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    Underdog Labs

    San Francisco, California, United StatesFounded 2018

    Underdog Labs is a pre-seed venture capital firm that invests in belief-driven founders with piercing vision, focusing on B2B software, consumer, AI, and health. The firm was founded by entrepreneurs and offers boutique accelerator-style support to early-stage companies.

    Their most common stage is pre-seed (45% of deals). Average disclosed round size is $3.6M (across 17 rounds with reported amounts).

    Find people at Underdog Labs on Goldilocks AI

    Portfolio

    19

    Fund Size

    —

    Top Stage

    Pre Seed

    Last 12 Mo

    0

    Team

    AC

    Alex Chang

    UL GP

    DH

    David Hehman

    UL GP

    Howard Love

    Howard Love

    Matthew Larson

    Matthew Larson

    Paul Borowick

    Paul Borowick

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    20 investments
    CompanyRoundAmountDate
    Coworked logoCoworkedUnknown$1.8MJan 2026
    Keebler logoKeeblerUnknown$16MJan 2026
    Obviant logoObviantSeries A$7.1MJun 2025
    Keebler Health logoKeebler HealthSeed$6MFeb 2025
    Light Frame logoLight FramePre-Seed$1.7MMay 2024
    Nowadays logoNowadaysUnknown$300KJan 2024
    TransCrypts logoTransCryptsPre-Seed$2.4MJan 2023
    FanRally logoFanRallyUnknown$3MJan 2022
    Realworld logoRealworldSeed$3.4MApr 2021
    Realworld logoRealworldSeed$3.4MApr 2021
    Pangea.app logoPangea.appPre-Seed$400KApr 2020
    Telo Trucks logoTelo TrucksPre-Seed$1.4M—
    LOANtuitive logoLOANtuitivePre-Seed$1.1M—
    Peoplelogic logoPeoplelogicPre-Seed$1.9M—
    FFlowasteSeed——
    SSynaptrix LabsPre-Seed——
    Campground logoCampgroundUnknown$2.2M—
    Frame logoFramePre-Seed$1.7M—
    Obviant logoObviantSeed$7.1M—
    Code Metal logoCode MetalPre-Seed——

    Top Co-Investors

    Last updated: 7 October 2026