Jurassic Capital
Growth equityDurham growth-equity fund for B2B software companies in underserved regions, founded by Joe Colopy and Kevin Mosley. Part of Colopy Ventures alongside Primordial Ventures and GrepBeat. Everything on this page comes from the fund's own releases, its About page, and the two most recent editions of its benchmarks report.
Portfolio companies
Seven companies on the fund's portfolio page, Triangle companies first. Each card lists the first Jurassic check, any second check the fund announced, and any later round the company announced without naming Jurassic. “No announced follow-on” describes the public record, not a decision by the fund.
B2B eCommerce and customer portals for manufacturers running SAP. Founded 2008, bootstrapped for twelve years before its first outside round.
- First check · Mar 5, 2020 · $2.8M · Series A, the fund’s first investmentForm D · Corevist, Inc. · $650K sold to 1 investor. The company reported $650,000 sold to one investor against the $2.8M the fund announced. Neither document explains the difference.
- Jurassic again · May 5, 2022 · $4M · Series B, led by Jurassic · with Recurring Capital, HalstattForm D · Corevist Holdings, Inc. · $5.4M sold to 5 investors. A new Delaware holding company at the fund’s own Durham address, with Kevin Mosley, Joe Colopy, and Charles Felix among its officers and directors.
Continuous test automation for enterprises running complex supply-chain and ERP stacks. Spun out of Tryon Solutions.
- First check · Jan 13, 2022 · $2.5M · First check, after two years advising the companyForm D · Cycle Labs, Inc. · $2.5M sold to 1 investor
- Jurassic again · Mar 2, 2023 · $6.5M · Series B, led by Jurassic · with Cofounders Capital, Halstatt Legacy Partners, Live Oak Bank, Front Porch Venture PartnersForm D · Cycle Labs, Inc. · $5.4M sold of $6M to 10 investors. Sold at filing was $5.35M of a $6M offering; the fund announced $6.5M.
- Later, without Jurassic named · Dec 2, 2025 · $9.7M · Series B-1, led by First Analysis · with Cofounders Capital, North Coast VenturesForm D · Cycle Labs, Inc. · $5.7M sold of $9.5M to 12 investors. Latest of three filings in the chain. Between the 2023 Series B and this round the company filed four smaller offerings totaling $3.12M sold, none announced.
Wilmington operating company; the holding company that raised the round sits at the fund’s Durham address
Performance management software for small and mid-sized businesses.
- First check · Dec 21, 2020 · $2.9M · First check, as Performance CultureForm D · Performance Culture Holdings, Inc. · $4.3M sold to 5 investors. A new Delaware holding company at the fund’s own Durham address, with Colopy, Felix, and Mosley among its officers and directors; the fund announced $2.9M.
- Exit · Feb 3, 2025 · acquired by Quantum Workplace. Terms undisclosed.
Sales and marketing automation for senior living communities. Founded 2013.
Sports marketing intelligence for brands, teams, and leagues.
- First check · Jun 6, 2023 · — · Series A, led by Jurassic
- No announced follow-on from Jurassic.
AI-generated K-12 courseware for ELA and math.
- First check · Apr 25, 2024 · — · Led by Jurassic · with ECMC, Florida Funders
- No announced follow-on from Jurassic.
Third-party and supply-chain risk monitoring for large enterprises.
- First check · Jun 18, 2025 · — · Series B, led by Jurassic · with Fulcrum Equity Partners, Florida Funders, Conductor CapitalForm D · Supply Wisdom Inc · $5.3M sold of $8.2M to 4 investors
- No announced follow-on from Jurassic.
What the fund says it requires at $5M to $20M ARR
Quartiles are the Benchmarkit FY2025 survey as printed in the fund's 2026 report. The last column is the fund's own line on each metric page: “most firms similar to Jurassic are insisting on.” Ten of eleven thresholds are identical in the 2025 report; Rule of 40 moved from 15% to 20%.
| Metric | 25th | Median | 75th | Fund insists on | Since 2025 |
|---|---|---|---|---|---|
| Gross revenue retention | 79% | 85% | 92% | 90% or higher | unchanged |
| Net revenue retention | 93% | 102% | 108% | 102% or higher | unchanged |
| ARR growth | 11% | 26% | 50% | 35% or higher | unchanged |
| ARR per employee | $110k | $155k | $222k | $150k or higher | unchanged |
| Burn multiple | 1.7x | 1.3x | 0.6x | 1.5x or lower | unchanged |
| Rule of 40 | -3% | 8% | 32% | 20% or higher | was 15% |
| Gross margin | 69% | 77% | 83% | 78% or higher | unchanged |
| Expansion share of new ARR | 29% | 35% | 44% | 40% or higher | unchanged |
| LTV to CAC | 3.8x | 5.3x | 7.7x | 4.5x or higher | unchanged |
| CAC payback | 24 mo | 17 mo | 11 mo | 18 months or less | unchanged |
| Magic number | 0.55 | 1.37 | 2.14 | 1.0x or higher | unchanged |
Fund details
- At first close
- Over $20M in commitments, two companies already backed
- Target count
- 8 to 10 companies in Fund I
- Initial check
- $1.5M to $3M, large minority (10%+ ownership)
Entry band, in the fund's words
Three statements from three of the fund's own documents. They differ.
- January 2022
- $1M to $5M ARR, bootstrapped software founders
The fund on SEC Form D
A Form D reports what an issuer sold and to how many buyers; it never names the buyers, and the offering amount is a ceiling rather than a target. Two filings exist for Fund I and none since January 2023. The fund announced an oversubscribed $30M close six months after the last one.
| Filed | Offering | Sold | Investors | Note |
|---|---|---|---|---|
| Jan 18, 2022 | $50M | $20.4M | 9 | Form D. $100,000 minimum. Related person: Joseph Colopy, director; signed by Colopy as manager of the general partner. |
| Jan 11, 2023 | $50M | $28.2M | 22 | Amendment. The last filing on record; the fund announced a $30M oversubscribed close on 2023-07-27. |
Colopy Ventures family · Primordial Ventures overlap
Primordial Ventures is the pre-seed and seed fund in the same family, founded 2023 by Joe Colopy and Jenn Summe, targeting about 50 companies over five years in North Carolina. Its site says “We start with small checks and continue investing in the companies that demonstrate real progress.” Its portfolio page features 20 companies. None of the 20 appears in Jurassic's portfolio. Nine of the 20 are also in the NC Tweener Fund portfolio. Four have announced a later priced round or filed an equity offering; the two with a named lead were led by funds outside North Carolina, and neither release names Jurassic.
Tweener Fund membership from the fund's portfolio pages and quarterly posts. Later rounds from company releases, GrepBeat, and SEC Form D filings. Whether Primordial joined any later round is stated only where a release names it.
Announcements
Every dated investment, follow-on, exit, fund event, and report on the fund's news index, newest first.
- Sep 21, 2026
- Dec 2, 2025Cycle Labs raises $9.7M Series B-1
Led by First Analysis. Jurassic is not named in the release.
- Aug 26, 2025
- Jun 18, 2025Supply Wisdom, Series Bfirst check
New York. Led by Jurassic with Fulcrum Equity Partners, Florida Funders, and Conductor Capital.
- Feb 3, 2025
- Jan 28, 2025
- Sep 11, 2024
- Apr 25, 2024
- Sep 13, 2023
- Jul 27, 2023
- Jun 6, 2023
- Mar 2, 2023
- Jan 11, 2023
- Oct 19, 2022
- May 5, 2022
- Jan 18, 2022
- Jan 13, 2022
- Jan 10, 2022Inaugural fund first close, over $20Mfund
Stated target: bootstrapped software founders with $1M to $5M ARR; 8 to 10 companies.
- Dec 21, 2020
- May 14, 2020AddShoppers, debt financing
Charlotte. Amount undisclosed. Not on the fund’s current portfolio page.
- Mar 5, 2020
Sources are the fund's own site, news index, and benchmarks reports, plus company releases and filings where a later round is cited. Amounts the fund did not disclose render as a dash.