Five Elms Capital
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Five Elms is what happens when a Morgan Stanley alum decides Midwest nice actually works in VC. Fred Coulson's thesis is refreshingly honest: they're not the biggest firm, so they try harder. That translates to genuine founder-friendly behavior - they're comfortable being minority investors and often invest where capital is truly optional. Their operational value creation team isn't just marketing fluff; they have 17+ in-house operators who actually roll up their sleeves. The downside? They're not writing $100M+ checks for unicorn swings, so if you're looking for maximum dilution and Silicon Valley ego stroking, look elsewhere. But if you want partners who answer emails and show up when things get messy, they're solid.
- —Best for: B2B software founders who want hands-on partners without the ego
- —Watch out for: Smaller check sizes may not fuel aggressive expansion plans
- —Known for: Genuine midwestern values and operational support that actually helps
Five Elms invests exclusively in B2B software companies that users love, focusing on capital-efficient, bootstrapped businesses with proven business models and strong product-market fit. They prioritize software platforms that are taking market share from incumbents by solving customer pain points and delivering next-generation solutions in their category.
Growth equity stage ($15-150M check sizes) exclusively in B2B software. Portfolio shows heavy focus on vertical SaaS across sectors like education (Magma Math, Pathify), healthcare (Barti, Ritten), facilities management (FMX), field services (SingleOps), and wellness (Practice Better, Trybe). They target founder-owned businesses at growth inflection points ready to scale operations.
Founded Five Elms in 2007 after stints at TH Lee Putnam Ventures, Morgan Stanley, and Citibank Asset Management. Also founded Spring Venture Group (digital insurance platform). Known for bringing East Coast PE experience back to his Kansas City roots, focusing on Midwest values and non-Silicon Valley software companies.
Co-chairs the firm's Investment Committee and came from Jayhawk Capital where he invested in public/private markets in US and Asia. Sits on boards of 10+ portfolio companies including Crelate, FMX, Karbon, and Magma Math. Recognized as Top Software Investor by GrowthCap.
Has spent his entire career at Five Elms investing in software businesses and oversees the firm's sourcing team. Sits on 7+ portfolio company boards including Apptegy, AskNicely, and ContractSafe. Named to GrowthCap's Top 40 Under 40 Growth Investors.
8+ years at Five Elms with involvement in 20+ deals. Sits on the Investment Committee and has been recognized as Top Women Leader in Growth Investing by GrowthCap. Known for her work with companies like Continu and Opiniion.
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