In a groundbreaking move for the Pacific Northwest's entrepreneurial ecosystem, seasoned Seattle startup insiders Minh Le, David Wickwire, and Craig Sherman are steering the newly established Service Provider Capital (SPC) fund towards making early-stage investments in local tech startups. Having collectively mastered the art of nurturing innovative businesses, this trio is leveraging their expertise and extensive networks to address a pressing issue in the region, access to local early-stage funding, particularly after the closure of notable accelerators like Techstars Seattle in 2024.
As a serial entrepreneur hailing from Europe, I, Violetta Bonenkamp, find Seattle's approach fascinating. The SPC model aligns with my own advocacy for innovation systems that democratize startup funding and increase capital accessibility. Here, SPC's blending of venture capital with actionable insights from ecosystem professionals like lawyers, bankers, and accountants fosters a decentralized model of entrepreneurship, one I believe has the potential to inspire ecosystems globally.
Why Service Provider Capital's Approach Stands Out
Seattle's SPC Pacific Northwest fund has raised $50 million, a major feat considering the evolving venture capital landscape. Its co-investment model is particularly noteworthy. Rather than leading rounds, SPC chooses to strategically support startups already vetted by institutional venture funds. This "ecosystem-first" strategy draws capital into the pipeline at the critical Seed and Series A stages, providing founders with the financial confidence to scale.
The Pacific Northwest fund is focusing on early-stage investments, emphasizing tech and life sciences startups. Initial check sizes are between $50,000 and $100,000, which, though small, can be the lifeblood for early-stage companies working to validate their products. SPC's process favors speed, eschewing lengthy due diligence in favor of trusting institutional leads and network expertise to identify promising startups. This tactic fills a desperate gap in small but efficient capital injections.
As Minh Le aptly puts it: "It’s about empowering the ecosystem. For too long, essential professionals who play a role in launching startups have been excluded from venture investing. SPC opens that door."
The Unique Role of Minh Le, David Wickwire, and Craig Sherman
The Pacific Northwest insiders running SPC have extensive experience in supporting and scaling early-stage startups:
- Minh Le brings his finance expertise, cultivated from his time at Silicon Valley Bank and currently at Stifel Bank, where his focus remains on startup-centric banking.
- David Wickwire and Craig Sherman, both from the law firm Wilson Sonsini, have a combined 40 years of experience advising tech-centric firms on everything from structuring rounds to navigating regulatory landscapes.
Their dual roles, operating as professionals and managing directors, create a virtuous cycle wherein their existing networks and credibility translate into keen deal-sourcing and strategic co-investment.
How SPC Redefines Ecosystem Impact
SPC isn't just another venture fund; it’s a structural innovation in venture capital that addresses core gaps affecting local ecosystems:
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Higher Accessibility for Lesser-Represented Stakeholders: Professionals such as legal advisors, accountants, and bankers can now become limited partners, thereby democratizing access to venture investments.
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A Post-Incubator Future: The local startup ecosystem has suffered setbacks following significant closures, like Techstars Seattle. SPC's presence mitigates this shortfall by stepping directly into the role that these accelerators previously played during initial funding rounds.
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Distributed Risk, Accelerated Growth: SPC adopts an "index-like" strategy, spreading investments across 60+ companies per fund. While traditional funds might concentrate investments in a few groundbreaking ideas, SPC's model fuels a broader base of startups, ensuring small-payoff wins as frequently as possible.
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Plug-and-Play Capital Infusion: SPC eliminates cumbersome pitch processes for funding. If a startup meets basic criteria (early-stage, based in the area, backed by institutional leads), SPC can invest almost instantly, an efficiency that's rare in today’s VC space.
Seattle as Europe's Blueprint?
From an international perspective, this Seattle-based model holds lessons for European entrepreneurial ecosystems often slowed by bureaucracy or heavy over-dependence on government grants. In my experience with CADChain and Fe/male Switch, I’ve observed how European markets are typically saturated with fragmented funding initiatives that struggle to bridge early-stage financing gaps.
SPC’s trust-based, network-driven model could inspire European regions to establish similar collective funding mechanisms. By funneling capital through ecosystem stakeholders, those intimately aware of startups’ challenges, the resulting capital allocation mirrors real needs more effectively.
Common Mistakes Startups Make When Leveraging Local Ecosystem Models
While SPC’s model breaks barriers, startups must ensure they capitalize on opportunities wisely. Here are three pitfalls to avoid based on common experiences across ecosystems:
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Not Understanding Venture Models: Founders often overlook the specific funding criteria of unique venture models. Research SPC’s co-investment strategy thoroughly before engaging.
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Underestimating Non-Monetary Value: Funds like SPC are backed by professionals whose networks and insights are just as valuable as the dollars provided. Ignoring these resources isolates startups from potential growth opportunities.
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Failing to Build Relationships: A lack of engagement with professionals in the ecosystem, lawyers, accountants, and bankers, can result in barriers to accessing funds in the first place. Building long-term relationships is critical to gaining entry points into SP network-funded initiatives.
Practical Guide for Startups Seeking SPC Investment
Here’s a step-by-step guide for startups aiming to secure investments via SPC:
- Get a Strong Institutional Lead: Ensure your Seed or Series A is led by a recognized institutional VC to maximize eligibility.
- Focus on Building Relationships: Proactively engage with local professionals who might be Limited Partners in SPC.
- Prepare for Minimal Hurdles: SPC prides itself on lean processes, so ensure your business fundamentals (growth metrics, market size, etc.) are clear and documented.
- Reach Out to Ecosystem Stalwarts: Don’t wait for an investment pitch. Connect directly with Minh, David, or Craig through industry events or referral introductions.
Why Service Provider Capital Fund Will Shape Tomorrow
The SPC Pacific Northwest initiative reflects a wider trend in regional ecosystems globally, rethinking venture strategies to decentralize startup financing. For Seattle, the impact is already noticeable as SPC creates a ripple effect, enriching professional networks, and democratizing investment opportunities.
As I often share through my own entrepreneurial journey: the future belongs to those who think differently. SPC, backed by both thoughtful strategy and expert leadership, is an engine no longer just for funding growth, but for sustaining it. Entrepreneurs looking for adaptive solutions can, quite literally, find themselves at home in initiatives like these.
By supporting SPC-style models, cities worldwide can foster entrepreneurial growth while offering transformational funding solutions. Let’s see the ripple effect Seattle’s innovation can ignite in the coming decade.
FAQ
1. What is the Service Provider Capital (SPC) fund?
SPC is a venture capital fund that specializes in co-investing alongside institutional VCs in Seed and Series A rounds for early-stage startups. Its Pacific Northwest fund aims to support tech and life sciences startups with investments in the $50,000–$100,000 range. Learn more about Service Provider Capital
2. Who are the managing directors of SPC Pacific Northwest fund?
The managing directors are Minh Le, Craig Sherman, and David Wickwire, Seattle-based professionals with extensive experience in startup-centric roles within finance and law. Read more about the SPC team
3. How does SPC determine which startups to invest in?
SPC employs a co-investment model, relying on institutional venture funds to lead rounds and conduct due diligence. SPC then complements the funding with smaller, quick-turnaround investments. Explore SPC’s investment strategy
4. What gap in the Seattle ecosystem does SPC address?
SPC provides accessible early-stage funding for startups, countering the shortage created by the closures of accelerators like Techstars Seattle in 2024. Learn more about Techstars Seattle closure
5. What makes SPC’s approach unique?
SPC democratizes venture capital by allowing ecosystem professionals such as lawyers, bankers, and accountants to become limited partners, expanding access to funding. Explore the SPC funding model
6. How much has SPC Pacific Northwest fund raised?
By November 2025, the fund raised $3 million and started deploying investments in local startups. Discover SPC’s fundraising milestones
7. What types of startups does SPC Pacific Northwest fund focus on?
The fund primarily targets tech and life sciences startups based in the Pacific Northwest, focusing on companies in early institutional rounds. Learn about SPC’s portfolio focus
8. Why is SPC’s leadership critical to the fund’s success?
The leadership by Minh Le, Craig Sherman, and David Wickwire ensures strong deal-sourcing capabilities and ecosystem connectivity, essential for scalable startup support. Meet the SPC leadership team
9. How does SPC streamline its investment process?
SPC eliminates lengthy pitch procedures by focusing on startups that meet basic criteria: early-stage, PNW-based, and institutionally backed. Explore SPC’s lean investment process
10. Can SPC’s funding model be replicated internationally?
Yes, SPC’s network-driven approach offers lessons for global markets, particularly in Europe, where entrepreneurship ecosystems often lack cohesive funding mechanisms for early-stage startups. Learn how SPC impacts global ecosystems
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.