Investor Intelligence Brief — March 2026

Tuesday Capital
18-Month Activity Report

An early-stage venture firm backing founders since 2011. Formerly CrunchFund. Now deploying Fund V with a new European anchor and a thesis that keeps evolving.

~$150M
AUM (5 Funds)
350+
Companies Backed
13
$1B+ Unicorns
99
Portfolio Exits
294
Total Investments
$2.68M
Avg Seed Check
Current Team
PG

Patrick Gallagher

Co-Founder, Managing Partner

23 years in venture. Previously VantagePoint and Morgan Stanley Venture Partners. Board: Kueski, Kolors, Alto.

EI

Ethan Imboden New Dec 2024

Partner — Based in France

10 years at Frog (VP, Head of Venture Design, frogVentures). Founded Jimmyjane. BS EECS Johns Hopkins. European anchor for the firm.

Deal Activity — Oct 2024 to Mar 2026
Q1 2026
February 3, 2026
Derapi — $7M Seed
Software infrastructure for distributed energy resources. Connects solar, storage, and EVs to US grid programs. Led by Earthshot Ventures; Tuesday participated.
Seed Investment Climate / Energy
Q4 2025
December 2025
Inspirato — Acquired by Exclusive Investments
Luxury travel subscription company (original SPAC IPO). Acquired, marking another portfolio exit.
Portfolio Exit
December 8, 2025
Corma — €3.5M Seed
SaaS management for IT teams. Controls software overload, license sprawl, and Shadow AI risk. Paris-based. Led by XTX Ventures; Tuesday follow-on. Ethan quoted in the press release, signaling his active European deal sourcing.
Seed Investment Europe (France)
October 20, 2025
Milvus Advanced — $6.9M Seed
Oxford-based "modern alchemy" startup creating nanoalloy replacements for rare metals. Led by Hoxton Ventures. Deep-tech, hardware-adjacent.
Seed Investment Europe (UK)
October 9, 2025
Featureform — Exit
Feature store / ML infrastructure company. Most recent confirmed portfolio exit.
Portfolio Exit
Q3 2025
August 26, 2025
WDC Networks — 14.3% PIPE
Rare public-market move. Tuesday bought a 14.3% stake in WDC, a Brazilian B2B tech infrastructure company (monitoring systems, private 5G networks, equipment rental). Unusual for a seed-stage firm to do a PIPE deal.
PIPE / Public Market
July 16, 2025
Paypercut — €2M Pre-Seed
BNPL aggregator for Central/Eastern European merchants. Single integration across multiple BNPL providers. Bulgaria-based. Co-invested with Concentric, Passion Capital, RTP Global.
Pre-Seed Investment Europe (Bulgaria)
Q2 2025
April 23, 2025
Kollegio — $2.8M Seed
AI-powered college counseling platform. Making college guidance accessible and affordable. Co-invested with NewSchools Venture Fund and ECMC Group.
Seed Investment
Q1 2025
February 19, 2025
Mavvrik (fka DigitalEx) — $6.2M Seed
IT financial control platform (FinOps). Rebranded from DigitalEx. Helps enterprises manage spiraling IT costs. Co-investors: S3 Ventures, Flyover Capital, Clutch.
Seed Investment
February 4, 2025
GetWhys — $2.75M Seed
AI-powered customer insights platform. Uses AI to understand the "why" behind customer behavior. Co-investors: Capital Eleven.
Seed Investment
Q4 2024
December 17, 2024
Ethan Imboden Joins as Partner
Announced officially after 7 years of collaboration with Pat Gallagher. Ethan brings a decade of design-driven venture investing at Frog, plus 10 years as a VC-backed founder (Jimmyjane). Now based in France, anchoring Tuesday's new European presence. Fund V: returning founders = 1/3+ of new companies backed.
Team Expansion European Anchor
Emerging Investment Themes (Last 18 Months)
🌍
Europe-Forward
With Ethan based in France, Tuesday is actively sourcing European deals for the first time. Three of the last six investments are European companies. This is a strategic pivot, not one-offs.
Corma (France) · Milvus (UK) · Paypercut (Bulgaria)
🤖
AI as Infrastructure
Not investing in AI models, but in companies that use AI to solve real workflow problems: customer insights, college counseling, SaaS management, IT cost control.
GetWhys · Kollegio · Corma · Mavvrik
⚡
Climate + Deep Tech
New thread: distributed energy infrastructure and advanced materials. Hardware-adjacent, capital-efficient, massive TAM. Both Ethan's engineering background and Tuesday's "outsider founder" thesis at play.
Derapi (energy) · Milvus (nanoalloys)
💳
Fintech at the Edges
Not big-market fintech, but underserved segments: BNPL aggregation for CEE merchants, IT cost management for enterprises. Niche, defensible, cross-border.
Paypercut · Mavvrik
🔄
Returning Founders
Fund V is powered by repeat relationships. 1/3+ of new companies are led by returning founders. Tuesday's network of 700+ founders is its primary deal-flow engine.
Fund V thesis · Ethan partnership
📈
Public Market Experiment
The WDC PIPE (14.3% of a Brazilian listed company) is a notable deviation from seed-stage investing. May signal an opportunistic expansion of the firm's playbook for later-stage or special-situation deals.
WDC Networks (Brazil)
Selected Portfolio (Unicorns, IPOs, Marquee Exits)
Airtable GitLab (IPO) Cruise Zipline DigitalOcean (IPO) Oklo Human Interest Solugen Kueski Alto DoNotPay Onfido Authy → Twilio Rover (SPAC) Opendoor (SPAC) Inspirato (SPAC → Acq.) Iron Ox Lark Revl
Your History with Tuesday Capital
Eric Sanchez × Tuesday Capital
  • 2015 Ethan recruits Frog's capabilities into Revl via frogVentures (~$246K, mostly design labor). First touch point.
  • ~2017 Tuesday Capital invests in Revl's $5.5M Series A (close to $1M). Pat Gallagher and Ethan already collaborating behind the scenes (their partnership started 2016).
  • 2018-19 Last time Eric and Ethan saw each other in person. Revl was scaling (Audi, cruise lines, Zip World UK).
  • 2024 Ethan officially becomes Partner at Tuesday. Revl connection makes Eric a "returning founder" in Fund V's thesis.
  • Today Eric building FlowStay/Flowverse AI. Ethan actively deploying from Europe. Shared EE backgrounds (Eric: Robotics, Ethan: EECS Johns Hopkins). Both builders. The hospitality + AI + European bridge angle fits perfectly.
Prepared by Flo · Flowverse AI · March 23, 2026 · Sources: Crunchbase, CB Insights, PitchBook, PRNewsWire, Tracxn, ZoomInfo