Kara Nortman: Pioneering Woman in Venture Capital Leadership | Upfront

Kara Nortman has consistently demonstrated a strong commitment to empowering women within the technology sector and the startup world.

As a founding member of All Raise, an organization focused on advancing gender parity in venture capital and technology, a director with Times Up, and the co-founder of Angel City, a Los Angeles-based professional women’s soccer team, Nortman has consistently championed equality throughout both her career and personal life.

With her recent advancement to co-managing partner at Upfront Ventures, Nortman – and her firm – are taking a significant step forward in the progress of women within the industry. This promotion is noteworthy as it potentially marks the first instance of a major venture capital firm elevating a woman to this leadership position.

Traditionally, women in venture capital have often needed to establish their own firms to attain leadership roles. Nortman’s promotion represents a departure from this pattern – likely reflecting a shift in priorities, where entrepreneurs increasingly favor firms whose values align with their own, alongside strategic alignment.

For Upfront’s new co-managing partner, the journey to leadership at a firm managing approximately $2 billion in assets began with dedicated work as an associate at Battery Partners in Massachusetts.

“I would often stay late at the office, studying publications like MassSciTech and Red Herring until 10 p.m.,” Nortman remembers. “There wasn’t a wealth of data available for analysis or the application of algorithms.”

Nortman initially concentrated on enterprise software during her time at Battery before transitioning to a corporate role at Interactive Corp. The Los Angeles native has been a partner at Upfront since 2014, where she has invested in consumer-focused companies such as Parachute Home (her initial Upfront investment) and, more recently, in enterprise software companies like OpenRaven and Fleetsmith (which Apple acquired, marking her first substantial exit as an Upfront partner).

“My investment focus is currently around 30% consumer and 70% deep-tech enterprise,” Nortman explained. “I initially focused exclusively on enterprise and infrastructure during my early career at Battery… because those were the primary opportunities available. There wasn’t a significant consumer investment landscape in 1999… ventures like Webvan and Pets.com proved to be unsuccessful concepts.”

In her new role at Upfront, Nortman will collaborate with managing partner Mark Suster, overseeing the firm’s fund investment operations.

“I’ve received countless expressions of admiration for Kara from both founders and VCs – if I had a dollar for each one, I’d have a fund ten times the size,” Suster stated. “Kara is a natural leader, demonstrated by her founding role in All Raise, her position on the TIMES UP board, and her successful effort to bring the women’s professional soccer team, Angel City Football Club, to Los Angeles. Recognizing and expanding her leadership within Upfront is simply an acknowledgement of the influence she already holds here.” 

Nortman is highly regarded throughout the Los Angeles venture capital community, with numerous investors citing the move as a strategically sound decision for the firm. It is also, to the best of my knowledge, a historically significant development.

While many exceptionally talented and qualified women have worked in venture capital for years, few have been able to attain leadership positions through internal promotions. Jennifer Fonstad and Theresia Gouw both left DFJ and Accel (respectively) to launch their own funds. Similarly, Trae Vassallo, Aileen Lee and Beth Seidenberg all gained experience at Kleiner Perkins before establishing independent funds.

Nortman indicated that there are no planned changes to the partnership, which currently includes Kobie Fuller, Greg Bettinelli, Aditi Maliwal and Michael Carney.

Nor will the firm’s investment strategy be altered, continuing to allocate approximately half of its capital to the greater Los Angeles area, with the remainder invested in deals across the U.S., Europe and Israel. 

Upfront’s achievements have mirrored the broader growth of the tech ecosystem in Los Angeles, with successful exits from local companies like Ring, TestFlight and Maker Studios, alongside investments in promising Southern California businesses such as Bird, Apeel Sciences and GOAT.

For Nortman, who has observed considerable changes in the industry, a key development is the increasing need for specialization as firms expand. “In the past, success often relied on sheer effort,” Nortman said. “Now, a highly disciplined approach to brand building is essential.”

Furthermore, investors must be more discerning in their investment choices, as holding periods are extending and the markets companies address are becoming significantly larger than they were two decades ago.

“I typically serve as the first board member for each company I invest in, and I anticipate remaining on those boards for ten to fifteen years,” Nortman stated. “Today, faster decision-making and brand development are crucial, but the level of commitment required is considerably longer.”