Mhs Capital Management Iii, LLC
Emerging managerSEC exempt reporting adviser (venture capital exemption).
- Website
- http://www.mhscapital.com/
- HQ
- CA
Mhs Capital Management III, LLC has invested at the seed stage since 1996. Its listed portfolio includes Applifier (IPO 2020), Udemy (IPO 2021), Opower (IPO 2014), and Grove (IPO 2022). Other companies include SendCutSend, OpenRouter, Thumbtack, Outreach, MOAT (M&A 2017), Zenput (M&A 2022), and ConsumerAffairs. SendCutSend and OpenRouter are noted as M&A pending in 2026.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Seed | Not enough dated deals | Series A, Series B, Seed, Growth |
| Sectors | Not stated | Not enough dated deals | Enterprise SaaS, Data analytics, Ecommerce, Edtech |
| Regions | Not stated | Not enough dated deals | CA, WA |
Says: what the firm's funds state. Does: from 0 dated deals in the last 24 months.
Historical focus (through 2020), derived from historical deal data.
| Year | Deals | Top sectors |
|---|---|---|
| 2007 | 1 | Climate software, Energy, Enterprise SaaS |
| 2008 | 2 | Ecommerce, Enterprise SaaS, Media |
| 2009 | 3 | Media |
| 2010 | 3 | Data analytics, Edtech, Enterprise SaaS |
| 2011 | 4 | Data analytics, Edtech, Enterprise SaaS |
| 2012 | 6 | Edtech, Enterprise SaaS, Data analytics |
| 2013 | 3 | Ecommerce, Logistics, Consumer |
| 2014 | 8 | Data analytics, Enterprise SaaS, Edtech |
| 2015 | 4 | Enterprise SaaS, Hardware, HR and future of work |
| 2016 | 8 | Ecommerce, Consumer, Enterprise SaaS |
| 2017 | 2 | AI applications, Enterprise SaaS, HR and future of work |
| 2018 | 5 | Enterprise SaaS, AI applications, Climate software |
| 2019 | 2 | AI applications, Climate software, Consumer |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2010 | 0 | 2 | 1 | 0 | 0 |
| 2011 | 0 | 1 | 2 | 1 | 0 |
| 2012 | 0 | 1 | 2 | 2 | 1 |
| 2013 | 0 | 2 | 0 | 1 | 0 |
| 2014 | 0 | 0 | 2 | 3 | 2 |
| 2015 | 0 | 0 | 3 | 1 | 0 |
| 2016 | 0 | 2 | 1 | 2 | 0 |
| 2017 | 0 | 1 | 0 | 0 | 1 |
| 2018 | 0 | 0 | 1 | 2 | 2 |
| 2019 | 0 | 0 | 1 | 0 | 1 |
| 2020 | 0 | 0 | 0 | 0 | 0 |
| 2021 | 0 | 0 | 0 | 0 | 0 |
| 2022 | 0 | 0 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | 0 | 0 |
| 2024 | 0 | 0 | 0 | 0 | 0 |
| 2025 | 0 | 0 | 0 | 0 | 0 |
| 2026 | 0 | 0 | 0 | 0 | 0 |
02 · Fund history
| Fund | Year | Size | Status |
|---|---|---|---|
| MHS Capital Partners IN, LLC Invests in seed-stage startups and has been doing so since 1996. Its portfolio includes companies such as Udemy, Thumbtack, Grove and Outreach. Inferred from the firm's website | 2026 | $6M (Form D) | Open, writing first checks |
| MHS Capital Partners ST, LLC Invests in seed-stage startups and has been doing so since 1996. Its portfolio includes companies such as Udemy, Thumbtack, Grove and Outreach. Inferred from the firm's website | 2026 | $55.25M (Form D) | Open, writing first checks |
03 · People across funds
- Mark Sugarman, Managing Director of the Manager of the Issuer
MHS Capital Partners IN, LLC (Named on Form D); MHS Capital Partners ST, LLC (Named on Form D)
04 · Recent deals
No dated deals found yet.
05 · Latest from the firm
No news from the firm's website yet.
06 · Sources
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 28, 2026