Unless is an investment firm based in Boulder, Colorado that backs visionary companies transforming industrial systems across supply chains, manufacturing, energy, and transportation. The firm uses a perpetual capital structure to provide patient, long-term capital to industrial entrepreneurs.
They made 1 investment in the last 12 months. Average disclosed round size is $60.4M (across 7 rounds with reported amounts).
Portfolio
7
Fund Size
—
Top Stage
Series A
Last 12 Mo
1
Team
DM
David Mindell
Co-founder and Partner
TZ
Trevor Zimmerman
Co-Founder
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
9 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Panthalassa | Series B | $140M | May 2026 |
| Panthalassa | Series B | $140M | Jan 2026 |
 Positron | Series A | — | Jan 2026 |
| VVecna | Series D | $14.5M | Jan 2024 |
 Vecna Robotics | Series C | $65M | Jan 2022 |
 Alloy Enterprises | Series A | — | — |
 Villa | Unknown | $20M | — |
 Sustainment | Series A | $12M | — |
| Vecna Robotics | Series D | $31M | — |
Top Co-Investors
Tectonic Ventures4 shared
Tiger Global Management, LLC3 shared
Lowercarbon Capital2 shared
Future Positive Capital2 shared
Sozo Ventures2 shared
Fortescue2 shared
Western Technology Investment2 shared
Gigascale Capital2 shared
WovenEarth Ventures2 shared
GG12 shared
Portland Seed Fund2 shared
Founders Fund2 shared
Blackhorn Ventures2 shared
MassMutual1 shared
Riot Ventures1 shared
FootPrint Coalition1 shared
Flybridge Capital Partners1 shared
Piva Capital1 shared
Congruent Ventures1 shared
Last updated: 20 October 2026