New Stack Ventures

New Stack concentrates on founders outside major coastal venture hubs, with a particular emphasis on the Midwest, where the firm is headquartered. The strategy is built on the belief that engineering talent and viable startups in Chicago, Detroit, and similar markets are systematically underpriced by traditional venture capital.

The firm writes first checks at the seed stage, often engaging with companies that are pre-product or generating very early revenue. New Stack targets the moment when technical founders are moving from concept to commercial product and have not yet raised institutional capital.

The firm's primary sector interests include enterprise SaaS, AI/ML, fintech, digital health, and industrial technology. Moran has been vocal about avoiding overly hyped consumer categories, preferring hard-tech and enterprise deals where technical moats and long sales cycles deter fast-follower capital.

As an early-stage seed fund, New Stack actively syndicates rounds with other venture firms, particularly when portfolio companies raise follow-on capital. The firm's model relies on co-investor relationships with larger multi-stage funds that can lead Series A rounds for its seed portfolio.