TBD VC Raises $35M Fund Using Papermark

TBD VC is a new early-stage venture capital firm founded by David Citron and Alan Buch, focusing on backing deep tech Israeli founders at the pre-seed and seed stages, both in Israel and globally. With their second fund of $35M, they're addressing the underserved earliest stages of company formation in the Israeli tech ecosystem.

Key Focus Investment Areas

• Pre-seed & seed investments in deep tech
• Enterprise AI, cloud infrastructure, cybersecurity, and software-enabled defense-tech
• Supporting deeply technical founders building real companies from day one
• Global investment approach with Israeli roots
• First-time founder-first philosophy

Their investment thesis centers on backing bold Israeli founders building what's next in deep tech. While they maintain a sector-agnostic focus, they particularly focus on enterprise software, cybersecurity, and deep tech innovations.

Partners' Background

TBD VC was founded by two partners with complementary backgrounds and expertise:

David Citron

• Based in Tel Aviv
• Over a decade of VC experience with international firms
• Previously focused on pre-seed investing in Israeli startups for Rocket Internet
• Notable investments include:
  • CyberX (acquired by Microsoft)
  • WalkMe
  • Voca.ai (acquired by Snap)
  • Flow Security (acquired by Crowdstrike)
  • Frontegg, Faye, Boards.com
  • Eon.io (dubbed as Israel's "next Wiz")
  • Upwind, and PointFive
• Born and raised in Israel
• Served in the military Special Forces as a combat medic
• Joined venture capital industry after military service
• 13 years of VC experience

Alan Buch

• Based in New York
• 15+ years of experience in wealth and alternative investment management
• Previously managed investments at a $4 billion multi-family office
• Early-stage investments in companies like Spotify, SpaceX, and Hive AI
• Former professional racecar driver who competed across Europe
• Avid tennis player
• Brings unique perspective on strategy, timing, and execution from racing background

Global Network

• 45+ venture partners across the globe
• Senior operators from companies like:
  • GitHub
  • American Express
  • Epic Games
  • Netflix
• Network helps founders with product and go-to-market strategy
• Focus on rapid commercialization

TBD VC Investment Philosophy: Deep Tech First

TBD VC was founded on the belief that the earliest stages of company formation in Israel remain underserved, despite the country's strength in building successful tech companies. They identify two key opportunities:

1. The rise of Israeli tech success stories like Wiz's $32B acquisition by Google and Next Insurance's $2.6B exit
2. The need for specialized pre-seed investors who understand deeply technical founders

Rather than chasing momentum rounds or hype cycles, TBD VC supports founders building real companies from day one, where value is created and conviction matters most.

The Fundraising Challenge

When TBD VC began raising their second fund, they faced unique challenges specific to their global investment strategy:

1. Global LP Base: Managing communications with LPs across multiple time zones and regions, from institutional investors to family offices
2. Sensitive Information: Handling confidential fund information while maintaining transparency with potential investors
3. Brand Consistency: Ensuring a professional and consistent brand experience for all stakeholders
4. Efficient Due Diligence: Streamlining the due diligence process for LPs while maintaining security

The Papermark Solution

TBD VC chose Papermark to manage their fundraising process, with a particular focus on features that enhanced their global operations:

• Custom Domains: TBD used their branded domain for sharing documents, creating a professional and cohesive experience that reinforced their brand identity across all communications.

• Data Rooms: The team organized their materials into structured data rooms, making it easy for LPs to navigate through different sections of their fund documentation.

• Custom Branding: TBD maintained consistent branding across all investor materials, from pitch decks to data rooms, reinforcing their professional image.

• Security Controls: With granular access permissions, TBD could control exactly who had access to their confidential fund information, setting expiration dates and password protection as needed.

Results

Using Papermark's document sharing platform, TBD VC successfully raised $35M for their second fund, with specific benefits:

• Enhanced Brand Perception: Custom domains and branding helped establish TBD as a professional and established firm
• Streamlined Due Diligence: Organized data rooms made it easy for LPs to review materials and make investment decisions
• Global Reach: Secure document sharing enabled efficient communication with LPs worldwide
• Trust Building: Advanced security controls helped build trust with institutional investors and family offices
• Time Efficiency: Reduced time spent on administrative tasks, allowing more focus on investor relations

The TBD team continues to use Papermark for LP communications and portfolio updates, maintaining the same level of professionalism and security that helped them successfully close their second fund.