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Nomo Ventures
Rahul and Kate run Nomo Ventures, a pre-seed firm that backed Expensify when profitability was unpopular — producing a NASDAQ IPO with $150M+ ARR.
Nomo Ventures
Nomo Ventures operates as a concentrated pre-seed vehicle run by investing partners Rahul and Kate. The firm writes initial checks at inception — before institutional seed rounds — and maintains board-level relationships with portfolio companies through IPO and acquisition. Expensify CEO David Barrett described Nomo as the only investor willing to underwrite the company's unorthodox profitability-first model during a cycle when the industry chased unprofitable unicorns. The firm's deployment concentrates on enterprise software and fintech infrastructure, with confirmed positions in Expensify (expense reporting, NASDAQ: EXFY), Meridian (international payments), Pry (financial forecasting), Glide (credit union operating system), Triumph (gaming payments infrastructure), TaxWire (sales tax compliance), Nostra (commerce enablement), Fun (web3 checkout), Project Admission (ticketing revenue capture), Dyneti (payment fraud prevention), and Simulate (food technology). Geographic focus centers on United States-based founders, with a pattern of holding positions through multiple liquidity events — Expensify reached IPO, while portfolio companies Aurora (NASDAQ: AURC) and several others exited to strategic acquirers including Google, Apple, Salesforce, Ford, PPG, Spectrum Equity, and Mitsubishi. Nomo's team structure and total deployment remain undisclosed. The firm has not publicly raised institutional funds or disclosed limited partner relationships. The partnership model centers on two named principals who take late-night founder calls and participate directly in complex negotiations — a pattern documented across multiple founder testimonials, including from Simulate CEO Ben Pasternak and Athena CEO Lisa Falzone, who raised roughly $200 million across her venture financing history. The structural differentiator is the firm's explicit rejection of growth-at-all-costs venture norms in favor of underwriting profitable unit economics at the pre-seed stage. This runs counter to the standard playbook of most pre-seed funds, which typically bet on narrative and team before traction. Nomo's model requires revenue discipline from inception — an architecture that produced Expensify's cash-flow-positive IPO path while the broader market funded unprofitable competitors.
General information
Firm type
Venture Capital
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Sector focus
Frequently asked questions
Who runs investment decisions at Nomo Ventures?
The firm is run by two investing partners, Rahul and Kate, who make all investment decisions personally. Founder testimonials on the firm's website describe both partners taking late-night calls and participating directly in complex negotiations, indicating a flat decision-making structure with no investment committee layer between founders and capital.
Does Nomo Ventures raise outside funds or invest its own capital?
Nomo Ventures has not publicly disclosed raising institutional funds from limited partners. The firm describes itself as a pre-seed venture firm, and multiple founder testimonials emphasize the personal nature of the relationship — suggesting the partnership invests its own capital directly without the fund-cycle constraints that govern most venture firms.
What investment stages does Nomo Ventures typically target?
Nomo targets the pre-seed stage exclusively, investing in founders at inception before institutional seed rounds. The firm's website states this explicitly: 'NOMO VENTURES is a pre-seed venture firm investing in founders at inception.' Portfolio evidence confirms the pattern — companies like Expensify were backed when no other venture investors were willing to underwrite the business.
Which sectors does Nomo Ventures explicitly avoid?
Nomo does not publish a formal exclusion list, but the portfolio concentration reveals a clear pattern: the firm avoids capital-intensive sectors like biotech, hardware, and deep tech in favor of enterprise software and fintech infrastructure. The disclosed portfolio is entirely software and payments companies with asset-light business models that can demonstrate unit profitability early.
What is Nomo Ventures' known posture on follow-on investments?
Nomo does not publicly state its follow-on policy, but multiple founder testimonials describe the firm maintaining board-level relationships through IPO and acquisition — including Expensify's entire journey from pre-seed to NASDAQ. This suggests the firm reserves capacity for follow-on investments rather than adopting a spray-and-pray model common at the pre-seed stage.
How does Nomo Ventures source its deals?
Nomo does not publicly describe its sourcing model, but the concentrated portfolio and deep founder relationships documented in testimonials suggest a network-driven, referral-heavy approach rather than a high-volume inbound funnel. Both named partners appear to cultivate direct founder relationships rather than relying on associate-driven deal sourcing.
Has Nomo Ventures produced liquidity events for its portfolio companies?
Yes. Confirmed exits include Expensify's IPO on NASDAQ (EXFY), Aurora's public listing (NASDAQ: AURC), and acquisitions by Google, Apple, Salesforce, Ford, PPG, Spectrum Equity, and Mitsubishi. The firm's website lists these acquirers beneath respective portfolio company logos, indicating realized returns across multiple vintages.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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