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Susa Ventures
Susa Ventures deploys a data-driven screening engine to write the first check into pre-seed and seed-stage enterprise, logistics, and fintech founders.
Susa Ventures
Susa Ventures was founded in San Francisco in 2013 by Leo Polovets, Chad Byers, and Eva Ho. Polovets brought a software engineering background from Google and Factual, while Byers had co-founded and exited a startup before moving into venture. The firm launched with a distinctive thesis: applying quantitative screening to early-stage venture, a domain historically dominated by pattern-matching and relationship networks. Susa's initial fund closed in 2013, and the firm has since raised multiple seed-focused vehicles. The firm invests primarily at the pre-seed and seed stages, writing initial checks that range from $500,000 to $2 million. Susa's portfolio spans enterprise software, artificial intelligence and machine learning, digital health, fintech, and industrial technology. Known positions include Flexport, the freight-forwarding platform that reached a multibillion-dollar valuation; Lattice, the people-management software company; and Andela, the global talent network that attracted investment from the Chan Zuckerberg Initiative. The partnership favors technical founding teams building products that reshape legacy industries, with particular attention to supply chain, logistics, and developer tools. Geographic focus centers on the San Francisco Bay Area, though the firm has backed founders in New York, Los Angeles, and emerging US tech hubs. Susa developed an internal sourcing engine called Susa Data Pipeline — a set of algorithms that scrape and rank early-stage companies by signals including hiring velocity, technical pedigree, and market traction. The firm's team remains compact, with three general partners leading investment decisions from a single office in San Francisco. In 2023, Susa announced the close of Susa Ventures IV, which targeted $250 million, with a portion allocated to a dedicated opportunity fund for follow-on investments in breakout portfolio companies. The firm is an active participant in seed syndicates and frequently co-invests alongside other early-stage specialists such as Initialized Capital and Cowboy Ventures. Susa's structural differentiator is its quantitative top-of-funnel approach applied to an asset class where most firms rely almost exclusively on referrals. The data pipeline — built and maintained by a general partner who still codes — allows Susa to identify companies months before competitors, often engaging founders who have not yet formally started fundraising. This architecturally embeds a sourcing advantage that does not depend on the network breadth of individual partners, a design that distinguishes Susa from most seed-stage firms of its size.
General information
Firm type
Private Equity
Year founded
2013
AUM
$200M - $500M (Altss estimate)
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Leo Polovets
Co-Founder & General Partner
Chad Byers
Co-Founder & General Partner
Eva Ho
General Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Susa Ventures?
Investment decisions are made by the three general partners: Leo Polovets, Chad Byers, and Eva Ho. Polovets, a former Google and Factual engineer, leads the firm's quantitative sourcing efforts. Byers and Ho each bring operating and investing experience to the partnership. The firm's compact structure means every check requires consensus among the three GPs, with no junior investment professionals writing solo commitments.
What is Susa's quantitative sourcing model?
Susa built an internal software platform historically called the Susa Data Pipeline that scrapes and ranks early-stage companies using signals like hiring data, technical background of founders, and early user traction. The system surfaces companies before they appear on other firms' radars, allowing the partnership to initiate relationships with founders who have not yet started fundraising. The pipeline is maintained by Leo Polovets, who remains a hands-on coder.
What investment stages does Susa typically target?
Susa focuses on pre-seed and seed-stage rounds, typically writing first checks between $500,000 and $2 million. The firm occasionally participates in later seed extensions and announced an opportunity fund in 2023 dedicated to follow-on investments in breakout portfolio companies. Susa does not lead Series A rounds or invest at the growth stage.
How is Susa Ventures different from other seed-stage firms?
Most seed firms rely on referrals and network-driven deal flow. Susa deploys a proprietary data engine that algorithmically identifies early-stage companies, giving the firm visibility into founders who may not yet be actively fundraising. The model embeds a structural sourcing advantage independent of any single partner's personal network, which is uncommon among firms of Susa's size.
Does Susa Ventures participate in fund commitments or only direct deals?
Susa invests directly into startups and does not operate as a fund-of-funds. The firm does, however, co-invest alongside other early-stage venture firms and participates in syndicates. Its opportunity fund, added with the fourth fund vintage, allows for continued direct investment into companies the firm backed at the seed stage.
Which sectors does Susa Ventures explicitly avoid?
Susa does not publicly maintain an explicit exclusions list, but its portfolio concentrations reveal clear boundary lines. The firm has made no known investments in consumer social media, cryptocurrency or web3 companies, or capital-intensive hardware businesses. Its focus remains on enterprise software, applied AI, logistics and supply chain, digital health, and fintech — sectors where technical founders sell to businesses rather than consumers.
What is Susa's known posture on co-investments alongside external GPs?
Susa regularly co-invests with other seed-stage firms and has appeared in cap tables alongside Initialized Capital, Cowboy Ventures, and others. The firm participates in syndicated seed rounds and does not require lead-investor exclusivity. Its partners have noted publicly that collaborative syndicates often produce stronger governance for young companies.
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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