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Kiln
Kiln was founded as a geographically distributed venture firm, pairing US market access with a direct presence in Europe and Asia.
Kiln
Kiln was founded as a geographically distributed venture firm, pairing US market access with a direct presence in Europe and Asia. Nicholas Judge and John Butt structured the firm around early-stage conviction — writing first checks into software companies at the pre-seed and seed stages, then maintaining capital reserves for follow-on investments as companies scale. The partnership operates from offices in San Francisco, New York, Park City, Hong Kong, Shanghai, Paris, Kyiv, and Tortola, a footprint designed to source deals outside the conventional Sand Hill Road orbit. The firm concentrates on enterprise software, fintech, artificial intelligence, and digital health. Kiln typically enters as a lead or co-lead investor, with initial check sizes ranging from $500,000 to $2 million. Confirmed portfolio companies include Deel, the global payroll and compliance platform; Pigment, the Paris-based business planning software provider; and PhotoRoom, the AI-powered image editing tool built in France. The strategy prioritizes capital-efficient business models that can scale internationally from launch. Kiln participates in both direct equity rounds and, less frequently, early secondary transactions. Kiln's structure — a lean partnership with multi-jurisdictional partners — lets the firm underwrite founders in markets that larger US-based seed funds often overlook, particularly Central and Eastern Europe. The team includes operators with prior experience at companies like Uber, Google, and TransferWise. Kiln has been active in bridging European startups to US go-to-market channels, frequently facilitating introductions to Silicon Valley-based limited partners and downstream growth investors. The firm does not publicly disclose its total committed capital. The firm's structural differentiator is its distributed model itself. Rather than treating international offices as outposts, Kiln operates with native-level sourcing capability in at least four distinct regulatory and cultural zones — a design that gives it early access to technical founder teams in Ukraine, France, and the broader EU who build for global markets but price rounds in local terms. This geographic arbitrage in talent and valuation is backed by a partnership with operational experience scaling companies across borders.
General information
Firm type
Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Additional offices
Hong Kong · Paris · Kyiv · Shanghai · Park City · New York · Tortola
Principals
Nicholas Judge
Co-Founder & Managing Partner
John Butt
Co-Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Kiln?
Investment decisions are led by co-founders Nicholas Judge and John Butt, who serve as managing partners. The firm operates with a lean partnership structure where deal approval rests with the founding team. Both partners have direct operating experience at technology companies including Uber and Google prior to launching Kiln.
How does Kiln source its pipeline, particularly outside the US?
Kiln sources directly through partner networks in Europe and Asia, maintaining full-time offices in Paris, Kyiv, Hong Kong, and Shanghai. The firm does not rely on a centralized US-based team making periodic trips abroad — local partners build relationships with technical founders, accelerators, and university spinouts in their regions. This native-sourcing model gives Kiln early access to rounds that larger US funds may not see until Series A.
What stage and check size does Kiln target?
Kiln writes first checks at the pre-seed and seed stages, typically between $500,000 and $2 million as a lead or co-lead investor. The firm reserves capital for follow-on participation in subsequent rounds. Its focus is capital-efficient enterprise software, fintech, AI, and digital health companies with global ambitions from day one.
Does Kiln operate as a family office or a traditional venture fund?
Kiln operates as a venture capital partnership rather than a single-family office. Public records indicate the firm is structured as a distributed early-stage venture firm with offices across multiple jurisdictions. It raises committed capital from limited partners rather than managing a single family's wealth.
What is Kiln's relationship with European startup ecosystems?
Kiln has a concentrated presence in European tech, with offices in Paris and Kyiv and portfolio companies like Pigment, PhotoRoom, and Ankorstore — all founded in France. The firm actively bridges European startups to US go-to-market resources and downstream investors. Its Eastern European presence, particularly in Ukraine, allows it to source deep technical teams at valuations that typically reset when those companies enter US growth rounds.
Has Kiln raised outside capital or is it fully self-funded?
Kiln does not publicly disclose its capital structure or limited partner base. The firm has been active in venture since at least 2018, and its multi-office infrastructure and co-investment activity with institutional investors suggest it raises committed capital through traditional venture fund structures rather than operating purely as a self-funded entity.
Which sectors does Kiln explicitly avoid?
The firm does not publish exclusion lists, but its portfolio is concentrated in enterprise software, fintech, AI, and digital health. Kiln has no known investments in hardware-intensive deep tech, biotech therapeutics, heavy manufacturing, or capital-intensive infrastructure. Its emphasis on capital-efficient business models suggests a bias against sectors requiring large upfront CAPEX or extended R&D timelines before revenue generation.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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