According to securities filings reviewed by Fortune, Theory Ventures has successfully secured $450 million for its second fund. This venture capital firm, established in 2023 by Tomasz Tunguz, a former managing director at Redpoint, is experiencing significant growth from its inaugural fund of $230 million last year. Tunguz is known for notable investment successes at Redpoint, including the data analytics company Looker, acquired by Google-parent Alphabet for $2.6 billion in 2019, and the customer service software startup Kustomer, which Facebook-parent Meta purchased in 2020 for around $1 billion.
Theory Ventures focuses on investments in enterprise software, artificial intelligence, cryptocurrency, and data tools, describing itself as a firm driven by "theory." Some of its notable investments include data infrastructure platform Allium, blockchain infrastructure company Initia, valued at $350 million, and open-source data operations startup Tobiko. Tomasz Tunguz, a prominent early venture capital blogger with a strong social media presence, co-authored the book Winning with Data in 2016. The firm has declined to comment on the recent fundraise.
