How We Invest

We're excited to see what you're working on!

We focus on two questions: is this a team that can build an industry-defining business, and is there a massive market in need of this solution?

Review our investment scope below to see if you are a fit.

B2B revenue model

Incorporated in the US

Raising a round <$2M

Under $10M post-money valuation

Demonstrable business solution addressing a salient problem–not just fancy technology

At least one co-founder

Industry experience, previous entrepreneurial success, or exceptional team chemistry

Early indicators of traction (early revenue, high-profile pilots, etc.)

Strong technical backgrounds, including “vibe-coding” expertise

Do you invest in pre-revenue companies?

Yes–though early revenue is always a bonus! We look for companies with indications of traction; this often means revenue, but can also mean LOIs, design partners, strong pipeline, or even strong network connections.
Do you lead rounds?

We can be a lead investor or a follow-on investor.
Is the PAX Sales Program free?

There is a $25K program fee, which is included as an “in-kind” portion of our investment. For example, if PAX invests $300K in your startup, $275K would be in cash, and the other $25K would be in kind. The fee pays for the 8-week Sales Program, as well as program perks (e.g. Pitchbook access).
Do you invest outside the US?

Yes, we have made investments in Canada, South America, Europe, and the Middle East. However, over 95% of our investments have been made in North America.
Do you reserve capital for follow-on investments?

Not out of our Fund. We have invested in subsequent rounds using a special purpose vehicle (SPV), although it is rare.
Which investment vehicle do you use?

We are vehicle-agnostic, but SAFE is most common.
Our startup has a hardware component. Does that disqualify us?

No, not necessarily. We are more comfortable with software, but many of our deals have hardware components, especially those in Climate Tech. We will typically avoid asset-heavy industries.