Lewis & Clark Ventures

The firm invests in late-seed through Series A B2B software companies. It targets initial checks of $2 million to $3 million and looks for companies with $500,000 to $1 million in revenue that are establishing repeatable go-to-market processes. Lewis & Clark prefers to lead rounds but does not require it.

Founding General Partner Tom Hillman leads the firm, supported by Managing Director Tim Spihlman, Operating Partners Max Hillman and David Poldoian, and Principal Michael Rockhold. The team describes itself entirely as former founders and operators.

The firm concentrates on US geographies that are overlooked by coastal venture funds, leveraging the team's deep operational networks across the Midwest and other non-coastal regions. Sourcing is relationship-driven, rooted in decades of company-building experience.

Tom Hillman was a serial entrepreneur who owned more than 60 businesses across various industries, with 16 exits. He was an early investor in Answers.com and served on its board through a nearly $1 billion exit. He also serves on the boards of BJC Healthcare and Washington University in St. Louis (per the firm).

The firm's stated initial investment is typically $2 million to $3 million, with flexibility in either direction. Its operator-first approach emphasizes long-term partnerships, but specific follow-on reserve practices are not publicly detailed.