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Ludlow Ventures
Jonathon Triest's Ludlow Ventures is a Detroit-area seed fund that operates without management fees, writing first checks into enterprise and consumer...
Ludlow Ventures
Ludlow Ventures operates as an early-stage venture firm based in Oak Park, Michigan, led by Managing Partner Jonathon Triest and Partner Brett deMarrais. The firm positions itself as a founder-aligned seed investor, foregoing the standard 2% management fee model in favor of a structure where partners invest their own capital alongside limited partners. The firm's investment strategy concentrates on pre-seed and seed-stage companies, primarily across enterprise software, consumer internet, fintech, and mobility. Ludlow targets founding teams across the United States and Canada, often serving as the first institutional check. Known portfolio holdings include Cana, a molecular beverage printer, and the developer-focused platform Replit. The firm has also backed autonomous vehicle company Waymo via secondary transactions. Ludlow Ventures maintains a lean operation characteristic of a boutique seed fund. The partnership constructs concentrated portfolios, allowing them to take board seats and actively support founders on go-to-market and follow-on fundraising. The firm has publicly committed to investing in the Midwest technology ecosystem while maintaining a national deal pipeline. Ludlow's structural differentiator is its lack of a management fee, an unusual choice in venture capital that removes the guaranteed revenue stream for the general partner and ties compensation exclusively to carried interest and the firm's own invested capital. This model, alongside Triest's outspoken presence at the firm, positions Ludlow as a compact, high-conviction investor.
General information
Firm type
Venture Capital
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Oak Park
Corporate office
Oak Park, MI, United States
Principals
Jonathon Triest
Managing Partner
Brett deMarrais
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Ludlow Ventures?
Investment decisions are led by Managing Partner Jonathon Triest, who co-directs the firm's strategy with Partner Brett deMarrais. The partnership structure is intentionally small, allowing both partners to jointly evaluate every deal. Triest is the firm's primary public-facing decision-maker.
How does Ludlow Ventures source proprietary deal flow?
Ludlow sources primarily through its partners' direct networks, particularly within the Midwest, New York, and San Francisco startup ecosystems. The firm's no-management-fee structure and Triest's extensive social media presence function as a beacon for founder referrals. Ludlow also cultivates relationships with other seed-stage funds that share deal flow.
Does Ludlow Ventures charge management fees?
No, Ludlow Ventures operates without a traditional asset-based management fee. The partners invest their own capital into the fund and are compensated through carried interest only, making it an outlier among institutional venture funds. This structure is designed to align the firm's financial incentives exclusively with portfolio company exits.
What investment stages does Ludlow Ventures typically target?
Ludlow Ventures targets pre-seed and seed-stage investments, often acting as the first institutional check into a company. The firm will occasionally participate in secondary transactions for later-stage companies like Waymo when the partners see a clear value disconnect. Follow-on investing is selective and concentrated.
Which sectors does Ludlow Ventures explicitly avoid?
Ludlow has not publicly listed excluded sectors, but the firm's historical portfolio shows a consistent absence of deep tech, biotech, medical devices, and capital-intensive cleantech hardware. The firm concentrates on software and internet-enabled businesses where capital efficiency and rapid iteration are feasible.
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