Threshold Ventures
UnclaimedAt a Glance
- Check Size
- $1M – $10M
- Stage
- Seed, Series A
- AUM
- $500M
- Sectors
- Enterprise, Consumer, Deeptech +1
- Founded
- 2019
- HQ
- Menlo Park, CA
About Threshold Ventures
Threshold Ventures is a Menlo Park venture capital firm that took its current name in January 2019, when the partnership formerly known as DFJ rebranded and refocused on early-stage investing. It is led by managing partners Emily Melton and Josh Stein, who co-founded the firm and manage both its new investments and the legacy DFJ venture portfolio.
The firm invests primarily at seed and Series A across enterprise software, consumer internet, deep technology and AI, and it positions itself as a partner to entrepreneurs using technology to solve important problems and create lasting value. It operates as a focused early-stage fund rather than a multistage platform, and the partners typically lead rounds and take board seats.
Because of its DFJ lineage, the Threshold name appears alongside positions such as Tesla, SpaceX, Box and Baidu. Those are legacy DFJ investments that the firm now manages rather than deals made by the current partnership, a distinction founders and limited partners should keep in mind when reading its track record. Other holdings associated with the firm include Planet Labs, Skydio, Mythic and Synthetic Genomics, a mix of software and hard technology.
Emily Melton's investing history is concentrated in digital health and consumer technology, while Josh Stein's is concentrated in enterprise and infrastructure software, and the two-partner structure means founders deal directly with the people who make the decision. Threshold is most relevant to founders raising a first or second institutional round who want a hands-on lead investor with long-cycle experience across both software and deep technology, and who value continuity with one of the older venture franchises in Silicon Valley.
Investment Thesis
“Partners with exceptional entrepreneurs building companies that leverage technology to solve important problems and create lasting value.”
Leadership Team
Emily Melton is co-founder and managing partner. She spent more than fifteen years with DFJ, rising from associate to partner, with a stint as a partner at Mayfield Fund before returning to DFJ in 2014, and she co-led the close of Threshold's roughly $300 million third fund.
Josh Stein is the other co-founder and managing partner and also spent over fifteen years at DFJ. Before moving into venture he was co-founder and chief strategy officer of ViaFone, an enterprise mobile software company. The two co-lead the current fund. The partnership is deliberately small, which is what supports a concentrated portfolio and board-level involvement in each company rather than a high-volume seed strategy, and it keeps decision-making with the same two people who carried the DFJ relationships across the rebrand.
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
- Threshold is the continuation of Draper Fisher Jurvetson's early-stage practice under a new name and a two-partner structure.
- DFJ raised $350 million for its twelfth early-stage fund before the change.
- Tim Draper and John Fisher had already left in 2013, and DFJ Growth had separated as an independent late-stage firm.
- The rebrand to Threshold was completed in January 2019 by Josh Stein and Emily Melton, who retained management of the legacy DFJ portfolio while raising under the new brand.
- A July 2019 filing with the Securities and Exchange Commission disclosed a target of up to $250 million for Threshold Ventures III; the firm went on to report $450 million raised across two new vehicles, with Fund III closing near $300 million.
- The legacy book Threshold still manages includes Tesla, SpaceX, Box and Baidu, positions made under the DFJ banner rather than by the current partnership, a distinction worth holding when reading the firm's track record.
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Frequently Asked Questions
What stage does Threshold Ventures invest at?
Threshold Ventures primarily invests at the Seed, Series A stages. This means they focus on companies that are building their initial product and finding product-market fit.
Where is Threshold Ventures located?
Threshold Ventures is headquartered in Menlo Park, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Threshold Ventures focus on?
Threshold Ventures focuses on investments in Enterprise, Consumer, Deeptech, AI. Their portfolio reflects deep expertise and networks within these sectors.
What is Threshold Ventures's typical check size?
Threshold Ventures's typical investment check size ranges from $1M to $10M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Threshold Ventures have under management?
Threshold Ventures manages approximately $500M in assets under management (AUM) across their funds.
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