About Matt Garratt

Matt Garratt is a General Partner at USVP, where he focuses on investing in transformative companies across enterprise software, AI and data. Before joining USVP, he led Salesforce Ventures through its period of record growth, overseeing more than 400 investments worldwide and helping scale it into a multi-billion-dollar global fund. Known for his hands-on, partnership-driven approach, Matt views venture capital less as financial engineering and more as guiding founders through uncharted waters.

About USVP

Founded in 1981, U.S. Venture Partners (USVP) is one of Silicon Valley’s longest-standing venture firms. With over $4 billion raised across multiple funds, USVP focuses primarily on early-stage Series A investments. The firm has backed more than 500 companies across technology, healthcare, and cybersecurity, helping to launch names such as Box, Check Point Software, and Trusteer.

For Matt, USVP’s size and focus are what make it compelling. Unlike larger funds that spread across many stages, USVP is intentionally concentrated on being the first institutional investor. “It’s a traditional, Series A-focused fund,” he explains. “That was the ideal fit for me because it meant working closely with founders at the stage where you can have the most impact.”

“Investing is about journeys and the people you meet along the way. You’re not the main actor - the founder is - but you’re there to help them steer through the rough patches.”

From aerospace engineering to venture capital

Matt’s career has spanned engineering, operating roles, and venture capital. He began as an aerospace engineer designing aircraft components for the Boeing 787 and Airbus A380 before moving into renewable energy systems.

His path into venture, he admits, was somewhat accidental. In 2008, climate tech was hot, and his background proved an ideal fit. Later, at Salesforce, he became the founding architect of Salesforce Ventures, growing it from a $5 million per annum initiative to a billion-dollar global investment arm. “It was an incredible experience, but I wanted to be closer to early-stage companies,” he says. “USVP’s Series A focus was the perfect fit.

The most exciting frontier today – AI

Unlike previous technological waves, such as mobile or cloud, which followed much slower arcs, AI is evolving at breakneck speed. When asked about investing in this space, Matt said that he is excited about the rise of vertical software that consolidates entire industry workflows.

In architecture, for instance, AI can move from design images to engineering drawings to bills of materials - steps that once required multiple platforms. “On the boards of these companies, you see them building products three to five times faster than before. The speed is remarkable.”

That acceleration also raises questions about how to evaluate startups. Matt believes the key to finding the best AI companies lies in identifying those that become the “system of work” in their respective verticals – the indispensable platforms that people use to perform their daily tasks. While point solutions in areas like sales and marketing may be commoditized, broader suites that span the customer journey will accumulate value over time.

“You don’t need the best AI people across your whole team anymore. What you really need are great product people who understand how to work with AI models.”

The US vs Europe

Although USVP is primarily U.S.-focused, Matt notes that the firm also invests in Europe, Israel, and Australia. He sees Europe keeping pace at the application layer of AI, even if the U.S. and China dominate in foundational models.

What matters most, he argues, is not whether a startup uses a U.S. or European model, but whether it meets privacy and security standards. And as AI becomes more accessible, the emphasis has shifted from hiring armies of AI experts to building strong engineering and product teams capable of adapting to rapid changes.

Beyond AI, Matt has invested across both horizontal applications, such as sales, as well as industry vertical applications, such as financial services and healthcare. When investing in certain verticals such as healthcare, he relies on his colleagues with deep domain expertise in healthcare and life sciences. Still, he applies a consistent framework across industries: searching for patterns of value creation that translate from one vertical to another. “In industry verticals, it’s harder to find founders with both deep domain expertise as well as strong product and engineering talent. I like for those teams attacking large problems in these industries”

Thoughts on leadership

His leadership philosophy has also evolved with experience. At Salesforce Ventures, where he hired a global team of 40, he learned the value of giving people more responsibility than they might receive elsewhere.

“Hiring and managing a global team of 40 taught me that leadership has to evolve at every stage, he says.” “It’s one thing to manage 10 people, another to manage 40 across different geographies. I also learned the Salesforce way of working with customers—how they sell and build relationships is just on another level.”

“The smartest thing you can do is hire people who are better than you and give them more responsibility than they’d get elsewhere. Balance independence with oversight—set a clear direction, but build systems so you can catch early signals if things go off track.”

A love of adventure

A former whitewater rafting guide, he likens investing to steering from the back of the boat: not in control, but essential in helping founders navigate rough waters. Outside of work, he still skis, mountain bikes, and backpacks regularly. The parallels, he says, are obvious. Both demand curiosity, resilience… and a willingness to embrace the unknown.

Venture capital, in his view, is as much about people as it is about markets. He describes the job as paradoxically both lonely and deeply relational: much of the work is independent, yet it depends entirely on building trust with founders. “The most memorable things are the journeys you go on,” Matt reflects. “That’s what drives me - whether in business or in life.

“I think about life as relationships and journeys. That’s what excites me - whether I’m guiding a raft or partnering with founders.”

Quick Fire Round

Tool you can’t live without?

LLMs. I use them multiple times a day to do my work.

Founder or startup you admire?

So many. Marc Benioff is one of the most visionary founders you’ll meet. He is able to see around corners better than others.

Recharge ritual?

I ski in the winter, mountain bike a couple of times a week, and go backpacking whenever I can. The outdoors is where I recharge. I also meditate every day.

Best advice you’ve ever received?

Oddly, I don’t remember much specific managerial advice. I’ve absorbed a lot from mentors. The best advice, which is an amalgamation of advice from books, including Charley Munger’s writing, is that success is about consistency, showing up every day improving, not about heroic efforts. The opposite is true. Avoid doing stupid stuff, don’t put yourself in positions where you can blow up.