# Theory Ventures

Theory Ventures is a Venture Capital based in Portola Valley, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Portola Valley, United States
- **Region:** North America
- **Address:** Portola Valley, CA, United States
- **Founded:** 2022
- **Assets under management:** Undisclosed
- **Website:** theory.ventures
- **LinkedIn:** https://www.linkedin.com/company/theory-ventures

## Regulatory record

- **CRD number:** 326119
- **SEC file number:** 802-128079
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/326119

## About

Theory Ventures is an early-stage venture capital firm based in San Francisco, CA. They invest $1-40m in software companies that leverage technology discontinuities into go-to-market advantages. They are thesis-driven investors deploying a concentrated portfolio model, expecting to take 12-15 core positions in each fund.

## Sectors

- AI/ML
- Enterprise Software
- Data Infrastructure
- Cybersecurity
- FinTech
- Blockchain & Web3
- Supply Chain & Logistics

## People

- Tomasz Tunguz — Founder and General Partner

## Questions

### Who runs investment decisions at Theory Ventures?

Founder and Managing Director Tomasz Tunguz is the final decision-maker, having built the firm around his thesis-driven approach. Partners Adam Conway and Amber Mante also participate in sourcing and evaluation (per firm website, 2025).

### How does Theory Ventures source proprietary deal flow?

The firm relies on deep market research and its partners' networks rather than broad sourcing. Tunguz's public presence and thought leadership in data and AI generate inbound interest. The concentrated portfolio model means they pursue only a dozen or so investments per fund, so sourcing is highly selective.

### What investment stages and check sizes does Theory Ventures target?

Theory Ventures invests from inception through Series B, with checks ranging from $1M to $40M. The firm focuses primarily on seed and Series A rounds, where it can take meaningful ownership and partner closely with founders (per firm website, 2025).

### Which sectors does Theory Ventures explicitly avoid?

The firm does not publicly state sectors it avoids, but its portfolio is concentrated in software companies leveraging technology discontinuities. It does not appear to invest in life sciences, hardware, or consumer internet companies, focusing instead on enterprise, data infrastructure, and AI.

## Related profiles

- [The Orogen Group](https://altss.com/profile/the-orogen-group)
- [The Osiris Group](https://altss.com/profile/the-osiris-group)

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

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