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Founders' Co-op General Partner III, LLC
Founders' Co-op is a Seattle seed-stage venture firm founded in 2008 by Chris DeVore, deploying over $100M into Pacific Northwest enterprise software...
Founders' Co-op General Partner III, LLC
Founders' Co-op launched in 2008 when Seattle-based entrepreneur Chris DeVore and investor Andy Sack pooled capital from local angel investors to back Pacific Northwest technology startups. The firm has raised four core funds, including a $60M Fund IV raised in 2022 (per the firm, 2022). Its limited partners include institutional investors, family offices, and a network of experienced operators from companies like Microsoft, Amazon, and Zillow. The firm invests primarily in seed-stage enterprise software companies, with confirmed positions across AI/ML, digital health, cybersecurity, and vertical SaaS. Portfolio companies include Outreach, the sales engagement platform valued at over $4B; Highspot, a sales enablement unicorn; and Auth0, the identity management company acquired by Okta for $6.5B (per PitchBook, 2021). Founders' Co-op typically leads or co-leads rounds, reserving capital for follow-on investments through later stages. Its geographic focus remains the Pacific Northwest, specifically Seattle and Portland, though it selectively backs founders elsewhere in North America. Total deployment across all funds exceeds $100M. The firm maintains a lean team of roughly a half-dozen professionals. In April 2023, Founders' Co-op closed its fourth fund at $60M, exceeding its original $50M target (per the firm, April 2023). The firm also runs a fellowship program for aspiring technical founders, and its partners serve as board members or advisors at portfolio companies. What distinguishes Founders' Co-op is its tightly concentrated geography and its deliberate size — it has not sought to expand beyond a single office or raise funds larger than $60M. This allows partners to remain deeply hands-on with each portfolio company, acting as the first institutional call for founders in the region. The firm's structure as a series of general partner LLCs (Fund I, II, III, IV) keeps each vehicle separate, limiting cross-fund liability and allowing limited partners to choose exposure to individual vintages.
General information
Firm type
Venture Capital
Year founded
2008
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Seattle
Corporate office
Seattle, WA, United States
Principals
Chris DeVore
Founder and Managing Director
Andy Sack
Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at Founders' Co-op?
Chris DeVore and Andy Sack serve as co-Managing Directors with equal voting rights on investment committee decisions. Both are former founders themselves; DeVore co-founded the online community Wetpaint, and Sack co-founded the e-commerce platform Abuzz (acquired by The New York Times).
How does Founders' Co-op source proprietary deal flow?
The firm relies on its extensive local network of Seattle and Portland operators, many of whom are portfolio company founders or alumni. It runs a fellowship program for aspiring technical founders that serves as a pipeline. The firm also receives referrals from its limited partners, which include experienced angels and institutional investors with Pacific Northwest ties.
Does Founders' Co-op participate in fund commitments or only direct deals?
Founders' Co-op operates exclusively as a direct seed-stage venture investor. It does not commit to external venture funds as an LP. Its capital is deployed into individual portfolio companies, typically as lead or co-lead in seed rounds, with reserves for pro-rata follow-ons.
What investment stages does Founders' Co-op typically target?
The firm focuses on pre-seed and seed-stage rounds, writing initial checks of $500K to $2M. It will occasionally invest in Series A rounds if it has participated in prior rounds and the company is headquartered in the Pacific Northwest. The firm explicitly avoids growth-stage or late-stage investments.
Which sectors does Founders' Co-op explicitly avoid?
Founders' Co-op does not invest in biotech, hardware, energy infrastructure, real estate, or cryptocurrencies. It focuses almost exclusively on enterprise software, B2B SaaS, and platform companies with a strong connection to the Pacific Northwest technology ecosystem.
Is Founders' Co-op structured as a single family office or a venture firm?
Founders' Co-op is a venture capital firm, not a family office. It is organized as a series of limited partnerships (Fund I–IV) with institutional and high-net-worth limited partners. The General Partner entities (e.g., General Partner III, LLC) serve as the managing entities for each fund.
Where does the underlying wealth come from?
Founders' Co-op does not manage family wealth. Its capital comes from limited partners that include institutional investors such as endowments and foundations, alongside family offices and accredited individuals with ties to the Seattle technology community. The firm's own partners are also investors in each fund.
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