Forum Ventures is a founder-first pre-seed and seed investor focused almost exclusively on early-stage B2B software, especially AI-enabled SaaS. The firm combines an accelerator, studio, and fund model to act like a fractional co-founder, helping companies validate markets, build early go-to-market motion, and prepare for subsequent fundraising.
Evaluation weights
How much weight this firm places on each dimension. Totals 100%.
Revenue, growth, and unit economics
Size, timing, and competitive landscape
Founder experience and execution ability
Differentiation and technical quality
- Strong bias toward B2B software and away from consumer models
- Prefers being early if founder quality and market are strong
- Values practical traction quality over hype-driven momentum
- Looks for companies Forum can actively help accelerate toward the next round
Pitch difficulty
How hard it is to get a meeting and close funding from this firm.
- Funded / yr
- 56Deals closed in a typical year.
- Led / yr
- 3Rounds led in the last 12 months.
- Pitches / yr
- ~4888Decks reviewed in a typical year.
- Acceptance rate
- 1.1%Share of pitches that get funded.
Estimated — public data is not fully disclosed.
Why it's hard
- Almost exclusive focus on B2B software and AI-enabled SaaS
- Strong preference for founder-market fit and large venture-scale markets
- Requires MVP or imminent MVP plus early customer validation even at pre-seed
- Uses structured traction expectations at seed, including meaningful ARR and growth
Forum is intentionally early and will engage with companies that other firms consider too early, but it is highly constrained by business model and sector fit. Founders must be building B2B software with strong founder-market fit, a credible MVP path, and stage-appropriate validation, making the firm accessible for the right profile but not broad in scope.
Green flags
What drives a yes for this firm.
- Exceptional founder-market fit in a B2B software category
- Large market opportunity, often with $10B+ TAM potential
- Evidence of early customer pull such as design partners, pilots, or first paying users
- Clear path to repeatable GTM and fundraising readiness
- Stage-appropriate traction with strong growth at seed, especially 10-20% MoM
Red flags
What kills deals and gets a fast no.
- Consumer, marketplace, or non-software business models
- No MVP and no credible near-term path to customer validation
- Weak founder-market fit or generic team story
- Inflated market claims without a believable wedge or buyer urgency
- Seed-stage fundraising with insufficient traction quality for the capital raised
How to win
Patterns that lead to successful pitches.
- Position the company clearly as B2B software with a sharp ROI narrative
- Show founder-market fit and why this team can win the category
- Bring concrete early validation such as design partners, pilots, or first revenue
- Demonstrate a realistic path from pre-seed traction to seed and Series A readiness
- Explain how Forum's accelerator, studio, or operator support will materially speed GTM
Fund strategy & identity
Who they are and how they operate.
- Invests primarily in Pre-Seed and Seed B2B software companies
- Uses multiple vehicles: accelerator, studio, and pre-seed fund
- Often backs companies very early, including pre-revenue and near-MVP stages
- Collaborates with a broad co-investor network rather than relying only on sole-led rounds
- Provides structured post-investment support in customer validation, GTM, and fundraising
Firm identity
Investment focus
Industries, themes, and typical ARR expectations.
Industries
Investment themes
Typical check by stage
Typical ARR by stage
Investment thesis
Core beliefs and strategy behind their investing approach.
Forum Ventures is a founder‑first AI‑enabled venture studio, accelerator, and pre‑seed fund that concentrates exclusively on early‑stage B2B software companies. The firm believes investors should act as "fractional co‑founders," embedding alongside founders to validate markets, build go‑to‑market engines, and prepare for fundraising rather than merely providing capital. Its accelerator targets pre‑seed B2B SaaS ventures with less than $500 K of prior funding and an MVP (or imminent MVP), investing $100 K for 7.5 % equity on a post‑money SAFE. The pre‑seed fund can write up to $1 M per company, while the studio backs idea‑stage founders with $250 K initial checks. Sectorally, Forum focuses on AI‑enabled B2B verticals such as future of work, fintech, health‑tech, procurement, and API‑first platforms. Geographically it is remote‑first, with hubs in New York, San Francisco, and Toronto, and accepts founders worldwide. The firm sets pragmatic traction benchmarks: pre‑seed companies typically have $0‑100 K ARR (or $0‑8 K MRR), while seed‑stage firms are expected to show $100 K‑1 M+ ARR with 10‑20 % month‑over‑month growth. By combining deep operating expertise, a community of 1,300+ founders and 250+ investors, and multi‑vehicle capital, Forum aims to compress the zero‑to‑one journey and position its portfolio for strong seed and Series A outcomes.
Decision patterns
How they evaluate and make investment decisions.
Forum Ventures follows a stage‑aware decision framework. At the pre‑seed level it weights team quality and market potential most heavily, since traction is limited; founders must demonstrate domain insight, resilience, and a clear path to product‑market fit. Early customer validation—design‑partner usage or a handful of paying users—is required, with typical ARR of $0‑100 K. At the seed stage the firm looks for three of four pillars (team, product, market, traction), expecting $100 K‑1 M+ ARR and 10‑20 % MoM growth as strong signals. Deal‑breakers include non‑B2B focus, lack of an MVP or software component, and prior funding above $500 K for accelerator eligibility. While Forum often acts as the first institutional check in its accelerator, it collaborates with a broad network of 250+ investors at the pre‑seed and seed stages, providing end‑to‑end fundraising preparation. Overall, the decision hinges on founder quality and market size (typically $10 B+ TAM), with traction calibrated to the specific stage.
Risk appetite
Forum Ventures is aggressive on timing, willing to be the first institutional check at the pre‑revenue and pre‑product stages of B2B SaaS companies, but it is disciplined about the type of business it backs. It limits investments to B2B software/AI with credible founder‑market fit, using heavy operator‑led support—GTM, fundraising, and mentor networks—to de‑risk early bets. At the seed level the firm writes $100 K‑$650 K checks alongside co‑investors, indicating a collaborative rather than sole‑lead approach. Public statements from the managing partner emphasize a pragmatic focus on fundamentals and traction quality over hype, reflecting a high‑risk tolerance that is counter‑balanced by structured hands‑on involvement.
Notable investments
Key portfolio companies and why they fit the thesis.
- Private AILeadPrivacy‑preserving AI/ML infrastructure for enterprises; aligns with Forum's AI‑first B2B SaaS thesis.
- Insight7LeadAI‑driven customer intelligence platform for product and marketing teams; fits the AI‑native B2B SaaS focus.
- SalubrumLeadVertical AI commercialization engine for healthcare; matches Forum's AI‑first and vertical SaaS theses.
- Fireflies.aiAI meeting assistant delivering B2B SaaS adoption; Forum backed early via accelerator.
- FirstbaseFuture‑of‑work remote‑ops infrastructure, classic B2B SaaS with rapid scaling potential.
- People Data LabsAPI‑first people data infrastructure powering B2B products; aligns with data/infra thesis.
- Arkestro (fka BidOps)AI‑powered procurement automation for enterprises; core vertical SaaS/AI enterprise thesis.
- Finni HealthTech‑enabled behavioral health platform for pediatric autism; fits health‑tech B2B workflow focus.
- BlankaVertical SaaS marketplace for beauty brands; matches Forum's B2B enablement focus.
- VendorPMB2B marketplace and ops tooling; Forum participated as a fund investor but was not the lead.
Co-invested with
Other firms in this catalog who've backed the same companies.
No catalog overlap found yet. Co-investors are derived from each firm's notable investments — connections may surface as more firms are added.
Partners
Full firm roster — key partners, partners, and the wider team.
Key partners
Michael Cardamone
Managing Partner & CEO
Forum Ventures
Michael Cardamone is the Managing Partner and CEO of Forum Ventures. He founded Forum after operating roles at high-growth companies and focuses the firm on early-stage B2B SaaS founders.
James Murphy
Managing Partner
Forum Ventures
James Murphy is a Managing Partner at Forum Ventures and a former co-founder of Robly. His background combines SaaS company-building, early-stage investing, and prior finance experience.
Jonah Midanik
General Partner
Forum Ventures
Jonah Midanik is a General Partner at Forum Ventures and a former founder of Limelight. Forum highlights that he previously went through the Forum accelerator, giving him founder-side context on the firm's model.
Bocar Dia
Partner
Forum Ventures
Bocar Dia is a Partner at Forum Ventures, where he supports early-stage founders with go-to-market, founder-led sales, and fundraising. He previously worked as a GTM sales leader at Hootsuite.
Neal Sarraf
Managing Director
Forum Ventures
Neal Sarraf is a Managing Director at Forum Ventures and a co-founder of First Resonance. His background is especially relevant to founders building industrial, manufacturing, or technical B2B software companies.
Partners
Naomi Goez
Partner
Forum Ventures
Forum Ventures Partner investing in pre-seed B2B software across supply chain, healthcare and vertical AI.
Deirdre Clute
Managing Director
Forum Ventures
Forum Ventures MD and former Rightfoot co-founder/COO focused on early-stage B2B SaaS.
Olivia O'Sullivan
Partner & COO
Forum Ventures
Forum Ventures Partner & COO leading platform, portfolio support and GTM programs for B2B founders.
Kevin Corliss
Managing Director
Forum Ventures
Forum Ventures MD and former Roots founder/CEO, acquired by Deel.
Team
Lauren Roberts
Associate
Forum Ventures
Forum Ventures Associate focused on pre-seed founders, AI and underinvested founder ecosystems.
Toni Agbaje-Ojo
VC Investor
Forum Ventures
Forum Ventures VC investor focused on early-stage B2B software and AI in Toronto.
Alejandro Pereda
Associate
Forum Ventures
Forum Ventures Associate sourcing and supporting early-stage B2B SaaS and AI founders.
Sruthi S.
Associate
Forum Ventures
Forum Ventures Associate supporting early-stage B2B founder and investor communities in San Francisco.
Public voice
Notable statements and public positions.
- "We’re big believers in the opportunity ahead for Software‑as‑a‑Service businesses and we want to continue to invest in and support exceptional SaaS founders at more points along their journey." — Michael Cardamone, CEO & Managing Partner (BusinessWire)
- "I think we will continue to see graduation rates from Seed to Series A and Series A to Series B decline." — Michael Cardamone, CEO & Managing Partner (State of VC Market 2024)
- "If other VCs have told you that you’re too early, we’d love to talk to you. We aim to get in early and work closely with founders to accelerate traction so they can be in a strong position to raise larger funding rounds." — Olivia O’Sullivan, Partner & COO (ZandaSearch interview)
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