Seattle venture capital firm First Row Partners is launching The Ensemble Event Fund, a new startup competition that aims to help boost angel investor networks in the Pacific Northwest.
The new fund is accepting applications for startups across the U.S. and all tech sectors for a chance to be awarded $150,000-to-$200,000 in early-stage capital. A group of more than 15 experienced angel investors, primarily based in the Pacific Northwest and Bay Area, will screen applications over a multi-month process.
“Recently, the PNW (Pacific Northwest) has seen a decline in active angel group activity,” First Row Partners wrote in a blog post announcing the competition. “We are uniquely suited to fill this gap by leveraging the First Row networks, deal flow, reputation, frameworks and portfolio support of our main funds.”
Founded in 2019 by Minda Brusse and Yoko Okano, First Row Partners invests in pre-seed tech companies primarily in data and software. Brusse said the goal of the competition is to tap into the firm’s existing investing model to activate a new group of investors through social bonds and experience working together. She told GeekWire this will also help to deploy more capital into startups at a time when venture capital funding is declining.
While the startup scene in Seattle has grown, the region has been criticized for its lack of angel investor activity, especially given the success of homegrown giants such as Microsoft and Amazon and subsequent growth of accredited investors.
A recent survey from Seattle’s Madrona Venture Group found that angel investors want increased access to deals and education about investing.
Ensemble’s launch comes at a time when Seattle’s broader angel investing network is consolidating. Last month, the Puget Sound Venture Club, Seattle’s oldest angel group, merged with the Alliance of Angels.
Brusse said there are existing programs such as the Seattle Angel Conference, which offers workshops to help aspiring angel investors learn about pre-seed investment. However, she said that model is designed for those who are just getting started, adding that there is limited opportunity in the region for investors who want to go to the “next level.”
“After you’ve gone through that process, and you’re comfortable with angel investing, you still want to keep getting to know people,” said Brusse, adding that she led two sessions of Seattle Angel Conference with Okano. “But that format may no longer be the one you want to use because it has so much basic learning attached to the time commitment and the way it’s run.”
When founders pitch, Ensemble will task investors with providing feedback through a structured form, along with capturing notes from conversations about the startup. Brusse said the idea to aggregate that information to help founders better understand what they are communicating, helping them identify areas to focus on in future presentations.
She said that founders who apply will gain access to First Row Partners’ workshop recordings, typically reserved for portfolio companies. Startups advancing in the competition will also receive one-on-one access to office hours and specific experts, aimed at helping founders in refining their pitches and fundraising strategies.
“It’s not an accelerator,” said Brusse, who is also a venture partner at New York City-based 2048 Ventures. “But we want to provide entrepreneurial resources along the way, knowing that there may only be one winner in the investment award.”
Ensemble will welcome applicants from any technology sector and location. Brusse said that the decision to expand applications across the U.S. was driven by two insights: the pandemic simplified virtual investor-founder interactions, and a wider geographic perspective will help investor decision-making and support portfolio companies.
“We wanted to be able to show angels that while their relationships with each other might be more regional, there are ways to build deal flow across the U.S.,” Brusse said.
Ensemble said it will announce a winner in early December, with plans to deploy capital before the start of 2024. The fund said it prefers to participate in a startup’s active funding round but will consider other scenarios.
