# Susa Ventures

Susa Ventures is a Venture Capital based in San Francisco, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, CA, United States
- **Founded:** 2013
- **Assets under management:** $200M - $500M (Altss estimate)
- **Website:** susaventures.com
- **LinkedIn:** https://www.linkedin.com/company/susa-ventures

## Regulatory record

- **CRD number:** 172760
- **SEC file number:** 802-80729
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/172760

## About

Susa Ventures is an exempt reporting adviser in San Francisco, CA. It is based there.

## Sectors

- Enterprise Software
- AI/ML
- Digital Health
- FinTech
- Industrial Tech

## People

- Leo Polovets — Co-Founder & General Partner
- Chad Byers — Co-Founder & General Partner
- Eva Ho — General Partner

## Questions

### Who runs investment decisions at Susa Ventures?

Investment decisions are made by the three general partners: Leo Polovets, Chad Byers, and Eva Ho. Polovets, a former Google and Factual engineer, leads the firm's quantitative sourcing efforts. Byers and Ho each bring operating and investing experience to the partnership. The firm's compact structure means every check requires consensus among the three GPs, with no junior investment professionals writing solo commitments.

### What is Susa's quantitative sourcing model?

Susa built an internal software platform historically called the Susa Data Pipeline that scrapes and ranks early-stage companies using signals like hiring data, technical background of founders, and early user traction. The system surfaces companies before they appear on other firms' radars, allowing the partnership to initiate relationships with founders who have not yet started fundraising. The pipeline is maintained by Leo Polovets, who remains a hands-on coder.

### Does Susa Ventures participate in fund commitments or only direct deals?

Susa invests directly into startups and does not operate as a fund-of-funds. The firm does, however, co-invest alongside other early-stage venture firms and participates in syndicates. Its opportunity fund, added with the fourth fund vintage, allows for continued direct investment into companies the firm backed at the seed stage.

### Which sectors does Susa Ventures explicitly avoid?

Susa does not publicly maintain an explicit exclusions list, but its portfolio concentrations reveal clear boundary lines. The firm has made no known investments in consumer social media, cryptocurrency or web3 companies, or capital-intensive hardware businesses. Its focus remains on enterprise software, applied AI, logistics and supply chain, digital health, and fintech — sectors where technical founders sell to businesses rather than consumers.

### What is Susa's known posture on co-investments alongside external GPs?

Susa regularly co-invests with other seed-stage firms and has appeared in cap tables alongside Initialized Capital, Cowboy Ventures, and others. The firm participates in syndicated seed rounds and does not require lead-investor exclusivity. Its partners have noted publicly that collaborative syndicates often produce stronger governance for young companies.

## Related profiles

- [Suruga Bank](https://altss.com/profile/suruga-bank)
- [Sushi Venture Partners](https://altss.com/profile/sushi-venture-partners)

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Last updated: 2026-08-14T12:30:00.000Z

Canonical page: https://altss.com/profile/susa-ventures

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