Dear Friends,

We are excited to bring you the latest updates on our firm and our perspective on the current venture capital landscape.

In March, we completed final closes on two new funds - our sixth Seed Fund and our fourth Opportunity Fund, bringing our total committed capital to over $500M.  We are actively investing from both of our new funds.  Our current areas of investment focus continue to be weighted towards vertical AI applications and agentic systems, a category we’ve been investing in actively for the last few years.

From a broader market perspective, it’s been quite a turbulent year.  The year began with a lot of optimism in the business community about the prospects for a business-friendly and somewhat de-regulatory economic landscape.  In anticipation of this, some promising IPO and M&A activity began to take place in the tech sector in Q1, with the successful IPOs of companies like CoreWeave and the sizable acquisitions of companies like Wiz and Moovworks.

However, the recent Trump tariff announcements along with concerns about potential harm to the institutional integrity of our systems of government and higher education have introduced significant uncertainty in the environment and have sent markets into turmoil.  This phenomenon has effectively shut down the market for promising IPOs and acquisitions.  The US Dollar, the reserve currency of the world, has also wobbled somewhat and current US Treasury rates reflect a decline in confidence in the near term business leadership of the US economy.

This backdrop is especially concerning for the venture capital industry, which has been experiencing a drought in liquidity in the last few years.  We are particularly alarmed about what this means for the venture capital asset class because if liquidity is not forthcoming soon to the industry’s investors (limited partners), it will become difficult for the industry to continue to raise investment capital.  If such a phenomenon were to come to pass, it would have severe downstream impacts on the potential for startups to get funded and hence impact innovation and progress for America and the world at large.  Some new secondary funds have emerged in the last few years that can purchase venture positions on a secondary basis thus offering some liquidity, but the phenomenon is not yet large enough to offer a systemic solution to the problem.

That said, we believe the American free market system and our institutional governance infrastructure will withstand the recent turbulence and will recover in time and return to its historic leadership role in the global economy.  Accordingly, we continue to operate with a sense of optimism and are selectively investing in highly innovative companies in the areas of AI-enabled applications and the infrastructure that supports them.

There are a large number of iconic private companies that have been built over the last decade that are waiting for an environment in which they can predictably do business and consider going public.  At such time, these companies will be able to provide meaningful positive liquidity for their employees and investors and offer public market investors with compelling new stocks for investment and long term wealth creation.  We are hoping that we will soon see the emergence of stable public and economic policy, which should enable many iconic private companies such as SpaceX, Stripe, DataBricks and our portfolio companies such as Rappi and EasyPost to go public.  Hopefully such a time is not too far in the future.

As always, please reach out to us if you or anyone you know is building an exceptional company–– we’d love the opportunity to partner with you! 

Sincerely, 

Ullas Naik, Founder & General Partner

Closed on a New Seed Fund & Opportunity Fund

The last six months have been busy for us on the fundraising front.  We successfully concluded fundraising for our sixth Seed Fund and fourth Opportunity Fund.  Despite the broader challenges in fundraising across the industry, we’re extremely grateful to our valued LPs, who have continued to believe in us and support us over the years and the new LPs who have chosen to partner with us despite the current turbulent markets.

Notable Updates at Streamlined

Alongside fundraising, we have been actively investing in both new and existing companies.  From the new Seed Fund, we have invested in numerous companies over the last year or so, a few of which have already raised up-rounds.  We anticipate that additional companies from our new portfolio will raise follow-on rounds in the coming months.

Additionally, we have invested in six companies from our new Opportunity Fund, allowing us to deploy additional capital into existing portfolio companies that we believe have significant potential. 

The firm had a few other notable developments during the last six months:

• We have had some positive movements in the valuations of our portfolio companies - 18 companies that we have seeded have crossed a $1Bn+ valuation, 24 have crossed $500M+, and 48 have crossed $100M+ as of Q1 2025.  We expect many more younger companies to cross these thresholds in the future.

• Due to the strong public market performance of our portfolio companies Applovin and Doordash in the last year, the total value of the companies in which we have been seed investors has now exceeded $200Bn.

• In April, Streamlined was featured on Signal Rank’s leading investors list, and ranked among the top seed investors with investments into companies valued at over $5Bn.

Our Team

There have been exciting changes to our team in the past few months.

Lukas Linemayr has been promoted to Partner at Streamlined.  Lukas joined the firm in 2021 as an Associate and has since led investments for the firm in multiple promising companies and has become a core member of our investment team.

Zach Lord has been appointed Chief Financial Officer at Streamlined.  Zach joined the firm in 2020 as Director of Finance.  His role overseeing the finance function at our firm has grown over time culminating in his appointment as CFO.

Firm Activity

Recently, our Founder Ullas Naik, collaborated with a longtime advisor and Streamlined Limited Partner, to host a group of leading family office investors for a discussion on AI, featuring the CEO of Flip, a $1Bn+ company seeded by Streamlined.

The team just returned from an off-site in Los Angeles aimed at liquidity planning within our portfolio.  We also enjoyed some time together as a team and with some team members of a few of our LA-based companies.

In March, Streamlined partnered with AGI House, a community of AI founders and researchers dedicated to advancing artificial intelligence, to host a Jeffersonian-style dinner focused on navigating the AI applications space.  We enjoyed the opportunity to engage in meaningful conversations with industry leaders and some of the top minds in the space.

New Seed Investments 

New Opportunity Fund Investments

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