FUSE
About FUSE
FUSE is a venture capital firm focusing on early-stage software companies. The firm primarily invests in Seattle-based seed and Series A companies. Per Crunchbase, FUSE has made 66 investments, 36 as lead investor across 49 portfolio companies, with 3 exits.
FUSE launched in July 2020 as a spinoff from Ignition Partners. Its founders are Kellan Carter and Cameron Borumand, both former Ignition general partners. Brendan Wales, formerly of Headline, joined in April 2021 as the third founding partner. John Connors, a former Microsoft CFO, is an operating partner. Press reports place the office in Bellevue, Washington, near Microsoft. The first fund was reported at over $100M in 2021 and disclosed at $170M in 2022. In September 2023 FUSE announced an oversubscribed $250M second fund, which brought committed capital to more than $420M. GeekWire reported that Fund II is expected to back 30 to 35 companies.
FUSE does not run a separate AI fund. Its 2023 fund announcement described Fund II as focused on software and AI-enabled startups. In TechCrunch, Wales pointed to the firm's closeness to Microsoft and the region's AI activity as part of its pitch to founders. The firm says it backs companies from vertical software to machine learning applications, and it has funded AI voice and AI video companies. The Lounge deals desk lists three recent AI seed rounds: Thira ($21M, July 2026), Harell Data ($15M, August 2026) and General Compute ($15M, May 2026). Public sources do not say which partner leads each AI deal.
FUSE says it leads seed and Series A rounds with checks of $1M to $10M. GeekWire reports that it typically leads up to the Series A and has said it can lead large seed rounds without syndication. The geographic focus is Seattle and the wider Pacific Northwest, including western Canada. Reserve policy and ownership targets are not public.
- WellSaid Labs: AI-generated voice for enterprises, a Fund I investment.
- Pictory: video automation startup, a Fund I investment.
- Envive AI: Seattle intelligence layer for digital commerce. FUSE led its $15M Series A, reported in September 2025.
- Thira: seed round of $21M, July 2026, per the Lounge deals desk.
- Harell Data: seed round of $15M, August 2026, per the Lounge deals desk.
- General Compute: seed round of $15M, May 2026, per the Lounge deals desk.
- prweb.com/releases/fuse-venture-partners-launches-fund-to-back-innovat
- geekwire.com/2022/seattle-vc-firm-fuse-reveals-size-of-inaugural-fund-
- geekwire.com/2023/fuse-raises-250m-for-its-second-fund-to-supercharge-
- orrick.com/en/News/2023/09/Seattle-Venture-Capital-Firm-FUSE-Unveils-2
- prnewswire.com/news-releases/early-stage-venture-firm-fuse-launches-ov
- techcrunch.com/2023/09/25/vc-firm-fuse-closes-250m-fund-to-invest-in-p
- crunchbase.com/organization/fuse-vc
- parsers.vc/startup/fuse.vc
Investing activity
FUSE has made 66 investments according to Crunchbase across 49 portfolio companies, and has led 36 rounds and seen 3 exits.
FUSE appears in 3 AI deals tracked by the Lounge deals desk, rounds totalling $51M. The rounds are mostly Seed, with a median round size of $15M and the largest at $21M. The most recent are Harell Data (Seed, $15M, Aug 2026), Thira (Seed, $21M, Jul 2026) and General Compute (Seed, $15M, May 2026).
FUSE most often invests alongside Cercano Management, Madrona, CIOs and Carya Venture Partners, and the companies it backs on Lounge are mostly in AI.
Deals
Frequently asked questions about FUSE
Does FUSE invest in AI startups?
Yes. FUSE describes its second fund as focused on software and AI-enabled startups. It has backed WellSaid Labs and Envive AI, and the Lounge deals desk lists three AI seed rounds in 2026.
What check size does FUSE write?
FUSE says it writes checks of $1M to $10M and leads seed and Series A rounds.
How big are FUSE's funds?
Fund I was $170M and Fund II, announced in 2023, was $250M. Total committed capital is over $420M.
Who are the partners at FUSE?
The founding general partners are Kellan Carter, Cameron Borumand and Brendan Wales. John Connors is an operating partner.
Does FUSE invest outside the Pacific Northwest?
FUSE focuses on Seattle and the Pacific Northwest, including western Canada. Wales told GeekWire that the firm intends to keep investing in this region.
What AI companies has FUSE invested in?
FUSE's AI investments include Harell Data, Thira and General Compute. The 3 rounds on Lounge are listed on this page with amounts, dates and co-investors.
Where is FUSE based?
FUSE is based in Seattle, Washington, United States.
What stage does FUSE invest at?
In the rounds tracked on Lounge, FUSE has invested at Seed, with a median round of $15M.
Who does FUSE co-invest with?
FUSE's most frequent co-investors on Lounge are Cercano Management (1 deal), Madrona (1 deal), CIOs (1 deal), Carya Venture Partners (1 deal) and Sahin Boydas (1 deal).
How can founders reach FUSE?
Founders on Lounge can see FUSE's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add FUSE to their Investor Pipeline to track the conversation.