When I started Ascend in 2019, I realized even though I was o-l-d OLD, I had more in common with the folks in town who were earlier in their professional investing journeys than the venerable VC’s I’d pitched as a founder. I admire and respect the new wave of Seattle/Pacific Northwest venture capitalists, and thought it would be fun to profile some of our region’s up and coming VC talents in these pages. —KW
Colin Tobias is a Partner at Semper Virens, investing in technology transforming work, health, and financial wellness.
What made you decide to be a professional investor?
My path into venture was non-linear, but I have always been interested in technology, finance and investing so, in retrospect, it seems natural that I have ended up as a venture investor. I didn’t intentionally plan on working in VC, however as the opportunity arose I loved the idea of combining my interests and working alongside incredible entrepreneurs as they build enduring, impactful businesses! I was lucky enough to start my investing career at a growth-stage fund called Tenaya Capital learning under some amazing investors / mentors and now feel lucky to be a part of the awesome team at SemperVirens.
What did you do before becoming an investor and how does that benefit your founders?
I started my career at a large finance and accounting firm in the Bay Area serving venture-backed startups as well as their investors (VC funds). I worked there for three years, during which I spent time across their valuation, audit and tax teams. That experience was a valuable foundation for how I think about and help our portfolio companies today as much of the financial engineering and corporate strategy is typically overlooked until it is too late. This experience is a great compliment to the benefit that our fund and ecosystem offers, which is focused on accelerating a company’s GTM (more on that below).
Why should founders want you on their cap table?
At SemperVirens, we have a very focused, thesis-driven investment strategy – investing in workforce, healthcare and financial companies that primarily sell B2B. We have built a strategic people-focused ecosystem that supercharges our portfolio by unlocking thousands of customer introductions and channel partnerships across 100+ CHROs of publicly traded companies like UPS, Visa, and Disney, as well as key systems partners, insurance carriers / payers , hospital systems, and brokers. It’s easier to show rather than tell, so view our awesome ecosystem here.
How many new pitches (actual calls/zooms) do you take per month?
As a team, we’re lucky to meet with between 100-125 entrepreneurs each month.
How many new investments do you make per year?
We make 8-12 new investments each year out of our core Seed / Series A fund, as well as 3-4 growth deals out of our later-stage fund.
What's your sweet spot(s) in terms of check size, valuation, and vertical?
We typically invest in Seed and Series A companies with an initial check size between $500k - $5 million depending on round dynamics (stage, valuation, etc.). We invest across three core verticals:
Workforce - essential solutions and services that are redefining the way employers and employees work.
Healthcare - technology-enabled healthcare products that help employers, payers and providers offer better care, reduce costs, and comply with new regulations.
Financial - software products that are used by businesses and consumers to enable, enhance, and disrupt financial services.
What one portfolio company do you want to hype for us here?
I’d be remiss not to mention our sole PNW investment, Karat. Karat created the Interviewing Cloud to conduct technical interviews on behalf of organizations hiring software engineers. Mo and Jeff are incredible founders and we’re lucky to be partners with them along this incredible journey.
What do you think the next ten years looks like for Seattle/Pacific Northwest startups?
While I am relatively new to the PNW, I am extremely bullish on the ecosystem - there is incredible energy and excitement as entrepreneurs are building the next wave of category-defining businesses supported by some great investors like Kirby and Jen. While my fund is based in the Bay Area, my goal is to make the PNW the second largest investment geography outside of Northern California!
What song is currently getting the most run on your Spotify/Apple Music?
I’m a big fan of the Spotify personalized playlists which tend to surface a lot of EDM / house music. That said, we’ve recently bought a record player which has reawakened my love for the classics – Led Zeppelin and Fleetwood Mac have been the staples.
Favorite shoes?
I am typically always seen in my Nike Killshot 2’s which are my daily wear - so much so that I have back-up pairs (my wife has been successful in getting me to branch out though!).
Favorite cooking ingredient?
Onions - such a staple to many incredible dishes and the smell of sauteed onions is always a sign that an incredible meal is around the corner.