# The Veteran Fund

The Veteran Fund 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:** 2021
- **Assets under management:** Undisclosed
- **Website:** veteran.fund
- **LinkedIn:** https://www.linkedin.com/company/theveteranfund

## About

The Veteran Fund is a next-generation venture capital firm backing high-growth critical technology startups led by elite military veterans. It focuses on companies with strong military presence in leadership or workforce and invests in mission-driven technologies aligned with national priorities. The firm invests at the seed stage.

## Sectors

- Enterprise Software
- Cybersecurity
- AI/ML
- Industrial Tech
- Defense Tech

## People

- Ryan Micheletti — General Partner
- Mike Sherbakov — General Partner
- Lisa Sutton Gunderson — General Partner
- Justin Nahama — General Partner

## Questions

### Does The Veteran Fund invest only in defense contractors?

No. While the portfolio is defense-heavy, the firm also invests in cybersecurity, enterprise SaaS, and applied artificial intelligence companies with dual-use potential. The common thread is founder experience in national-security roles, not a strict requirement that every portfolio company sell exclusively to the Pentagon. Several portfolio companies generate substantial revenue from commercial and international allied-government customers.

### How does The Veteran Fund source its deal flow?

Deal flow comes through the partners' own military and intelligence networks, referrals from defense innovation organizations, and inbound from veteran-founder communities. The firm rarely competes in open, auction-style seed rounds; many of its investments originate through relationships built years before a company formally raises, often while founders are still on active duty or in transition.

### Does The Veteran Fund lead rounds or primarily co-invest?

The firm acts as both a lead and a co-investor, depending on the round dynamics and its relationship with the founding team. When syndicating, it often partners with generalist Bay Area funds that recognize the value of a defense-domain co-investor who can diligence the government-contracting viability of a deal that lies outside their own expertise.

## Related profiles

- [The Venture Reality Fund](https://altss.com/profile/the-venture-reality-fund)
- [The Vistria Group](https://altss.com/profile/the-vistria-group)

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Last updated: 2026-08-11T15:08:18.003Z

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