Expa
Venture studio co-founded by Uber and StumbleUpon founders, building and funding early-stage companies.
Expa isn't your typical spray-and-pray VC - they're actually building companies from scratch, not just writing checks. With only 6 investments annually out of $350M, they're incredibly concentrated and provide hands-on operational support with 21 team members sitting on boards. Their 3% unicorn rate (Fabric and Current) is solid given their deep involvement. But here's the thing: this model works brilliantly if you want to be an institutional co-founder, but it's not for founders who want independence. As one founder put it, 'Our partnership with Expa allowed us to take Current from a concept to a full-fledged challenger bank' - that's either exactly what you want or your worst nightmare. Camp's infrastructure thesis is smart money, but you're essentially getting adopted by very experienced parents who will be very involved in raising your startup baby.
- —Best for: Technical founders who want institutional co-founders and hands-on company building support
- —Watch out for: High involvement model means less founder autonomy than traditional VC relationships
- —Known for: B2B infrastructure investments and studio model that builds companies from scratch
Expa operates as an institutional co-founder that originates ideas, builds the first product, and then pairs it with a CEO, rather than just funding external deals like typical venture funds. The studio is a venture studio and VC fund that supports early-stage startups through expertise, access, and funding.
The fund typically seeks a 20% stake in companies for seed investments between $500,000 and $1 million, investing in software companies. Expa systematically builds companies that become critical infrastructure for other startups, following a clear pattern of building B2B infrastructure companies like Convoy, Radar, and Fabric rather than consumer apps.
Co-founder of Uber, where he originally conceived and designed the service used by 120+ million people worldwide, and founding CEO of StumbleUpon (now Mix). Camp argues Expa's advantage centers on partners being recent founders who still run companies, giving them hands-on experience that most VCs lack.
First worked for Camp at StumbleUpon after logging years at Google, now serves as Expa's sole managing partner. Works closely with founders on operational guidance and company formation.
Joined Expa as executive-in-residence in 2014, attracted by the 'by builders, for builders' ethos. Started Expa's early stage venture investing, making investments in Convoy, Fabric, and Sleeper. Later became full-time CEO of portfolio company Collective.
Joined Expa in 2020 as a principal from Norwest Venture Partners, promoted to partner as the firm expanded its team.
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