Fog City Capital

Ravi Bhaskaran and Adit Abhyankar serve as the firm's two partners and its primary decision-makers. Both have extensive operating backgrounds — Bhaskaran previously held board and operating roles across multiple portfolio companies, and Abhyankar had CEO and CFO stints inside Fog City-backed businesses. The partners source, diligence, and manage investments themselves, with support from a small group of senior advisors.

Fog City's primary co-investor is Senvest Capital, a publicly traded financial group listed on the Toronto Stock Exchange. The firm does not raise traditional limited-partner funds. Instead, it deploys capital alongside Senvest on a deal-by-deal basis, effectively operating with a permanent balance-sheet partner rather than a multi-LP fund structure.

Senvest Capital acts as Fog City's primary co-investor, per the firm's own disclosures. The public company provides the capital base for Fog City's deals, but investment decisions and day-to-day portfolio management sit with Fog City's San Francisco-based partners. This hybrid model blends a permanent capital source with independent venture-level decision-making.

The firm targets equity investments between $5M and $20M in companies generating $2M to $30M in annual recurring revenue. This band covers early-stage startups through mid-stage growth companies, with a flexible mandate that allows for growth capital, recapitalizations, and management-buyout financing.

Fog City does not publish an explicit exclusion list. However, its stated industry focus is narrow: internet marketing value chain, enterprise software and SaaS, applied AI tools and applications, and tech-enabled business services. Sectors outside these — such as biotech, hardware, or consumer packaged goods — are absent from any disclosed portfolio company or strategy document.

The firm invests primarily in North America and Europe. Its portfolio includes US-based companies such as FCTRY Lab (Los Angeles) and Visual IQ, alongside prior investments with European exposure — Adit Abhyankar operates between San Francisco and Madrid, and the firm highlights its ability to help companies access markets in Asia and Europe through its partners' networks.