Susa Ventures Review: The San Francisco Seed-Stage Powerhouse
Everything you need to know about Susa Ventures: their investment thesis, notable portfolio companies, typical check size, and how to position your startup for funding.
If you're building a B2B or SaaS company at the seed stage, Susa Ventures should be at the top of your target investor list. They're one of the most successful seed-stage VCs in the industry, with an unusually high 10% unicorn rate — versus the typical 1% industry average.
Founded in 2013, Susa Ventures has established itself as a go-to investor for B2B and SaaS companies. Their portfolio includes some of the most successful companies in the industry, and they've proven their ability to identify category-defining businesses at the earliest stages.
In this guide, we'll cover what Susa looks for, their investment criteria, notable portfolio companies, and how to position your startup to catch their attention.
Investment Focus & Thesis
Susa Ventures focuses exclusively on seed-stage B2B and SaaS companies. Their thesis centers on partnering with exceptional founders building category-defining companies with compounding moats.
Stage Focus
Seed-stage exclusively, with ability to follow-on in later rounds. They partner from inception through seed.
Check Size
$250K to $1M per investment, with ability to write larger checks as companies prove themselves.
Susa focuses on companies building compounding moats:
- Network effects — Platforms that become more valuable as more users join
- Proprietary data — Companies that accumulate unique data assets over time
- Economies of scale — Businesses that become more efficient as they grow
- AI and machine learning — Companies leveraging AI to build defensible advantages
- B2B SaaS — Software solutions for businesses across all sectors
Recent Investment Activity
Susa has remained highly active in 2025 and 2026, continuing their focus on seed-stage B2B and SaaS companies. Since 2013, they've partnered with over 100 startups.
| Company | Sector | Round | Year |
|---|---|---|---|
| Cluely | AI / Productivity | Seed | 2025 |
| Ascend | Fintech | Series A | 2024 |
| Hallow | Consumer / Faith | Series B | 2024 |
| Chapter | Healthcare | Series A | 2024 |
Susa is known for their concentrated portfolios and deep engagement with each company. They'd rather back fewer companies with larger checks than spread themselves thin.
Notable Portfolio Companies
Susa's portfolio includes some of the most successful B2B and SaaS companies in the industry:
Casetext
The AI platform for legal professionals, acquired by Thomson Reuters for $650 million in 2023.
Expanse
The AI cybersecurity platform, acquired by Palo Alto Networks for $400 million in 2020.
Whoop
The fitness tracking wearable company, now valued at over $3.6 billion.
Human Interest
The 401(k) platform for small businesses, now valued at over $1 billion.
Lattice
The people management platform for high-performing teams, valued at over $1 billion.
Susa has backed over 100 companies since 2013, with 10% achieving unicorn status — far above the typical 1% seed-stage rate.
What Susa Looks For
Based on public statements and their investment patterns, here's what Susa typically evaluates:
- Founder quality — Exceptional founders with domain expertise and the ability to execute.
- Market timing — Large, evolving markets where new approaches can create significant value.
- Compounding moats — Business models that become more defensible over time.
- Data advantages — Companies that can accumulate proprietary data assets.
- Team potential — Ability to build a world-class team as the company scales.
Pro Tip
Susa is known for their concentrated portfolios and deep partnerships. They want to be more than just an investor — they want to be a true partner. When pitching, focus on how you can benefit from their network and expertise, not just their capital.
How to Connect With Susa
Getting a meeting with Susa requires demonstrating your potential as a category-defining company. Here's what we recommend:
Leverage Your Network
Warm introductions from founders in their portfolio or other top investors can help get attention.
Apply Through Their Website
They accept applications through their site. Be concise about your market opportunity and why your team is uniquely positioned.
Show Data Advantages
Emphasize any proprietary data or compounding advantages your business has or will build over time.
Demonstrate Traction
Even at seed stage, meaningful metrics — user growth, engagement, early revenue — helps differentiate your pitch.
The Value of Financial Preparedness
While Susa invests in early-stage companies, they still expect founders to have a handle on their financials. This is where many first-time founders struggle — and where bringing in fractional CFO support can make a significant difference.
Why Investors Care
- • Demonstrates business acumen
- • Shows you understand unit economics
- • Enables smarter decision-making
- • Speeds up due diligence
What You Need
- • Clear financial model with assumptions
- • Understanding of burn rate and runway
- • Realistic projections for growth
- • Capital efficiency metrics
How Eagle Rock Helps
We help seed and Series A companies build financial infrastructure that impresses investors. From pitch deck financials to runway analysis, our fractional CFO services ensure you're ready for due diligence. We also have relationships with investors across the VC ecosystem and can make introductions when the time is right.
Ready to Strengthen Your Fundraising Deck?
Whether you're preparing to pitch Susa Ventures or other top VCs, having professional financials can set you apart. Our team has helped companies raise over $200M in venture capital.
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