HTVEst. 2013
Investment ThesisHTV III · 2026

Three challenges. One continuous thesis.

Subsidy changes who pays. Rate policy changes when they pay. Only technology and new business models change what housing actually costs to build, own, operate and reach.

§ 01The Arc

A continuous focus on housing with an evolving thesis based on social, technological and market trends.

§ 02HTV III Mandate

Housing's three biggest challenges — and the innovations we expect to answer them.

§ 03Where We Invest

We write the first check; our LPs follow the winners.

Pre-seed
Where we lead —
idea to early product
Series A
Where LP co-investment
picks up
25–30
Portfolio companies
targeted in HTV III
5%+
Target initial
ownership
§ 04Diligence

Four filters. All four have to clear.

Thesis AlignmentThe company must measurably answer one of the three challenges. If we cannot write down the mechanism and the magnitude, we pass.
The Right TeamDomain expertise, operating experience, entrepreneurial track record. Character and resiliency only surface through references — we never skip that work.
DifferentiationA defensible reason this company wins in an industry where incumbents are large, slow and relationship-driven.
Venture EconomicsA market and a model that can return the fund. Housing is enormous; not every housing business is a venture business.