Updated:
Threshold Ventures
Emily Melton and Josh Stein run Threshold Ventures, the DFJ Growth spinout that backed Coinbase and Box, investing from seed to growth in technical...
Threshold Ventures
Threshold Ventures emerged from the DFJ network in 2017 and rebranded in 2019 when Managing Partners Emily Melton and Josh Stein formalized the firm's independence. The pair had invested for DFJ for over a decade, building a portfolio that included Box, Yammer, and Anaplan. Melton, previously a partner at DFJ, focuses on digital health and enterprise, while Stein, known for leading DFJ's investment in Box at its Series A, concentrates on developer tools, infrastructure, and consumer platforms. The firm traces its lineage to DFJ's growth practice, not its earlier venture funds. The firm targets technical founders at the seed, Series A, and Series B stages, with the flexibility to invest up to $75 million in growth rounds. Its portfolio spans enterprise software, developer tools, fintech, digital health, and deeply technical sectors including robotics and space. Identifying early leadership in nascent categories defines the approach; the firm was a seed investor in LaunchDarkly in 2014 before its rebrand and led Astra Space's Series A. Other positions include Samsara, Guild Education, and Plaid. The firm invests across North America and selectively in Europe and Israel. Threshold operates from a single office in Menlo Park, California, keeping the partnership deliberately small. In January 2023, the firm closed Threshold Ventures III, its third independent fund, at $350 million, according to SEC filings (per Axios, January 2023). The vehicle is roughly twice the size of its predecessor, reflecting the firm's capacity to support portfolio companies through later rounds without relying on external co-leads. The firm does not maintain a public philanthropic vehicle separate from its investment operations. Threshold's structural edge is a disciplined separation from the sprawling DFJ brand, executed without portfolio disruption. The partnership retained carry and board seats from the DFJ Growth fund era while building an independent franchise that raised dedicated capital under the Threshold banner. Legacy DFJ Growth III positions, including SpaceX, Unity, and Stripe, remain associated with the team's track record, but the new funds are governed solely by Melton and Stein's investment committee, with no DFJ influence on capital deployment.
General information
Firm type
Asset Manager
Year founded
2017
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Menlo Park
Corporate office
Menlo Park, CA, United States
Principals
Emily Melton
Managing Partner
Josh Stein
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at 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).
How does Threshold Ventures source proprietary deal flow?
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).
Is Threshold Ventures structured like a traditional venture firm or does it operate differently?
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).
Does Threshold participate in fund commitments or only direct deals?
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).
What is Threshold's relationship to DFJ's legacy portfolio?
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).
What investment stages does Threshold typically target?
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).
Which sectors does Threshold explicitly avoid?
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).
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: