Theory Ventures has raised $450 million for its second fund, according to securities filings viewed by Fortune.
The firm was started in 2023 by Tomasz Tunguz, a former managing director at venture capital firm Redpoint. Tunguz made his name at Redpoint with investing wins like data analytics company Looker—sold to Google-parent Alphabet for $2.6 billion in 2019—and customer service software startup Kustomer, acquired by Facebook-parent Meta in 2020 for a reported $1 billion.
This second fund of $450 million is a major step up from last year’s first fund of $230 million. To date, Tunguz and Theory’s investments include data infrastructure platform Allium, blockchain infrastructure company Initia (last valued at $350 million), and open source data operations startup Tobiko.
Theory describes itself as a “theory-driven” firm, and tends to invest in enterprise software, AI, crypto, and data tools. Among the early VC bloggers with a substantial social media following, Tunguz co-wrote a book called Winning with Data in 2016.
Theory Ventures declined comment.
See the full agenda here, or request your invitation.
Here we go again… MAYBE…Victoria Newman (Amelia Heinle) & Kyle Abbott (Michael Mealor) just slept…
The Tennessee Volunteers are off to a 2-0 start this season with wins over Furman and…
Thomas Mirus's keynote address at the first annual conference of the Thomistic Artists Guild, on…
Reading Time: 5 minutesAs educators, when we think of increasing student engagement in higher education,…
Twenty years after Fashion Bomb Daily first started chronicling style, the brand threw the party…
December 5, 2025 Indian, Main Course, Recipes, Vegetarian Indian, Main Course, Millets, Vegetarian Rate the…