Tola Capital

Sheila Gulati spent over a decade at Microsoft, most recently as the general manager of worldwide developer and platform strategy. She was responsible for the developer ecosystem and tools business, a role that gave her broad visibility into the enterprise software landscape and the operator network that now informs Tola Capital's sourcing model.

Tola Capital invests across early-stage venture, growth equity, and select buyout opportunities within enterprise software. The firm is flexible on stage but focuses on companies with established product-market fit and recurring revenue models, typically writing initial checks between $5 million and $50 million.

Tola Capital invests primarily in North America and Europe. The firm's Seattle headquarters anchors its domestic portfolio, but its operator network extends across both continents, and it has backed European enterprise software companies where the go-to-market challenges mirror those in North America.

Tola Capital sources deal flow through its deep operator network — former and current senior executives from Microsoft, Amazon Web Services, Salesforce, and Oracle who serve as formal advisors and co-investors. These relationships give the firm early visibility into enterprise software companies emerging from hyperscaler ecosystems.

Tola Capital closed its third fund in 2022 at approximately $500 million, roughly double the size of its 2019 predecessor fund. The firm has not publicly disclosed a fourth fund close. Its AUM is not publicly stated.