Industrial vertical SaaS is the largest underfunded category in enterprise software.

Priya Menon

Managing Partner, Northgate Venture Partners

$2.4T

of addressable spend still managed in spreadsheets and legacy ERPs across North American industrial supply chains.

Generalist funds source 3% of deals here. We source 40%.

Generalist Seed Fund

  • → Late to deals
  • → Price-takers
  • → No domain credibility
  • → Commodity capital

Northgate

  • → Embedded in 6 industry trade networks
  • → First call on 80% of portfolio companies
  • → 9 years operator credibility
  • → Proprietary access advantage

Proprietary sourcing is the only durable edge at seed.

Pre-fund Track Record

3.4x

PartSync AI

$1.1M invested • 14 months

Procurement automation for manufacturing

3.1x

GridIron ERP

$1.25M invested • 18 months

Metals distribution workflow platform

1.8x

TorqPath Logistics

$850K invested • 12 months

Fleet MRO routing optimization

1.0x

SteelSight Analytics

$1M invested • 8 months

Demand sensing for steel fabricators

Deal Process: 30 Days from Source to Close

1

Source

Day 0

2

Screen

Day 3

3

Reference

Day 12

4

Term Sheet

Day 18

5

Board Seat

Day 30

We only play where timing and access compound.

Market Timing → GP Access Advantage → Early Late High Low Northgate Portfolio Generalists

Base case returns LP capital 2.8x net in year 8.

Fund Terms

FUND SIZE

$25M

FIRST CLOSE

$15M

June 30 deadline

CHECK SIZE

$1–1.5M

RESERVE RATIO

2:1

MANAGEMENT FEE

2%

CARRY

20%

GP COMMIT

$500K

2% of fund

GOVERNANCE

Annual LP advisory council

"

Priya called us on PartSync before anyone else had the deck. That's not luck — that's network depth.

Marcus Delacroix

VP Supply Chain, Renfield Industries

FIRST CLOSE

June 30 • $15M cap

$6.2M committed

Wire your commitment or schedule a GP call this week.

priya@northgatevc.com