Wischoff Ventures Fund III Pitch Deck (2024) Breakdown

Wischoff Ventures Fund III is a $50M early-stage vehicle focused on the intersection of money, movement, and manufacturing. The deck serves as a masterclass in how emerging managers can transition from small, 'spray-and-pray' style first funds to institutional-grade concentrated portfolios. By showcasing a clear evolution from Fund I (0.70% average ownership) to Fund II (4.5% average ownership) on Slide 11, the firm proves its ability to lead rounds and secure meaningful stakes. The deck is notably transparent regarding deal flow metrics, revealing a funnel that includes 50 outbound LinkedIn…

Key takeaways

• The fund targets a $50M raise for Fund III, representing a significant scale-up from the $5M Fund I and $20M Fund II (Slide 2, Slide 11).
• Investment focus is strictly defined by four GDP drivers: Money ($3.5T), Movement ($2.3T), Manufacturing ($2.7T), and Marketplaces ($2.0T) (Slide 6).
• Track record transparency is high, showing Fund I at 1.40x MOIC and Fund II at 1.22x MOIC with a 25.83% Gross IRR (Slide 11).
• The firm demonstrates a clear strategy shift toward higher conviction, increasing average ownership from 0.70% in Fund I to 4.35% in Fund II (Slide 13).
• Deal flow is quantified through a specific outbound funnel: 50 DMs per week to PMs and Engineers at high-growth startups (Slide 24).
• The deck highlights 'Super Pro-Rata' rights and the ability to lead or co-lead deals as a core evolution of the firm's model (Slide 12).
• Portfolio construction for Fund III targets 30-35 positions with core checks between $800K and $1.6M for 7-10% ownership (Slide 25).
• Social proof is anchored by a heavy-hitting LP list including Cendana Capital, Insight Partners, and individual VCs like Peter Thiel and Lee Fixel (Slide 5).

Frequently asked questions

What is the specific investment thesis of Wischoff Ventures?

Wischoff Ventures invests in early-stage, high-growth technology companies that are bringing massive offline industries online. Specifically, they target the intersection of 'money, movement, and manufacturing.' As shown on Slide 6, they map their focus to specific US GDP drivers, prioritizing sectors like financial services, supply chain, and manufacturing, which represent trillions in market value.

How has the firm's investment strategy evolved across its three funds?

The firm has moved from a high-volume, low-ownership 'index' style to a concentrated 'lead' style. Slide 11 shows Fund I had 26 investments with only 0.70% average ownership. By Fund II, the number of investments dropped to 15 while average ownership rose to 4.5%. Fund III continues this trend, targeting 7-10% ownership per core position (Slide 25).

What does the deck reveal about their deal sourcing process?

The deck is unusually specific about sourcing. Slide 24 details an outbound LinkedIn funnel targeting Product Managers and Engineers at Series C to Pre-IPO startups. They send 50 DMs per week, achieving a 40% response rate. Additionally, Slide 7 notes they receive an average of 5 warm inbound decks and 10 cold inbound decks per day via social media.

Who are the key Limited Partners (LPs) supporting the fund?

Wischoff Ventures has secured a mix of institutional and high-profile individual LPs. Institutional backers include Cendana Capital (Anchor), Insight Partners, and Bain Capital Ventures. High-profile individual LPs listed on Slide 5 include Peter Thiel (Founders Fund), Jerry Yang (Yahoo), Lee Fixel (Addition), and David Tisch (BoxGroup).

What are the financial terms for Wischoff Ventures Fund III?

According to Slide 24, Fund III has a $50M target size. The management fee is set at 2%, and carried interest is 20%. Notably, there is a performance tier mentioned: 25% carry at a 5x performance target. The fund uses Wilson Sonsini for counsel and Cornerstone for administration.

Wischoff Ventures Fund III pitch deck: the facts

Company

Wischoff Ventures Fund III

Year

2024

Stage

Fund III

Slides

24

Sector

VC

Wischoff Ventures Fund III pitch deck PDF

The full Wischoff Ventures Fund III deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Wischoff Ventures Fund III pitch deck was used for

This deck is the fundraising pitch for Wischoff Ventures Fund III, a **$50M** early-stage venture capital fund raised in 2024 by solo GP Nichole Wischoff to invest in pre-seed and seed startups at the intersection of money, movement, and manufacturing. The fund represents a scale-up from Wischoff Ventures’ prior $5M Fund I and $20M Fund II and targets early-stage enterprise companies, particularly in fintech, logistics/supply chain, and manufacturing. In the deck (shared publicly by Nichole Wischoff in September 2024), she positions Wischoff Ventures as a non-consensus, high-conviction investor backing “unsexy but essential” sectors and bringing massive offline industries online. The deck was used to raise institutional-grade LP capital from investors including Cendana Capital (anchor), Children’s Health, Churchill Asset Management, and Screendoor for this third fund.

Business model: Venture capital fund investing primarily in B2B enterprise startups at pre-seed and seed stages.

Round

Third venture fund (Fund III) raised from LPs.

Year

2024

Raised

$50M

Lead investor

Cendana Capital (anchor LP)

Investors

Cendana Capital (anchor LP)., Children’s Health., Churchill Asset Management., Screendoor.

Founders

Nichole Wischoff.

Headquarters

Nashville, United States

Industry

Venture capital

Total funding: Has raised at least three funds: $5M Fund I, $20M Fund II, and $50M Fund III, for a total of $75M in committed capital across funds.

Use of funds as presented: To invest primarily $800K–$1.6M checks into 30–35 pre-seed and seed-stage enterprise startups in sectors tied to money (fintech/financial services), movement (logistics/supply chain), and manufacturing/industrial automation, with a target ownership of 7–10% and reserves for follow-ons.

What happened after the Wischoff Ventures Fund III deck

Wischoff Ventures Fund III successfully achieved its $50M target in 2024 with institutional LP backing and is now actively investing in early-stage enterprise startups aligned with its money, movement, and manufacturing thesis.

• Fund III closed at **$50M** in 2024, reportedly in just under five months from launch, scaling Wischoff Ventures’ total
• Anchor LP **Cendana Capital** and other institutional LPs, including Children’s Health, Churchill Asset Management, and
• External profiles indicate that Fund III is **actively deploying** capital as of early 2026, with investments consistent

What the Wischoff Ventures Fund III deck got right

• Highly focused, data-supported investment thesis. The deck articulates a **clear, tightly defined thesis** focused on bringing massive offline industries online at the intersection of money, movement, and manufacturing, supported by specific GDP and sector data, which helps LPs understand the fund’s opportunity set and boundaries.
• Transparent and rigorous portfolio construction plan. Fund III’s **portfolio construction** is explicitly detailed—$50M fund size, 30–35 positions, core checks of $800K–$1.6M, 7–10% ownership targets, collaborative checks, and reserve allocation—giving LPs a concrete understanding of how capital will be deployed.
• Demonstrated ability to scale fund platform. The deck leverages a **credible track record of scaling fund sizes** from $5M Fund I to $20M Fund II to this $50M Fund III, which external coverage highlights as evidence of growing LP confidence and the GP’s ability to execute.
• Differentiated solo GP narrative and brand. Wischoff’s **solo GP story and personal brand**—amplified through her online presence, public sharing of the deck, and media coverage—differentiate the fund and create a sense of accessibility and authenticity for LPs.
• Positioning in durable, under-loved sectors. The deck emphasizes **non-consensus, “unsexy but essential” sectors** such as freight, logistics, construction, and industrial automation, which multiple commentators describe as durable, infrastructure-like markets less correlated with hype-driven cycles.
• Clear, LP-aligned economics and incentives. Fund economics, including standard 2% management fee and 20% carry with a performance-based 25% carry tier at higher return thresholds, are laid out clearly, which can reassure LPs about alignment and governance.

What could have been stronger

• Limited detailed track-record metrics in the deck. The deck leans heavily on narrative around “non-consensus” and “unsexy but essential” sectors but, based on public teardowns, provides limited quantitative evidence of historical portfolio performance (e.g., DPI, TVPI, realized exits) from Funds I and II beyond high-level scaling of fund sizes; this can make it harder for LPs to directly connect track record metrics to the Fund III ask.
• Risk management and downside scenarios not deeply elaborated. While the fund’s thesis around money, movement, and manufacturing is clearly articulated with large GDP figures and sector mappings, the deck summarizations emphasize relatively less detail on risk management (downside scenarios, reserve strategy beyond headline percentages) and how portfolio construction adapts if the market environment worsens.
• Solo GP key-person and scaling risk not fully addressed in-deck. The solo GP structure is a core part of the story, but external commentary on the deck notes that it does not deeply address succession, capacity constraints, or key-person risk mitigation for a $50M vehicle, which some institutional LPs may probe hard on.

How an investor would read this deck

What draws attention

• The deck positions Wischoff Ventures Fund III as a **non-consensus, thesis-driven pre-seed and seed fund** anchored on the intersection of money, movement, and manufacturing, supported by clear sector mappings to multi-trillion-dollar GDP categories (e.g., financial services, logistics, manufacturin
• Portfolio construction is laid out with a **$50M fund size**, **30–35 positions**, core checks of **$800K–$1.6M** for **7–10%** ownership, and a reserve and collaborative check strategy, giving LPs a concrete picture of deployment and ownership goals.
• As a **solo GP**, Nichole Wischoff emphasizes her operating background, online presence, and prior funds (scaling from $5M to $20M to $50M) as proof of both access and the ability to win and support deals in competitive sectors.
• The deck and commentary highlight a differentiated emphasis on “unsexy but essential” sectors—freight, logistics, construction, industrial automation—suggesting a focus on durable, infrastructure-like businesses rather than hype cycles.
• Fee and carry terms summarized from the deck (e.g., 2% management fee, 20% carry with a performance tier at 25% carry for certain return thresholds) may attract LPs by aligning economics with outperformance.

Risks that stand out

• Execution risk associated with a **solo GP** managing a scaled-up $50M fund and a portfolio of 30–35 companies, including bandwidth and succession risk.
• Sector concentration risk in enterprise B2B companies focused on fintech, logistics, and manufacturing, which can be cyclical and exposed to macro factors such as interest rates, trade flows, and industrial capex.
• Fund III represents a significant step-up in fund size from prior vehicles ($5M and $20M), posing scaling risk in terms of maintaining discipline on ownership targets, underwriting standards, and portfolio support quality.
• The strategy depends on capturing non-consensus opportunities; if the market becomes more competitive in the targeted sectors or consensus shifts, it may be harder to consistently find mispriced deals at the desired ownership and check sizes.

Questions this deck invites

• How have Funds I and II performed to date on **TVPI, DPI, and IRR**, and what proportion of Fund III’s pipeline is expected to come from repeat founders or networks developed via those earlier funds?
• Given the **solo GP** model, what concrete processes are in place for investment committee substitutes, portfolio support bandwidth, and key-person insurance in the event of incapacity or scaling beyond 30–35 active companies?
• How frequently has Wischoff Ventures led rounds at pre-seed/seed historically, and what are the typical follow-on rates and markup statistics for prior portfolios, specifically in the core verticals of fintech, logistics, and manufacturing?
• What is the plan for **follow-on allocation** and reserves beyond the headline 20% figure: how many rounds per company are anticipated, and how will the fund prioritize pro-rata in a constrained capital environment?
• How sensitive is the Fund III model to entry valuation assumptions (e.g., the implied $11M+ post-money valuations cited in commentary) in scenarios where the early-stage market either compresses further or re-inflates?

What founders can take from the Wischoff Ventures Fund III deck

• A clearly framed, tightly bounded **investment thesis** (here, the intersection of money, movement, and manufacturing) helps LPs quickly understand where a fund will and will not invest, especially when reinforced by macro data like sectoral GDP figures.
• Demonstrating a **stepwise progression of fund sizes** (from $5M to $20M to $50M) can credibly signal product-market fit with LPs and growing trust, particularly when combined with a consistent strategy.
• Solo GPs can use **personal brand and transparency**—such as sharing the actual deck publicly and cultivating an online presence—to build trust and widen the top of the LP funnel, even for institutional-grade funds.
• Explicitly detailing **portfolio construction** (number of positions, check sizes, ownership targets, reserve strategy) increases LP confidence by aligning expectations around deployment pacing and potential outcomes.
• Anchoring a fund around **“unsexy but essential” sectors** and non-consensus bets can differentiate a VC strategy and appeal to LPs seeking diversification away from overcrowded, trend-driven themes.
• Introducing **performance-based carry tiers** (such as higher carry above certain return thresholds) can be a way to align GP-LP incentives while keeping headline terms familiar, as highlighted in the deck’s economics.

Wischoff Ventures Fund III pitch deck: common questions

What is Wischoff Ventures Fund III?

Wischoff Ventures Fund III is a **$50M** early-stage venture capital fund led by solo GP Nichole Wischoff that invests in pre-seed and seed-stage, high-growth technology companies, primarily enterprise/B2B startups, building at the intersection of money (fintech/financial services), movement (logistics, supply chain), and manufacturing.

What are the key terms and strategy of Fund III as described in the deck?

Fund III has a fund size of **$50M**, raised in 2024, with a target portfolio of around 30–35 companies and core checks between approximately **$800K and $1.6M** for ownership stakes of about **7–10%**. It is focused on pre-seed and seed stages in North America, with a thematic emphasis on enterprise fintech, logistics/supply chain, and manufacturing, framed as the intersection of money, movement, and manufacturing.

What stages and sectors does Wischoff Ventures Fund III focus on?

The deck and external coverage indicate that Fund III targets **pre-seed and seed** stages in North America, with checks of about **$800K–$1.6M** (and some collaborative checks around $500K) into more than 30 startups, aiming for **7–10%** ownership and reserving capital for follow-ons. The focus is on enterprise companies in sectors such as fintech (money), logistics/supply chain (movement), and manufacturing/industrial automation (manufacturing), often bringing offline industries online.

Who are some of the LPs in Wischoff Ventures Fund III?

According to multiple sources summarizing the deck and the fundraise, anchor and key LPs in Fund III include **Cendana Capital** (anchor), **Children’s Health**, **Churchill Asset Management**, and **Screendoor**. These LPs back the $50M vehicle that scales up from the firm’s earlier $5M and $20M funds.

When did Wischoff Ventures Fund III close, and was this deck actually used to raise it?

Nichole Wischoff publicly stated that she set out in March 2024 to raise a **$50M** fund focused on leading pre-seed and seed investments and that she closed her third fund in just under five months. External profiles report that Fund III closed at **$50M in 2024**, with several sources noting a September 2024 close and that it is now actively deploying capital. The deck Nichole shared publicly in late September 2024 is the same one she used to raise this fund.

Sources

Funding and outcome facts on this page were researched on 2026-08-22 from the pages below.

• VC Pitch Deck- Wischoff Ventures Fund 3
• Nichole Wischoff Raises $50 Million For Wischoff Ventures Third Fund
• Wischoff Ventures Fund III Pitch Deck
• Wischoff Ventures — Investment Thesis & Preferences - F4 Fund
• Wischoff Ventures — Pre-seed VC, US
• Nichole Wischoff
• Nichole Wischoff's Wischoff Ventures Raises $50M for its Third Fund
• Nichole Wischoff on X: "I set out in March to raise a $50M fund...

Wischoff Ventures Fund III pitch deck slides

What each slide of the Wischoff Ventures Fund III pitch deck says

Slide 2

Wischoff Ventures Fund lll is a $50M fund that invests in early stage, high growth companies building at the intersection of money, movement and manufacturing. WV is a non-consensus pre-seed and seed stage firm funding positive transformation in North America.

Slide 3

HIRING IN 2024 Venture Partner Nichole Wischoff Analyst ONE R built B blend Acquired by Walmart/ Raised Series D 1PO 2021 — NYSEBLND Ribbit Capital JV, 2022 $125at 1.58, 2021

Slide 4

WHERE WE ARE . * * Ps * Arizona ( SF Austin fe 0 . Chicago NYC Tel Aviv LA Miami Canada Paris

Slide text above is read directly from the Wischoff Ventures Fund III deck PDF embedded on this page.

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