Friday, November 14, 2025

Term Sheet Next: Erica Wenger on elephants, branding in VC, and her first fund

Erica Wenger will take an elephant over a unicorn, every time. 

“The more I thought about it, the more I realized I was against much of the unicorn obsession,” she said. “It’s just so one-dimensional. Listen, I’m all for making money, and I think elephants can be worth far more than a billion dollars. But people should be looking at traits beyond valuation to determine success. I’ve seen so many people gloat: ‘I backed eight, ten unicorns.’ I’m like: ‘what, you came in at the Series B?’ It wasn’t about the multiple, it wasn’t about the underlying health of the business.”

So, Wenger—who’s a three-time founder, including of exited startups Mistaken for Bacon and Mahkana—came to a decision: “Aileen [Lee] owned unicorns. I want to own elephants.” Elephants, she said, emphasized resilience, solid business fundamentals, and longevity, rather than making a point of chasing sometimes-ephemeral billion-dollar valuations. On Beehiiv in 2023, she first published her “elephants, not unicorns” thesis and it went viral, resonating in a landscape where profitability for all but the most sought-after AI darlings is key. Her goal was that the writing would serve as a branding bat signal. (Her essays have drawn in more than one million views, she told Fortune. Wenger, who also worked as Worklife Ventures’s head of platform, has more than 90,000 followers across social media platforms.)

“I want people to find me online, identify with my point of view, and seek me out,” said Wenger. “I want to have my brand and our firm be bigger than me. You can only have so many meetings in one day, so this was a way to reach people. You can also timestamp ideas: ‘I was calling this back then, look at the date.’”

Wenger kept up the wildlife theme, in some sense, when she started Park Rangers Capital in 2023. Now, after raising from 130 LPs, she’s closed the firm’s first fund at $4.3 million, and there are some early prospective winners in her portfolio like Superpower, Clay, and Beehiiv. 

“I really wanted to create a broader analogy about what I want to see change in venture,” said Wenger. “When I was a founder, I always felt like the relationship between the VC and founder was a little funky. The VC shouldn’t be the star of the show, it’s actually the founder who’s building. So, the analogy is that the founders are the national parks of the world. They’re majestic. They have life in them… And VCs are the humble park rangers. They’re stewards of the land. They make sure no one’s littering. They let you in, let you out, protect and serve.”

Wenger wanted to evoke “integrity, service, and humility” with the name. It was a characteristic act of narrative-making that resonated with Jacob Peters, founder of $300 million health tech startup Superpower. 

“She’s proving that brand, content, and conviction can compound just like capital,” he said via email. “While most investors wait for reputation to happen over decades, Erica is deliberately building it through ideas that resonate.”

To start, Park Rangers have been writing checks between $100,000 and $200,000. But General Atlantic’s Anton Levy—known for backing Alibaba, Uber, Snapchat, and Slack—said via email that Wenger will keep punching above her weight. 

“I’ve only known Erica for a few years, but Erica is a force of nature in the best way,” said Levy, co-president, managing director, chairman of the global technology group at General Atlantic. “She’s a hustler in the best sense of the word… relentless, creative, and deeply connected to the founders she backs. What makes her unique is that she doesn’t just talk about community and distribution, she lives it. She’s built a brand, a platform, and a network that most firms multiples her size would envy. “

Term Sheet asked Wenger the central question of this series: what’s next?

“For me, it’s continuing to build out our distribution, building out a really well-respected and beloved firm,” she said. “The way we ask our founders to build their own distribution—that’s the ultimate moat—we’re doing the same thing as a firm. My philosophy is that software is a commodity, as is capital. So, to stand out in this next decade, you have to be an incredible storyteller and go-to-market leader. You have to have a great brand, great content, and be very human. As a fund, we’re mimicking what we tell our founders to do.”

See you Monday,

Allie Garfinkle
X: @agarfinks
Email: alexandra.garfinkle@fortune.com
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