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 Jonathan Ehrlich, founder partner of Roar Ventures.
After nearly three decades in the tech industry, Jonathan launched his own firm, determined to back founders on his own terms.
An operator for 18 years and an investor at Foundation Capital for a decade, Jonathan has a deep understanding of the uphill journey founders face. Early in his career, the Toronto native founded four companies, built Indigo’s online business, and served as Facebook’s first marketing leader.
Jonathan’s exposure to founders as partners, teammates, and employers has sharpened his ability to identify the qualities of successful entrepreneurs, a key factor in his investment decisions. Based in Silicon Valley, Roar Ventures raised US$17.5M for its debut fund, targeting capital-efficient startups with the potential to go public. A self-described “aggressive generalist,” Jonathan typically writes US$350,000 checks and frequently partners with larger funds. Notable co-investments include Finch, a platform that leverages AI to streamline pre-litigation work.
WHY DID YOU CHOOSE TO FOCUS ON THE EARLY STAGES OF INVESTMENT?
I have a strong eye for identifying founders and talent, paired with an instinct for spotting good markets—ones that have the potential to support the growth of large, public companies. These two strengths make early-stage investing the right fit. At the pre-seed and seed stages, not everyone has access to the same information. By leveraging unique insights and applying them effectively, you can unlock significant alpha.
TELL US ONE OR TWO THINGS THAT MAKE YOUR FUND UNIQUE
I’ve had the privilege of working with extraordinary founders early in their journeys. For instance, I was fortunate to acquire the Collison brothers’ first company before they went on to build Stripe, and I worked for Mark Zuckerberg when he was just 25.
No founder comes fully formed, but I’ve identified seven key attributes that set exceptional founders apart:
- Very bright,
- Super ambitious
- Data-driven
- Good storytellers
- Tenacious
- Deeply curious
- Extremely competitive
My thesis revolves around applying this framework to evaluate whether a founder has what it takes to build a major public company. With 30 years of experience as both an operator and an investor, I bring unique insights and a strong network, creating exceptional opportunities to win.
WHAT HAVE YOU LEARNED THROUGH FAILURES OR TRIALS AND ERRORS?
I’ve experienced multiple failures as an investor—this business is incredibly humbling. You can back a company that seems to be on track for success, only to watch it fail, or think a company is on its last legs, and suddenly it exits for a billion dollars. It’s a constant reminder to stay disciplined and approach every new opportunity with fresh eyes, even if it feels like you’ve seen the same pitch a dozen times. This is a long-term game, and it’s crucial not to let past experiences make you jaded.
Another key lesson I learned transitioning from operator to investor is understanding your role. Early on, I made the mistake of thinking I could help run the business, like a player-coach or manager. That’s the wrong mindset. As an investor, your role is to be an owner, not an operator. You have to resist the urge to step in and “fix” things. Instead, your job is to ensure you’ve chosen founders who can learn quickly and have the strategic vision and execution skills to succeed with minimal outside support.
WHAT GETS YOUR ATTENTION IN A PITCH?
I focus on the founders, as I described earlier. The pitch itself will inevitably evolve. At the pre-seed or seed stage, the reality is that the initial idea is likely off-target. What matters is how quickly the founders can learn and adapt to find the right direction. I also evaluate whether the market they’re operating in has the potential to support a public company.
WHAT IS THE ADVICE YOU MOST OFTEN GIVE TO FOUNDERS?
Don’t get distracted by people like me, or by conferences and interviews. The only thing that truly matters is building a product that a group of users absolutely loves—one they’ll rave about to their colleagues.
Never believe things are that good when they’re good and that bad when they’re bad. Stay as even-keeled as possible. Just keep your head down and keep grinding.
Lastly, recognize that this journey is brutal for everyone. It doesn’t get any easier—it just gets different.
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, GTMFund, Luge, Maple, Mighty Capital, N49P, Northside Ventures, Roar Ventures, The51, and Two Small Fish Ventures.