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How Max Altschuler accidentally founded a VC firm that just raised another $54M   | TechCrunch

Feb 04, 2025 - techcrunch.com
Max Altschuler, founder and general partner of GTMfund, has successfully raised a second fund of $54 million, surpassing his initial target of $50 million. GTMfund is an "operator-led" venture capital firm, meaning its limited partners (LPs) are experienced professionals from successful tech companies like AWS, OpenAI, and Snowflake. These LPs, primarily marketing and sales experts, not only invest financially but also mentor portfolio companies in sales strategies and assist in identifying promising startups. The first fund, launched in 2021, raised $22 million and backed companies such as AI composer Writer and security compliance firm Vanta. The second fund has attracted 300 operator LPs and six institutional investors, including Bain Capital Ventures and HarbourVest.

Altschuler's journey into venture capital was unintentional, stemming from his background in sales at Udemy and his involvement in the startup community through SaaStr and Sales Hacker. His network's interest in angel investing led him to propose a collaborative investment model, which quickly gained traction. GTMfund has developed a community-oriented approach, offering LPs varying levels of involvement and hosting events to foster collaboration. The fund aims to invest in about 40 early-stage companies, focusing on pre-seed, seed, and occasional Series A rounds, with check sizes ranging from $500,000 to $1.5 million. GTMfund's operator-led structure is unique but not unprecedented, with similar models like Operator Collective and Coalition emerging in recent years.

Key takeaways:

  • GTMfund, led by Max Altschuler, raised a second $54 million fund, surpassing its $50 million target.
  • The fund is operator-led, with LPs from successful tech companies like AWS, OpenAI, and Snowflake, who also mentor startups in sales strategies.
  • The first fund, launched in 2021, raised $22 million and backed companies like Writer, Atlan, and Vanta.
  • GTMfund's second fund aims to invest in about 40 early-stage companies with check sizes between $500,000 and $1.5 million.
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