Not Boring Capital

Packy McCormick, the founder of the Not Boring newsletter, runs the investment process. The firm's strategy is closely tied to McCormick's own research and thesis development, published publicly through his writing.

Deal flow is heavily driven by the Not Boring media platform. McCormick's deep-dive analyses of companies and sectors often surface potential investments, and the firm's public profile attracts inbound interest from founders building complex, technically ambitious businesses.

While it operates as a venture capital investor, Not Boring Capital is unusual in that it is an extension of a media business. The fund's sourcing, diligence, and portfolio support are integrated with the Not Boring newsletter and community, making it a hybrid content-and-capital model.

The firm has not published an explicit avoidance list. Its stated focus is on startups tackling incumbent industries through vertical integration, which implicitly excludes asset-light, single-layer software plays that do not have a physical or infrastructural component.

The firm's specific follow-on investment policy is not publicly detailed. Given its early-stage focus and the deep relationships built through the media platform, continued support in later rounds is plausible but not formally confirmed.

No public information specifies a formal co-investment program. The firm's deal flow is largely proprietary, sourced through the Not Boring ecosystem, and it does not market itself as a co-investment partner for other fund managers.

All three are part of Packy McCormick's broader Not Boring ecosystem. The free newsletter drives audience and deal flow; the paid publication, Not Boring World, hosts essays by practitioners; and Not Boring Capital is the investment arm that backs companies aligned with the theses developed across those platforms.