Investor profile

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In Revenue Capital

Micro-fund

USCAB2B SaaSEnterpriseFintechHealthtech

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Investment thesis

In Revenue Capital is the first 'Operator-Immersive Capital' firm, combining Seed Stage venture capital with deep go-to-market (GTM) expertise to empower early-stage B2B Vertical SaaS startups. The firm believes GTM is 'the last true moat' and targets companies with $500k–$1.5M ARR, product-market fit, a minimum ACV of $30k, and strong partner ecosystem potential in North America, investing $1–3M in seed equity per deal. Rather than passive advisory, In Revenue's managing partners actively embed within each portfolio company to build scalable GTM engines and partner-led growth strategies. The firm invests via SPVs (Special Purpose Vehicles) alongside top-tier co-investors, contributing 20% of each deal itself, and targets 3–5x returns in 3–5 years — primarily through acquisition exits, which account for 80% of successful startup outcomes.

Notable quotes

At In Revenue, we believe go-to-market (GTM) is the last true moat. We empower early-stage B2B SaaS startups by combining GTM excellence with Seed Stage venture capital. This unique value-add approach goes far beyond surface level 'advisory', accelerating the achievement of go-to-market fit for our companies and diminishing risk for our co-investors. This is Operator Immersive Capital.

Justin Gray · In Revenue Capital website (inrevenue.com)

Only 8% of all funded startups actually return invested capital. We're creating a reality in which founders have not only the funds, but also the guidance needed to grow and succeed.

Justin Gray · PR Newswire launch announcement · 2023-02-07

'What's the moat?' Without a doubt one of the most frequent questions we hear when pitching deals to LPs. It's also one of the most irrelevant. At least in terms of product itself. Building unique technology is no longer the barrier to entry — good developers no longer measure MVP creation in years, but days. So, what is the true moat in B2B these days?

Justin Gray · LinkedIn post (linkedin.com/posts/inrevenue) · 2024-11-01

Team

Justin Gray

Managing Partner

B2B SaaSEnterprise

Josh Wagner

Managing Partner

B2B SaaSEnterprise

Sean Kester

Partner

B2B SaaS

Recent investments

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Frequent co-investors

VC firmDeals together
Noro-Mosley Partners1
DWP-Capital1
Stage 2 Capital1

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