The Moses Caiptal team
Moses Capital introduces a $42 million fund of funds designed to transform early-stage venture from an opportunistic bet into a strategically managed allocation. With a portfolio of over 50 exciting venture capital managers, their unique approach combines essential elements for success in early-stage venture.
Why Investing Early Matters
The most significant shift in venture capital isn’t the rise of mega-funds or the entrance of public market players—it’s happening at the earliest stages, often unnoticed. While the industry’s attention has gravitated toward later-stage growth equity, a fundamental truth is becoming increasingly evident, early-stage venture is not just another asset class to be institutionalized. It’s an entrepreneurial endeavor that rewards craftsmanship over scale.
Think of Peter Thiel with Facebook, Steve Jurvetson with Tesla, and Chris Sacca with Uber and Twitter. These weren’t mere cap table entries – they were pivotal moments that shaped the trajectory of technological and social evolution. Without early-stage capital, many of today’s transformative platforms might have remained unrealized ideas.
However, early-stage investing is not for the faint of heart. The risks are high, the road is long, and the competition is fierce. Yet, for those who understand the game, the potential rewards can be extraordinary.
Felix Shpilman, Founding Partner at Moses Capital shares, “At Moses Capital, we’re institutionalizing luck finding. We’ve seen firsthand that early-stage venture is where the power law dominates—where one outlier can define an entire portfolio. By backing the world’s best “earliest-of-stage” managers across geographies and sub-sectors, we’re building a platform to systematically capture those rare, transformational companies.”
A Team of Investors, Operators, and Founders
Moses Capital team represents a mix of investors, operators and founders. As early-stage investors, they helped build Start Fund, backing unicorns like Uber, Airtable, Zapier, Gusto, Coinbase, ClassDojo, DoorDash, and Instacart—achieving an impressive ~18x TVPI. At DST Global, they participated in landmark growth investments in Facebook, Twitter, Airbnb, and Spotify.
Through their family offices, they’ve been early LPs in many funds such as DST Global, Iconiq, NFX, and Data Collective, gaining deep insights into what makes venture funds successful. But their most valuable insight wasn’t about picking winners—it was about the nature of early-stage investing itself.
The best seed-stage investors, they discovered, share a crucial trait with the founders they back: they’re building something from scratch, navigating uncertainty with limited resources, and creating value through hands-on engagement rather than financial engineering.
Asya Shpilman, Founding Partner at Moses Capital explains, “The best early-stage investors know their job goes far beyond capital. They’re the first call on the hardest day—the ones who sit with founders in the uncertainty. At Moses, we back GPs who lead with empathy and conviction from day zero. Because supporting entrepreneurs at the very beginning is what shapes the outcomes we all dream about.”
A Rare Market Opportunity
Today’s market presents a rare opportunity. While larger firms retrench and valuations reset, the most promising early-stage managers are quietly backing category-defining companies of the future. The historical data is unequivocal: venture vintages following market corrections consistently deliver exceptional returns, particularly at the earliest stages where correlation to macro trends is lowest. Moses Capital was founded to capture this opportunity systematically, building on their team’s unique combination of experiences.
“Moses is not just a fund-of-funds—it’s a gateway to a new institutional asset class. Pre-seed used to be too fragmented, too opaque, and too small for serious LP allocation. We’re changing that. By aggregating access to the world’s top emerging managers, we’re changing this overlooked corner of venture into a scalable, global, and investable strategy for long-term capital”, adds Lev Leviev, Founding Partner at Moses Capital.
A Unique Approach to Early-Stage Venture
Moses Capital has their unique approach that combines essential elements for success in early-stage venture.
1. People Matter More Than Brands
The best pre-seed funds of tomorrow aren’t necessarily the brand names of today. Moses Capital invests in both proven managers with consistent track records and emerging managers who bring fresh perspectives, agility, and unique access to high-potential startups. This balanced approach—combining experience with innovation—is critical. Seasoned managers bring structured processes, while new managers frequently outperform their peers in their early vintages.
2. A Truly Global Perspective
Early-stage innovation isn’t confined to any single geography. The Funds’ portfolio will span over 90 funds, providing exposure to more than 3000 companies worldwide. This diversification doesn’t just mitigate risk, it uncovers opportunities in emerging ecosystems often overlooked by larger funds.
3. Systematic Fund Selection Without Interference
The team maintains a systematic yet supportive approach to fund selection and management. Their diligence process combines both objective, data-driven signals—which they’ve developed and validated internally—and subjective criteria, which they evaluate and align with feedback gathered from founder reference calls. At the same time, they have a strict policy of non-interference in fund operations. They understand that the best managers need space to execute their vision.
Backing the Future, Systematically and at Scale
The next generation of category-defining companies is being built today, and they’re being funded by managers who understand that early-stage venture is a craft, not just a capital allocation exercise. Moses Capital are backing these investors systematically, at scale, and with the conviction that comes from having been in their shoes. And beyond the numbers, it’s an exhilarating process – engaging with the sharpest minds, exploring groundbreaking ideas, and witnessing firsthand the speed of innovation shaping the future.
