Antiportfolio Ventures

Antiportfolio Ventures is an early-stage venture capital fund backing founders in regulated markets: fintech, compliance, and legaltech. The firm is led by Partners Ryan Morgan, David Fox, Mike Devlin, and Roland Vogl, with Fox bringing decades of experience as a pioneer of the modern M&A industry from his time at Kirkland & Ellis. Morgan brings complementary growth-stage investing experience from DFJ Growth and Crossbeam Venture Partners, having worked on investments spanning deep tech, space, and enterprise software, while also actively investing in legaltech and regtech companies like EvenUp, Proof, and Leya. The firm operates as the most active early-stage legaltech venture fund by its own account, investing $200,000 to $2 million into pre-seed, seed, and Series A rounds. Its portfolio includes Newcode.ai, Twin1 AI, Patlytics, Sandstone, Legora, Justpoint, Darrow, and Steno, with over 25 tracked investments across 18 companies to date. Antiportfolio's investment approach leverages its partners' deep legal industry network, an LP base consisting of top lawyers, law firms, and litigation financiers, targeting SaaS applications, AI-first law firms, and companies operating in regulated spaces where legal and regulatory complexity creates a competitive advantage rather than a barrier.