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Matchstick Ventures
Matchstick Ventures, co-founded by Ryan Broshar and Natty Zola, invests pre-seed and seed capital in the North and Rockies.
Matchstick Ventures
Matchstick Ventures launched in 2015 when Ryan Broshar and Natty Zola, each a repeat founder with a prior exit, formalized their angel investing into an institutional pre-seed and seed vehicle. Broshar had already co-founded Beta.MN and Twin Cities Startup Week in Minnesota, while Zola was managing director of the Techstars accelerator in Boulder after selling his travel startup everlater to AOL. The firm operates from Minneapolis and Boulder, investing in early-stage technology companies across the Rockies and the North — two regions it argues are structurally overlooked by coastal capital. The firm writes initial checks of $500,000 to $1.5 million, covering idea-stage to scaling companies, and has reserved $30 million in its second fund for seed-phase startups. Matchstick’s portfolio spans enterprise software and consumer technology; it also draws on a network of more than 400 entrepreneurs, operators, and corporate partners across Colorado, Minnesota, and the broader Techstars universe. The firm co-invests alongside national venture funds and has built a roster of over 100 portfolio companies that have collectively raised billions in follow-on financing. Matchstick operates a compact team led by Broshar and Zola, with what the firm describes as 400-plus mentors and limited-partner co-investors feeding its deal pipeline. Broshar, a former managing director for three Techstars Retail Accelerator programs in partnership with Target, has invested in 60-plus startups; Zola, a board member of the Rocky Mountain Venture Capital Association, has backed more than 80. In May 2024, the firm continued deploying Fund II into seed-stage startups throughout its core geographies (per the firm, May 2024). The firm’s architecture blends a classic seed-stage venture fund with a community-organizing engine that predates its investment operations. Its partners built the very startup ecosystems they now invest in — Beta.MN, Twin Cities Startup Week, and the Techstars Boulder program — giving Matchstick a sourcing funnel rooted in grassroots network effects rather than traditional institutional inbound. This structure rewards local-ecosystem density over coastal brand affiliation.
General information
Firm type
Venture Capital
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Minneapolis
Corporate office
Minneapolis, MN, United States
Additional offices
Boulder, CO, United States
Principals
Ryan Broshar
Co-Founder & Managing Partner
Natty Zola
Co-Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Matchstick Ventures?
Co-founders and managing partners Ryan Broshar and Natty Zola lead all investment decisions. Broshar built the Twin Cities startup ecosystem through Beta.MN and Twin Cities Startup Week, while Zola ran the Techstars Boulder accelerator after selling his company to AOL. Both are former founders who transitioned into institutional seed investing in 2015.
How does Matchstick Ventures source proprietary deal flow?
Matchstick's sourcing advantage comes from the community-organizing infrastructure that co-founders Broshar and Zola built before the fund existed — Broshar co-founded Beta.MN and Twin Cities Startup Week, and Zola was the longtime managing director of Techstars Boulder. The firm's network of 400-plus operators, mentors, and corporate partners across Colorado, Minnesota, and the Techstars ecosystem feeds a steady stream of pre-institutional referrals.
Is Matchstick Ventures a single-family office or a venture firm?
Matchstick is a venture capital firm, not a family office. It raises committed capital from limited partners and has deployed $30 million from its second fund into pre-seed and seed-stage startups, with first checks ranging from $500,000 to $1.5 million.
What geographic regions does Matchstick Ventures cover?
The firm invests exclusively in what it calls 'between the coasts' — specifically Colorado and the broader Rockies region, plus Minnesota and the broader North region. It also leverages its deep ties to the Techstars network, which extends its reach without diluting its regional focus.
Does Matchstick Ventures participate in follow-on rounds?
Yes. Matchstick reserves significant capital from each fund to reinvest in existing portfolio companies as they scale. The firm also connects founders to top-tier national co-investors for later-stage rounds, drawing on relationships built across more than a decade in the startup ecosystem.
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