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NewFollow-on capital for venture funds

Keep backing your winners.

Midstride brings new investors into existing VC funds, so they can keep investing in their best companies without launching a new fund.

Try the demoSee how it works
  • For VC funds in years 3–6
  • For qualified investors
  • Recorded on Canton
N

Northline Ventures II

Year 5 of 10 · Demo data

Cash to follow on

$2M

Needed this year: $10M

  • Fund reserves$2M
  • New capital via Midstride—

Short by $8M

Winners raising their next round

  • Kepler Robotics

    Series C · $60M round · needs $4.8M

    Fund ownership: 8.0% → 6.6%
    Sitting out

  • Fieldwise AI

    Series B · $40M round · needs $3.6M

    Fund ownership: 9.0% → 7.0%
    Sitting out

  • Lumen Health

    Series B · $20M round · needs $1.6M

    Fund ownership: 8.0% kept
    Funded

Reserves cover one round. Two winners raise without the fund, and its stake in them shrinks.

By design

new investor on the fund's books
0
minimum for accredited investors
$0K
the same for every raise
0 steps
from the fund and from investors, at close
1% + 1%

The problem

A venture fund raises once and invests most of it early. Its best companies raise their biggest rounds years later. By then, the cash is gone.

  • Cash the fund has left
  • What its winners need each year
Y1Y2Y3Y4Y5Y6Y7Y8Y9Y10

  1. 01

    Years 1–3

    The fund invests most of its money in new companies.

  2. 02

    Years 4–6

    Its winners raise bigger rounds, and want their investors back in.

  3. 03

    No cash left

    The fund sits out. Its stake in its best companies shrinks.

How it works

One fund. One vehicle. Many new investors.

Four steps, the same every time. The fund gets one new investor on its books. Investors get a seat in a portfolio that already exists.

  1. Your VC fundEXISTING PORTFOLIOClass B unitsNEW CLASS IN THE FUNDMidstride vehicleONE NEW INVESTORCanton recordWHO OWNS WHAT

    1Apply

    The fund applies.

    Our review committee checks the managers, the portfolio, how the NAV is marked, and what the money is for. Not every fund gets in.

  2. Your VC fundEXISTING PORTFOLIOClass B unitsNEW CLASS IN THE FUNDMidstride vehicleONE NEW INVESTORCanton recordWHO OWNS WHAT

    2Set up

    We open one vehicle for the raise.

    It joins the fund as a single new investor, through a new class of units: Class B. The managers keep running the portfolio.

  3. Your VC fundEXISTING PORTFOLIOClass B unitsNEW CLASS IN THE FUNDMidstride vehicleONE NEW INVESTORCanton recordWHO OWNS WHAT

    3Raise

    Qualified investors join the vehicle.

    Accredited investors from $50K. Family offices and qualified purchasers from $250K. Every stake is recorded on Canton, with the transfer rules built in.

  4. Your VC fundEXISTING PORTFOLIOClass B unitsNEW CLASS IN THE FUNDMidstride vehicleONE NEW INVESTORCanton recordWHO OWNS WHAT
    • Kepler Robotics · Series C
    • Fieldwise AI · Series B
    • Lumen Health · Series B

    4Follow on

    The fund backs its winners.

    The new money goes into the next rounds of its best companies. When they exit, returns flow back through the vehicle to its investors.

Who it's for

Two sides. One deal.

For VC funds

Raise follow-on capital without launching a new fund.

  • Keep your stake in your best companies.
  • One new investor on your books, not hundreds.
  • Standard documents, set up for you.
  • You keep running the portfolio and set the terms.
Run the fund demo

For investors

Invest in a venture portfolio that already exists.

  • See the companies before you put money in.
  • Every fund is reviewed before it lists.
  • From $50K for accredited investors.
  • Your stake is recorded on Canton, with clear transfer rules.
Run the investor demo

How Midstride earns

1% from the fund · 1% from investors · paid only when a raise closes

Live in the demo

Funds raising for their winners.

Reviewed

Northline Ventures II

Early-stage software

Year 5 of 10

Raising
$8M
From
$50K

64% committed

Look inside
Reviewed

Atlas Bio I

Biotech

Year 6 of 10

Raising
$6M
From
$100K

38% committed

Look inside
Opens soon

Harbor Seed III

Fintech seed

Year 4 of 10

Raising
$5M
From
$50K

In review

Opens soon

Cobalt Climate II

Climate

Year 4 of 10

Raising
$10M
From
$50K

In review

Opens soon

Meridian Fintech I

Fintech

Year 5 of 10

Raising
$4M
From
$50K

In review

Drag or swipe. Arrow keys work too.

Why now

Big funds already do this. We make it standard.

When their winners need more money, large firms raise an annex fund from their own investors. It's built by hand each time, and closed to everyone else. Midstride turns it into a product any good fund can use.

How Midstride compares with other ways to fund follow-on rounds
Ways to fund follow-onsAnnexContin­uationNAV loanMidstride
New money for follow-on rounds
Yes
~Partly
Yes
Yes
Equity, not debt
Yes
Yes
No
Yes
Open to new investors
No
~Partly
No
Yes
Same setup every time
No
No
No
Yes
Stakes on a digital record
No
No
No
Yes

  1. 01

    Winners stay private longer.

    So they need more rounds before anyone sells.

  2. 02

    Investors want proof, not promises.

    A fund in year five can show what it owns. A new fund can't.

  3. 03

    The rails are ready.

    Canton keeps many verified holders in one vehicle, privately, with the rules enforced.

Interactive demo

Try it. Two minutes, two seats.

Run a raise as the fund manager, then invest in it as a family office. Every number is simulated.

Questions

Ask Midstride.

Ask about the structure, the rules, the fees or the risks. Answers come from our FAQ.

Ask me anything about Midstride, or start with a question below.

Your winners won't wait.

See a full raise from both sides of the table, in two minutes.

Try the demoHow it works