Threshold Ventures

Managing Partners Emily Melton and Josh Stein share decision-making authority. Both have equal voting power on the investment committee and have worked together since their tenure at DFJ. No junior partners or principals have check-writing authority without their approval (per the firm's public communications).

The firm relies on its two-decade network built through the DFJ ecosystem and direct founder relationships. Stein's early backing of Box and Yammer, and Melton's digital health network, generate inbound referrals. They do not operate a formal scout program, instead concentrating sourcing within the general partnership (per firm structure).

Threshold is structured as a conventional venture capital partnership, not a family office. Its 2019 rebrand from DFJ Growth created a clean break: the new funds, Threshold Ventures I through III, are governed solely by Melton and Stein's entity, separate from DFJ's management company (per SEC filings).

Threshold invests exclusively through direct equity in portfolio companies. It does not allocate capital to other venture funds as a limited partner, nor does it run a fund-of-funds program. Its vehicles are designed for direct company ownership from seed to Series C (per the firm's stated strategy).

Melton and Stein retained board seats and carried interest from DFJ Growth Fund III when they formed Threshold, meaning legacy positions — including SpaceX, Unity, and Stripe — remain part of their active track record. However, the DFJ brand is not involved in Threshold's new fund investments or governance (per public record).

Threshold leads or co-leads seed through Series C rounds. Initial check sizes range from $1 million at seed to $75 million in growth, with significant follow-on reserves. The firm prefers to be the first institutional capital in or to co-lead alongside one other known firm (per firm communications).

Threshold does not invest in therapeutics, medical devices, or traditional hardware without a software component. It also avoids capital-intensive sectors like semiconductor fabrication and heavy manufacturing, concentrating on software-driven businesses with clear product-market fit signals (per public portfolio analysis).