# 22NW

22NW is a Multi Family Office based in Seattle, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Seattle, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2011
- **Assets under management:** Undisclosed
- **Website:** 22nw.com
- **LinkedIn:** https://www.linkedin.com/company/22-nw-lp

## Regulatory record

- **CRD number:** 230788
- **SEC file number:** 801-110797
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/230788

## About

22NW is a specialist microcap investment firm founded in 2015 and based in Seattle, WA. It runs a constrained strategy designed to capture structural mispricings and elevated performance dispersion in the microcap space. The firm makes long-term investments in undervalued securities, primarily within the US microcap market.

## Sectors

- Enterprise Software
- FinTech
- Digital Health
- AI/ML
- Cybersecurity
- Real Estate

## Offices

- Seattle
- New York

## People

- John Zdanowski — Founder & Managing Partner
- David Helfrich — Managing Partner
- Eric Azcuenaga — Partner

## Questions

### Who runs investment decisions at 22NW?

John Zdanowski, founder and managing partner, leads investment strategy alongside managing partner David Helfrich and partner Eric Azcuenaga. The firm's investment committee includes all three principals. They source deals through their network of technology executives and industry contacts.

### What investment stages does 22NW typically target?

22NW focuses on Series A through Series C venture and growth-stage companies. It has led rounds in earlier-stage companies like Ideal (Series A) and participated in later-stage rounds in firms like Amplitude (growth equity). The firm also invests in real estate through a separate vehicle.

### Does 22NW participate in fund commitments or only direct deals?

22NW primarily makes direct investments in companies and real estate, rather than committing to external funds. It occasionally co-invests alongside other family offices and venture firms. The firm's model is built on direct ownership and control of its investments.

### Which sectors does 22NW explicitly avoid?

22NW does not invest in cryptocurrency, blockchain, or consumer social media startups. The firm targets enterprise software, fintech, digital health, and cybersecurity. It also avoids early-stage biotech and hard science startups, preferring companies with revenue traction.

## Related profiles

- [GREIG, KEVIN P](https://altss.com/profile/greig-kevin-p)
- [Fern Capital Inc.](https://altss.com/profile/fern-capital-inc)

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Last updated: 2026-08-11T15:05:57.154Z

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