About MHS Capital
MHS Capital is a venture capital firm founded in 2006. It is primarily based out of San Francisco, United States. As of Mar 2026, MHS Capital is an active investor, having invested in 59 companies, with 1 new investment in the last 12 months. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and Retail. Most recently it participated in the $***** Series A round of Schematic Overall, MHS Capital portfolio has seen 2 unicorns, 3 IPOs and 28 acquisitions including key companies like Udemy, Thumbtack and Outreach. A lot of funds co-invest with MHS Capital, with names like Point Nine sharing a substantial percentage of its portfolio. MHS Capital has team of 4 people including 2 partners.Key Metrics
MHS Capital's List of Top Investments
MHS Capital has a portfolio of 59 companies, including 2 unicorns. Their most notable investments are in Fencer and Auto Hauler Exchange.Their portfolio spans across United States, Brazil, Canada and 4 more locations. They have invested in Enterprise Applications, Consumer, Retail and 20 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by MHS Capital:1. Udemy
Provider of a marketplace offering online courses. It offers courses in various disciplines such as business, IT and software, photography, marketing, music, finance, and more. The courses can be taken at any pace and the course content can be created by instructors according to their choice. It also offers corporate online learning platform, that provides training solutions to corporates. Its mobile app is available for android and iOS devices.
Key facts about Udemy
- Founded Year: 2010
- Location: San Francisco (United States)
- Stage: Public
- Total Funding till date: $274M
- Employee Count: 9,135 as on Sep 30, 2026
- Investors: Founders Circle Capital, Harmony Venture Partners and 68 Others
- Latest Funding Round: Series F, Nov 18, 2020, $*****
- Highlight: Public
2. Thumbtack
App based platform to connect users with local service professionals. The platform allows users to find, compare, and hire professionals for plumbing, house cleaning, landscaping, and photography. It allows customers to describe requirements in detail based on questions asked on the platform and it deliver custom quotes from vetted professionals. It enables users to compare prices, see reviews, and hire a professional online.
Key facts about Thumbtack
- Founded Year: 2008
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series H
- Total Funding till date: $699M
- Employee Count: 1,807 as on Sep 30, 2026
- Investors: Founders Circle Capital, Baillie Gifford and 23 Others
- Latest Funding Round: Conventional Debt, Jul 31, 2024, $*****
- Highlight: Editors' Pick
3. Outreach
Provider of an AI revenue workflow platform for sales teams. The platform offers tools for forecasting, coaching, closing deals, renewals, expansion, and pipeline building. It helps sales, marketing, revenue operations, and customer success teams. The platform provides features for prospecting, account engagement, deal management, coaching, and customer retention. It offers insights and workflows to improve sales performance and forecasting accuracy.
Key facts about Outreach
- Founded Year: 2014
- Location: Seattle (United States)
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $489M
- Employee Count: 4,532 as on Sep 30, 2026
- Investors: Sprout Capital Partners, Meritech and 38 Others
- Latest Funding Round: Series G, Jun 02, 2021, $*****
- Highlight: Editors' Pick
4. Indiegogo
Online crowdfunding platform for social causes. It allows users to donate money to artistic works, technology, and community-based projects. Users can earn prizes such as discounts, coupons, and other perks. It also includes an educational directory to assist new users.
Key facts about Indiegogo
- Founded Year: 2008
- Location: San Francisco (United States)
- Stage: Acquired
- Total Funding till date: $56.5M
- Employee Count: 95 as on Sep 30, 2026
- Investors: Webb Investment Network, Mosaic Ventures and 23 Others
- Latest Funding Round: Series B, May 20, 2014, $*****
- Highlight: Acquired
5. Grove
Online subscription-based platform providing cleaning products and beauty products. Its catalog includes home, skin care, oral care, hair care, perfumes & deodorants, and pet care products. The users can customize the curated boxes based on the preferences.
Key facts about Grove
- Founded Year: 2012
- Location: San Francisco (United States)
- Annual Revenue: $100M - $500M as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $527M
- Employee Count: 411 as on Sep 30, 2026
- Investors: Glynn Capital, TriplePoint Capital and 45 Others
- Latest Funding Round: Post IPO, Oct 14, 2024, $*****
- Highlight: Public
MHS Capital's Year-on-Year Investment Trends
MHS Capital has invested in 59 companies over the last 19 years, with an average of 1 new investment annually in the last 10 years. In 2025, it made 1 investment, while as of Mar 2026, it has made 2 investments in this year. Its most recent first time investment was in Fencer and most recent follow-on round was in Schematic.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 1 | 2 |
2025 | 1 | 0 | 1 |
2024 | 2 | 0 | 2 |
2023 | 0 | 0 | 0 |
2022 | 3 | 0 | 3 |
2021 | 2 | 1 | 3 |
2020 | 1 | 0 | 1 |
2019 | 1 | 1 | 2 |
2018 | 1 | 2 | 3 |
2017 | 0 | 1 | 1 |
MHS Capital's Investments by Stage
MHS Capital has made 19 investments in Seed stage with an average round size of $2.53M, 12 investments in Series A stage with an average round size of $5.64M, 4 investments in Series C stage with an average round size of $22.6M and 1 investment in Series B stage with an average round size of $16M.Stage of entry | No. of Investments |
|---|---|
Seed | 19 |
Series A | 12 |
Series C | 4 |
Series B | 1 |
Note: We have considered here, only first round of investments
MHS Capital's Investments by Sector
MHS Capital has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, Retail, Vertical SaaS and Enterprise Infrastructure. Notably, it has invested in 53 Tech companies, 36 Enterprise (B2B) companies, 31 Software companies and at least 23 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 20 |
Consumer | 9 |
Retail | 9 |
Vertical SaaS | 6 |
Enterprise Infrastructure | 4 |
Others | 34 |
Note: We have considered here, only first round of investments
MHS Capital's Investments by Geography
MHS Capital has made most investments in United States (32), followed by Brazil where it has made 1 investment.Country | No. of Investments |
|---|---|
United States | 32 |
Brazil | 1 |
Canada | 1 |
Finland | 1 |
Turkey | 1 |
Note: We have considered here, only first round of investments
MHS Capital's recent investments
MHS Capital has made 2 investments in 2026 so far - Schematic and Fencer.Here are the most recent investments by MHS Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 11, 2026 | United States | Series A | 3804 | [+3] | |
Jan 13, 2026 | United States | Seed | 2397 | ||
Feb 04, 2025 | United States | Series A | 8983 | ||
Sep 20, 2024 | United States | Seed | 8191 | [+5] | |
Jul 23, 2024 | United States | Seed | 6496 | [+2] |
Unicorns in MHS Capital's Portfolio
MHS Capital has 2 unicorns in its portfolio - Outreach and Thumbtack. The most recent unicorn in their portfolio is Outreach. It became a unicorn in 2019, 3 years after MHS Capital first invested in it.Here is a list of unicorns in MHS Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
74 | Provider of an AI revenue workflow platform for sales teams | 2014 | Seattle | Series G | vrfrazr | ||
84 | App based platform to connect users with local service professionals | 2008 | San Francisco | Series H | rklffsm |
IPOs and Publicly Listed companies in MHS Capital's Portfolio
3 of MHS Capital's portfolio companies have become public. Udemy got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Oct 2021 at marketcap of $3.99B and Grove got listed on the New York Stock Exchange (NYSE).Here are MHS Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 29, 2021 | Aug 31, 2010 | Seed | 9215 | |
May 14, 2021 | Jan 17, 2018 | Series C | 3531 | |
- | - | - | 4352 |
Acquired companies in MHS Capital's Portfolio
28 companies from MHS Capital's portfolio have been acquired. The most recent acquisition was Keyplay in Apr 2026 by Inflection for $*****.Here are MHS Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 08, 2026 | Dec 07, 2022 | Seed | 3527 | |
Mar 26, 2026 | Mar 16, 2021 | Seed | 2485 | |
Jul 24, 2025 | Sep 07, 2011 | Seed | 2736 | |
Jun 23, 2022 | Jul 20, 2021 | Series C | 2305 | |
Jan 12, 2022 | Jul 12, 2016 | Seed | 8182 |
Team profile of MHS Capital
MHS Capital has a team of 4 members including 2 Partners located in United States. MHS Capital's team does not sit on the board of any company as of now.Co-investors of MHS Capital
Over the past 19 years, 223 investors have co-invested in MHS Capital's portfolio companies. This includes funds and angels.
- Invested before MHS Capital: 500 Global, Founders' Co-op and 22 others have invested in rounds before MHS Capital. There are 2 companies where 500 Global has invested before MHS Capital and 2 companies where Founders' Co-op has invested before MHS Capital.
- Top Co-investors of MHS Capital: 96 investors entered a company along with MHS Capital. These include investors like Point Nine (3 companies).
- Invested after MHS Capital: A total of 103 investors have invested in MHS Capital's portfolio after their investments. Top Investors include Tiger Global Management (3 companies), Insight Partners (2 companies) and Sequoia Capital (2 companies).
Recent News related to MHS Capital
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Schematic Raises $6.5M to Fix SaaS Pricing for the AI EraTechStartups.com•Apr 22, 2026•Schematic, S3 Ventures, MHS Capital, Schematic and 3 others
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Fencer Launches Security Suite for Startups and Secures $5.5M Seed FundingPR Newswire•Jan 13, 2026•Goldcrest, MHS Capital
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Auto Hauler Exchange secures $5M Series A, bullish on FreightTech marketplaceFreightWaves•Feb 04, 2025•Auto Hauler Exchange, MHS Capital, Golden Ventures
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Schematic Raises $4.8M in Funding For the Last Mile of Pricing and Packaging For SaaS CompaniesPRWeb•Sep 20, 2024•Schematic, MHS Capital, NextView Ventures, Active Capital and 1 other
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Farmblox: Farm Automation Company Raises $2.5 Million (Seed)Pulse 2.0•Aug 13, 2024•Farmblox, Hyperplane, Slow Ventures, MHS Capital and 1 other
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Farmblox Raises $2.5m Seed Round to Bring AI/Automation to VineyardsWine Industry Advisor•Jul 23, 2024•Farmblox, Hyperplane, Slow Ventures, MHS Capital and 2 others
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Seattle-based B2B marketing startup Inflection is raising more cashGeekWire•Jun 04, 2024•Inflection, MHS Capital, Version1, Cercano Management and 1 other
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Keyplay, a new Seattle startup led by veteran entrepreneur Adam Schoenfeld, raises $3MGeekWire•Dec 07, 2022•web.app, MHS Capital, GTMfund, Evening Fund and 1 other
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Xano Raises $5M to Help Anyone Build Scalable, World-Class SoftwarePRWeb•Nov 15, 2022•Xano, MHS Capital, Engineering Capital
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B2B marketing automation solution startup Inflection raises $5MYourStory•May 19, 2022•Inflection, MHS Capital, Cercano Management, Version One Ventures and 1 other
