Fund I established Yonder as a marketplace specialist. Fund II builds on that foundation.
I started Yonder after 16+ years building and working with marketplaces. Fund I focused on investing early and helping founders with supply, pricing, and growth. Fund II continues that approach with larger checks and more room to invest again as companies develop.
The first fund established how Yonder invests.
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.
- 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
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.
In the press
“I want businesses that are expanding the pie. My whole ethos is investing early in marketplaces that build new economies.”
AI makes software easier to build. Getting buyers and suppliers takes time.
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.
- 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
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.
How Fund II will invest.
Fund II will continue investing early in marketplaces across industries. The plan includes larger core checks, smaller initial investments with room to add capital later, and a limited allocation to later-stage companies.
- 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 and work with the founders, then add $100K to $150K as the company makes progress and I better understand the business.
- 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 Take Rate. My writing gives founders a way to get to know me before raising and helps other investors understand which companies to refer.
- 01
Write about marketplaces
Take Rate reaches 5,000+ marketplace founders, operators, and investors with benchmarks, operating advice, and company analysis.
- 02
See companies early
Founder referrals and specialist co-investors introduce me to companies before they begin a broad fundraise.
- 03
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?
- 04
Help after investing
I work with founders on marketplace decisions and introduce them to relevant operators, customers, and investors.
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.
Fund II questions.
For performance information, legal documents, and detailed fund terms, request 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 fund overview and I'll follow up. I'm happy to discuss the strategy and share the materials you need to evaluate Yonder.