Austin VC Takes Unconventional Approach to Investing

Adam Zeplain of Mark VC builds '360-degree' behavioral maps of founders before investing

Published on Mar. 6, 2026

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Adam Zeplain, the cofounder and managing partner of Austin-based venture capital firm Mark VC, is known for his unconventional approach to evaluating founders. Rather than focusing solely on a startup's financials, Zeplain takes a deeply psychological approach, interviewing the founder's close contacts to build a '360-degree' behavioral map before deciding to invest.

Why it matters

Zeplain's approach stands out in an environment where venture capital is abundant but clarity on founders is often lacking. By taking the time to truly understand a founder's background, personality, and relationships, Zeplain aims to identify the people most likely to succeed, even if he can't always predict which businesses will thrive.

The details

When founder Jeff Cardenas first met with Zeplain, he was surprised when the VC opened the conversation by asking about Cardenas' father, rather than diving into the typical questions about revenue, margins, and market share. Cardenas went on to provide Zeplain with a list of his closest contacts, including his wife, coworkers, and childhood friends. Zeplain then called each of them as part of his process to build a comprehensive understanding of Cardenas before deciding to invest in Cardenas' robotics startup Apptronik at a $250 million post-money valuation. Zeplain's investments include successful companies like CrowdStrike, Reddit, Ring, Capella Space, and Anduril.

  • In 2023, Zeplain first met with Jeff Cardenas, the CEO and cofounder of Apptronik.
  • As of February 2026, Apptronik is valued at more than $5 billion.

The players

Adam Zeplain

The cofounder and managing partner of Austin-based venture capital firm Mark VC, known for his unconventional, deeply psychological approach to evaluating founders before investing.

Jeff Cardenas

The CEO and cofounder of Apptronik, a robotics startup that received funding from Zeplain's firm Mark VC at a $250 million post-money valuation in 2023.

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What they’re saying

“I thought: Oh, he's going there, let's do this.”

— Jeff Cardenas, CEO and cofounder, Apptronik

“This is not one-size-fits-all. Sure, there are certain tenets you can repeat and reuse. But this is a tailored approach to who someone is.”

— Adam Zeplain, Cofounder and managing partner, Mark VC

The takeaway

Zeplain's unconventional approach to venture capital, which prioritizes deeply understanding a founder's personality and relationships over traditional financial metrics, highlights the value of taking a more holistic view when evaluating startup teams. In an environment flush with venture capital, Zeplain's method provides a model for how VCs can cut through the noise and identify the founders most likely to succeed.