Underdog Labs is a pre-seed venture fund run by two founding partners with a 25-year working relationship that began when they co-founded, merged, and sold a startup to Expedia, combining their boutique accelerator-style approach with $100K-$500K investments in pre-product companies. The fund sources investments primarily through trusted referrals rather than cold pitches and focuses on backing "underdogs" with belief-driven founders over traction, while avoiding hardware and regulatory-heavy businesses in favor of areas where they understand distribution channels.