Updated:
Structure Capital
Structure Capital backs seed-stage startups that unlock revenue from under-utilized assets — a thesis it deployed into Uber's earliest days.
Structure Capital
Structure Capital launched in 2013 in San Francisco, founded by Mike Walsh and Jillian Manus. The firm emerged as the sharing economy gained momentum, positioning itself as an early backer of companies that could scale by leveraging idle capacity — cars, homes, office space — rather than building costly physical infrastructure from scratch. The firm targets seed-stage investments, with a stated preference for companies that generate large revenues by exerting under-utilized assets. Its portfolio spans software-driven marketplaces, mobility platforms, and resource-optimization businesses. The strategy includes reserved capital for follow-on financing rounds, giving the firm a longer on-ramp with its founders. Known portfolio companies include Uber and ride-sharing competitor Lyft, along with energy-sharing platform Mosaic. Geographic focus centers on North America, though the firm has reviewed deals in Europe and Latin America where its thesis on asset efficiency translates. Structure Capital operates with a lean team from its San Francisco headquarters. The firm does not publicly disclose assets under management or total deployment figures. No additional offices or affiliated vehicles, such as philanthropic foundations or co-investor clubs, have been publicly confirmed. In public appearances, Walsh and Manus have emphasized the "Zero Waste Economy" — a framework they argue defines the next generation of high-efficiency startups. Structurally, the firm blends a thematic venture mandate with concentrated, high-conviction seed bets. Unlike generalist seed funds, Structure Capital stakes its reputation on one narrow thesis: that the most durable companies own as little as possible while controlling the transaction layer. That has created a distinct, if quiet, lane in a crowded Bay Area seed market.
General information
Firm type
Private Equity
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Mike Walsh
General Partner
Jillian Manus
General Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Structure Capital?
General Partners Mike Walsh and Jillian Manus lead investment decisions. Both are listed as founding partners, and their public commentary on the "Zero Waste Economy" reflects the firm's investment framework. Walsh has spoken at industry events about the firm's strategy of targeting capital-efficient marketplaces and platform businesses.
What is Structure Capital's investment thesis?
The firm focuses on the "Zero Waste Economy" — startups that generate significant revenue by leveraging existing, under-utilized assets rather than building new physical infrastructure. Early examples include Uber (idle personal vehicles), Lyft (the same), and Mosaic (residential solar financing that treats rooftops as an under-used asset). The thesis filters for high-margin, asset-light business models at the seed stage.
Does Structure Capital lead rounds or participate as a co-investor?
Structure Capital writes seed-stage checks and reserves capital for follow-on rounds, suggesting a lead or co-lead posture at the earliest stages. The firm has not publicly detailed its check-size range or pro-rata policies, but its portfolio composition points to early entry points with founder-close relationships. Public record does not indicate a fund-of-funds or club-deal model.
Which sectors does Structure Capital explicitly avoid?
The firm has not published a formal exclusion list. However, its "Zero Waste Economy" thesis implicitly filters out capital-intensive sectors like semiconductor fabrication, heavy manufacturing, and brick-and-mortar retail chains — businesses that require significant owned assets to generate revenue. Public statements consistently emphasize software-driven marketplaces and asset-light platform models.
What is Structure Capital's known posture on follow-on investments?
The firm states it reserves capital for follow-on financing rounds, which is typical for a seed-stage manager aiming to maintain ownership in breakout companies. Public record does not confirm a dedicated opportunity fund or specific allocation for later-stage participation. Structure Capital's presence in Uber's early rounds suggests it has supported companies through multiple financing stages when portfolio economics justified it.
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.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: