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Forum Ventures

Forum Ventures

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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%.

Team-led · 45%
Metrics
8%

Revenue, growth, and unit economics

Market
26%

Size, timing, and competitive landscape

Team
45%

Founder experience and execution ability

Product
21%

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
56

Deals closed in a typical year.

Led / yr
3

Rounds led in the last 12 months.

Pitches / yr
~4888

Decks 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
Founder-first B2B SaaS specialistPre-seed and seed-focused institutional first checkOperator-heavy accelerator, studio, and fund platformAI-enabled software investor with remote-first global reachHands-on partner for GTM and fundraising readiness

Investment focus

Industries, themes, and typical ARR expectations.

Industries
Enterprise SoftwareB2B SaaSAI/MLFuture of WorkFintechHealthcareDigital HealthDeveloper Tools
Investment themes
AI-enabled B2B SaaSFuture of work and productivity softwareFintech and procurement softwareHealthtech and care delivery infrastructureAPI-first platforms and developer-facing softwareVertical SaaS with measurable ROIEnterprise software that can reach seed and Series A milestones quickly
Typical check by stage
Pre Seed$100k-$250k
Seed$250k-$750k
Typical ARR by stage
Pre Seed$0-$100K
Seed$100K-$1M+

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 AILead
    Privacy‑preserving AI/ML infrastructure for enterprises; aligns with Forum's AI‑first B2B SaaS thesis.
  • Insight7Lead
    AI‑driven customer intelligence platform for product and marketing teams; fits the AI‑native B2B SaaS focus.
  • SalubrumLead
    Vertical AI commercialization engine for healthcare; matches Forum's AI‑first and vertical SaaS theses.
  • Fireflies.ai
    AI meeting assistant delivering B2B SaaS adoption; Forum backed early via accelerator.
  • Firstbase
    Future‑of‑work remote‑ops infrastructure, classic B2B SaaS with rapid scaling potential.
  • People Data Labs
    API‑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 Health
    Tech‑enabled behavioral health platform for pediatric autism; fits health‑tech B2B workflow focus.
  • Blanka
    Vertical SaaS marketplace for beauty brands; matches Forum's B2B enablement focus.
  • VendorPM
    B2B 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

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.

AIearly-stage B2B SaaS
JM

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.

AIearly-stage B2B SaaS
Jonah Midanik

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.

AIearly-stage B2B SaaS
Bocar Dia

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.

AIearly-stage B2B SaaS
Neal Sarraf

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.

AIearly-stage B2B SaaS
Partners
Naomi Goez

Naomi Goez

Partner

Forum Ventures

Forum Ventures Partner investing in pre-seed B2B software across supply chain, healthcare and vertical AI.

B2B softwarehealthcareindustrial automationpre-seedsupply chainvertical AI
Deirdre Clute

Deirdre Clute

Managing Director

Forum Ventures

Forum Ventures MD and former Rightfoot co-founder/COO focused on early-stage B2B SaaS.

B2B SaaSfintechfounder supportgo-to-marketpre-seed
OO

Olivia O'Sullivan

Partner & COO

Forum Ventures

Forum Ventures Partner & COO leading platform, portfolio support and GTM programs for B2B founders.

B2B SaaSfounder communitygo-to-marketplatformportfolio support
KC

Kevin Corliss

Managing Director

Forum Ventures

Forum Ventures MD and former Roots founder/CEO, acquired by Deel.

B2B SaaSfounder supportHR techpre-seedremote work
Team
LR

Lauren Roberts

Associate

Forum Ventures

Forum Ventures Associate focused on pre-seed founders, AI and underinvested founder ecosystems.

AIB2B softwarecybersecuritypre-seedunderinvested founderswomen's healthcare
TA

Toni Agbaje-Ojo

VC Investor

Forum Ventures

Forum Ventures VC investor focused on early-stage B2B software and AI in Toronto.

AIB2B softwarefounder communitypre-seedToronto startups
AP

Alejandro Pereda

Associate

Forum Ventures

Forum Ventures Associate sourcing and supporting early-stage B2B SaaS and AI founders.

acceleratorAIB2B SaaSpre-seedventure studio
SS

Sruthi S.

Associate

Forum Ventures

Forum Ventures Associate supporting early-stage B2B founder and investor communities in San Francisco.

AIB2B SaaSearly-stage investingfounder communitypre-seed

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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