We are entrepreneurs turned early stage investors.
Find out more
What we do
Underdog Labs is an early stage (pre-seed) fund solely focused on helping entrepreneurs with piercing vision create and scale successful companies.
First
We invest very early in belief-driven founders
We roll up our sleeves to help our founders de-risk and accelerate
Then
Our criteria
1.
We’re looking for founding teams who are motivated by a true long term mission and have identified a winnable chapter 1
We invest very early stage, typically in fundraising rounds of $1M or less and often pre-product / pre-monetization
2.
3.
We tend to invest in areas where we understand the distribution channels (i.e. b2b software, consumer)
While we “never say never” it is very rare that we invest in businesses that involve hardware manufacturing or regulatory approval
4.
Our portfolio
Our portfolio of Underdogs features a wide array of markets and verticals, including:
HealthTech
Series C
A16Z, Lightspeed, ICONIQ
The highest performing document reasoning AI model in healthcare
A16Z, Lightspeed, ICONIQ
The highest performing document reasoning AI model in healthcare
Development
Blockchain
Series A
Pantera Capital
Enables consumers to own verified employment and income credentials and share them instantly
Pantera Capital
Enables consumers to own verified employment and income credentials and share them instantly
Supply Chain
UL GP’s have 25 year relationship built on trust & shared entrepreneurial experience
David Hehman & Alex Chang co-founded GetawayZone at the dawn of the Internet in 1997. Merged with the category leader and sold the combined business to Expedia in 2000.
Since then we have each gone on to multiple successful ventures in addition to collaborating on a variety of projects. Most importantly, we have demonstrated the power of the UL playbook over 100 investments and 25 years.
Since then we have each gone on to multiple successful ventures in addition to collaborating on a variety of projects. Most importantly, we have demonstrated the power of the UL playbook over 100 investments and 25 years.
Our Team
Howard Love
Howard has invested in 150+ companies (many alongside David/Alex) and 40+ PE/VC funds across 25+ years. Significant LP across UL Funds I and II. Founder/angel investor earlier in his career with Trulia, Hotel Tonight, iSpot.TV, and FlexJobs representing notable successes.
Matthew Larson
Matthew has deep experience evaluating, investing in, and developing strategy for consumer + technology businesses. Frequent advisor to UL founders and UL on potential investments/ongoing portfolio support. Also works closely with Howard to allocate capital and drive investment returns across public and private markets for the Love Family Office.
Paul Borowick
Paul is a Berkeley Haas MBA (class of 2025) whose superpower, a high social battery, is ideal for deal sourcing. He started his career in the medtech industry, first as an engineer, and then in business development for a startup.
Contact Us
A note for aspiring Underdogs – the vast majority of our investments come referred by a connection we trust. Our best advice to get through is to show your resourcefulness and find a way to reach us in this way.
That said, please feel free to
Email Us