Underdog Labs

Underdog Labs is an early-stage (pre-seed) fund solely focused on helping entrepreneurs with 'piercing vision' create and scale successful companies. Founded by serial entrepreneurs David Hehman and Alex Chang — who co-founded GetawayZone in 1997 and sold it to Expedia in 2000 — the firm backs belief-driven founders at the very earliest stages, typically in fundraising rounds of $1M or less, often pre-product or pre-monetization. They are frequently the first institutional investor for their portfolio companies. The firm looks for founding teams motivated by a true long-term mission who have identified a 'winnable chapter 1.' They tend to invest in areas where they understand the distribution channels — primarily B2B software and consumer — and explicitly avoid businesses requiring significant hardware manufacturing or regulatory approval. Rather than imposing a narrow playbook, they roll up their sleeves to work shoulder-to-shoulder with founders, combining capital with hands-on operational support to de-risk and accelerate early-stage ventures. The vast majority of investments come through trusted referrals.