# Investors for Bootstrapped Startups: Funds That Skip the VC Path > Investors for bootstrapped startups in 2026: TinySeed, Flying Founders, Buyback Ventures and more, with cheque sizes, terms, status and when to say no. - Canonical: https://zeroraised.com/blog/investors-for-bootstrapped-startups - Published: 2026-11-11T13:30:00Z - Author: ZeroRaised Team (https://zeroraised.com/blog/authors/zeroraised) - Publisher: ZeroRaised (https://zeroraised.com/) - Section: Growth - Tags: funding, bootstrapping, saas, investors **Short answer:** The investors that back bootstrapped startups without forcing a venture path are a short list. As of 11 Nov 2026, the active ones for software are TinySeed ($120k-$220k for 10-12% equity), Flying Founders (€100k-€500k for companies at €100k-€2m ARR) and Buyback Ventures ($50K-$500K with a built-in founder buyback), plus a few smaller players. Calm Company Fund has stopped making new investments. Every cheque size, percentage and status below comes from the fund's own site or founder's own post, checked on 11 Nov 2026. Advice is ours and is marked as such. This is not financial or legal advice. ## TL;DR - **TinySeed** invests "$120k-$220k per company for 10-12% equity" in "a 1-year, remote accelerator", only in US C-Corps. Applications are closed; Spring 2027 applications open in February 2027 ([TinySeed program](https://tinyseed.com/program), [TinySeed apply](https://tinyseed.com/apply)). - **Flying Founders** offers "Up to €500k for bootstrapped founders between €100k-€2m ARR" ([Flying Founders](https://flyingfounders.com/)). - **Buyback Ventures** invests "$50K-$500K", starts at 25% equity and expects you to buy most of it back ([Buyback Ventures](https://buyback.vc/)). - **Calm Company Fund** is "not coming back" in its prior form ([Tyler Tringas](https://tylertringas.com/code-concrete/)). - **No equity at all?** Revenue-based and debt lenders exist, but they want revenue first. See our [revenue-based financing guide](https://zeroraised.com/blog/revenue-based-financing-for-saas). **Disclosure:** ZeroRaised is a launch site for products built without institutional VC. We have no commercial relationship with any fund or lender named here and earn nothing if you apply. Facts come from the linked sources as checked on 11 Nov 2026. ## What "investors for bootstrapped startups" actually means Our read: a conventional VC needs a few winners to return the whole fund, so it expects companies to raise again and exit. That fits poorly with a profitable SaaS that could grow to a few million in revenue and pay its founders well. Some newsletters call the alternative "seedstrapping": raise one small round, then run on revenue. The Seedstrapped newsletter admits "there's no such thing as a purely dedicated" seedstrap fund ([Seedstrapped, 19 Aug 2025](https://seedstrapped.substack.com/p/whos-investing-in-seedstrapped-businesses)). The funds below are the closest you will find, and they get paid in one of three ways: 1. **Minority equity plus dividends.** The fund owns a slice and shares profits pro-rata, with a payout if you ever sell (TinySeed). 2. **Equity you buy back.** The fund owns more at first, and you repurchase it from cash flow over time (Buyback Ventures). 3. **Shared earnings.** The fund takes a percentage of earnings until a cap is reached (the model associated with Earnest Capital and Calm Company Fund; see below). If you want the wider menu, including grants, crowdfunding and pre-sales, start with our ranking of [8 ways to fund a product without venture capital](https://zeroraised.com/blog/ways-to-fund-a-product-without-venture-capital). This post zooms in on the investor option only. ## Comparison table: funds that back bootstrapped SaaS | Fund | Cheque size | What they take | Stage or criteria | Status (11 Nov 2026) | |---|---|---|---|---| | [TinySeed](https://tinyseed.com/program) | $120k-$220k per company | 10-12% equity; $7,450 programme fee per founder, paid from the investment | B2B SaaS; no minimum revenue stated; US C-Corps only (non-US can reincorporate) | Applications closed; Spring 2027 opens Feb 2027 | | [Flying Founders](https://flyingfounders.com/) | €100k-€500k, once | Equity (percentage not stated) | Bootstrapped, profitably growing; €100k-€2m ARR | Active, contact form open | | [Buyback Ventures](https://buyback.vc/) | $50K-$500K | Starts at 25% equity; founders buy back over time; fund keeps 2-5% | US-based LLCs only, no C-Corps; revenue growth, good margins, low churn | Reviewing founders for first cohort | | [Union Group Fund](https://uniongroupfund.com/) | Not stated | Not stated | Small, bootstrapped vertical SaaS, post launch with paying customers | "Our funds are not open to the public at this time" | | [MicroSaaS.io](https://microsaas.io/) | Not stated | "a small stake" (micro-seed) or full acquisition | Clear pain point, founder who knows the problem; "No deck required" | Active | | [Calm Company Fund](https://tylertringas.com/code-concrete/) | n/a | n/a | n/a | **Closed to new investments** since June 2024 | | [SaaS Capital](https://www.saas-capital.com/) (debt) | Not stated | No equity: MRR line of credit | $3 million or more in ARR | Active | | [Lighter Capital](https://www.lightercapital.com/) (debt) | Up to $10M | No equity, board seats or personal guarantees | Minimum ARR not visible on homepage | Active | | [Founderpath](https://founderpath.com/) (revenue financing) | Not stated | No equity; lien on business assets; rates from 7% | At least $500K last-year revenue, healthy retention | Active | Indie.vc often appears in roundups, but its homepage showed no current programme today, so we have left it out. ## The funds in more detail ### TinySeed TinySeed is the best-known option and the one most founders compare everything else to. From its programme page: it "invests $120k-$220k per company for 10-12% equity" and runs "a 1-year, remote accelerator that funds 15-20 SaaS companies at once", with two in-person events (a kick-off retreat and a MicroConf) ([TinySeed program](https://tinyseed.com/program)). Terms worth knowing before you apply, all from the same page: - **Programme fee.** "Our program fee is $7,450 per founder", paid out of the investment. Offers are increased to cover it, so a $150,000 offer to two founders becomes $159,900. - **Founder pay and dividends.** Founder compensation has a "participation threshold at $250,000 / year", and dividends are "split pro-rata based on percentage ownership". - **If you sell.** "TinySeed receives the greater of our initial investment back (minus any dividends paid to date), or our pro-rata share of the proceeds." - **Revenue.** No hard minimum. TinySeed says "a couple thousand dollars in monthly revenue" is a good sign and "We don't have a top-end limit for revenue." - **Entity.** "Currently we only invest in US C-Corps (preferably Delaware)". Non-US companies can apply if they are willing to reincorporate. Status: the apply page says "Applications are currently closed" and that applications for the Spring 2027 programmes "will open again in February 2027" ([TinySeed apply](https://tinyseed.com/apply)). Its homepage says it has "backed nearly 200 fast-growing SaaS companies worldwide" ([TinySeed](https://tinyseed.com/)). Our read: a good fit if you have early revenue and are comfortable with a Delaware C-Corp. You are not forced toward an exit, but you give up 10-12% of a company you may run for a decade. ### Flying Founders Flying Founders is the clearest European option. Its homepage says "We invest €100k-€500k once" in founders "building profitably growing businesses", with a "€100k-€2m ARR sweet spot" and "Zero pressure to raise again or sell" ([Flying Founders](https://flyingfounders.com/)). It does not publish an equity percentage or a geography restriction. It also says "Portfolio companies get equity in Flying Founders", which suggests a shared upside model; ask them to explain it. Our read: this is a later-stage cheque than TinySeed. If you are at €100k+ ARR and want one round to hire or pay yourself properly, it is worth a call. ### Buyback Ventures Buyback Ventures has the most unusual structure. It invests "$50K-$500K" and says "we start with 25% equity in the company", but "The equity can be repurchased anytime." After year five it likes founders to "buy back equity on a consistent basis at least up to 1x", and over time "we only keep 2-5%". It states an "Expected Return: 1-5x + 2-5%" ([Buyback Ventures](https://buyback.vc/)). Two hard filters: "We only invest in LLCs" and "We do not invest in C Corps", and it invests only in US-based companies. The site says it is "reviewing a small number of founders for our first cohort." Our read: 25% sounds high, but if you plan to run the company for cash flow, a stake you can buy back is closer to patient financing than to a permanent partner. Model the buyback payments against your margin before you agree. ### Union Group Fund and MicroSaaS.io [Union Group Fund](https://uniongroupfund.com/) says it develops and invests in "small, bootstrapped vertical SaaS software companies" post launch with paying customers, and that it "generally don't chase product market fit". It also says "Our funds are not open to the public at this time" and does not say how founders should apply. [MicroSaaS.io](https://microsaas.io/) calls itself "a studio, acquirer, and micro-seed fund". Its micro-seed track pairs capital with infrastructure credits, design support and distribution, and "We take a small stake". It also buys bootstrapped SaaS products at "Fair multiples on MRR / ARR". No cheque size is published. ### Calm Company Fund (closed) Founder Tyler Tringas wrote on 23 Dec 2024: "In June I announced that Calm Fund was taking a break from making new investments", and "Calm Fund is not coming back" in its prior form ([Code & Concrete](https://tylertringas.com/code-concrete/)). Do not plan around it. Earnest Capital, the other name tied to shared earnings, blocked our requests today, so we could not verify whether it is investing. Check its site directly. ## The instruments, briefly **Priced equity.** You sell shares at an agreed valuation. TinySeed and Flying Founders both take equity; ask for the exact paperwork. **SAFE.** Y Combinator's standard SAFE is not a fund but a document many angels use. YC describes the post-money version as having "a valuation cap that is "post-money," meaning it's the valuation of your company after the investment is made" ([Y Combinator SAFE documents](https://www.ycombinator.com/documents)). Our read: a SAFE is built to convert at a future priced round, so if you never plan to raise again, ask the investor how and when it converts. **Shared earnings.** In broad terms (our summary), the investor is paid a percentage of the company's earnings until a return cap is reached, rather than waiting for a sale. Because we could not load Earnest's or Calm Fund's own explanation pages today, we are not quoting caps or percentages. Get the current terms in writing from the investor. **Revenue share vs equity (our read).** Revenue share and debt cost cash now but nothing at exit; equity costs nothing now and a slice of everything later. For a cash machine you plan to keep, equity is usually the expensive option long term. ## When to take this money vs stay fully bootstrapped This table is our editorial advice, not financial advice. | Your situation | Our pick | |---|---| | Pre-revenue, idea not validated | Stay bootstrapped. Validate with customers first | | Under ~$2k MRR, still part time | Stay bootstrapped, or apply to TinySeed if you have a strong team | | $2k-$10k MRR, money would let you quit your job | Strong case for TinySeed (US C-Corp) or Buyback Ventures (US LLC) | | €100k-€2m ARR, profitable, want one round to hire | Flying Founders | | $500K+ revenue, want cash with no dilution | Revenue financing (Founderpath) or debt (Lighter Capital) | | $3M+ ARR, want a credit line | SaaS Capital | | You never want a partner on the cap table | Debt, grants or pre-sales; see the [non-equity accelerators list](https://zeroraised.com/blog/accelerators-that-dont-take-equity) | ## How to pitch a profitability-focused fund From their own pages: TinySeed looks for early revenue, Buyback Ventures wants "consistent revenue growth, good margins and low churn", Flying Founders wants "profitably growing businesses", and MicroSaaS.io wants "a clear pain point and a founder who understands the problem deeply". Our suggested one-page pitch: 1. **Revenue and retention.** MRR for the last 12 months, churn and net revenue retention. Show the real numbers, including bad months. 2. **Margins and burn.** Are you profitable? If not, when, and what does the money change? 3. **Use of funds.** Exactly what the cheque buys: founder salary for 18 months, one engineer, a paid channel you have already tested. 4. **Why not VC.** Say plainly that you want a durable, profitable company. These investors want to hear that. 5. **Distribution proof.** One channel that already works. If you have launched publicly, bring the launch numbers. ## Terms and red flags to check Our read, hedged; have a lawyer review any term sheet. - **Forced-exit language.** Drag-along rights or redemption clauses that let the investor push a sale undercut the reason you chose a founder-friendly fund. - **Founder pay caps.** Shared earnings and dividend models define what counts as salary versus distribution. Check the threshold against what you need to live on. - **Entity changes.** TinySeed needs a US C-Corp; Buyback Ventures needs a US LLC. Reincorporating has legal and tax costs, especially outside the US. - **Uncapped returns.** For shared earnings or buyback deals, confirm there is a cap and what happens after it is hit. - **Information rights and fees.** Programme fees (TinySeed's $7,450 per founder) and reporting duties are normal, but price them in. ## Frequently asked questions ### Which investors fund bootstrapped startups? As of 11 Nov 2026, the clearest options for software are TinySeed ($120k-$220k for 10-12% equity, US C-Corps only), Flying Founders (€100k-€500k for companies at €100k-€2m ARR), Buyback Ventures ($50K-$500K with a founder buyback, US LLCs only), Union Group Fund (bootstrapped vertical SaaS, funds not open to the public) and MicroSaaS.io (micro-seed plus acquisitions). Lenders such as SaaS Capital, Lighter Capital and Founderpath offer non-dilutive capital once you have meaningful revenue. ### What are the best TinySeed alternatives? If you are outside the US or do not want to become a Delaware C-Corp, look at Flying Founders (euro cheques, ARR between €100k and €2m) or, for US LLCs, Buyback Ventures. If you do not want to sell equity at all, revenue-based and debt lenders such as Founderpath (from $500K last-year revenue) or Lighter Capital are the alternative. Calm Company Fund is no longer making new investments. ### Is Calm Company Fund still investing? No. Tyler Tringas wrote in December 2024 that he announced in June that Calm Fund was taking a break from new investments, and that Calm Fund is not coming back in its prior form. ### What is a shared earnings agreement? In broad terms (our summary), it is an instrument associated with Earnest Capital and Calm Company Fund where the investor is paid a share of the business's earnings until a return cap is reached, instead of waiting for an exit. We could not load Earnest Capital's own pages today, so check current terms with any investor who offers one. ### Should a bootstrapped founder take outside investment at all? Our read: only when you know exactly what the money buys (usually a founder salary that lets you go full time, or a hire that unlocks growth you can already see) and the terms leave you in control without a forced exit. If you are pre-revenue or not yet sure customers will pay, customer revenue is cheaper capital. ## Launch first, raise later The strongest pitch to any of these funds is revenue from real customers. Work through the [product launch checklist for bootstrapped makers](https://zeroraised.com/blog/product-launch-checklist-for-bootstrapped-makers), then [launch on ZeroRaised](https://zeroraised.com/submit) for free alongside other products built without institutional VC. For more funding guides that skip the VC path, [join the ZeroRaised newsletter](https://zeroraised.com/newsletter). This article is general information, not financial, investment or legal advice. ## Sources - [TinySeed program and FAQ](https://tinyseed.com/program), last checked 11 Nov 2026 - [TinySeed apply page](https://tinyseed.com/apply), last checked 11 Nov 2026 - [TinySeed homepage](https://tinyseed.com/), last checked 11 Nov 2026 - [Flying Founders](https://flyingfounders.com/), last checked 11 Nov 2026 - [Buyback Ventures](https://buyback.vc/), last checked 11 Nov 2026 - [Union Group Fund](https://uniongroupfund.com/), last checked 11 Nov 2026 - [MicroSaaS.io](https://microsaas.io/), last checked 11 Nov 2026 - [Tyler Tringas, Code & Concrete: A New Chapter in 2025](https://tylertringas.com/code-concrete/), last checked 11 Nov 2026 - [Y Combinator SAFE documents](https://www.ycombinator.com/documents), last checked 11 Nov 2026 - [SaaS Capital](https://www.saas-capital.com/), last checked 11 Nov 2026 - [Lighter Capital](https://www.lightercapital.com/), last checked 11 Nov 2026 - [Founderpath](https://founderpath.com/), last checked 11 Nov 2026 - [Seedstrapped: Who's investing in seedstrapped businesses?](https://seedstrapped.substack.com/p/whos-investing-in-seedstrapped-businesses), last checked 11 Nov 2026 ## Frequently asked questions ### Which investors fund bootstrapped startups? As of 11 Nov 2026, the clearest options for software are TinySeed ($120k-$220k for 10-12% equity, US C-Corps only), Flying Founders (€100k-€500k for companies at €100k-€2m ARR), Buyback Ventures ($50K-$500K with a founder buyback, US LLCs only), Union Group Fund (bootstrapped vertical SaaS, funds not open to the public) and MicroSaaS.io (micro-seed plus acquisitions). Lenders such as SaaS Capital, Lighter Capital and Founderpath offer non-dilutive capital once you have meaningful revenue. ### What are the best TinySeed alternatives? If you are outside the US or do not want to become a Delaware C-Corp, look at Flying Founders (euro cheques, ARR between €100k and €2m) or, for US LLCs, Buyback Ventures. If you do not want to sell equity at all, revenue-based and debt lenders such as Founderpath (from $500K last-year revenue) or Lighter Capital are the alternative. Calm Company Fund is no longer making new investments. ### Is Calm Company Fund still investing? No. Tyler Tringas wrote in December 2024 that he announced in June that Calm Fund was taking a break from new investments, and that Calm Fund is not coming back in its prior form. ### What is a shared earnings agreement? In broad terms (our summary), it is an instrument associated with Earnest Capital and Calm Company Fund where the investor is paid a share of the business's earnings until a return cap is reached, instead of waiting for an exit. We could not load Earnest Capital's own pages today, so check current terms with any investor who offers one. ### Should a bootstrapped founder take outside investment at all? Our read: only when you know exactly what the money buys (usually a founder salary that lets you go full time, or a hire that unlocks growth you can already see) and the terms leave you in control without a forced exit. If you are pre-revenue or not yet sure customers will pay, customer revenue is cheaper capital.