On Deck

On Deck, primarily known for its global community and educational programs, expanded into direct venture investing through its accelerator arm, ODX. This initiative aimed to leverage On Deck's extensive network to identify and support promising early-stage startups emerging from its various fellowship programs and beyond.

ODX was launched with a significant $100 million fund, specifically earmarked to provide capital and support to its portfolio companies. Its standard investment model involved providing a fixed amount of $125,000 in exchange for a 7% equity stake, along with an uncapped Most Favored Nation (MFN) clause on subsequent funding rounds. This consistent approach positioned ODX as a notable player in the pre-seed and seed-stage funding landscape, offering a predictable deal structure to founders.

However, On Deck underwent significant strategic restructuring in late 2022 and early 2023. This included substantial layoffs, affecting approximately one-third of its staff, totaling 72 employees, and a decision to significantly scale back the ODX accelerator program. These changes indicate a strategic shift away from direct, large-scale venture investments as a core activity.

Consequently, while ODX historically offered a fixed investment amount for early-stage companies, its current capacity for new direct investments is severely diminished or effectively ceased. On Deck's primary focus has largely reverted to its core mission of community building, education, and career development, rather than active venture capital deployment.