Footwork's Trivedi: No Options

Footwork co-founder Nikhil Basu Trivedi stated that the company has made 24 investments in its 5.5 years of existence, with almost every investment led by them in seed or Series A rounds. He made it clear that none of these were option bets; each investment is significant to them, and if successful, could yield multiples back to the fund.

This directly refutes the framework that "seed checks are options." Trivedi emphasizes whether a single investment can cover fund returns, rather than buying observation rights first and waiting for revenue evidence before increasing stakes. He also pointed to the founders of these companies, stating that one can ask them whether each investment was treated as a main position.

Footwork was founded in 2021 by Trivedi and former Stitch Fix executive Mike Smith, with an initial fund size of $175 million. The initial checks announced ranged from $1.5 million to $8 million, aimed at leading or co-leading seed and Series A rounds, focusing on consumer companies and consumerized enterprise software. The two had previously co-invested in about six companies as angels before formally establishing the fund.

According to a five-year record from April 2026, they invested in 7 companies in the fifth year, 4 companies each in the first two years, bringing the active portfolio to 24 companies. The last two investments of the first fund have been completed, with the initial investment period ending after more than four years, and the second fund has been launched. The public portfolio includes Anything, Confido, Fuse, Protege, Waldo, GPTZero, Felt, Elicit, and Cradlewise.

GPTZero completed a $10 million Series A in June 2024, and Footwork's five-year document states it has become profitable, with annual recurring revenue reaching tens of millions of dollars. Footwork led Confido's $15 million Series A in August 2025. Protege's Series A was $25 million. Elicit and Power secured large pharmaceutical clients, while Felt and Heard integrated AI into their products and growth.

The buyers are early funds that insist on leading and making each investment a source of fund returns, while the sellers face pressure from large platform funds that treat seed investments as entry tickets. Funds are transitioning from the first fund of $175 million to the second fund, with the deployment pace increasing from 4 investments per year to 7. Beneficiaries are seed and Series A companies that receive lead terms and board attention, while those under pressure can only remain in small observation positions and cannot claim individual investments as returns to the fund.

Trivedi became a partner at Shasta Ventures in 2018, entered Forbes Under 30 in 2015, and has publicly collaborated with companies including Canva, Tally, Tonal, and Lattice. He is also a co-founder of the art trading platform Artsy. Smith grew from a team of fewer than 10 at Stitch Fix to an executive at a publicly listed company.

Source: Public Information