Lacuna Gap Capital

Investment decisions are made by managing partner John Huhn and partner Michael Brown, who co-founded the firm. Both have operating backgrounds in the Boulder startup ecosystem. The partnership structure is flat, with no junior investment professionals authorized to write solo checks. All capital calls and deal approvals require both partners' sign-off, which keeps the portfolio concentrated and conviction-weighted.

Lacuna sources almost entirely through the partners' personal networks in the Mountain West technical community — relationships built over decades in Boulder's startup ecosystem, the University of Colorado engineering and computer science programs, and the region's federal research labs. The firm does not rely on inbound pitch decks or demo-day sourcing. Its deal flow is concentrated among founders who have cycled through local outposts of large technology companies or who are alumni of the university's technical departments.

Lacuna has never invested in consumer social media, crypto, or traditional retail. The firm's technical diligence framework — drawn from the partners' engineering and operating backgrounds — steers them toward enterprise software, AI/ML, climate technology, digital health, and fintech, where product-market fit can be stress-tested through code and unit economics rather than brand momentum.

Lacuna invests exclusively through direct equity positions in operating companies, not through fund-of-funds commitments or secondary purchases. The firm does not allocate to external managers. All capital is deployed directly into portfolio companies where the partners take board seats or active observer roles, maintaining hands-on engagement with each investment.