Union Square Ventures

Union Square Ventures runs deliberately small funds from a small team, and publishes its investment thesis openly — an unusual practice that lets founders self-select before approaching.

Successive theses have moved from large networks of engaged users, through trusted brands and open protocols, to a current emphasis on climate, health, and expanded access to knowledge and capital.

The firm's public thesis has always centred on networks: businesses whose value comes from the connections between participants rather than from the product alone.

It was an early institutional believer in open protocols and crypto networks, well before most generalist firms engaged with the category.

• Publishes its investment thesis publicly and updates it over time
• Small funds and a small partnership
• Leads early rounds and takes board seats
• Long holding periods, including through public listings
• Extensive public writing on its reasoning

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Founded by Fred Wilson and Brad Burnham, both of whom have written publicly about venture capital for two decades. Albert Wenger and Rebecca Kaden are among the current partnership.

Because the thesis is published, a founder can assess fit before the first meeting — and the firm expects founders to have done so.

The partnership is small, so partner attention is real but the number of new investments each year is correspondingly limited.