. The firm is headquartered in Chicago. Founders in proptech, insurtech, fintech and sustainability tech get the warmest reception — especially if their product can start in real estate and grow outward.