Theory Ventures has raised $450 million for its second fund, according to a securities offering. luck.
The company was founded in 2023 by Tomasz Tunguz, the former managing director of the venture capital company Redpoint. Tunguz gained in Redpoint with profits from investments in, for example, data analytics company Looker — which was sold to Alphabet parent Google for $2.6 billion in 2019 — and customer service software company Kustomer, which was bought by Facebook parent Meta in 2020 for $1 billion.
This second fund of $450 million is a big improvement on last year’s first fund of $230 million. To date, Tunguz and Theory’s investments include data infrastructure platform Allium, blockchain infrastructure company Initia (the latter valued at $350 million), and open source data operations startup Tobiko.
Theory describes itself as a “theory-driven” company, with a focus on investing in enterprise software, AI, crypto and data tools. Among the early VC bloggers with a large social media following, Tunguzek wrote a book Win with data in 2016
Theory Ventures declined to comment.
Join the brightest minds and boldest leaders in business at the Fortune Global Forum, which will convene on November 11th and 12th in New York. Thought-provoking sessions and off-the-record discussions include Fortune 500 CEOs, former cabinet members and global ambassadors, and 7-time world champion Tom Brady, among many others.
See the full agenda hereor request your invitation.
