Headwater Ventures
ActiveMinneapolis, MNDeveloper tools & infrastructure, AI & machine learning, Data & analyticsLast fund filed June 2025
1 on a current fund
last 24 months
across filed funds
| Vehicle | Filed | Target | Sold to date | Investors |
|---|---|---|---|---|
| Headwater Ventures Fund III | June 2025 | Indefinite | $11M | 43 |
| Headwater Ventures Fund II | 2022 | $13M | $3.1M | 13 |
Amounts are Item 13 as filed: the target is the whole offering, and the amount sold is cumulative across amendments rather than a final close. The filing carries no per-investor amount, so a firm’s own cheque is not recoverable here.
1 partner is named across this firm’s filings, 1 of them on a fund it is deploying now.
| Partner | Activity | Categories | Board seats | Last 24mo |
|---|---|---|---|---|
| Matthew Miller | Active | None listed | 29 | 4 |
Activity is filed board seats in the last 24 months: 4+ Active, 2–3 Selective, 1 Slowing, none Quiet. A firm's tier totals its partners, so an active firm may be four partners with one seat each. It undercounts partners who invest without taking a board seat, and filings lag a closing by weeks, so Quiet means the paperwork is quiet, not the person.
Categories of Headwater Ventures’s own portfolio companies, based on 5 with a verified or cited source.
Not a filing value: this is Lev’s own classification of each company, one company one vote regardless of how many of Headwater Ventures’s partners are named on its board, shown only when we found a specific, checkable source. Companies with no source read as unclassified and are left out of the shares above.
No other firm shares a filed board seat with Headwater Ventures yet. That is a gap in what we have read, not a claim that Headwater Ventures invests alone.
A shared board seat: a company where filings name a Headwater Ventures partner and a partner at the other firm, both with a clean identity match. Not a claim either firm led or co-led the round, only that both are named on the same board.