 Most venture firms don't make it to fund three. We don't say that to brag — we say it because we think about it. Building a durable investment firm is hard, and reaching this milestone is something we're genuinely grateful for. It happened because of the founders who trusted us early, the LPs who believed in what we were building, and a community in Colorado — and now Texas — that has grown into something none of us could have fully predicted in 2014. So: thank you! And here's where we go from here. How we got here
When we founded FirstMile in Colorado in 2014, the premise was simple and, at the time, contrarian: the next generation of great companies wouldn't all be built on the coasts. Markets like Colorado were viewed as good places to startup, but companies were expected to move for the talent and capital to scale. We believed they were underestimated — and that being first on the ground, before the consensus formed, was a genuine advantage. Twelve years and 70+ investments later, that conviction has been validated in many ways we're proud of. Our first fund produced two companies now valued at over $1B — Pax8 in Colorado and Hedera in Texas — and has returned a multiple of capital to our investors. We mention that not to boast, but because it confirms something we've always believed: exceptional founders build exceptional companies wherever they choose to build, and our markets attract great people. Why we expanded to Texas In 2023, we added Zaz Floreani as a Venture Partner and formalized what had been a growing conviction: Texas deserved the same early commitment we'd made to Colorado. It reminded us of early Colorado — serious founders, deep talent, and a significant gap at the pre-seed stage. There were very few institutional first-check investors willing to show up before market proof. That's exactly where we want to be. Since our first close, we've already backed 9 companies in Fund III across both states. The pipeline is strong. The founders we're meeting are building ambitious companies in markets they know deeply. That's the pattern we've always looked for. What hasn't changed We are still writing first checks, typically between $250K and $750K, into companies raising their first institutional round. We are still generalists in the sense that matters: we invest in founders, not sectors. The strategy hasn't changed. We write first checks into companies raising their first institutional round. We believe founders are the experts in their own business, and we act accordingly — showing up as thought partners when you need a sounding board, a connection, or a straight answer. That's been our model since Fund I. It's still our model in Fund III. Who we want to meet If you're building a company in Colorado or Texas — or seriously considering it — we'd love to hear from you early. Before you're raising. Before the deck is final. That's when conversations are the most useful, and it's when we do our best work. If you know a founder who fits that description, please send them our way. The best thing you can do for a great founder is connect them with the right first partner. We'd be honored to be considered. We're proud of what this community has built and feel like we're just getting started! — Bill Miller, Aaron Stachel, and Zaz Floreani FirstMile Ventures | firstmilevc.com If you're a founder ready to pitch, we'd love to hear from you: Pitch Us Comments are closed.
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