Fund I established Yonder as a marketplace specialist. Fund II builds on that foundation.
Fund I turned 16+ years of marketplace operating experience into a focused first-check strategy, an underwriting system, and a specialist network. Fund II keeps that foundation and adds more capital and flexibility to build conviction over time.
The first fund established how Yonder invests.
Fund I was not a generalist seed portfolio with a marketplace angle. It made the mandate, the underwriting questions, and the founder support model specific to marketplaces and network-effect companies.
- 01
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.
- 02
Operator-led underwriting
The work centers on supply, demand, liquidity, trust, pricing, take rate, workflow, and the order in which a founder solves them.
- 03
A specialist network
Take Rate, founder relationships, marketplace operators, LPs, and specialist co-investors became one connected system for sourcing, diligence, and support.
Software is getting cheaper to build. Networks are still hard to earn.
AI can compress the cost of building features, but it cannot instantly recreate trusted supply, repeat demand, local density, reputation, or transaction history. That makes the model Fund I established more relevant, not less.
- 01
Software is becoming abundant
AI lowers the cost and time required to build, test, and improve products.
- 02
Participation is still scarce
Trusted supply, repeat demand, local density, reputation, and transaction history cannot be generated on command.
- 03
That changes what compounds
The enduring advantage shifts from features alone to the network, workflow, trust, and proprietary transaction data around them.
The same specialization, with more ways to build conviction.
Fund II carries the Fund I model forward. Diversified early marketplace exposure remains at the center, with larger core checks, a progressive path to follow conviction, and limited room for exceptional later-stage opportunities.
- Fund II · Target size
- Up to $20M
- Portfolio · Company target
- 60
- Core · Check size
- $150K–$250K
- Target · Post-money entry
- ≤$12M
- 01
Progressive checks
Start with $25K to $50K to move quickly and learn from inside the cap table, then add $100K to $150K when the evidence strengthens the thesis.
- 02
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.
- 03
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.
Take Rate builds trust before a fundraising process starts.
More than 5,000 marketplace founders, operators, and investors read Colin's work. Founders know exactly what Yonder invests in, and specialist investors know when to send Yonder a deal.
- 01
Earn attention
Take Rate reaches 5,000+ marketplace founders, operators, and investors with practical category work.
- 02
See companies early
Founders and specialist co-investors bring Yonder into markets before a broad process begins.
- 03
Underwrite the right risks
Liquidity, supply quality, take rate, repeat behavior, trust, workflow, and the shape of the network.
- 04
Earn the next referral
Useful support and relevant introductions give the next founder another reason to call Yonder first.
LP perspective
I am an LP in 70 funds, about a third of them emerging managers. Colin sits near the top of who I call first. An operator at heart, he taught himself how to invest, as the best managers often do. Colin invests his time as well as he does capital.
The public facts, without the data-room theater.
The strategy belongs in public. Detailed performance, legal documents, and final fund terms belong in the LP materials.
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
Interested in Yonder Fund II?
Request the current overview and Colin will follow up with the right materials. Private performance, legal documents, and diligence materials stay in the data room.