Dear friends and colleagues,
This summer we saw an opportunity to provide greater clarity to entrepreneurs and our partners about the mission and focus of our work, which at times was obscured by references to "needles in haystacks" instead of our true inspiration, which is the gritty teamwork required to harvest hay from a field and stack it in a barn. Today we are proud to share our new name: Teamworthy Ventures. The name Teamworthy reflects our purpose, which is to invest in great entrepreneurial teams and to strive to be worthy partners in their ventures. If we do our job, we will also succeed in helping to build companies that are "teamworthy", that is, companies made up of entrepreneurial teams that are fit and ready for the long and often demanding voyage of building a great company.
While our name has changed, our strategy and way of operating have not. We will continue to develop long-term relationships with talented and trustworthy entrepreneurial teams, and to invest in their ventures at the seed, early, or growth stage. We will continue to strive to be worthy partners by connecting promising entrepreneurs to our network of other successful entrepreneurs and partners to help them build innovative companies of purpose, value, and integrity. We will continue to assist our entrepreneurs with helpful introductions to new customers, partners, and team members.
Our areas of investment focus will continue to be in consumer and enterprise software and software-enabled services businesses in the following sub-sectors: Marketplaces, Mobile Commerce, Vertical and SMB SaaS, Information Services, Edtech, Fintech, Sports Tech, Travel Tech, Developer Tools and APIs, Marketing and Ad Tech, Imaging and Sensor Networks, and Health IT. On a regular basis, we evaluate the sub-sectors and investment themes we are focused on and re-allocate our time accordingly.
With this name change, we are also happy to announce that we have closed our first fund with approximately $41 million in total commitments. Joining our final close were successful entrepreneurs from our portfolio, experienced executives, and seasoned professional investors. Our Limited Partners share our long-term investment strategy and passion for supporting talented and trustworthy teams. We are grateful for their confidence and partnership.
We welcome your feedback and we will continue to provide additional information in the coming weeks at www.teamworthy.com
Thank you for your support,
Thomas D. Lehrman, Managing Partner
Evan Kaye, Partner
Stephen Schmalhofer, Partner
Dear friends and colleagues,
Haystack Partners connects promising entrepreneurs to a network of other successful entrepreneurs and partners to help them build innovative companies of purpose, value, and integrity.
We seek to develop long term relationships with talented and trustworthy individuals and teams, and we invest in their ventures at the seed, early, or growth stage.
A sample of the early and growth stage companies that Haystack Partners and principals have invested in and supported include the following:
thomas d. lehrman, managing partner
Thomas D. Lehrman is Managing Partner of Haystack Partners. Mr. Lehrman was formerly co-founder and former Co-Chief Executive Officer of Gerson Lehrman Group (GLG) and has been involved as a founding or seed investor in numerous early stage ventures. Mr. Lehrman previously served as a Director of the Office of WMD Terrorism at the U.S. Department of State and as a member of the professional staff on the President’s WMD Commission. Earlier in his career, he worked as a financial analyst at Tiger Management. Mr. Lehrman has been a Board Member of several educational institutions including KIPP NYC Public Charter Schools, Brooklyn Excelsior Charter School, and Cold Spring Harbor Laboratory. Mr. Lehrman graduated from Duke University and Yale Law School and his writings have appeared in the Wall Street Journal and the New York Times.
Evan kaye, Partner
Evan focuses on developer tools, API's, imaging technologies and health IT. He previously co-founded Interscan Medical, and Boliven, an intellectual property search engine. Prior to that he was Managing Director at Gerson Lehrman Group in Healthcare Research, Product Development and Engineering. He is a licensed physician, having trained at University of Cape Town, and Tufts Medical Center. Evan is also a lifelong software developer, has been awarded numerous patents, and is a CFA charterholder.
stephen schmalhofer, Partner
Stephen focuses on fintech, insurtech, sports tech, travel tech, and marketing and adtech. Prior to Haystack Partners, Stephen led business development as a member of the founding team at MasterStreet, a New York edtech startup. His early career includes a background in the capital markets and reinsurance at Swiss Re Capital Markets and Odyssey Re (a subsidiary of Fairfax Financial). Stephen received a B.A. in History from Yale University where he was an Ivy League champion football player.
NOREEN HALL KILDUFF, office manager
Noreen is the office manager at Haystack Partners. She previously served in multiple roles at MasterStreet, Alta Investors, Boliven, and Gerson Lehrman Group.
MELANIE ASHMORE, EXECUTIVE ASSISTANT
Melanie is the Executive Assistant to the Managing Partner, Thomas Lehrman, and the team at Haystack Partners. She previously worked as Head of Investor Relations and Executive Assistant at Zimmer Partners, LP and Zimmer Lucas Capital, LLC. Prior to that she was Research Assistant at Bear Stearns in the Equity Research group. She also worked at Sanford C. Bernstein & Co, LLC (now Alliance Bernstein, L.P.) in multiple roles. Her early career includes the corporate real estate division at Citibank and the Americas region at Det Norske Veritas. Melanie graduated from Trinity College Dublin, Ireland with a B.A. and M.A. in Management Science & Information Systems Studies and has an additional undergraduate associate degree in Occupational Studies.
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