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Formulate Ventures
Morgan Lai runs Formulate Ventures as a solo GP, writing first checks into enterprise, Web3, and frontier-tech founders.
Formulate Ventures
Formulate Ventures is an early-stage venture capital firm focused on enterprise B2B companies. They have made 38 investments, including a September 2024 investment in GoBankless. Formulate Ventures has one portfolio exit, Graft, which exited on October 21, 2025.
General information
Firm type
Venture Capital
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Morgan Lai
Founder and General Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Formulate Ventures?
Morgan Lai, the firm's founder and general partner, makes all investment decisions as a solo GP. The firm's website lists no other investment professionals, so Lai handles sourcing, diligence, and portfolio support individually. This model concentrates decision-making in a single operator, a structure common to early-stage solo-GP funds.
What investment stages does Formulate Ventures target?
Formulate targets the earliest stages of company formation, focusing on pre-seed and seed investments. The firm's website describes backing founders "from 0 to 1," indicating a preference for first-check or very early capital. No later-stage growth or follow-on reserve policy is publicly disclosed.
Which sectors does Formulate Ventures invest in?
The firm's publicly listed portfolio includes enterprise/B2B, Web3, frontier tech, consumer/FinTech, and biotech companies. Notable holdings span enterprise tools like Vellum, Web3 infrastructure projects like Monad Labs, and frontier-tech startups such as Shennon Biotechnologies. There is no publicly stated sector the firm explicitly avoids.
Is Formulate Ventures structured as a single fund or a series of vehicles?
Formulate does not publicly disclose its fund structure. The firm's website lists a portfolio of companies without specifying whether investments are made from a single fund, multiple vehicles, or a rolling capital pool. No regulatory filings accessible online from the SEC's EDGAR database clarify this structure as of 2026.
Does Formulate Ventures co-invest alongside other venture firms?
Formulate's public materials do not name institutional co-investors. Given the solo-GP model and early-stage focus, co-investments are likely opportunistic and syndicated on a deal-by-deal basis, but no explicit co-investment posture or formal LP club is disclosed. The portfolio's visibility is limited to the company names listed on the firm's website.
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