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Seattle investor Martin Tobias has closed a reported $10.5 million first official fund for Incisive Ventures, with plans to back nearly 30 enterprise software companies. GeekWire reported the close on May 1, 2025; the figures describe the fund announcement, not independently verified filings or performance.
What Incisive Ventures’ fund is designed to do
Incisive Ventures is a Seattle pre-seed firm led by Tobias as general partner. The fund’s stated scope is early-stage B2B and enterprise software, with the intended portfolio breadth described by GeekWire as “nearly 30” companies. The report did not specify an exact target count or publish fund terms such as fees, investment period, or limited partners.
Tobias framed the investment thesis around companies that “reduce friction at scale.” He sees AI as expanding the range of business problems software startups can address: “There are B2B problems that are really solvable given the underlying AI infrastructure that we have, which is really exciting for a B2B software investor,” he told GeekWire.
His view is that applications may capture substantial value as AI develops, drawing an analogy to cloud computing: “If you just look at how the cloud went, SaaS ended up being multiples larger than the infrastructure, and I think the same thing is going to happen in AI,” he said. This is Tobias’s investment outlook, not a reported forecast or a guarantee about returns.
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Investment activity reported in May 2025
GeekWire reported that Incisive had made 16 investments by the article’s publication, with an average check size of $250,000. Those are a snapshot and average as reported at that time; the article did not establish a current deployment count or a typical minimum and maximum check size.
The report named Grw AI and Civic IQ among the portfolio companies. Tobias said the firm primarily targeted U.S. startups but was open to global investments; GeekWire also noted portfolio companies in Sri Lanka and Tanzania.
What Tobias says he looks for in founders
Tobias stressed that a strong product alone is not enough if a company cannot reach buyers. “Distribution is much more important than product,” he told GeekWire. For founders, the practical implication of that stated preference is that a clear route to customers matters alongside the software itself—particularly in B2B markets where identifying buyers and winning adoption can be central challenges.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the raise fits Seattle’s venture activity
GeekWire placed Incisive’s close among other Seattle-area fundraising activity, including raises or fund announcements by Ascend, Fortson VC, Founders’ Co-op, Flying Fish, and Graham & Walker. It also reported that Madrona announced $770 million for two funds in January 2025. These figures establish regional activity, but the article does not provide comparable fund stages, strategies, terms, or performance data that would support ranking them against Incisive.
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