Brian Nichols is the co-founder of Angel Squad, a community where you’ll learn how to angel invest and get a chance to invest as little as $1k into Hustle Fund's top performing early-stage startups.

Julia Hartz isn't just another celebrity angel investor writing checks for bragging rights. As co-founder and CEO of Eventbrite, she built a company from zero to IPO, processing billions in gross ticket sales. Now, through her investment activities, she's applying those hard-earned lessons to back the next generation of founders.

And here's the thing – studying Julia Hartz investments gives us a masterclass in how to identify founders who can actually execute, not just talk a big game.

Who is Julia Hartz and why should we care about her investments?

Before we dive into her investment approach, let's get the basics straight. Julia co-founded Eventbrite in 2006 with her husband Kevin Hartz and Renaud Visage. She spent over a decade as CEO, taking the company public in 2018 at a $1.7 billion valuation.

But here's what makes Julia different from other founder-turned-investors: she didn't just stumble into success. She had to figure out product-market fit, scale operations, build teams, and navigate every challenge that comes with growing a company from startup to public market.

That experience shows up in how she evaluates investments. She knows what it actually takes to build a company because she's done it herself.

What themes show up in Julia Hartz investments?

Looking at Julia's investment portfolio, you start to see some clear patterns. She's not randomly throwing money at hot startups – there's a method to her approach.

Marketplaces and platforms that connect people: This makes sense given her Eventbrite background. Companies like Punchh (customer loyalty platform) and Faire (wholesale marketplace connecting brands and retailers) fit this theme perfectly.

Julia understands the challenges of building two-sided marketplaces because she lived through them. She knows how hard it is to get both sides of the market engaged and how important network effects are for long-term success.

Tools for small businesses and entrepreneurs: Julia has consistently invested in companies that help small businesses grow. Think Gusto (payroll and HR for small businesses) and Square (payments for small merchants).

This isn't accidental. Julia saw firsthand how hard it was for small event organizers to access enterprise-level tools. She gets that there's huge opportunity in democratizing business tools for smaller players.

Companies with strong female leadership: Julia has been vocal about backing female founders and companies with diverse leadership teams. But this isn't just about checking boxes – it's about recognizing that diverse teams often spot opportunities that homogeneous teams miss.

Companies like The Muse (career platform) and Stella & Chewy's (premium pet food) show this focus in action.

How does Julia evaluate investment opportunities?

Having watched Julia's investment activity for years, there are some clear patterns in how she approaches deal evaluation.

She obsesses over unit economics: Julia learned the hard way at Eventbrite that growth without sustainable unit economics is just expensive customer acquisition. She's looking for companies that can make money on each customer from day one, or at least have a clear path to profitability.

This is huge for early-stage investors. Too many of us get caught up in growth metrics and forget to ask: "But do they actually make money on each customer?"

She values operational excellence: Julia didn't just build a product – she built systems, processes, and operations that could scale. When she evaluates investments, she's looking for founders who think about operations from the beginning, not just product.

This means founders who have thought through customer support, fulfillment, hiring processes, and all the unglamorous stuff that actually makes companies work.

She bets on founders who understand their customers deeply: Julia spent countless hours talking to event organizers, understanding their pain points, and figuring out how to solve their problems. She looks for that same customer obsession in the founders she backs.

This isn't about having a good elevator pitch. It's about founders who can tell you exactly why their customers buy, what alternatives they're replacing, and how their product fits into their customers' workflows.

What can we learn from her biggest wins?

Let's look at some specific Julia Hartz investments and what they tell us about her approach:

Gusto: This investment makes perfect sense when you understand Julia's thesis. Small businesses struggle with HR and payroll because enterprise solutions are too expensive and complicated. Gusto solved this by building software that was both powerful and accessible.

Julia could see this opportunity because she understood the small business market from her Eventbrite days. She knew that there was a huge underserved segment that needed better tools.

Faire: This wholesale marketplace connects independent retailers with emerging brands. Again, Julia saw an opportunity to help small businesses access tools and inventory that were previously only available to larger players.

The genius of this investment is that Julia understood both sides of the marketplace – the challenges brands face in reaching retailers, and the challenges retailers face in discovering new products.

Square: Julia was an early investor in Square when it was still focused on small merchant payments. She saw that small businesses were being underserved by traditional payment processors and that there was opportunity in making payments more accessible.

This investment shows Julia's ability to spot companies that are democratizing tools for underserved markets.

What mistakes do other investors make that Julia avoids?

Studying Julia Hartz investments has shown me several common mistakes that she consistently avoids:

Mistake #1: Investing in markets you don't understand: Julia sticks to markets where she has real insight. She doesn't invest in deep tech or biotech because that's not where her expertise lies. She focuses on consumer and SMB markets where her Eventbrite experience gives her an edge.

Mistake #2: Ignoring unit economics: Too many investors get seduced by growth metrics without understanding if the business actually works. Julia always digs into the numbers to understand how companies make money.

Mistake #3: Betting on founders who can't execute: Julia has seen enough founders to know the difference between people who can talk and people who can build. She looks for evidence of execution ability, not just vision.

Mistake #4: Following the crowd: Julia doesn't invest in companies just because they're hot. She has her own thesis and sticks to it, even when it means missing out on trendy deals.

What should early-stage investors learn from Julia's approach?

Julia's investment strategy offers several lessons for angel investors:

Stick to what you know: Julia invests in markets where she has real expertise. As angel investors, we should focus on industries or business models where we can add value, not just follow trends.

Focus on unit economics: Growth is great, but profitable growth is better. Always understand how companies make money on each customer.

Bet on execution ability: Vision is cheap. Execution is everything. Look for founders who have actually built and shipped products, not just talked about them.

Value operational excellence: The founders who succeed are the ones who figure out operations, not just product. Look for founders who think about the whole business, not just the cool tech.

Add value beyond capital: The best investments are the ones where you can actually help the company succeed. Invest in companies where your experience and network can make a difference.

Why does Julia's approach work so well?

Julia Hartz investments work because they're grounded in real experience, not just theory. She's been through the challenges of building a company from scratch, so she knows what actually matters.

If you're looking to connect with other operators-turned-investors who share this philosophy of adding real value beyond just capital, Angel Squad brings together experienced founders and executives who are serious about helping the next generation of startups succeed.

She's also disciplined about sticking to her thesis. She doesn't chase hot deals or invest outside her areas of expertise. This focus allows her to really understand the companies she backs and provide meaningful value.

Most importantly, Julia invests in founders who remind her of herself – people who are customer-obsessed, operationally minded, and willing to do whatever it takes to build a successful business.

That's the real lesson here. Whether you're writing $50k angel checks or $500k VC checks, the companies that succeed are the ones where there's real alignment between investor expertise and company needs.

Julia Hartz has figured this out, and her investment track record shows it. The rest of us would be smart to learn from her approach.