How Maveron Thinks Beyond the Multiple

Consciously funding technology

I visited a business school to write What Fake Brains Can’t Model but didn’t even come back with a case study. Here it is.

I argued AI cannot replace the core skills of good character and trust building for investors. “Thinking Beyond the Multiple” was the theme for that day, but I left lacking tangible examples of what thematic investments can genuinely be made. After all, this newsletter, Grand Technology, investigates ways technology impacts our daily lives… Money matters.

Growing up, I built gaming PCs; eBay connected me with buyers and sellers. I’m allergic to cats; Pacagen’s cat-food mix and spray erases my symptoms. I stopped talk therapy because the conversations lacked tangible goals and slowly grew pointless; Two Chairs sets a timeline to stack wins over a specific number of sessions.

Every one of these companies influenced my life and had major backing from one firm— Maveron.¹

“A business that makes nothing but money is a poor kind of business.” - Henry Ford²

So how does Maveron for twenty years manage to “think beyond a multiple” when technology markets can reward innovations that hurt us? After all, the doomscroll is the cigarette of our century.

Maveron views generating returns and positive impact to consumers as not opposed. The firm claims its first value is “profit + purpose” that support “future-focused” founders who patiently reshape antiquated industries across real estate, energy, fintech, education, food, and health care.³⁴⁵

Maveron— different in the Macro

Their positioning bucks the recent trend of “megadeals” in venture capital. Maveron’s funds and checks stay relatively smaller. 50% of the 2025 deal value was invested in just 0.05% of the completed deals.⁶ “The SoftBank Effect” is a swell of larger funds writing bigger checks.⁷ That’s been subject to criticism where well-intentioned founders into building bad products too fast.⁸

Source: PitchBook-NVCA Venture Monitor Q4 2025 Report

Maveron’s team believes in a “Psychological Contract” that commits its team and companies to three pillars of humility, discipline, and culture.⁹ This comes in public decisions across raising and investing.

• The firm turned down over $70M from its $180M VII fund.¹⁰

• At the cost of faster growth, Two Chairs believes it’s building a force of higher-quality therapists in part by staffing them as W2 employees rather than contracting them as 1099s.¹¹

• The firm prioritizes investing in culture, like Sage, who in 2024 hadn’t lost a single customer.¹²

• Maveron earned its B-corp certification in 2021 when there were fewer than ten investment firms nationwide that had it.¹³

In a time when venture funds are swelling to stuff more money into founders, Maveron is practicing prudence to build durable, lasting, and trustworthy brands.

Non-Normal People

Samuel A. Maverick (1803 - 1870) – lawyer, politician, businessman, and Texas Revolution veteran.

The firm’s name “Maveron” embodies the familiar values in venture capital of rugged individualists and entrepreneurs. As Mayor of San Antonio, he notoriously left his cattle unbranded throughout his ranch lands.¹⁴ “Mavericks” soon became a term for other independent animals and later inspiration for the firm’s name, a portmanteau of “maverick” + “vision”.¹⁵

Maveron’s commitment to being different starts with who sits at every table. The firm looks for “non-normal people” that prioritize the people in its firm and its partners. Building trust requires a diverse investing team to invest in diverse companies.¹⁶

“Relationships over transactions”. - Maveron¹⁷

The venture capital industry notoriously lacks diversity: Black investors make up 4% of venture capitalists, 16% of all venture partners are women, and only 35% of venture firms have any female partners.¹⁸ Maveron swims against that tide with the claim it “has always included female partners with check-writing capability”.¹⁹

The best founders realize that building a company is a process that takes a long time. It’s not about yesterday, it’s what you do today and tomorrow. - Dan Levitan²⁰

Performance: Prudence pays off

That temperance has allowed Maveron to weather market cycles in consumer technology through two decades.²¹ Co-Founders Dan Levitan and Howard Schultz’s²² firm made its first investment in eBay in 1998 when creating a consumer marketplace was novel.²³ eBay and the firm successfully rode out the Dotcom Bubble that crushed other online marketplaces like Pets.com, eToys.com, and Webvan.²⁴

Since raising its first dedicated fund in 2004, the firm has accomplished many successful exits such as Trupanion (Lead Series A 2008²⁵, IPO 2014²⁶), Zulily (seed and series A²⁷, IPO 2013,²⁸ now acquired 2024²⁹), AllBirds (lead Series A 2016³⁰, IPO 2021³¹).

Two decades of patience have proven consumer venture can be resilient — but not without bruises. Consumer brands must navigate the “Facebook and Google Tax” that undermines the ability for brands to grow.³² These platforms provide easy marketability but also cut into profits. In turn, Maveron advises its companies sell every way it can and pursue omnichannel distribution. Still, Maveron-backed AllBirds announced that it’s closing its brick-and-mortar stores as it pivots to online direct-to-consumer as the brand struggles.³³

Where Maveron is investing

Despite headlines and rhetoric by pundits on social media platforms, consumer venture is not dead. - Maveron³⁴

Maveron views the state of the consumer industry shifting in an “Age of Personalization”. Built on big data and advances in AI interpreting it, consumers are now expecting tailored customization in every product.³⁵ The firm has invested in four domains personalizing, examples including:³⁶

• Personalizing Health and Wellness— IVF diagnostics: ALifeHealth³⁷ and “Investigative” Pet Regenerative Meds: Gallant³⁸;

• Personalizing Knowledge— online learning: Engageli³⁹ and understanding personal finances: Domain Money⁴⁰

• Personalizing Labor— a high-skilled tech talent job board: Free Agency⁴¹ and empowering senior living caregivers: Sage⁴²

• Personalizing Power— e.g. lowering hospital bills: Goodbill⁴³ and making second home co-ownership easier: Pacaso⁴⁴

What Maveron wants to invest in

Maveron is looking to write checks for startups and founders in this Age of Personalization. Consumers buy from trustworthy brands that engage with them more deeply. Consumer businesses want stronger systems for leaner operators.

An entirely new generation of consumers that grew up with algorithms is coming to market — Gen Alpha, today’s teens and preteens — with $100 billion in spending power that’s only growing.⁴⁵ Where millennials were receptive to careful creation, and Gen Z sought out authenticity and irony, Gen Alpha participates with brands by remixing ads and evangelizing everything. This is leading companies to operate where these consumers are. For example, Nike teamed up with Roblox to create a virtual world, “Nikeland”.⁴⁶

What’s more, Maveron believes artificial intelligence can build more community, rather than detract from it. Go opposite of the uncanny valley. Brands can aid human connection—and not just replace it— by improving real human life like matching better relationships and easing the logistics of raising a family.⁴⁷

Operating systems will respond more quickly to demand signals and speed up product innovation cycles.⁴⁸⁴⁹ In the coming decade, brands that launch new products the fastest-to-the-shelf will win the distribution game of capturing mindshare.⁵⁰ That’s already happening.

Last Friday, Maveron announced it led a $3.2 million seed round in JampackAI that automates the purchase order lifecycle from ingestion to freight booking to invoicing. The announcement reports, “What once took operators six-plus hours per order can now take under 60 seconds. Jampack is transforming brands’ reality, saving customers 20+ hours per week, cutting freight costs 30%, and reducing inventory errors 92%.”^{59 62}

JampackAI’s impact is a sign of the times. Lean operations can become a moat, opening up the opportunity for a new wave of “Houses of Brands” to arise. Gone are the behemoth P&G and Unilever of old built on scale; in are nimble newcomers like ZyG, Gruns, and Paragon— new Houses with leaner AI-enabled foundational systems.⁵¹

The profile today examines how ethics can write a winning playbook.

Thank you for reading— always more to follow,

Max

This post was written originally for the firm a while ago. It has been since edited and republished. I enjoy the process of technology and economics research. Follow what gives you energy.

No AI was used in sourcing facts. The bibliography is a relic of doing things. You can find a PDF of my hand-written notes here.

1. “Portfolio,” Maveron, maveron.com/portfolio. https://www.maveron.com/portfolio

2. Barry Popik, “A business that makes nothing but money is a poor kind of business, BarryPopik.com (September 3, 2013). https://barrypopik.com/blog/a_business_that_makes_nothing_but_money_is_a_poor_business

3. “Portfolio,” Maveron, maveron.com/portfolio. https://www.maveron.com/portfolio

4. Maveron, “Maveron Becomes a Certified B Corp,” Maveron (Medium) (June 22, 2021). https://medium.com/maveron/maveron-becomes-a-certified-b-corp-b425e97d012f

5. Maveron, “Congratulations to the Allbirds Flock on Your IPO!” Maveron (Medium) (January 4, 2022).

https://medium.com/maveron/congratulations-to-the-allbirds-flock-on-your-ipo-62bab2cbbf1c

6. PitchBook-NVCA Venture Monitor, Q4 2025, National Venture Capital Association (January 2026).

https://nvca.org/wp-content/uploads/2026/01/q4-2025-pitchbook-nvca-venture-monitor.pdf

7. Kate Clark, “Allbirds, Everlane investor Maveron turned away more than $70M for its latest fund,” TechCrunch (May 29, 2019). https://techcrunch.com/2019/05/29/allbirds-everlane-investor-maveron-turned-away-more-than-70m-for-its-latest-fund/

8. Nathaniel Popper, Vindu Goel, and Arjun Harindranath, “The SoftBank Effect: How $100 Billion Left, Workers in a Hole,” The New York Times (November 12, 2019) https://www.nytimes.com/2019/11/12/technology/softbank-startups.html

9. Maveron, “Is Costco the World’s Most Loved Consumer Brand?” Maveron (Medium) (September 24, 2024). https://maveron.medium.com/is-costco-the-worlds-most-loved-consumer-brand-a75b2dea1307

10. Now on its next $225M VIII fund. See Kate Clark, “Allbirds, Everlane investor Maveron turned away more than $70M for its latest fund,” TechCrunch (May 29, 2019). https://techcrunch.com/2019/05/29/allbirds-everlane-investor-maveron-turned-away-more-than-70m-for-its-latest-fund/

11. “Two Chairs,” Maveron, maveron.com/portfolio/two-chairs. https://www.maveron.com/portfolio/two-chairs

12. Maveron, “Sage’s $35M Series B: A Leap Forward in Empowering Caregivers and Elevating Senior Care,” Maveron (Medium) (December 5, 2024). https://maveron.medium.com/sages-35m-series-b-a-leap-forward-in-empowering-caregivers-and-elevating-senior-care-afb12c411969

13. “Purpose and Profit: Why this venture capital firm became a ‘B-Corp’ and wants others to follow,” GeekWire (July 15, 2021). https://www.geekwire.com/2021/purpose-profit-venture-capital-firm-became-b-corp-wants-others-follow/

14. Maveron, “Our Values,” Maveron (Medium) (June 26, 2019). https://medium.com/maveron/our-values-ed632dfcca2d

15. Maveron, “Unveiling Maveron’s Bold New Website: Embracing Our Legacy, Continuity, and Evolution,” Maveron (Medium) (August 22, 2023). https://maveron.medium.com/unveiling-maverons-bold-new-website-embracing-our-legacy-continuity-and-evolution-acb4bb26291f

16. Maveron, “Our Values,” Maveron (Medium) (June 26, 2019). https://medium.com/maveron/our-values-ed632dfcca2d

17. Ibid.

18. Alice Wenner, “Lack of Diversity is a Missed Opportunity for VC Industry, Crunchbase (February 22, 2023). https://about.crunchbase.com/blog/lack-of diversity-is-a-missed-opportunity-for-vc-industry

19. Maveron, “Maveron Becomes a Certified B Corp,” Maveron (Medium) (June 22, 2021). https://medium.com/maveron/maveron-becomes-a-certified-b-corp-b425e97d012f

20. Maveron, “Congratulations to the Allbirds Flock on Your IPO!” Maveron (Medium) (January 4, 2022). https://medium.com/maveron/congratulations-to-the-allbirds-flock-on-your-ipo-62bab2cbbf1c

21. Natalie Dillon and Simran Suri, “The State of Consumer Investing: A Reflection on Three Decades of Market Cycles,” Maveron (Medium) (August 22, 2024). https://maveron.medium.com/the-state-of-consumer-investing-a-reflection-on-three-decades-of-market-cycles-a471d56478f4

22. Howard Schultz, as reported in 2019 by TechCrunch, is no longer actively involved in the fund.

23. Anna Hensel, “Maveron co-founder Dan Levitan’s VC playbook for identifying brands that can scale,” Modern Retail (September 3, 2019).

24. Online Retail and the Dot-Com Bubble,” Bringg. https://www.bringg.com/resources/online-retail-dot-com-bubble

25. Trupanion, “Trupanion is the Cat’s Meow!” Business Wire (February 20, 2008). https://markets.financialcontent.com/stocks/news/read/4665676/Trupanion_is_the_Cat’s_Meow!

26. Trupanion, Form S-1 Registration Statement, U.S. Securities and Exchange Commission (2014). https://www.sec.gov/Archives/edgar/data/1371285/000119312514237894/d661590ds1.htm

27. Jason Del Rey, “Before Zulily’s IPO, One VC Firm Has Already Cashed In on Startup’s Success,” AllThingsD (October 8, 2013). https://allthingsd.com/20131008/before-zulilys-ipo-one-vc-firm-has-already-cashed-in-on-startups-success/

28. Zulily, Form S-1 Registration Statement, U.S. Securities and Exchange Commission (2013).https://www.sec.gov/Archives/edgar/data/1478484/000119312513393718/d552850ds1.htm

29. “Zulily To Reopen After Beyond Acquisition,” RetailBoss. https://retailboss.co/zulily-to-reopen-after-beyond-acquisition/

30. “Allbirds secures $7.25m series A round, new colours announced,” FashionNetwork (September 7, 2016). https://us.fashionnetwork.com/news/Allbirds-secures-7-25m-series-a-round-new-colours-announced,729686.html

31. Allbirds, Form S-1 Registration Statement, U.S. Securities and Exchange Commission (2021). https://www.sec.gov/Archives/edgar/data/1653909/000162828021017824/allbirdss-1.htm

32. Anna Hensel, “Maveron co-founder Dan Levitan’s VC playbook for identifying brands that can scale,” Modern Retail (September 3, 2019). https://www.modernretail.co/retailers/maveron-co-founder-dan-levitans-vc-playbook-for-identifying-brands-that-can-scale/

33. “Allbirds becomes latest retailer to close brick-and-mortar stores in shift to online focus,” CNBC (January 28, 2026). https://www.cnbc.com/2026/01/28/allbirds-stores-retail.html

34. Maveron and Simran Suri, “AI Is Transforming CPG Distribution,” Maveron (Substack) (November 7, 2025). https://maveronvc.substack.com/p/ai-is-transforming-cpg-distribution

35. Natalie Dillon and Simran Suri, “The State of Consumer Investing: A Reflection on Three Decades of Market Cycles,” Maveron (Medium) (August 22, 2024). https://maveron.medium.com/the-state-of-consumer-investing-a-reflection-on-three-decades-of-market-cycles-a471d56478f4

36. Mirroring the structure of this article: Maveron, “The State of Consumer Investing: Maveron’s Focus Areas,” Maveron (Medium) (September 5, 2024). https://maveron.medium.com/the-state-of-consumer-investing-maverons-focus-areas-51a5f90c373b

37. Anarghya Vardhana, “Welcoming Alife to the Maveron Portfolio,” Medium (March 22, 2022). https://medium.com/@anarghya503/welcoming-alife-to-the-maveron-portfolio-9e42fd635424

38. “For Vets,” Gallant, gallant.com/for-vets/ https://www.gallant.com/for-vets/

39. “Virtual Classroom,” Engageli, engageli.com. https://www.engageli.com/products-services/virtual-classroom

40. Our Process,” Domain Money, domainmoney.com. https://www.domainmoney.com/our-process

41. Free Agency, freeagency.com. https://www.freeagency.com/

42. Maveron, “Sage’s $35M Series B: A Leap Forward in Empowering Caregivers and Elevating Senior Care,” Maveron (Medium) (December 5, 2024). https://maveron.medium.com/sages-35m-series-b-a-leap-forward-in-empowering-caregivers-and-elevating-senior-care-afb12c411969

43. Goodbill, goodbill.com. https://www.goodbill.com/

44. “Co-Ownership,” Pacaso, pacaso.com. https://www.pacaso.com/coownership

45. DKC, “A Guide to Gen Alpha Insights on the Gateway Generation,” DKC News (July 25, 2025). https://dkcnews.com/genalphareport/

46. “Nike teams up with Roblox to create a virtual world called Nikeland,” CNBC (November 18, 2021). https://www.cnbc.com/2021/11/18/nike-teams-up-with-roblox-to-create-a-virtual-world-called-nikeland-.htmlz and Maveron, “The Next Cultural Powerhouse: Why Gen Alpha Can’t Be Ignored, Maveron (Substack) (October 23, 2025).

47. I struggled to see the evangelizing logic and found significant overlap in the dating and friendship theses. Maveron and Simran Suri, “What We’re Thinking About Community and Its Nine Lives,”Maveron (Substack) (November 21, 2025). https://maveronvc.substack.com/p/what-were-thinking-about-community

48. Maveron, “What 2025 Taught Us About Building for 2026,”Maveron (Substack) (January 16, 2026). https://maveronvc.substack.com/p/what-2025-taught-us-about-building

49. Maveron and Simran Suri, “The Case for an Operating System to Power CPG R&D,” Maveron (Substack) (September 11, 2025). https://maveronvc.substack.com/p/the-case-for-an-operating-system

50. Maveron, “The Invisible Rebuild: How AI Is Quietly Reshaping the Backbone of CPG,”Maveron (Substack) (January 29, 2026). https://maveronvc.substack.com/p/the-invisible-rebuild-how-ai-is-quietly and Maveron and Simran Suri, “AI Is Transforming CPG Distribution,” Maveron (Substack) (November 7, 2025). https://maveronvc.substack.com/p/ai-is-transforming-cpg-distribution

51. Maveron and Simran Suri, “AI Is Transforming CPG Distribution,” Maveron (Substack) (November 7, 2025). https://maveronvc.substack.com/p/ai-is-transforming-cpg-distribution