While VCs chase AI and crypto, Passthrough is quietly solving the oldest, most painful problem in venture capital: getting investors to actually sign the paperwork. Their secret? Making the back-office so seamless it disappears entirely.

"The best fund infrastructure doesn't feel like software—it feels like having a world-class ops partner who never sleeps."

With just 40 employees and $6.7M in revenue, Passthrough is operating at ~$167K ARR per employee—impressive for a finance tool. But the real story is their positioning. They're not selling software; they're selling time back to fund managers. In an industry where every hour spent on admin is an hour not spent sourcing deals, that's a compelling value prop. Their head of financial crime and enterprise sales roles signal they're moving upmarket, targeting larger funds with complex compliance needs.

• Product-led growth disguised as a workflow tool—LPs drive adoption
• Network effects: LPs get familiar with the interface across funds
• Enterprise pivot: From emerging managers to institutional funds
• The $100B opportunity: Private fund onboarding is a $100B+ market