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Stealth case study. Company and founder name withheld — round not yet publicly announced. Updated when announced.
CASE STUDY · STEALTH · PROPTECH

From a reconnection to a $600K pre-seed.

A workflow automation play in a regulated real-estate services market. Six checks landed via MatCap intros — from Hustle Fund, Monsoon, Copper Sky (Jack Selby), Unexpected Investments (Josh Constine's fund), and two prominent angels.

FOUNDER
Withheld
SECTOR
PropTech · Workflow
STAGE
Pre-seed
FIRST CHECK
$150K · Elizabeth Yin · Hustle Fund
RAISED
$600K
SOURCE OF INTRO
Portfolio founder referral
BY THE NUMBERS

Every intro request, accounted for.

MatCap sent 105 intro requests on the founder's behalf over roughly seven weeks. Here's how the network actually responded — including five checks that wired directly through platform intros.

105
Intro requests sent
29
Engaged · 28% accept rate
6
Checks wired via intros
$600K
Pre-seed round closed

RESPONSE BREAKDOWN

YES · 28%
PASSED · 32%
IGNORED · 40%
Yes · 29 intros · 6 wired
Passed · 34 intros
Ignored · 42 intros

FIRMS THAT ENGAGED (24+)

Hustle Fund ✓ wired
SignalFire
MonsoonVC ✓ wired
1517 Fund
Active Capital
Afore VC
Aglaé Ventures
Animo VC
Asymmetry
BBQ Capital
Boost VC
Copper Sky ✓ wired
Unexpected ✓ wired (Josh Constine)
Emerging Ventures
Freestyle Capital
Greylock
Ground Up Ventures
Hannah Grey
Incisive Ventures
Mantis VC
PHX Ventures
Social Leverage
Spark Angels
Techstars Boulder
Urban Innovation Fund
Yonder Ventures

Plus two prominent angel investors who wired directly — names held until the round is announced.

FIRMS THAT PASSED (32) — RECEIPTS, NOT JUST WINS

Avalanche VC
Banana Capital
Benchmark
Bloomberg Beta
Builders.vc
Coalition Operators
Costanoa
Crucible Capital
First Round
Flex Capital
Formation Capital
Founders Fund
Intuition VC
Long Journey Ventures
Looking Glass Capital
Matchstick Ventures
Matrix
NFX
Park Rangers Capital
Precursor Ventures
Seaplane Ventures
SF1
South Park Commons
SuperAngel
SwellVC
TerrainVC
Tucker Seed Fund
UntappedVC
Visualize Venture Group
Weekend Fund
Wischoff Ventures

Benchmark, Founders Fund, Matrix, NFX, First Round, Costanoa, Bloomberg Beta, Long Journey, Precursor, South Park Commons — Tier 1 firms took the meeting. None of them wrote a check. Hustle Fund did.

The challenge

The founder was reintroduced to MatCap through another portfolio founder. Mat had known him years before from his coding days, but the reconnection was as a fresh, first-time startup founder — nervous about venture, with deep industry knowledge but no investor network and no fundraising playbook.

He needed both education and conviction-backed intros — and a pace that would let him close a real round without burning out before he started.

What MatCap did

The outcome

Building something venture-scale?

If MatCap is the right fit, the door is open.

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