Investor Profile: Underscore VC — Thesis, Cheque Size & How to Apply

Underscore VC is a Boston-based venture capital firm backing bold B2B software entrepreneurs at the pre-seed and seed stages. What makes Underscore funding different is its "open-source" investing model: the firm pioneered profit-sharing with a curated expert ecosystem — the Underscore Core Community — so the operators who help its startups also share in the returns. With $300 million under management, Underscore positions itself as "your early-stage partner in Boston", investing in founders applying AI to real-world problems.

Thesis & focus

Underscore's thesis is that serious skin in the game from an aligned community beats a transactional investor relationship. Its Core Community of operators — CEOs, CTOs and product leaders from companies like Rapid7, Toast, Flywire, Figma and SimpliSafe — works directly with portfolio founders, and the firm allocates a profit share in its investments to the Core Partners who support them. On the company side, Underscore backs B2B software founders "applying AI to real-world problems", from vertical SaaS and developer tools to fintech infrastructure and AI video creation.

Sectors & stages

The firm invests at pre-seed and seed, with a focus on enterprise and B2B software: vertical SaaS, AI tooling, fintech infrastructure, developer platforms and applied AI. It positions itself as "your early-stage partner in Boston" and is deeply committed to the city's innovation ecosystem, while also backing founders across the United States. Cheque sizes are not publicly disclosed by the firm.

Fund size & cheque size

Underscore manages $300 million across its funds, per the firm's own published materials. It does not publish standard cheque sizes; its deals range from early pre-seed checks to leading seed rounds, and it has led rounds such as TetraScience's $11 million Series A. The open-source profit-share model means founders get advisory depth — from Core Partners at companies like Acquia, Toast and Rapid7 — that would normally cost equity or cash.

Underscore VC funding: notable portfolio

Underscore's portfolio includes TetraScience (the R&D data cloud for life sciences), Salsify (product-experience management), Slang (AI voice agents for businesses, which raised a $36 million Series B), CloudZero, Hi Marley, Hypernatural (AI video tooling), BusRight (school-bus tracking), Wonderment, Mable, Pagos (intelligent payment infrastructure), Gander Robotics, Terra Security, Korl, Copley, Movemint, Aircon, Dianthus and project44. Portfolio company Luminai raised a $38 million Series B with the Cleveland Clinic.

Partners & team

The partnership is led by Partners Lily Lyman — named to Business Insider's Seed 40 list — Chris Gardner and Brian Devaney, with Richard Dulude as Venture Partner and founding partners Michael Skok and John Pearce as Partners Emeritus. Gabrielle McCarthy serves as Senior Investment Associate.

How to apply for funding

Founders can contact the firm directly at [email protected] — the firm lists its address as 131 Oliver Street, Boston, MA 02110 — but warm introductions through the Core Community network carry the most weight. The firm also runs the Pearce Fellows program for emerging founders.