The venture capital world is often dominated by hype — buzzy sectors, slick pitch decks, and founders who know how to work a room. Mudita Venture Partners plays a different game.
They’re investing in overlooked industries. Founders solving unsexy, real-world problems. Businesses built on cash flow, not just charisma.
And they want athletes to get involved — both as founders and investors.
“We’re not looking for the shiny thing,” says Josh Linkner, managing director at Mudita. “We’re looking for the broken system that somebody with guts and insight can fix.”
The fund typically writes checks between $500K – $1.5 million, leads or co-leads the round, and stays hands-on. They’re especially eager to work with athletes. Here’s why that matters.
Meet Josh Linkner, Managing Director
Founders will be working closely with Josh Linkner, so it seemed important to him that prospective founders get to know him personally.
“I’m from Detroit,” he said as the interview started. “Not the suburbs, the city.” Josh seemed adamant that there was a big difference. “My first job was pumping gas.”
Josh began his career in an unlikely place: jazz. He was a jazz guitarist all over Detroit, eventually graduating from Berklee College of Music, and performing 2000+ concerts around the world.
But in his 20’s, he was also dabbling in tech. Josh was quickly drawn into entrepreneurship. Josh end up starting and selling 5 companies, creating 10,000+ jobs in the process.
In 2010, he started “Detroit Venture Partners” with NBA team owner Dan Gilbert.
“We invested in early-stage tech companies we thought would not only drive economic outcomes, but help rebuild our city of Detroit that we love so much,” Josh says. “He [Dan Gilbert] ended up buying me out after that, and then, and then in 2020 I started our current venture fund.”
Josh’s VC 101 for Athletes:
For athletes and first-time investors, venture capital (VC) can seem like an insider’s game. But the concept is simple:
“Venture capitalists invest early in startups — often before the product is finished or profitable — in exchange for equity,” says Josh. “If the company grows and succeeds, that equity becomes extremely valuable.”
It’s really that simple.
Mudita typically invests $500K to $1.5M in the pre-seed to seed stage, ie the very early stages of a business. These are risky bets — but the upside is massive.
Top-tier VC funds historically return 2–5x capital over 10 years.
Mudita’s Returns:
The team expects their first fund to deliver strong results. “When the dust settles, we forecast about a 35% internal rate of return (IRR),” putting them in the top 5% of all venture funds. But Josh notes, “many of our investments are still outstanding and we won’t know the exact returns until the end of the Fund’s lifecycle. But so far, so good.”
They’re now launching Fund II—a $125 million vehicle—with the first close already secured at $75 million. The strategy for Fund II has evolved, with more concentrated investments and deeper involvement per company.
“We’re writing bigger checks and spending more energy on each deal,” says Josh, committing to a targeted hands-on approach.
Mudita’s Portfolio: Where Others Aren’t Looking
Mudita is Sanskrit for “taking joy in the success of others”, which Josh seemed to embody. His eyes lit up whenever talking about his portfolio companies’ successes.
K1x, one of Mudita’s star companies, handles K-1 tax forms. Which are “expensive, always late, error-prone, and manual,” as Josh put it. Not exactly sexy, but that’s what made it compelling. “I had early access through a relationship,” Josh says. They invested $1 million while another investor put in $15 million at a higher valuation, creating “a real-time arbitrage.” The company closed at a $50 million valuation, instantly making their stake worth $20 million.
Keep in mind that Mudita didn’t just invest in K1x—they helped recruit a new CEO and CRO, rebranded the company, and brought in board members like the former head of the IRS. “It’s not just about getting a good deal—it’s about supporting the entrepreneurs.”
They’ve already more than doubled their money, taking $2.25 million off the table, and expect a $70 million return on that original $1 million. “It’s not sexy,” Josh said, “but it’s meaningful—and massively valuable.”
Another portfolio standout is Sign AI. This powerful tool creates bi-directional, real-time sign language translation. Over half a million people in the United States alone use sign language as their primary language.
“The problem is that sign language translation services are few and far between,” says Josh. “So if you’re watching the governor given an emergency announcement, someone will be standing next to the governor, but on a normal zoom call, nobody’s signing, signing.” Sign AI solves this gap in the market. “We learned that the American Disabilities Act requires, by law that any company over 50 employees provide sign language translation services… So imagine going in on a sales call and saying, Hey, you should buy my product. That’s really good. It’s good for everybody. Oh, by the way, you have to buy it by law.”
Another standout is PredictLaw. This stealth-mode Legal AI startup focuses on helping law firms take cases with confidence and negotiate better outcomes. Other notable portfolio companies include Amplify Publishing Group, Bitewell (Nutrition app), and HomeKey (Home Maintenance).
What these startups have in common isn’t glamour — it’s traction. Most were already solving real problems with real paying customers when Mudita invested.
“You’re not going to see a ton of crypto or flying cars in our portfolio,” Linkner said. “But you will see founders with deep insight, obsession, and forward motion.”
Why Invest with Mudita
If you’re an athlete or LP looking to get into venture, Mudita offers a powerful entry point:
- High returns – Mudita forecasts about a 35% internal rate of return for their first fund, putting them “in the top 5% of all venture funds. (note: the fund is still in process so final results may be higher or lower).”
- Overlooked = Undervalued – Less competition in “boring” sectors means better deal terms and more upside.
- Hands-On Help – As ex-founders and operators, the team rolls up their sleeves to support the companies they back.
- Inventors, not just investors – 20% of investable capital goes to Mudita Studios, an innovation “factor” that invents the next generation of groundbreaking technologies for the benefit of Mudita investors.
“We built this for people who want exposure to great early-stage companies, without needing to spend every day in Silicon Valley,” Josh says.
What Mudita is Not Looking For
While Mudita is eager to hear from prospective founders, not every idea will be a good fit. Here is what Mudita is not interested in.
- Idea-stage startups without traction:
They don’t invest in companies that are pre-revenue or still in the concept phase.
“If it’s an idea on a napkin, it’s too early for us and too risky.”
- Late-stage companies with high valuations:
If a company is already generating $100 million or more in revenue, they consider the equity too expensive and the upside too limited.
“If the company is doing $100 million in revenue, the equity is too expensive.”
- Capital-intensive businesses:
Startups that require large amounts of funding to get off the ground or scale—especially those needing $50 million or more—are not a fit.
“If it needs $50 million, it’s not for us.”
- Long or uncertain paths to revenue:
They avoid businesses with slow sales cycles, unclear monetization strategies, or long-term revenue projections.
“If there’s some promise of revenue 19 years later—again, not for us.”
- Extended investment hold periods:
They prefer companies that can reach an exit within 3–5 years. Any business requiring an 8-year hold or longer is outside their scope.
“If it’s an eight-year hold, it’s not for us.”
- Clinical healthcare models:
While they’re open to health tech, they specifically avoid companies involved in primary care delivery or clinical-heavy operations.
The founder fit plays a huge role as well. “We say no when we don’t feel that raw urgency,” Linkner said. “You don’t need polish — you need fire.”
“Athletes Make Great Founders… and Investors”
According to Josh, Athletes already have the mindset Mudita looks for in founders. “You’ve got this rare mix of grit, focus, humility, and adaptability,” Linkner says. “You’re coachable. You’re competitive. You know what it means to lose and keep going.”
Founders don’t need to come from Stanford. Mudita believes they can come from locker rooms, training camps, and recovery rooms.
Want to Work With Mudita?
Got a business idea? Mudita wants to hear it. Messy ideas. Real problems you can’t stop thinking about.
“We call it our ‘throw it over the fence’ policy,” Josh says. “If you’ve got a business idea or even a question, we want to hear from you.”
The Players Company is working with Mudita to help athlete-founders get their ideas in front of the fund. Whether you’re already building or just brainstorming — the door is open.
If you’re an athlete with an idea — or the drive to chase one down — you can get feedback by reaching out at muditavp.com. You can also reach out if you’re interested in investing, or would just like to learn more about their fund, portfolio companies, and performance. They can walk you through the entire process.
