DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Matchstick Ventures, LLC
Matchstick Ventures, LLC
Matchstick is an early stage venture fund in the North and Rockies. We invest where innovative ideas, huge markets and, most importantly, diverse founders strike. We are honored to support "underdog" founders who will stop at nothing to succeed. Matchstick exists to act as a catalyst for our founders, our partners, and our startup communities.
name or self-description says seed
Importance
45
elevated
Active deployment
55
elevated
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
21
moderate
Identity and regulatory footprint
- Headquarters
- unknown
- Office address
- unknown
- Business phone
- 303-810-6144adviserinfo.sec.gov
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 24, 2026
- Private funds reported
- 12 (12 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $209Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- natty@matchstick.vcmatchstick.vcpublished by the subject
- business email
- ryan@matchstick.vcmatchstick.vcpublished by the subject
- business phone
- 303-810-6144adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
86 observed deals
Stated (the firm’s website)
- Sectors
- energy
- Stages
- pre seed, seed, early
- Geography
- colorado, minnesota
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- seed
Observed (from deals on record)
Stage at participation
seed 50%pre seed 50%
Stage at first entry
seed 50%pre seed 50%
Sectors
unknown 85%Other Technology 10%Other 6%
lead rate 50%follow-on rate 0%new logos, 12 months 86
Funds and vehicles
12 reported, 1 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| ForDenverFC Capital Partners LLC | Fund | 2025 form d first sale | Newly closed | unknown | unknown | $6.1M of $6.1M | Apr 23, 2025 |
| Matchstick Inspect Spv, LLC | SPV or co-invest vehicle | 2022 adv first reported | Active deployment | $3.6M Apr 1, 2024 | 9 | unknown | unknown |
| Matchstick Branch III Spv, LLC | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $1.7M Apr 1, 2024 | 30 | $2.1M of $2.1M | Feb 16, 2022 |
| Matchstick Branch Spv, LLC | SPV or co-invest vehicle | 2022 adv first reported | Active deployment | $1.4M Apr 1, 2024 | 9 | unknown | unknown |
| Matchstick Spkt Spv, LLC | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $252,500 Apr 1, 2024 | 10 | $500,000 of $500,000 | Jan 21, 2022 |
| Matchstick Ventures Fund III, L.P. | Fund | 2021 form d first sale | Mature | $54.3M Apr 1, 2024 | 98 | $52.8M of $52.8M | Nov 12, 2021 |
| Matchstick Branch II Spv, LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $4.5M Apr 1, 2024 | 23 | $1.8M of $1.8M | Apr 19, 2021 |
| Matchstick Soon Spv, LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $2.1M Apr 1, 2024 | 34 | $2.0M of $2.3M | Jan 3, 2022 |
| Matchstick Inspect II Spv, LLC | SPV or co-invest vehicle | 2021 form d first sale | Mature | $1.5M Apr 1, 2024 | 37 | $2.3M of $2.3M | Jan 3, 2022 |
| Matchstick Ventures Fund II, LP | Fund | 2018 form d first sale | Harvest | $64.9M Apr 1, 2024 | 99 | $30.5M of $30.5M | Sep 19, 2019 |
| Matchstick Ventures Fund I, LP | Fund | unknown | Unknown | $10.7M Apr 1, 2024 | 21 | unknown | unknown |
| Matchstick Ventures Fund IV, L.P. | Fund | unknown | Unknown | unknown | unknown | $0 | Jul 12, 2024 |
| Matchstick Up Spv, LLC | SPV or co-invest vehicle | 2022 adv first reported | Wound down | $565,000 Feb 28, 2023 | 8 | unknown | unknown |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
6 current, 0 departed
Natty Zola
General partnerGeneral Partner
Nicole Glaros
General partnerGeneral Partner
Ryan Broshar
General partnerGeneral Partner
Nathaniel Elsas Zola
PartnerManaging Director · since Aug 1, 2018
Ryan Lee Broshar
PartnerFounder & Managing Director · since Jan 1, 2015
Shannon Shroyer
Platform and operationsHead of Network and Operations
Investments on record
86 edges, 84 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
40 relationships from shared deals, counted for the whole firm
SJW Investments, LLC 3 shared · recurringNext Frontier Capital Mc, LLC 3 shared · recurringHoxton Ventures 3 shared · recurringAmerican Family Ventures 2 shared · recurringHyde Park Angels, Inc. 2 shared · recurringFirstmile Ventures, LLC 2 shared · recurringOrigin Ventures 2 shared · recurringService Provider Capital 2 shared · recurringPWV Capital Management LLC 2 shared · recurringMythos Ventures Management, LLC 1 shared · one timeSempervirens Ventures LLC 1 shared · one timeBling Capital LLC 1 shared · one timeLeft Lane Capital 1 shared · one timeTeamworthy Group LLC 1 shared · one timeMatrix 1 shared · one timeK50 Ventures 1 shared · one timeCrew Capital Management, LLC 1 shared · one timeU.S. Venture Partners 1 shared · one timeFJ Labs 1 shared · one timeBramalea Partners, LLC 1 shared · one timeIcon Ventures 1 shared · one timeHaven Venture Partners, LLC 1 shared · one timeSapphire Ventures, LLC 1 shared · one timeBAM Ventures 1 shared · one timeLakehouse Ventures, LLC 1 shared · one timeDAG Ventures 1 shared · one timeDistributed Ventures 1 shared · one timeProgression 1 shared · one timeLiveoak Management Services, LLC 1 shared · one timeHabitat Partners Management LLC 1 shared · one timeLobster Capital, LLC 1 shared · one timeColosseum Management LLC 1 shared · one timeBlackbird Ventures Pty Ltd. 1 shared · one timeAnthemis 1 shared · one timeValor Ventures 1 shared · one timeMadrona Venture Group, LLC 1 shared · one timeArtis Ventures Management, L.P. 1 shared · one timeTQ Ventures LLC 1 shared · one timeMac Venture Capital 1 shared · one timeECV Il Manco Limited 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
15 dated events
- Sep 16, 2026Curalate no longer listed on Matchstick Ventures, LLC's portfolio pageRemoved from portfolio pagePortfolioInferenceCuralateVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 15, 2026Matchstick Ventures, LLC: INSTITUTIONAL_VC -> SEED_FUND_MANAGER (name or self-description says seed)Classification changedClassificationInferenceno URL
- Apr 1, 2024Matchstick Up Spv, LLC no longer reported on Form ADV by Matchstick Ventures, LLCFund no longer reportedFundsInferenceMatchstick Up Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Ventures Fund III, L.P. first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $6,802,709Fund first reported on Form ADVFundsFactMatchstick Ventures Fund III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Soon Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $2,040,000Fund first reported on Form ADVFundsFactMatchstick Soon Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Up Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $565,000Fund first reported on Form ADVFundsFactMatchstick Up Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Branch Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $575,000Fund first reported on Form ADVFundsFactMatchstick Branch Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Inspect Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $1,000,000Fund first reported on Form ADVFundsFactMatchstick Inspect Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Branch II Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $1,825,000Fund first reported on Form ADVFundsFactMatchstick Branch II Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Spkt Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $500,000Fund first reported on Form ADVFundsFactMatchstick Spkt Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Inspect II Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $1,510,468Fund first reported on Form ADVFundsFactMatchstick Inspect II Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Matchstick Branch III Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $1,640,330Fund first reported on Form ADVFundsFactMatchstick Branch III Spv, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 28, 2021Matchstick Ventures, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 28, 2021Matchstick Ventures Fund I, LP first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $5,000,000Fund first reported on Form ADVFundsFactMatchstick Ventures Fund I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 28, 2021Matchstick Ventures Fund II, LP first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $30,000,000Fund first reported on Form ADVFundsFactMatchstick Ventures Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 15, 2026Seed fund manager (confirmed, 95%, cls-1)name or self-description says seed
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $145M across 11 vehicles
Evidence
49 observations from 3 sources
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | vc_exemption,vc_funds_reported | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| SEC exemption claimed | venture_capital_fund_adviser | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| SEC exemption claimed | venture_capital_fund_adviser | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| SEC adviser type | exempt_reporting_adviser | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| SEC adviser type | exempt_reporting_adviser | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| First Form ADV filing | 2021-04-28 | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Latest Form ADV filing | 2026-03-24 | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Latest Form ADV filing | 2024-04-01 | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| SEC status | ERA - Active | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| SEC status effective | 2021-04-28 | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Venture share of reported funds | 1 | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Business phone | 303-810-6144 | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Business phone | 303-810-6144 | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Contact page url | https://www.matchstick.vc/connect “contact page linked from the home page” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Description | Matchstick is an early stage venture fund in the North and Rockies. We invest where innovative ideas, huge markets and, most importantly, diverse founders strike. We are honored to support "underdog" founders who will stop at nothing to succeed. Matchstick exists to act as a catalyst for our founders, our partners, and our startup communities. “meta description” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Description | Matchstick is an early stage venture fund in the North and Rockies. We invest where innovative ideas, huge markets and, most importantly, diverse founders strike. We are honored to support "underdog" founders who will stop at nothing to succeed. Matchstick exists to act as a catalyst for our founders, our partners, and our startup communities. “meta description” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Self-described type | seed “We invest capital, time and resources in the most ambitious entrepreneurs "between the coasts" - teaming up at the pre-seed and seed stage to help make their dreams a reality” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Self-described type | seed “We invest capital, time and resources in the most ambitious entrepreneurs "between the coasts" - teaming up at the pre-seed and seed stage to help make their dreams a reality” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Legal form | Limited Liability Company | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Legal form | Limited Liability Company | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Portfolio page | https://www.matchstick.vc/companies “83 entries read” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Portfolio page | https://www.matchstick.vc/companies “83 entries read” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Private funds reported | 12 | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Private funds reported | 10 | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Private fund gross assets (reported) | $209M | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Private fund gross assets (reported) | $145M | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Stated geography | colorado,minnesota “geography words on the home page” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Stated geography | colorado,minnesota “geography words on the home page” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Stated sectors | energy “sector words on the home page” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Stated sectors | energy “sector words on the home page” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Stated stages | pre_seed,seed,early “stage words on the home page” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Stated stages | pre_seed,seed,early “stage words on the home page” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Team page | https://www.matchstick.vc/team “4 name/title pairs read” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Team page | https://www.matchstick.vc/team “4 name/title pairs read” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Venture funds reported | 12 | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Venture funds reported | 10 | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Website | HTTP://WWW.MATCHSTICKVENTURES.COM “re-picked from Schedule D 1.I by name” | Sep 12, 2026 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Website | HTTP://WWW.MATCHSTICK.VC | Mar 24, 2026 | Fact | SEC Form ADV monthly roster (registered + exempt reporting advisers) |
| Website | HTTP://WWW.MATCHSTICK.VC | Apr 1, 2024 | Fact | SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B) |
| Website resolved domain | matchstick.vc “https://matchstickventures.com/ redirected to https://www.matchstick.vc/” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Website resolved domain | matchstick.vc “https://matchstickventures.com/ redirected to https://www.matchstick.vc/” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Website resolved domain | matchstick.vc “https://matchstickventures.com/ redirected to https://matchstick.vc/” | Sep 14, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Site title | Matchstick Ventures - Helping Startups Strike “title tag” | Sep 16, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |
| Site title | Matchstick Ventures - Helping Startups Strike “title tag” | Sep 15, 2026 | Fact | Venture organization websites (about, team, portfolio, thesis, news pages) |