Investments
We Made 19 Follow-on Investments & Announced 8 New Seed Investments
Wonderment

Wonderment gives small businesses the upper hand by preventing “where is my order” calls before they happen.
The SaaS platform increases customer delight by delivering instant visibility into shipments, sending proactive, branded notifications to customers, and delivering a better tracking experience, regardless of which carriers or warehouses the brand uses.
Luminai

Luminai empowers knowledge workers to focus on the most valuable and rewarding aspects of their jobs.
By connecting SaaS applications through Robotic Process Automation (RPA), Luminai streamlines multi-click processes and serves as an operating system that prevents teams from needing to jump between a dozen applications to execute a single action.
Herald

Herald connects software developers to commercial insurance carriers through a single API.
By providing the best infrastructure for developers, Herald is empowering both the carrier side and broker side of the market to move commercial insurance online. What used to take months of development time and days (even weeks) of email back and forth can now be delivered within hours.
Clockwork

Clockwork enables small businesses and their outsourced finance partners to take control of their finances.
Clockwork is an incredibly easy-to-use and accurate AI-powered financial planning and analysis platform. Clockwork customers can spot both problems and opportunities sooner, with tools and analyses previously only available to growth-stage enterprises.
Kard

Kard helps banks and other card issuers build an engaging rewards program with thousands of brands and retailer offers.
Kard is the first “rewards-as-a-service” API that empowers modern card issuers to create customized rewards programs tailored to their particular customer base. Kard is the first rewards platform that specifically services the entire spectrum of card issuers.
Appregator

Appregator takes Shopify apps to the next level, providing talented developers with the capital and resources to turbo-charge growth.
Appregator provides app developers with a reliable and efficient exit at a fair price, allowing them to monetize their hard work and trust that their app is in safe hands. Appregator provides a real home for the suite of apps they manage, ensuring a lasting legacy for the software.
3 Box Labs

The creators of the Ceramic Network are advancing a more open, safe, and composable Web3 with 3Box Labs.
Ceramic’s composable, self-sovereign data network allows developers to build applications by plugging into a vibrant, open, decentralized ecosystem of data to build next-generation applications natively on Web 3.0, instead of building with siloed databases.
Portfolio Momentum
$678.5M
in portfolio follow-on funding announced in 2022
We congratulate our portfolio founders on an impactful year of business building and value creation. In turbulent times, they’ve shown resilience, grit, and progress.
The Underscore portfolio by the numbers
Active portfolio companies
Across:
- Future of Work
- Vertical SaaS
- B2B Fintech
- Web3 Infrastructure
Sourced from...
Measuring what matters
Since becoming a PRI Signatory in 2021, we’ve been measuring what matters and benchmarking the diversity of those we have the privilege to invest in.
We have a long way to go. These are our starting blocks.
47%
Diverse Founders
47% of Underscore’s participating portfolio company founders identify with an overlooked gender, race, or sexuality
21%
Female Founders
Compared to 11% benchmarkNationally, only 11% of early-stage funding went to female founders
Source: Crunchbase, 2022
14%
Black/Latinx Founders
Compared to 0.9% benchmarkIn Boston, only 0.9% of early-stage funding went to black/latinx founders
Source: All Raise, 2021
As of 11.30.22 - Based on 66 portfolio company founders who opted into self identifying in Underscore’s D&I survey.
100+ New Core Members
The Underscore portfolio is strengthened by a Core Community growing in size and impact
- 1,800+
Core Members
- 15
Peer Groups
- 88
Community NPS
2023 Core Leaders

Seijin Mong
Customer SuccessSr. Dir. of CS, Starburst Data
Jaclyn Smith
SalesAMER SI Team, Boomi
Joseph Alim
ProductVP of Product, Compt
Susan An
SalesVP of Sales, Tessian
Kevin Flynn
ProductVP of Product, Reggora
Shari McGrath
Customer SuccessSVP of CS, Hi Marley12 New Core Partners Added in 2022 including...

Deborah Yang
CEO & Co-Founder of DAIZYKaiko Core Partner
Jonathan Chen
Founder & CEO of NitraLendflow Core Partner
Julia Cheek
CEO & Founder of Everly HealthDarby Core Partner
Lindsey Christensen
B2B Marketing Lead at FlywireKaiko Core Partner
Bryan Dsouza
Head of Marketing at Berkshire GreyIkigai Core Partner
Jana Iris
Community & Events at HashiCorpGoldcast Core PartnerCheers to the road ahead!
We are thankful for our robust community of bold founders, business builders, co-investors, limited partners, and Underscore team members for another year to remember.
