Inovia Emerging Managers Portrait Series: Meet GTMfund

Inovia’s first Discovery Fund backs the next generation of VC funds in their mission to identify and nurture high-potential startups at the pre-seed and seed stages. We sat down with these emerging managers to discuss their vision, their approach, and what they look for in a pitch.

Today, we’re happy to introduce you to Max Altschuler, founder of GTMfund.

By the time he moved to San Francisco and joined edtech startup Udemy in 2011, Max had already founded two companies as a student, including one he operated from Central America. 

His talent for early-stage sales innovation quickly drew the attention of his colleagues, motivating him to swiftly return to entrepreneurship. Leveraging his network of tech sales professionals, he built a digital media company, Sales Hacker, which he later sold to Outreach.io.

An angel investor since 2015, Max noticed a strong interest among his circle of high-level executives in starting a fund that could leverage their go-to-market expertise to support portfolio companies. With their backing, he launched GTMfund, which raised $23 million USD in the first two years and is nearing the close of a second fund.

The firm sources about 70% of its deal flow from its investors, and its portfolio includes companies like ControlRooms.ai, a troubleshooting software for chemical and energy plants, and Seso which develops workforce management software for the farming industry. Max also reacquired Sales Hacker from Outreach, transforming it into GTMnow, a media company that complements the funds with a 50,000+ subscriber newsletter, podcasts, live events, and more. 

WHY DID YOU CHOOSE TO FOCUS ON THE EARLY STAGES OF INVESTMENT?

The early stages are the highest risk and highest reward. As you invest beyond the seed stage, the potential reward diminishes. In these initial phases, before spreadsheets and detailed data, all you have to go on are considerations like: How can I judge this person? What is their approach to solving this problem in a hot space? 

My dad, who was a financial adviser, taught me to be both a people person and a good judge of character. I like to play to my strengths. 

TELL US ONE OR TWO THINGS THAT MAKE YOUR FUND UNIQUE

Our business has three pillars: the fund, the community, and the media company. We have over 300 limited partners (LPs) who are VP and C-level executives in sales, marketing and customer success. They all have extensive go-to-market experience – they’ve been there and done that at some of the best software companies. We have created an infinitely scalable platform that connects our LP base with our portfolio companies. 

Our media company spotlights our seasoned LPs, generating attention from other founders and executives eager to engage with us. This flywheel effect not only drives deal flow but also enhances our proprietary diligence process. Once we’re in a deal, we significantly impact the outcome by supporting companies with candidate placement and go-to-market playbooks.

WHAT HAVE YOU LEARNED THROUGH FAILURES OR TRIALS AND ERRORS?

A weak board, bad VCs, and a messy cap table can kill companies and returns. Not asking early on about the cap table, the other investors, and the board setup is probably the mistake I’ve learned the most from. 

From the very beginning, you have to be inquisitive, drill down, and be strong and thoughtful with the founders.

WHAT GETS YOUR ATTENTION IN A PITCH? 

I like to use the surfing analogy: you have the wave, the board and the surfer. The wave represents the tailwind. I want to understand what is exciting about this space and what the inflection point is. I want to invest in a wave. 

The board represents the product. At the stage we invest in, the board isn’t fully formed yet – it’s just starting to take shape.

And then there’s the surfer. We must believe this person has some unfair advantage or unique insight to solve this problem. Beyond that, I want to understand their character: Do they have an unrelenting motor? Are they not going to take no for an answer? 

WHAT IS THE ADVICE YOU MOST OFTEN GIVE TO FOUNDERS? 

Get out of the building and talk to customers. One of the scarier aspects of being an entrepreneur is taking the exciting concept in your head and validating it. There is no better way to do this than talking to real customers. The second thing is understanding how to ingest and take that information with a grain of salt. Segment the people you’re talking to, and recognize the difference between venting and actual product feedback. Don’t lose sight of the magic and innovation that you wanted to build in the first place.


Visit our website to learn more about the mission and leaders of other exceptional emerging managers in our portfolio: Boon, Defined, FounderFuel, Front Row Ventures, Garage Capital, Luge, Maple, Mighty Capital, N49P, Northside Ventures, Roar Ventures, The51, and Two Small Fish Ventures.