Haystack Partners is now Teamworthy Ventures

Dear friends and colleagues,

This summer we saw an opportunity to provide greater clarity to entrepreneurs and our partners about the mission and focus of our work, which at times was obscured by references to "needles in haystacks" instead of our true inspiration, which is the gritty teamwork required to harvest hay from a field and stack it in a barn. Today we are proud to share our new name: Teamworthy Ventures. The name Teamworthy reflects our purpose, which is to invest in great entrepreneurial teams and to strive to be worthy partners in their ventures. If we do our job, we will also succeed in helping to build companies that are "teamworthy", that is, companies made up of entrepreneurial teams that are fit and ready for the long and often demanding voyage of building a great company.

While our name has changed, our strategy and way of operating have not. We will continue to develop long-term relationships with talented and trustworthy entrepreneurial teams, and to invest in their ventures at the seed, early, or growth stage. We will continue to strive to be worthy partners by connecting promising entrepreneurs to our network of other successful entrepreneurs and partners to help them build innovative companies of purpose, value, and integrity. We will continue to assist our entrepreneurs with helpful introductions to new customers, partners, and team members.

Our areas of investment focus will continue to be in consumer and enterprise software and software-enabled services businesses in the following sub-sectors: Marketplaces, Mobile Commerce, Vertical and SMB SaaS, Information Services, Edtech, Fintech, Sports Tech, Travel Tech, Developer Tools and APIs, Marketing and Ad Tech, Imaging and Sensor Networks, and Health IT. On a regular basis, we evaluate the sub-sectors and investment themes we are focused on and re-allocate our time accordingly.

With this name change, we are also happy to announce that we have closed our first fund with approximately $41 million in total commitments. Joining our final close were successful entrepreneurs from our portfolio, experienced executives, and seasoned professional investors. Our Limited Partners share our long-term investment strategy and passion for supporting talented and trustworthy teams. We are grateful for their confidence and partnership.

We welcome your feedback and we will continue to provide additional information in the coming weeks at www.teamworthy.com

Thank you for your support,
Thomas D. Lehrman, Managing Partner
Evan Kaye, Partner
Stephen Schmalhofer, Partner

Stephen Schmalhofer