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Lewis & Clark Ventures
Lewis & Clark Ventures was created by serial entrepreneur Tom Hillman, who previously owned more than 60 businesses across industries and notched 16...
Lewis & Clark Ventures
Lewis & Clark Ventures was created by serial entrepreneur Tom Hillman, who previously owned more than 60 businesses across industries and notched 16 exits, including an early stake in Answers, which later sold for nearly $1 billion. Hillman, also an early shareholder and board member of Hoover's, Inc., launched the firm from St. Louis to back founders building outside the Bay-to-Boston corridor. The firm's website lists an eight-person team, almost entirely composed of former founders and operators rather than career investors. The firm concentrates on B2B software companies raising late seed through Series A rounds. Initial checks land between $2 million and $3 million, with the flexibility to deviate in either direction. Lewis & Clark prefers to lead rounds and requires that portfolio companies demonstrate at least $500,000 to $1 million in revenue before an investment. The portfolio page itself lists no named holdings, but Hillman's personal track record includes Answers, Hoover's Online, and FTL Finance, among others. The firm hunts for companies in regions it considers overlooked by coastal venture funds, covering geographies including the Midwest, the South, and other non-traditional startup hubs. Hillman chairs the Young Presidents' Organization's St. Louis chapter and serves on the boards of Barnes-Jewish Hospital, BJC Healthcare, and Washington University in St. Louis. The firm has not publicly disclosed its total assets under management or aggregate deployment figures. No recent fund close or new vehicle has been announced on the firm's public channels in the last 24 months. Lewis & Clark's structural identity is rooted in operator density. Every investment decision runs through a committee of people who have previously founded, scaled, and sold companies. The firm does not promote a thematic sector lens or a fund-of-funds model — it simply applies a founder's pattern recognition in geographies where that perspective is scarce. This generalist, operator-led model is unusual among early-stage funds, most of whom are run by professional investors who have never carried a company from idea to exit.
General information
Firm type
Private Equity
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
St. Louis
Corporate office
St. Louis, MO, United States
Principals
Tom Hillman
Founding General Partner
Tim Spihlman
Managing Director
Max Hillman
Operating Partner
David Poldoian
Operating Partner
Michael Rockhold
Principal
Meg Lane
CFO & CCO
Sector focus
Frequently asked questions
Who runs investment decisions at Lewis & Clark Ventures?
Tom Hillman serves as Founding General Partner and leads the firm. He is a serial entrepreneur who owned more than 60 businesses and achieved 16 exits, including an early investment in Answers that sold for nearly $1 billion. The investment team includes Managing Director Tim Spihlman, Principal Michael Rockhold, and Operating Partners Max Hillman and David Poldoian, all of whom have founder or operator backgrounds rather than traditional finance careers.
What stage and check size does Lewis & Clark Ventures target?
The firm targets late seed through Series A B2B software companies. Initial investments are typically $2 million to $3 million, though the firm notes it has flexibility in either direction. It prefers to lead rounds and requires portfolio companies to have reached a minimum of $500,000 to $1 million in revenue before an investment.
Does Lewis & Clark Ventures invest only in the Midwest?
Not exclusively. The firm's mandate is to fund B2B software companies in any geography that coastal venture funds overlook. While St. Louis is its headquarters, the firm has indicated a willingness to invest across the United States wherever founder quality is high but institutional venture capital is scarce.
How is Lewis & Clark Ventures different from other early-stage venture firms?
Every senior member of the firm is a former founder or operator, not a career investor. They apply direct operating experience — from building teams and scaling revenue to navigating near-bankruptcy — to portfolio company governance. This operator-only composition is uncommon among early-stage venture firms, which typically hire analysts and principals from banking or consulting backgrounds.
What does Lewis & Clark Ventures look for in a founding team?
The firm seeks founders with a big vision, domain expertise or previous startup experience, and closeness to the problem they are solving. It also emphasizes transparent communication and values alignment, stating that it partners with CEOs committed to open, candid relationships and to building enduring companies rather than pursuing growth at any cost.
Does Lewis & Clark Ventures participate in fund commitments alongside direct deals?
There is no public indication that Lewis & Clark operates as a fund-of-funds or makes LP commitments to other venture firms. All public materials describe direct investments in B2B software companies, with the firm preferring to lead rounds and take active board or advisory roles.
Has Lewis & Clark Ventures publicly disclosed its assets under management?
No. The firm has not published an AUM figure. All available press releases, the firm website, and regulatory filings are silent on the size of the fund. Any AUM number would be an estimate.
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