Haystack

Haystack is a prominent early-stage venture capital firm based in San Francisco, California, renowned for its high-conviction approach to backing outlier founders at the earliest stages. Founded by Semil Shah, the firm has established a reputation for identifying and supporting nascent companies, often pre-product or pre-revenue, that go on to achieve significant market impact. Haystack's investment philosophy centers on deep engagement with founders, providing not just capital but also strategic guidance and network access.

The firm primarily focuses on pre-seed and seed-stage investments across a diverse range of technology sectors, including enterprise software (SaaS), developer tools, fintech, artificial intelligence, and consumer internet. Haystack is known for its ability to spot emerging trends and disruptive technologies, often taking a lead or co-lead position in initial funding rounds. Their commitment extends beyond the initial check, aiming to be a long-term partner throughout a company's growth trajectory.

Haystack has consistently raised new funds to support its investment thesis. For instance, the firm announced Haystack IX, a $75 million fund, in 2023, followed by Haystack X, also a $75 million fund, in 2024, demonstrating continued investor confidence in their strategy. While their investment range can vary based on the stage and specific opportunity, Haystack typically deploys initial checks ranging from $500,000 to $1.5 million for seed-stage companies, though they can go smaller for pre-seed opportunities or larger for compelling lead investments. Their portfolio boasts a number of highly successful companies that have grown into industry leaders, underscoring their expertise in early-stage venture capital.