Investment ThesisThe future looks bright

M13 has been an early backer of DTC businesses. Our investment approach today is focused on the enabling technologies that power the future of work, health, commerce, and money.

Future of work

Work is becoming increasingly distributed and demanding, necessitating streamlined tools and empathetic solutions. Tools that enable smarter collaboration, feedback, and professional development will drive greater efficiencies and serve as anchors in a complex world.

ShefStage invested: Seed
Current stage: Series B
Helps immigrants and home cooks generate income through their private kitchens.
UpwardsStage invested: Series A
Current stage: Series A
Enables employers to offer high-quality childcare.

Future of health

We’re believers in the digital transformation of consumer health and wellness because the demand for accessible services such as community-specific telehealth is undeniable. The digital health market is only getting started, and it will grow 10x in scale and be worth over half a trillion dollars over the next five years. Similar to e-commerce, we’re moving further down the stack and investing in the infrastructure layer that makes it easier to start and scale a digital healthcare business.

Canvas Stage invested: Series B
Current stage: Series B
Reimagines the EMR for the future of healthcare.
CapsuleStage invested: Series C
Current stage: Series D
Creates a superior online pharmacy experience.
FORMStage invested: Series A
Current stage: Series A
Takes a medical approach to weight loss.
LifeforceStage invested: Seed
Current stage: Series A
Improves the quality of midlife with expert medical support.

Future of commerce

Within the next five years, 25% of consumers will shop online. With $850 billion of new total addressable market (TAM) coming online, DTC brands will experience a golden age. But we won’t directly invest in them. Instead, we invest in enabling technologies such as software, marketplaces, and SaaS technologies that make brands more efficient. That’s where we believe outlier value will be created.

Future of money

The future of money lies in democratizing financial services. As more people embrace digital assets, we’ll see novel applications manifest through a variety of new real-world use cases. There’s also a new focus on financial wellness with more than half of US employers now offering workplace financial wellness programs.


We view web3 as a horizontal technology that permeates across our vertical areas of focus. Our web3 portfolio companies are building the next iteration of the internet to power consumer applications in work, health, commerce, and money and exploring token-driven economies.

FoldStage invested: Seed
Current stage: Series A
Brings crypto rewards to the masses.
NoriStage invested: Series A
Current stage: Series A
Makes it easy to remove existing carbon.
River FinancialStage invested: Series A
Current stage: Series B
Helps long-term investors securely buy, sell, and use bitcoin.
UnblockedStage invested: Seed
Current stage: Series A
Allows musicians to release digital music collectibles as non-fungible tokens (NFTs).