Indicator Ventures

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Overview

Indicator Ventures is a pre-seed and seed stage venture capital firm founded in 2013 that invests in technology companies across the U.S., focusing on founders building software to make work, life, and wealth-building easier and more accessible.¹⁵ It targets startups in industries such as digital health, enterprise tech, fintech, marketplace, and emerging technologies, with 60% of its portfolio in B2B, 20% B2C, and 20% hybrid models, emphasizing high-velocity founders with unique business models or distribution strategies.¹ The firm has managed multiple funds, including 7 closed funds and Indicator Ventures IV open as of December 2025, with investments up to $2M per company.²

History

Indicator Ventures was founded in 2013 by Geoff Bernstein and Jonathan Struhl, who serve as Co-Founders and General Partners, with Baiyin Murphy as another General Partner.² Based in Boston, the firm has grown to manage 7 closed funds, such as Indicator Carbon II closed in December 2017, and has one fund in market, Indicator Ventures IV opened in December 2025.² It has invested in over 40 portfolio companies across sectors like business services, communications and information technology, and life sciences & healthcare.³⁴

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