# Lobby Capital

Lobby Capital is a Private Equity based in Palo Alto, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Palo Alto, United States
- **Region:** North America
- **Address:** Palo Alto, CA, United States
- **Founded:** 2020
- **Assets under management:** Undisclosed
- **Website:** lobby.vc
- **LinkedIn:** https://www.linkedin.com/company/lobby-capital

## About

Lobby Capital funds inspiring entrepreneurs who challenge, disrupt and redefine the technological landscape. The firm takes a partner-led, hands-on approach, drawing on the Lobby Conference community and decades of experience to help build game-changing companies. Community is at the heart of Lobby Capital, which was born out of the Lobby Conferences.

## Sectors

- Enterprise Software
- AI/ML
- FinTech
- Cybersecurity
- ClimateTech

## People

- David Hornik — Founding Partner
- Eric Carlborg — Founding Partner
- Buddy Arnheim — Founding Partner

## Questions

### Who runs investment decisions at Lobby Capital?

David Hornik, Eric Carlborg and Buddy Arnheim are the three founding general partners and the sole investment committee. Lobby operates without junior investment professionals, so every funding decision and board interaction involves at least one — and often all three — named partners. Hornik is the most publicly visible, having led August Capital's investments in Splunk, Fastly and GitLab before the 2020 spinout.

### Does Lobby Capital manage a single venture fund or multiple vehicles?

Lobby operates a single venture fund strategy, raising funds on a sequential basis rather than spinning out sector-specific or stage-specific vehicles. Its initial 2020 fund and the follow-on vehicle closed in October 2023 follow the same mandate: concentrated early-stage enterprise-technology investing led by the same three general partners.

### What investment stage does Lobby Capital typically target?

Lobby focuses on seed and Series A rounds, generally writing initial checks between $2 million and $8 million. The firm reserves significant follow-on capital to maintain pro-rata positions through later rounds, a posture that signals its intent to remain an active board participant as companies scale rather than passively tagging along.

### How did Lobby Capital's founding partners establish their LP relationships before the spinout?

Hornik spent 20 years at August Capital, while Carlborg and Arnheim each spent over a decade there, co-investing and managing LP relationships throughout that tenure. When they launched Lobby in 2020, August Capital's existing limited partners provided the anchor commitments for Fund I — a continuity rare enough that TechCrunch covered the transition explicitly at the time (per TechCrunch, 2020).

### Does Lobby Capital participate in fund commitments or only direct deals?

Lobby invests solely through direct equity investments in early-stage companies. There is no fund-of-funds allocation, SPV platform or secondaries program. Its entire deployment is captured in the 30-plus portfolio companies it has backed since 2020, plus follow-on reserves held for pro-rata maintenance.

### Which sectors does Lobby Capital explicitly pursue?

Lobby is an enterprise-technology specialist. Its portfolio concentrates on enterprise SaaS, AI-native infrastructure, cybersecurity, developer tooling and data-platform companies. The firm has publicly confirmed positions in Hex Technologies (collaborative data science), Mux (video infrastructure) and Descope (authentication), all of which sit within those enterprise-technology verticals.

### What is Lobby Capital's known posture on board participation?

Board participation is Lobby's defining structural feature. All three general partners sit on every portfolio company's board — either as a full director or as a board observer — which embeds the entire partnership into the governance of each investment. This is a deliberate departure from the scaled-venture model where one partner covers 8 to 12 boards alone.

## Related profiles

- [LNK Partners](https://altss.com/profile/lnk-partners)
- [Lobster Capital](https://altss.com/profile/lobster-capital)

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Last updated: 2026-08-11T15:07:19.634Z

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