LL3 Ventures is an evergreen venture capital firm based in San Francisco, California, created to invest in early-stage startups and emerging fund managers. The firm is backed by three generations of the Leichtman Levine family and led by Managing Director Monica Black. LL3 Ventures positions itself as a long-term, relationship-driven investor that provides patient, strategic, and collaborative capital to founders building enduring companies.
LL3 Ventures is sector agnostic but concentrates on post-product startups with early revenue. The firm invests primarily at the seed stage, targeting companies with proven product-market fit and clear early traction.
In addition to direct startup investments, LL3 also supports promising venture fund managers, reinforcing its dual mandate to back both founders and emerging investors shaping the next generation of innovation.
In October 2025, LL3 Ventures announced its launch as a new evergreen vehicle dedicated to early-stage venture capital. The fund’s structure allows for continuous reinvestment and long-term capital deployment, enabling LL3 to take a multi-decade perspective on value creation.
The fund will build a large, diversified portfolio across industries and geographies while emphasizing personal relationships and operational support.
LL3’s flexible structure allows it to deploy between $25,000 and over $500,000 as an initial check, with the ability to follow on as companies scale.
Leadership
LL3 Ventures is led by Monica Black, Managing Director, who brings extensive experience in venture capital and early-stage investing. She works closely with the Leichtman Levine family, whose multi-generational backing provides a foundation of patient capital and a long-term vision for sustainable growth.
Investment Strategy
LL3 Ventures employs a founder-first strategy built on relationship-based investing. The firm values in-person engagement and community-driven deal flow, prioritizing startups that align with its values of collaboration, transparency, and durability.
By operating as an evergreen structure rather than a fixed-term fund, LL3 can provide flexibility in holding periods, follow-on investments, and portfolio management. This approach enables the team to focus on long-term impact and the compounding effects of patient capital.
Notable Investments
As a newly launched vehicle, LL3 Ventures’ portfolio has not yet been made public. The firm is actively evaluating post-product startups across multiple sectors, with a focus on building a broad and diversified portfolio in its first investment cycle.
Notable Exits
None reported to date, as the fund has recently launched.
Other
LL3 Ventures differentiates itself through its evergreen structure, founder accessibility, and intergenerational backing, allowing for a rare level of continuity and patience in early-stage investing.
