Matchstick Ventures, LLC

Seed fund managerSEC venture capital fund adviserMATCHSTICKVENTURES.COM

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.

In the firm's own words, from its website.

Reported fund assets
$209M
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
2
Investment team
5
Latest vintage
2025
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (84)Team (6)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

2 additional team members, 37 additional co-investors and affiliates, 93 additional investments, funds and LPs, 11 events, 3 verified contacts (2 published business email, 1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 2 companies
    new in 12 months

    2 new companies in the last 12 months.

    A firm writing cheques this quarter is one a founder can pitch now.

    Factfunding announcements, Form D, the firm's portfolio pageFor Founders, co-investorsInvestments →
  2. 3 companies
    portfolio raising

    3 portfolio companies have new financing on record in 6 months without this firm named on the round; the latest on 10 Jul 2026 ($25.9M sold on Form D).

    A portfolio company raising again is a follow-on decision for the firm and a co-investment opening for others.

    FactSEC Form D filingsFor Co-investors, LPs, lendersInvestments →
  3. 3 deals
    with Next Frontier Capital Mc

    Invests most often alongside Next Frontier Capital Mc (3 shared deals) and Service Provider Capital (2 shared deals).

    pair last observed on record 1 Oct 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.

    Measuredshared rounds and portfolio companies on recordFor Founders building a round, co-investorsCo-investors →

People to know

View all people

Relationship network

149 connected entities12 observed rounds4 repeat counterparties

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Matchstick Ventures, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Matchstick Ventures, LLC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

84 companies on record, 2 new in 12 months
Investments on record
84 companies, 10 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Abodeportfolio listingunknownunknownunknownunknownSep 16, 2026Fact Firm website
Afterportfolio listingunknownunknownunknownunknownSep 16, 2026Fact Firm website
Airspace Linkportfolio listingunknownunknownunknownunknownSep 16, 2026Fact Firm website
Stated thesis versus observed behaviour
95 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%
Industries, each company once
Hardware and deep tech, Software or Tech-enabled and IT services (8)
lead rate 50%follow-on rate 57%new companies, 12 months 2

Team

6 current, 0 departed
Decision makers
who to call first, and why; then everyone else by function
  • Ryan Lee Broshar · Founder & Managing Director
    Why this person: Founder of the firm; Named with investment responsibility
  • Nathaniel Elsas Zola · Managing Director
    Why this person: Managing director; Named with investment responsibility
Who else at this firm · 1 person, grouped by function
Finance, operations and compliance (1)
  • Shannon Shroyer · Head of Network and Operations
    Why this person: Head of Network and Operations at the firm

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
6 current, 0 departed
Contacts
2 published business email, 1 firm phone

2 published business email, 1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

14 vehicles, 0 LPs disclosed
Funds and vehicles
14 reported, 1 no longer reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
ForDenverFC Capital Partners LLCFund2025 form d first saleNewly closedunknownunknown$6.1M
of $6.1M
Apr 23, 2025
Matchstick Branch III Spv, LLCSPV or co-invest vehicle2022 form d first saleActive deployment$4.2M
Mar 24, 2026
30$2.1M
of $2.1M
Feb 16, 2022
Matchstick Branch Spv, LLCSPV or co-invest vehicle2022 adv first reportedActive deployment$3.6M
Mar 24, 2026
9unknownunknown
Limited partners
0 LPs, 0 disclosed commitments
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.
Known LPs and allocators
1 relationship across the firm's funds, from public pensions and the allocator graph
AllocatorTypeFundAmountDateSource
Find US Faithful FoundationFOUNDATIONMATCHSTICK VENTURES FUND LLC at Matchstick Ventures, LLC$1.6M
fair value on the foundation's return
reported as of Dec 31, 2024Fact IRS Form 990 / 990-PF e-file returns

Relationships across DFX

56 co-investors · on 2 other DFX graphs
Co-investors
56 counted from shared deals, for the whole firm
Across DFX and the capital chainon 2 other DFX graphs · 1 capital path Show
Across DFX
  • The same institution is held on Allocators, RIA and Wealth, matched by identifier. See which records
Across the graphs

Matchstick Ventures, LLC is the same institution as 2 records in Allocators and RIA and Wealth.

Allocators1RIA and Wealth1

DFX found 2 relationships across 2 datasets

Which record it is in each graph, what it is called there, and how the two were matched.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Checking your plan…

Capital chain

Matchstick Ventures, LLC sits on 1 traced path of capital across the graphs.

Allocator commitments to a manager

DFX traced 1 path of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Evidence and history

16 dated events, 63 observations from 4 sources
Timeline
16 dated events
  1. seen on or beforeSep 15, 2026
    Matchstick Ventures, LLC: INSTITUTIONAL_VC -> SEED_FUND_MANAGER (name or self-description says seed)
    Classification changedClassificationInferenceno URL
  2. Mar 24, 2026
    Matchstick Ventures Fund IV, LP first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $64,010,207
    Fund first reported on Form ADVFundsInferenceMatchstick Ventures Fund IV, LPForm ADV
  3. Mar 24, 2026
    Matchstick Soon Cn Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $566,500
    Fund first reported on Form ADVFundsInferenceMatchstick Soon Cn Spv, LLCForm ADV
  4. Apr 1, 2024
    Matchstick Up Spv, LLC no longer reported on Form ADV by Matchstick Ventures, LLC
    Fund no longer reportedFundsInferenceMatchstick Up Spv, LLCForm ADV
  5. Mar 31, 2022
    Matchstick Soon Spv, LLC first reported on Form ADV by Matchstick Ventures, LLC (Venture Capital Fund), GAV $2,040,000
    Fund first reported on Form ADVFundsFactMatchstick Soon Spv, LLCForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 24, 2026 · 12 private fundsShow
Headquarters
unknown
Office address
unknown
Business phone
unknownadviserinfo.sec.gov
Website
MATCHSTICKVENTURES.COM
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, adviser total
$209Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Every classification this record has carried2 on recordShow
  1. Sep 15, 2026
    Seed fund manager (confirmed, 95%)
    Name or self-description says seed
  2. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $145M across 11 vehicles
Evidence
63 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedMar 24, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 24, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserApr 1, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 24, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 24, 2026FactForm ADV
SEC adviser typeExempt reporting adviserApr 1, 2024FactForm ADV
First Form ADV filing2021-04-28Mar 24, 2026FactForm ADV
First Form ADV filing2021-04-28Apr 1, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-03-24Mar 24, 2026FactForm ADV
Latest Form ADV filing2026-03-24Mar 24, 2026FactForm ADV
Latest Form ADV filing2024-04-01Apr 1, 2024FactForm ADV
SEC statusERA - ActiveMar 24, 2026FactForm ADV
SEC status effective2021-04-28Mar 24, 2026FactForm ADV
Venture share of reported funds1Mar 24, 2026FactForm ADV
Venture share of reported funds1Apr 1, 2024FactForm ADV
Business phoneMar 24, 2026FactForm ADV
Business phoneApr 1, 2024FactForm ADV
Contact page urlSep 16, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 15, 2026Factno URL
Self-described typeseedSep 16, 2026Factno URL
Self-described typeseedSep 15, 2026Factno URL
Legal formLimited Liability CompanyMar 24, 2026FactForm ADV
Legal formLimited Liability CompanyApr 1, 2024FactForm ADV
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 15, 2026Factno URL
Private funds reported12Mar 24, 2026FactForm ADV
Private funds reported12Mar 24, 2026FactForm ADV
Private funds reported10Apr 1, 2024FactForm ADV
Private fund gross assets (reported)$209MMar 24, 2026FactForm ADV
Private fund gross assets (reported)$209MMar 24, 2026FactForm ADV
Private fund gross assets (reported)$145MApr 1, 2024FactForm ADV
Schedule a diffsadiff-1Mar 24, 2026FactForm ADV
Stated geographyColorado, minnesota
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographyColorado, minnesota
“geography words on the home page”
Sep 15, 2026Factno URL
Stated sectorsenergy
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorsenergy
“sector words on the home page”
Sep 15, 2026Factno URL
Stated stagesPre seed, seed, early
“stage words on the home page”
Sep 16, 2026Factno URL
Stated stagesPre seed, seed, early
“stage words on the home page”
Sep 15, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 15, 2026Factno URL
Venture funds reported12Mar 24, 2026FactForm ADV
Venture funds reported12Mar 24, 2026FactForm ADV
Venture funds reported10Apr 1, 2024FactForm ADV
WebsiteSep 12, 2026FactForm ADV
WebsiteMar 24, 2026FactForm ADV
WebsiteApr 1, 2024FactForm ADV
Website resolved domainSep 16, 2026Factno URL
Website resolved domainSep 15, 2026Factno URL
Website resolved domainSep 14, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 15, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersSeed fund manager, confirmedShow
Importance
59
elevated
Active deployment
33
moderate
Emerging
0
low
Freshness
100
high
Seed fund managerSEC exempt reporting adviser

Name or self-description says seed

The inputs behind each score
importance
gav: $0 · funds: 1 · people: 0.28 · investments: 0.73 · co investors: 0.71
active deployment
investments 12m: 0.25 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-05-14
emerging manager
fund count: 15 · reported gav: $209M · first adv filing: 2021-04-28 · years since first filing: 5.4

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Fits

5 scored matches, best firstas of
  • score 61.7confidence 100%
    Why: sector fit; stage fit; geography fit; activity
    Watch: adjacent portfolio
  • score 57.2confidence 100%
    Why: sector fit; stage fit; geography fit; activity
    Watch: adjacent portfolio
  • score 27.4confidence 80%
    Why: stage fit; activity

+2 more scored matches

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.

Record history

2 dated events on the change ledger, latest event first
  • Organization classification changed
    2026-09-15
  • Adviser's first ADV filing
    2021-04-28source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.