Theory Ventures

Quick read

Theory Ventures is a seed and Series A VC firm founded in 2023 by Tomasz Tunguz, headquartered in San Francisco, US. It backs early-stage software companies that turn technology discontinuities into go-to-market advantages, with a focus on AI, SaaS, and data infrastructure. The firm reached $688M AUM across two funds in under two years.

Key facts

Founded

2023

Founders

Tomasz Tunguz

Employees

1-10

Sectors

saas, ai, enterprise, fintech

Website

theoryvc.com

Investment thesis

Theory Ventures backs seed and Series A software companies — primarily in AI, SaaS, and data infrastructure — that exploit technology discontinuities to build durable go-to-market advantages. Check sizes run $1M–$25M.

Recent activity

• Apr 2026investment
  Theory Ventures made its latest investment in Omni Analytics, a business/productivity software company. pitchbook.com
• Mar 2026fundraise
  Theory Ventures announced the close of its second fund at $450M, bringing total AUM to $688M. The fund targets early-stage AI, SaaS, and fintech companies. superscout.co
• 2026investment
  Theory Ventures invested in Artemis's $70M Series A to build an AI-native detection engine for security operations. tomtunguz.com
• 2026press
  Portfolio company Omni raised $90M at a $1.5B valuation, becoming a unicorn — two years after Theory's initial investment. tomtunguz.com
• Nov 2024fundraise
  Theory Ventures closed Fund II at $450M, as reported by Law360. tracxn.com
• 2025leadership
  Theory Ventures posted hiring for a Head of AI role to build out its internal AI capabilities. tomtunguz.com
• 2025press
  Tomasz Tunguz appeared on the Venture Unlocked podcast discussing fund strategy, portfolio construction, and raising in a downturn. ventureunlocked.substack.com
• 2025press
  Sourcery VC published a profile on Theory Ventures reaching $688M AUM in two years, highlighting the firm's data-driven investment approach. sourcery.vc

Notable investments

• Omni AnalyticsSeries UnknownApr 2026pitchbook.com
• ArtemisSeries A2026tomtunguz.com
• DropzoneSeries B2025tracxn.com
• Alliumtracxn.com
• Tobiko Datatracxn.com
• GroveStreetcrunchbase.com

Key people

Named individuals at the firm. We don't expose direct email or phone — use their LinkedIn for outreach.

• Tomasz Tunguz · General Partner / Founder
• Calvin French-Owen · Partner
• Kristin Beach · CFO

Sources

• About Theory Ventures — $688M AI & Data Infrastructure VC
• Theory Ventures: The Early Stage Founder's Guide
• Theory Ventures investment portfolio | PitchBook
• Theory Ventures - 2026 Investor Profile | Tracxn
• $688M AUM in 2 Years | Tomasz Tunguz, Theory Ventures
• Tomasz Tunguz | tomtunguz.com
• Tomasz Tunguz of Theory Ventures on Venture Unlocked
• Kristin Beach, Theory Ventures Management LLC — Bloomberg

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• Founders Fund · Contrarian VC, San Francisco·
• Khosla Ventures · Multi-stage VC, Menlo Park·
• Greylock Partners · Early-stage VC, Menlo Park

Explore VCs by sector

• SaaS in United States
• Enterprise software in United States

Globally

• SaaS worldwide
• Enterprise software worldwide

Frequently asked