About Watershed
Watershed is a venture capital firm As of Dec 2025, Watershed is an active investor, having invested in 33 companies, with 1 new investment in the last 12 months. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to HealthTech and FinTech. Most recently it participated in the $***** Series B round of Sokin Overall, Watershed portfolio has seen 4 unicorns, 1 IPO and 2 acquisitions including key companies like Rivian, Melio and Tonal. A lot of funds co-invest with Watershed, with names like Thomvest Ventures sharing a substantial percentage of its portfolio.Key Metrics
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series B & Seed
Portfolio IPOs
Portfolio Acquisitions
Watershed's List of Top Investments
Watershed has a portfolio of 33 companies, including 4 unicorns. Their most notable investmentis in SokinTheir portfolio spans across United States and United Kingdom. They have invested in Enterprise Applications, HealthTech, FinTech and 10 other sectors, across stages such as Series B, Seed stages. Here is the list of top investments by Watershed:
1. Rivian
Manufacturer of off-road electric pickup trucks for adventure. The platform specializes in premium electric sport utility vehicles and pickup trucks designed for off-road capability and adventure. Its flagship products include the R1T electric pickup and the R1S electric SUV, both built on a flexible skateboard platform that supports future vehicle models. It offers features including quad-motor all-wheel drives, air suspensions, hydraulic roll control, optimum storage capacity, weather-resistant, optimum charging time, and more.
Key facts about Rivian
- Founded Year: 2009
- Location: Irvine (United States)
- Annual Revenue: $1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $10.5B
- Employee Count: 12,135 as on Sep 30, 2026
- Investors: equitywestsecurities.com, Harmony Venture Partners and 37 Others
- Latest Funding Round: Post IPO, Jun 30, 2025, $*****
- Highlight: Public
2. Melio
Provider of accounts payable and receivable solutions for businesses. The platform offers tools for paying vendors, sending invoices, and managing business finances. Features include mobile access, bank transfers, and card payment options. It facilitates approval workflows, bill capture, and tax form management. The platform also provides international payment capabilities and options for paying over time.
Key facts about Melio
- Founded Year: 2018
- Location: New York City (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $654M
- Employee Count: 697 as on Sep 30, 2026
- Investors: Salesforce Ventures, Company Capital and 26 Others
- Latest Funding Round: Series E, Oct 31, 2024, $*****
- Highlight: Acquired
3. Tonal
Provider of smart home gym equipment and personalized workout programs. The company offers equipment with adaptive weight technology and real-time guidance. It provides access to various workouts and training programs. Memberships include unlimited accounts for household use and advanced lifting modes. The company also offers certified refurbished equipment and accessories.
Key facts about Tonal
- Founded Year: 2015
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $535M
- Employee Count: 409 as on Sep 30, 2026
- Investors: Sapphire Ventures, Dragoneer Investment Group and 43 Others
- Latest Funding Round: Series E, Apr 10, 2023, $*****
- Highlight: Editors' Pick
4. Baselane
Personal finance management software for landlords. It offers solutions for managing banking services, rent collections, expense management, cash flow analytics, and more. It provides a dashboard to monitor properties & leases, cash flows, bank accounts & credit card integrations; scheduling property tags; smart categorization; automated invoicing for rent collection, and more.
Key facts about Baselane
- Founded Year: 2013
- Location: New York City (United States)
- Stage: Series B
- Total Funding till date: $34.4M
- Employee Count: 80 as on Sep 30, 2026
- Investors: Conversion Capital, Deep Lake Capital and 11 Others
- Latest Funding Round: Series B, Oct 02, 2025, $*****
- Highlight: Editors' Pick
5. Maven
Virtual care for women and families across every life stage. The company delivers comprehensive, evidence-based healthcare through a pioneering virtual care model. It focuses on improving outcomes and lowering costs by offering expert care across various life stages, including fertility, maternity, parenting, and menopause. The platform provides access to on-demand virtual specialists, aligned benefit management, and culturally competent care on a global scale. It supports members with personalized content, dedicated care advocates, and proactive care management. The company partners with employers, health plans, and consultants to build healthier workforces and improve healthcare access. It offers programs like Maven Wallet and Maven Milk, and emphasizes diversity, equity, and inclusion. The company uses data-driven insights and research to advance women's and family health. It is a B2B and B2C company offering SaaS and software solutions.
Key facts about Maven
- Founded Year: 2014
- Location: New York City (United States)
- Valuation: $*****
- Stage: Series F
- Total Funding till date: $425M
- Employee Count: 1,204 as on Sep 30, 2026
- Investors: Harmony Partners, Icon Ventures and 59 Others
- Latest Funding Round: Series F, Oct 08, 2024, $*****
- Highlight: Editors' Pick
Watershed's Year-on-Year Investment Trends
In 2025, it made 4 investments. Its most recent first time investment was in Sokin.Watershed's Investments by Stage
Watershed has made 3 investments in Series B stage with an average round size of $33.2M and 1 investment in Seed stage with an average round size of $6M.Stage of entry | No. of Investments |
|---|---|
Series B | 3 |
Seed | 1 |
Note: We have considered here, only first round of investments
Watershed's Investments by Sector
Watershed has a diverse portfolio, with companies operating in the FinTech, Artificial Intelligence - Industry Applications, Enterprise Applications, HealthTech and Healthcare. Notably, it has invested in 21 Tech companies, 13 Enterprise (B2B) companies, 11 Software companies and at least 10 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
FinTech | 2 |
Artificial Intelligence - Industry Applications | 1 |
Enterprise Applications | 1 |
HealthTech | 1 |
Healthcare | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Watershed's Investments by Geography
Watershed has made most investments in United States (3), followed by United Kingdom where it has made 1 investment.Country | No. of Investments |
|---|---|
United States | 3 |
United Kingdom | 1 |
Note: We have considered here, only first round of investments
Watershed's recent investments
Watershed has not made any investment in 2026 so far.Here are the most recent investments by Watershed:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Dec 01, 2025 | United Kingdom | Series B | 4641 | [+6] | |
Oct 02, 2025 | United States | Series B | 6508 | [+6] | |
Sep 11, 2025 | United States | Series B | 7518 | [+12] | |
Jun 17, 2025 | United States | Seed | 3211 | [+4] |
Unicorns in Watershed's Portfolio
Watershed has 4 unicorns in its portfolio - ShopMy, Headway, Maven and others. The most recent unicorn in their portfolio is ShopMy. It became a unicorn in 2025, 1 years before Watershed first invested in it.Here is a list of unicorns in Watershed's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
63 | Influencer marketing solutions for creators and influencers | 2020 | Boston | Series C | f{pxbpk | ||
67 | Provider of a mental health therapist consultation platform | 2012 | New York City | Series D | vdamomv | ||
73 | Virtual care for women and families across every life stage | 2014 | New York City | Series F | olpcqh{ | ||
73 | Provider of smart home gym equipment and personalized workout programs | 2015 | San Francisco | Series E | khsebrk |
IPOs and Publicly Listed companies in Watershed's Portfolio
1 of Watershed's portfolio company became public - Rivian. It got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Nov 2021 at marketcap of $67.7BHere are Watershed's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 10, 2021 | - | - | 1893 |
Acquired companies in Watershed's Portfolio
2 companies from Watershed's portfolio have been acquired. The most recent acquisition was Thingtesting in Jul 2025 by ShopMy for $*****.Here are Watershed's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 31, 2025 | - | - | 8490 | |
Jun 24, 2025 | - | - | 9294 |
Co-investors of Watershed
Over the past year, 34 investors have co-invested in Watershed's portfolio companies. This includes funds and angels.
- Invested before Watershed: Matrix, Morgan Stanley and 3 others have invested in rounds before Watershed. There is 1 company where Matrix has invested before Watershed and 1 company where Morgan Stanley has invested before Watershed.
- Top Co-investors of Watershed: 28 investors entered a company along with Watershed. These include investors like Thomvest Ventures (1 company).
- Invested after Watershed: Oxford Finance (1 company) is the only investor which has invested in Watershed's portfolio after their investments.
Recent News related to Watershed
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Sokin Secures $50M Series B to Expand Global Payments Platform; Valuation Reaches $300MFinancial IT•Dec 01, 2025•Sokin, Prysm Capital, Morgan Stanley, Watershed and 6 others
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Penguin Ai Secures $29.7M in Venture FundingFinSMEs•Sep 11, 2025•PenguinAI, UPMC, Overwater Ventures, California Health Care Foundation and 12 others
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Quilt Health Secures $6M to Enhance Clinical Trial Access for Complex DiseasesHIT Consultant•Jun 17, 2025•Quilthealth, MaC Venture Capital, Underscore VC, Meridian Street Capital and 3 others
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