Backing the next generation of leaders in the Marketplace Economy.
A seed-stage venture fund investing in the marketplaces and business networks reshaping how the world does commerce, led by a veteran marketplace operator, investor and educator.
01 — Our Thesis
The clarity to see what’s next.
The name Spectus comes from the Latin specere, “to see or observe.” It reflects how the fund invests: drawing on deep marketplace expertise and research to see where, and with whom, the next generation of leaders in the Marketplace Economy will emerge—and to recognize opportunities other investors may miss.
Spectus Ventures is a seed-stage fund backing the next generation of leaders in the Marketplace Economy. We invest in the marketplaces and business networks redefining how the world does commerce, across a broad range of market categories.
Spectus brings more than capital. The fund is led by a veteran marketplace operator, investor and educator, with a career building marketplaces and business networks in Silicon Valley, and years teaching marketplace strategy to founders. That depth of expertise is the edge: a genuine understanding of how marketplaces are designed, launched and scaled.
02 — Why Marketplaces
Marketplaces create the conditions for durable, category-defining companies.
A $12 trillion economic engine
Marketplaces and business networks are among the most dynamic forces in the global economy, supporting more than $12 trillion in commerce. Innovators are developing entirely new categories and business practices, connecting buyers and sellers in new ways.
Each computing wave expands the market
From personal computing to the internet to mobile, each wave unlocked new kinds of marketplaces. Artificial intelligence (AI) is the next wave, creating opportunities that were not possible before.
Defensibility compounds
Network effects, asset-light economics, and rising switching costs create durable competitive moats as marketplaces grow and reach scale.
Opportunity at scale
Marketplaces create jobs and income for millions while advancing progress in healthcare, sustainability, and beyond.
03 — How We Add Value
Hands-on expertise, built for marketplace realities.
Spectus brings hands-on marketplace expertise to every company it backs, drawing on methodologies developed through years of operating, advising, and teaching marketplace strategy. Functional expertise includes:
Business Design — Structuring the core dynamics that make a marketplace work.
Pricing and Packaging — Designing monetization that fits multi-sided models.
Growth — Unlocking the growth dynamics unique to marketplaces.
Organization Design — Building the capabilities a marketplace uniquely requires.
Metrics and Dashboards — Measuring the health signals specific to marketplaces.
04 — Team
Rob Mihalko — Founder and Managing Director
Rob is a veteran marketplace operator, investor and educator. He grew the Ariba Network, now the SAP Business Network, into the world’s largest B2B network, and has had three successful exits to SAP, Microsoft and Disney. He has invested in and advised over 50 marketplace startups, teaches marketplace management at Stanford, and writes the Marketplace Economy blog.
Spectus Advisors
The fund is backed by a network of 20+ marketplace executives, with expertise spanning product, engineering, strategy, operations, sales, marketing and finance.
05 — Get in Touch
We would like to hear from you.
Founders
Share your company and we’ll be in touch.
LP Inquiries
Spectus Ventures is open to accredited investors. To learn more, please reach out via the form below.