# Formulate Ventures

Formulate Ventures is a Venture Capital based in San Francisco, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** www.formulateventures.com
- **LinkedIn:** https://www.linkedin.com/company/formulate-ventures

## Regulatory record

- **CRD number:** 310342
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/310342

## About

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.

## Sectors

- Enterprise Software
- Web3
- Frontier Tech
- FinTech
- Consumer
- AI/ML
- ClimateTech
- Biotech

## People

- Morgan Lai — Founder and General Partner

## 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.

### 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.

## Related profiles

- [Formuepleje](https://altss.com/profile/formuepleje)
- [Formus Capital](https://altss.com/profile/formus-capital)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/formulate-ventures

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology