Snatched Ventures, an institutional early-stage DeepTech firm, is actively shaping the future of sustainable operational transformation and efficiency, led by Managing General Partner Kevin Colas. As part of an exclusive "Meet a VC" member spotlight series, Colas provided an insightful look into the firm’s distinctive strategy, impressive track record, and vision for re-anchoring venture capital in its foundational principles of diligent support and profitability. The firm, currently targeting a $100 million fund with an initial close at $30 million, is poised to back the next generation of companies solving complex engineering challenges with significant environmental, economic, and social impact.
A Differentiated Approach to DeepTech Investment
Snatched Ventures distinguishes itself through a highly focused investment thesis centered on the intersection of eight science-based technologies: Artificial Intelligence/Machine Learning (AI/ML), materials science, advanced manufacturing, biotechnology, optics, electronics, robotics, and blockchain. These technologies are applied across six core thematic areas where the firm possesses deep expertise and a proven investment history: transportation & logistics, energy & water, food & agriculture, fashion & beauty, precision medicine & aging, and retail & e-commerce.
What truly sets Snatched Ventures apart is its insistence on "ready-to-deploy and scale now" solutions, a pragmatic approach that bridges the gap between pure research and immediate market impact. This focus allows the firm to invest in innovations that are not only groundbreaking but also possess clear commercialization pathways within a reasonable timeframe, avoiding the decade-long development cycles often associated with nascent DeepTech. This strategy is critical in an era demanding rapid solutions to pressing global issues like climate change, resource scarcity, and healthcare advancements.
The firm’s commitment to both environmental and financial sustainability is embedded in its selection criteria. Kevin Colas emphasizes that Snatched Ventures seeks companies that can "thrive across economic cycles" by combining robust financial models with positive ecological and social footprints. This dual mandate reflects a growing trend in venture capital where impact and profit are increasingly viewed as complementary rather than mutually exclusive. According to a 2023 report by PwC, global investment in climate tech alone reached $70 billion, underscoring the escalating demand for sustainable technological solutions. Firms like Snatched Ventures are capitalizing on this confluence, backing innovations that promise both substantial returns and meaningful contributions to a more sustainable world.
Rigorous Financial Underwriting and Proven Performance
Beyond its thematic and technological focus, Snatched Ventures employs a strict set of financial underwriting filters, known as the "4Fs," to ensure robust investment decisions. These criteria include a minimum early revenue of $1 million, a gross margin of 50%, a cash conversion score of 0.25x, and a revenue-to-capex ratio of 3x. Such stringent financial benchmarks are unusual for early-stage venture capital, where potential is often prioritized over immediate profitability. However, Colas asserts that these filters are essential for de-risking investments and fostering companies that are inherently capital-efficient and geared towards profitability from an early stage. This disciplined approach positions Snatched Ventures to primarily lead Series A rounds, with opportunistic investments in Seed and Series B stages when minimum ownership and the 4F underwriting standards are met.
The foundation for Snatched Ventures’ current strategy and success was laid through Kevin Colas’s prior investment platform, the Empire Angel Collective (EAC). Established in 2020, EAC served as a de facto Fund I, deploying approximately $10 million across more than 40 startups, many with significant DeepTech exposure. In parallel, Alessandro, Snatched Ventures’ co-General Partner, honed his expertise leading DeepTech investments at Hyundai’s Corporate Venture Capital (CVC) arm. This combined experience has coalesced into Snatched Ventures’ impressive top-decile metrics, which include a 4.4x Total Value to Paid-In (TVPI), a 151% Distributed to Paid-In (DPI), and an exceptionally low 1.6% loss ratio across 24 transactions involving 22 companies. Notably, this portfolio has yielded 5 unicorns, 1 exit via Initial Public Offering (IPO), and 3 acquisitions, including one all-cash transaction. These figures significantly outperform industry averages, particularly the DPI, which indicates a strong track record of returning capital to Limited Partners (LPs). For context, the average DPI for venture funds in the past decade often hovers below 100%, making Snatched Ventures’ 151% a clear indicator of superior liquidity and realized gains.
The legacy of EAC continues, with the collective deploying new investments in 2024, exclusively in DeepTech. These "warehouse investments" are strategically designed to roll into Snatched Ventures Alpha, LP (Fund II), with advisors already committed, signaling strong internal confidence and a seamless transition of promising deal flow.
The Evolving Landscape of Venture Capital: A Call for Recalibration
Kevin Colas offers a candid and critical perspective on the current state of the venture capital landscape, particularly in California, historically the epicenter of global innovation funding. While acknowledging California’s foundational role, Colas argues for a return to venture capital’s "initial real DNA." He posits that the industry has veered away from its core mission of financing innovation with a hands-on, supportive approach.
Colas describes a period from 2019 to 2022 as a "terrible global pandemic never to forget and several years of excessive valuations," characterizing it as a "real bubble" in the venture asset class. This era was marked by unprecedented capital inflows, historically low interest rates, and an intense fear of missing out (FOMO) among investors, which often led to inflated valuations and less rigorous due diligence. Large fundraises by marquee firms led to a concentration of "dry powder" in the hands of a few, driving a "competition of the bigger checks" rather than a focus on performance or fundamental company building. Industry analysts widely corroborate this sentiment, noting that the period saw a significant disconnect between company fundamentals and valuation multiples, leading to a subsequent market correction that began in late 2021 and intensified through 2022 and 2023.
Colas advocates for a return to the foundational principles of venture capital, where firms provide not just money but also concrete, hands-on support to portfolio companies. This includes bringing in clients, strategic partners, vetted vendors, and professional services; facilitating new hires through extensive networks; and offering guidance on strategy definition, refinement, planning, go-to-market (GTM) rationale, execution, and financial discipline. He stresses that deep due diligence is paramount, particularly when investing "public money," underscoring the fiduciary duty of investment managers. This duty, he argues, necessitates investing "as if their AUM would be their own money," irrespective of market cycles or the pace of deal closing.
Furthermore, Colas challenges the prevailing model where venture money becomes a condition for startup survival. He emphasizes that the role of VC managers is to provide ignition capital and support companies through their growth phases until an exit opportunity, but critically, to push startups towards building self-sustaining, quickly profitable businesses. The objective, in his view, should be for companies to "fly with their own wings," rather than continuously consuming large amounts of public venture and growth capital until an IPO or M&A exit that satisfies early and late investors alike. This perspective aligns with the current market sentiment favoring profitability and sustainable growth over purely top-line revenue expansion.
Engaging with the Venture Community: The NVCA Membership
As an NVCA member, Kevin Colas highlights several key benefits, primarily focusing on networking and industry influence. Membership offers valuable opportunities to connect with fellow investor peers across various categories, fostering potential deal syndication and co-leading opportunities for Snatched Ventures. It also facilitates portfolio support, helping to identify exit opportunities for portfolio companies, and aids in thematic development by engaging with a broader spectrum of industry experts.
Beyond transactional benefits, Colas expresses a strong desire to engage with the NVCA’s activism and policy advisory groups or think tanks. He aims "to at my humble scale try to influence positive change and policies evolutions for venture and deeptech." The NVCA plays a crucial role in advocating for the venture capital industry in Washington D.C., addressing regulatory issues, promoting innovation-friendly policies, and providing a platform for members to shape the future of investment and entrepreneurship. Colas’s involvement underscores the importance of collective action in navigating the complex interplay between innovation, capital, and public policy.
Snatched Ventures’ Ambitious Path Forward
Looking ahead, Snatched Ventures is focused on two primary objectives: successfully closing its $100 million fund and meticulously deploying that capital. The firm anticipates an initial close at $30 million, with a strategic balance of financial, corporate, and family office Limited Partners (LPs) who bring not only capital but also value-added expertise and potential co-investing opportunities. Colas emphasizes the importance of deeply collaborating with these LPs, recognizing their crucial role in the fund’s success.
The deployment strategy for Snatched Ventures is distinctly proactive rather than reactive. Instead of relying solely on deal flow exchanges, conferences, or accelerator programs, the firm is committed to deep dives and proactive sourcing. This involves systematically mapping investment spaces within its 8 DeepTech categories and 6 thematic areas, ensuring that the firm identifies the best early-stage companies aligned with its precise investment thesis. This targeted approach aims to uncover hidden gems and cultivate relationships with founders building businesses that demonstrate both positive environmental and financial sustainability.
Ultimately, Snatched Ventures’ ambition extends beyond generating outsized returns for LPs, founders, strategics, GPs, and staff. Kevin Colas articulates a grander vision: "To build a lasting platform of thematic deeptech funds changing the way we live and business use innovation to boost their efficiency while transitioning faster towards really sustainable models for the planet and people." This long-term commitment is driven by a profound sense of responsibility, encapsulated in his powerful closing statement: "For our kids, for us and to avoid having to one day flee on Mars with Mr. Musk because we ended up destroying this amazingly beautiful and well designed blue planet." This statement not only highlights the urgency of sustainable innovation but also positions Snatched Ventures at the forefront of a movement dedicated to preserving and enhancing life on Earth through intelligent, impactful investment. The firm’s meticulous strategy, proven performance, and principled approach to venture capital mark it as a significant player in the evolving landscape of DeepTech and sustainable investment.
