VCs Jonathon Triest and Brett deMarrais see their ability to read people and create longstanding relationships with founders as the primary reason the

All VCs say they are founder friendly; Detroit’s Ludlow Ventures takes that to another level

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2024-07-06 23:00:04

VCs Jonathon Triest and Brett deMarrais see their ability to read people and create longstanding relationships with founders as the primary reason their Detroit-based venture firm, Ludlow Ventures, is celebrating its 15th year in business.

It sounds silly, attributing their longevity to what’s sometimes called “Midwestern nice.” But is it crazy? Maybe not. Before Ludlow, neither Triest nor deMarrais had much operating experience. They also had no investing experience. Triest was fresh out of school when he first stood up the firm in 2009. When deMarrais joined him three years later, it was after winding down his first job, which was running a wedding videography outfit.

Fast-forward and Ludlow today has $250 million in assets under management, including a new $50 million fifth fund that the duo just closed in recent weeks with commitments from billionaire Dan Gilbert; the financial services company Northern Trust, the Israel-based venture firm Vintage Investments; and the fund of funds outfit StepStone, which anchored the new vehicle.

It’s certainly hard to know what else Ludlow offered at the start other than a lot of heart and good instincts about people. In 2012, for example, while on a trip to Los Angeles, Triest and deMarrais met with entrepreneurs Ryan Hudson and George Ruan about a Chrome extension that helped customers score deals. The young investors had trouble getting excited about what the founders were building. But “George and Ryan were so good,” Triest tells me during a phone conversation while he’s at a networking event in Detroit, an announcer’s voice booming in the background.