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.

Yes. The firm states it will consider both control and significant minority investment opportunities. In practice, Fog City's partners have taken operating roles such as CEO (Adit Abhyankar at Ad-Lib.io) and board-level positions across companies like Visual IQ, SolutionSet, and Codeshelf, indicating a preference for hands-on control rather than passive holding.

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.