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The Venture Codex

FUSE

1402 3rd Ave Ste 406, Seattle, Washington, 98101, United States

Overview

Venture capital firm investing in early-stage software companies.

Founded

2020

Deals ยท 12mo

11

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A

Geographic focus

Canada
United States

Sector focus

Artificial Intelligence (AI)
Machine Learning
Software
Venture Capital

Investment portfolio

60rounds
NAMEDATESIZE
Pluto
Oct 2026Led
$3 MSeed
Harell Data
Aug 2026Led
$15 MSeed
Prosper Medical
Jul 2026Led
$16 MSeed
Thira
Jul 2026Participated
$21 MSeed
General Compute
May 2026Led
$15 MSeed
Portal Space Systems
Apr 2026Participated
$50 MSeries A
Starcloud (Lumen Orbit)
Mar 2026Participated
$170 MSeries A
ElastixAI
Feb 2026Led
$18 MSeed
Integrate
Feb 2026Participated
$17 MSeries A
Scala
Feb 2026Led
$9 MSeed
Digs
Nov 2025Participated
$5 MSeries A
Search Party
Oct 2025Led
$4 MOther Equity
Pluto
Oct 2026Led
$3 MSeed
Harell Data
Aug 2026Led
$15 MSeed
Prosper Medical
Jul 2026Led
$16 MSeed
Thira
Jul 2026Participated
$21 MSeed
General Compute
May 2026Led
$15 MSeed
Portal Space Systems
Apr 2026Participated
$50 MSeries A
Starcloud (Lumen Orbit)
Mar 2026Participated
$170 MSeries A
ElastixAI
Feb 2026Led
$18 MSeed
Integrate
Feb 2026Participated
$17 MSeries A
Scala
Feb 2026Led
$9 MSeed
Digs
Nov 2025Participated
$5 MSeries A
Search Party
Oct 2025Led
$4 MOther Equity
60
Items
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Insights

Time horizon

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Deal Distribution

FUSE: 60 funding rounds are recorded in the selected participation categories.All available history.
FUSE: 60 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed1911
Series A77
Series B24
Series C+03
Other Equity43

Monthly Deal Activity

FUSE: 60 deals are recorded across 72 months.All available history.
FUSE: 60 deals are recorded across 72 months. All available history
MonthDeals
Nov '201
Dec '200
Jan '210
Feb '210
Mar '210
Apr '211
May '210
Jun '210
Jul '212
Aug '212
Sep '211
Oct '211
Nov '211
Dec '211
Jan '222
Feb '221
Mar '221
Apr '220
May '220
Jun '221
Jul '221
Aug '220
Sep '221
Oct '222
Nov '220
Dec '220
Jan '230
Feb '231
Mar '231
Apr '234
May '231
Jun '231
Jul '230
Aug '230
Sep '232
Oct '230
Nov '230
Dec '231
Jan '243
Feb '240
Mar '240
Apr '240
May '242
Jun '241
Jul '241
Aug '240
Sep '242
Oct '241
Nov '240
Dec '241
Jan '250
Feb '252
Mar '250
Apr '251
May '250
Jun '250
Jul '251
Aug '251
Sep '252
Oct '251
Nov '251
Dec '250
Jan '260
Feb '263
Mar '261
Apr '261
May '261
Jun '260
Jul '262
Aug '261
Sep '260
Oct '261

Sector Breakdown

FUSE: AI & Machine Learning is the largest displayed sector by deal count (26 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

FUSE: AI & Machine Learning is the largest displayed sector by deal count (26 deals). All available history
SectorDeals
AI & Machine Learning26
Enterprise Software18
Networks, Cloud & Communication15
Data, Analytics & IT9
Professional Services9
Space & Frontier Tech7
Transportation & Logistics7
Cybersecurity & Privacy6
Hardware & Robotics6
Fintech6
Manufacturing6
E-Commerce & Retail5
Health & Life Sciences4
Food & Agriculture4
Travel & Hospitality3
Government & Defense3
Real Estate & Construction3
Marketing & Advertising3
Developer Tools2
Consumer & Lifestyle1
Social & Community Platforms1

Deal Size Distribution

FUSE: 60 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

FUSE: 60 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M13
$5M-$10M16
$10M-$25M21
$25M-$50M6
$50M-$100M3
$100M-$250M1
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

FUSE: United States has the largest recorded deal count among the displayed regions (49 deals).All available history.

Top 4 of 4 regions; European countries are grouped as Europe.

FUSE: United States has the largest recorded deal count among the displayed regions (49 deals). All available history
RegionDeals
United States49
Canada8
Europe2
India1
FUSE: 20 co-investors are shown, with Y Combinator sharing 6 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

FUSE: 20 co-investors are shown, with Y Combinator sharing 6 recorded deals. All available history
Co-investorShared deals
Y Combinator6
Cercano Management4
Liquid 2 Ventures4
Soma Capital4
Voyager Capital4
Anthos Capital3
Bling Capital3
Chicago Ventures3
Ensemble3
Ignition Partners3
Ironspring Ventures3
Madrona Venture Group3
NFX3
Alpha Edison2
BankTech Ventures2
Bessemer Venture Partners2
Blackpines Capital Partners2
Carya Venture Partners2
Defined Capital2
EQT Ventures2

Investment Strategy

FUSE: Led accounts for 53% and participating for 47% of round participation.All available history.
FUSE: Led accounts for 53% and participating for 47% of round participation. All available history
CategoryDeals (count)Share (%)
Led3253%
Participating2847%
FUSE: Single-lead accounts for 84% and co-led for 16% of lead dynamics.All available history.
FUSE: Single-lead accounts for 84% and co-led for 16% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead2784%
Co-led516%

Team

Bobby Wagner

Venture Partner

Brendan Wales

Founding and General Partner

Brooke B.
Brooke Borseth

Senior Associate

Cameron Borumand

Founding and General Partner

Cliff Hinrichs

Venture Partner

Dipam Patel

Principal

Emily Harrison
John Connors

Operating Partner

Kellan Carter

Founding Partner

Ryan Fink

Venture

Samarth Gandhi
Satbir Khanuja

Operating Partner

Spyro Korsanos

Founder & Managing Partner

Zane Khatib

Senior Associate