# Yonder Fund I and Fund II Updated September 9, 2026. ## The investment case Yonder is a specialist first-check venture fund for marketplace and network-effect companies. Fund I established the mandate, the underwriting model, and the specialist network. Fund II carries that foundation forward with more capital and more flexible check construction. ## Fund I: the foundation Fund I focused on marketplace and network-effect companies from the start. I evaluate how buyers and suppliers find each other, why they transact, and whether they come back. Those are also the questions I work on with founders after investing. - **A narrow mandate:** Fund I made the strategy explicit: back marketplaces and network-effect companies early, across industries, and underwrite the transaction instead of forcing the company into SaaS math. - **Operator-led underwriting:** The work centers on supply, demand, liquidity, trust, pricing, take rate, workflow, and the order in which a founder solves them. - **A specialist network:** Founders, marketplace operators, LPs, and co-investors help me find companies, evaluate them, and make introductions after I invest. Take Rate helps me build those relationships. ## Why the opportunity is larger now AI can reduce the time and cost of building a product. It does not automatically bring customers, reliable suppliers, or repeat business. That is why I continue to focus on marketplaces and network effects. - **Software is becoming abundant:** AI lowers the cost and time required to build, test, and improve products. - **Participation is still scarce:** Trusted supply, repeat demand, local density, reputation, and transaction history cannot be generated on command. - **Reasons to keep using the marketplace:** I look for companies where reliable suppliers, repeat customers, and transaction history make the service harder to replace. Features alone are easier to copy. ## Fund II target strategy - **Up to $20M:** Fund II · Target size - **60:** Portfolio · Company target - **$150K–$250K:** Core · Check size - **≤$12M:** Target · Post-money entry ## How Fund II builds on Fund I - **Progressive checks:** Start with $25K to $50K and work with the founders, then add $100K to $150K as the company makes progress and I better understand the business. - **More flexibility on entry price:** Keep a target of $12M post-money and under, while retaining room for marketplace founders who wait for real traction before raising. - **Selective later-stage exposure:** Reserve a small part of the fund for unusually strong Series A, B, or C marketplace opportunities that come through Yonder's network. ## How Yonder sees companies early - **Write about marketplaces:** Take Rate reaches 5,000+ marketplace founders, operators, and investors with benchmarks, operating advice, and company analysis. - **See companies early:** Founder referrals and specialist co-investors introduce me to companies before they begin a broad fundraise. - **Evaluate how the business works:** Can buyers find what they need? Are suppliers reliable? Do people come back, and what does the company earn on each transaction? - **Help after investing:** I work with founders on marketplace decisions and introduce them to relevant operators, customers, and investors. ## Colin Gardiner Colin has spent 16+ years building, advising, and investing in marketplaces. He helped build Outdoorsy to more than $3 billion in rentals, has worked with more than 100 marketplace and network-effect companies, has raised more than $250 million from the operator side of the table, and writes Take Rate for more than 5,000 founders, operators, and investors. ## LP perspective Jack Greco, Co-Founder of ACV Auctions and the first commitment to Yonder Fund I, describes Colin as an operator who invests his time as well as his capital and places him near the top of the managers he calls first. ## Common questions ### What did Yonder establish with Fund I? Fund I established Yonder's specialist mandate, operator-led marketplace underwriting model, and network of founders, operators, LPs, readers, and co-investors. Fund II carries that foundation forward with more capital and more flexible check construction. ### What is the target size of Yonder Fund II? Yonder Fund II is targeting up to $20 million across roughly 60 companies. ### What does Yonder Fund II expect to invest? The core check target is $150,000 to $250,000, usually at $12 million post-money and under. ### How will Fund II invest differently from Fund I? Fund II adds a progressive check model, more flexibility for companies that raise after showing real traction, and limited room for selective later-stage marketplace investments. ### Where can an LP review performance and fund terms? Private performance, legal documents, and detailed fund terms are available through Yonder's LP materials and data room, not on the public website. ## Learn more - [Request fund overview](https://airtable.com/appylg5Nhdhuk6mLR/pag8ac6STqhpJQof4/form) - [Read the public LP page](https://yonder.vc/lps/) - [Email Colin](mailto:colin@yonder.vc?subject=Yonder%20LP%20conversation) Private performance, legal documents, and detailed fund terms are available through Yonder's LP materials and data room. This page is informational only and is not an offer to sell or a solicitation to buy any security.