VCs Jonathon Triest and Brett deMarrais credit their ability to connect with people and form long-lasting relationships with founders as the key factor behind Ludlow Ventures, their Detroit-based venture firm, celebrating its 15th year in business.
Although it may seem trivial to attribute their success to “Midwestern nice,” Triest and deMarrais had little operating or investing experience when they started Ludlow Ventures over a decade ago. Despite their lack of a traditional background, Ludlow Ventures now manages $250 million in assets, including a recent $50 million fund backed by notable investors like billionaire Dan Gilbert.
Their success in investing often relies on trusting their instincts about people. For instance, Ludlow Ventures wrote the first check to Ryan Hudson and George Ruan for their startup Honey, which later sold to PayPal for $4 billion, providing a substantial return on Ludlow’s investment.
Triest emphasizes that their investment decisions are primarily driven by the quality of the individuals involved rather than just the potential of the idea. While many VCs claim to invest in people first, Ludlow Ventures has demonstrated a commitment to building strong relationships with founders that goes beyond just financial transactions.
Ludlow Ventures, known for its unconventional approach, does not limit itself to specific sectors or geographies. Instead, the firm focuses on building meaningful connections with founders through initiatives like the “Carpool VC” video series, which humanizes the partners behind the fund.
Despite facing challenges in a competitive market, Ludlow Ventures continues to stand out by prioritizing authentic relationships with founders. Their success stories include investments in companies like Flex, Captions, and Backbone, further illustrating the value of investing in people rather than just ideas.
Triest’s criteria for successful investments remain rooted in personal connections and genuine partnerships with founders. For Ludlow Ventures, it’s not just about backing promising startups; it’s about building lasting relationships that extend beyond the boardroom.
