Chrysalis Ventures

David Jones founded Chrysalis Ventures in 1993 and remains the central decision-maker. The firm operates with a lean team structure and has not publicly named additional investment committee members or successor leadership. Jones's thesis-driven approach anchors the firm's sourcing and underwriting.

Chrysalis sources almost entirely within the Midwest and Southeast, relying on a 25-year regional network built from its Louisville headquarters. The firm targets founder-led companies in fragmented industries that are often overlooked by coastal venture investors. Its long-standing presence in Mid-America gives it incumbent access to management teams seeking their first institutional partner.

Chrysalis invests directly into operating companies and does not publicize a fund-of-funds or LP commitment program. Its strategy is built around direct equity investments in growth-stage and buyout situations where it can apply technology expertise and operational involvement.

The firm seeks established businesses with $1–10 million of EBITDA and at least $1 million in revenue at the time of investment. It prefers companies that have proven they can generate profits at their current scale and can serve as platforms for both organic growth and acquisition-driven consolidation.

Chrysalis does not maintain a public exclusions list, but its historical portfolio shows no exposure to biotechnology, medical devices, or deep-science hardware. The firm concentrates on service-oriented and technology-enabled industries — business services, healthcare services, logistics, education, and communications — where its operational playbook applies cleanly.

Chrysalis typically leads or partners directly with management teams rather than co-investing alongside other institutional sponsors. Its disclosed track record shows majority stakes and active board roles, indicating a preference for control-oriented positions over passive syndicate participation.

Chrysalis describes itself as a long-term capital partner and has held portfolio companies through multiple growth phases before exiting to strategic acquirers such as DeVry and AT&T Wireless or financial sponsors like Bain Capital. The firm does not operate a rigid fund-life constraint that forces exits on a fixed calendar, consistent with a structure that appears closer to a permanent-capital vehicle than a traditional closed-end fund.