Todd Fletcher

Todd Fletcher is the Co-Founder and Managing Partner of Phase Line Growth Partners, a Texas-based investment firm he launched in 2024 with George Eggers to acquire and scale "subscale" B2B software businesses. At Phase Line, Todd leads due diligence, investment strategy, and operational support for portfolio companies. The firm's premise is to partner with founders of small, capital-efficient software companies and provide both capital and hands-on operating help to push them through their next phase of growth.

Before founding Phase Line, Todd was an investor at Five Elms Capital, a Kansas City–based growth-equity firm, where he executed deals and supported high-growth SaaS businesses. Prior to Five Elms he worked at Thompson Street Capital Partners (TSCP) in St. Louis — the firm behind the tscp.com email and 314 phone number in the stub — where he focused on investments in founder-led companies across software & technology, healthcare, and business & consumer services. Earlier, he worked at Envisage, a boutique merchant bank, executing mergers and acquisitions across a range of industries.

Todd began his career in the military. He served as a Captain in the United States Air Force, managing the development of next-generation rocket propulsion systems and launch vehicles, and held Department of Defense program-management and contracting-officer-representative certifications. He was recognized as a Distinguished Graduate (2013) and later served as the St. Louis City Leader for Bunker Labs (a veteran-entrepreneur nonprofit), 2020–2021.

Todd holds a B.S. in Management with a minor in Spanish from the U.S. Air Force Academy. His co-founder, George Eggers, brings SaaS operating and M&A experience (former GM of software-testing businesses serving 40% of the Fortune 100, prior M&A at J.P. Morgan, and Marine Corps infantry service).

• Invests in subscale, founder-led B2B software companies — the firm describes its niche as businesses "where our operational expertise and capital efficiency can make the biggest impact."
• Target company metrics: "$2–8mm ARR," "lightly capitalized," "20–40%+ annual growth," roughly "85% GRR," and "near breakeven" cash flow — North America based.
• Looks for "purpose-built software that provides critical functionality," "strong go-to-market fundamentals with scalable sales and marketing strategies," and "capital efficiency demonstrated by low maintenance costs, efficient onboarding, and a high return on investment for customers."
• Prioritizes "recurring revenue from a diversified customer base, with clear opportunities to expand through product improvements."
• Emphasizes a concentrated, hands-on model — the firm says it "intentionally focus[es] on a select few companies" to be genuine operating partners rather than passive capital.
• Partners with founders who "share our values, are aligned in our vision for sustainable growth, and retain a meaningful stake" — signaling a preference for founders who roll equity and stay involved.