Valley Capital Management

Steve O'Hara is the founder and managing partner, and he personally leads most investment decisions. His prior experience at Voyager Capital and JP Morgan informs the firm's emphasis on infrastructure software. The lean team structure means O'Hara and his partners are directly involved in every diligence process and board engagement.

Valley Capital operates a highly concentrated portfolio and deliberately limits the number of active investments. This allows partners to take meaningful board seats and work directly with founders on technical and go-to-market execution, rather than managing a broad index of positions. The structure is built for depth rather than volume.

The firm focuses on Seed and Series A enterprise infrastructure companies. It rarely participates in pre-revenue or pre-product financing, instead seeking companies that have built initial technology and are pursuing early commercial adoption. Follow-on participation through growth stages is common for existing portfolio positions.

Valley Capital has historically avoided consumer internet, biotech, and hardware-heavy deep tech. The firm's domain expertise is concentrated in enterprise software infrastructure — cloud services, developer tools, cybersecurity platforms, and AI/ML systems sold into enterprise IT organizations.

Yes. The firm routinely co-invests alongside larger venture platforms. For example, its position in Envoy sits alongside capital from Menlo Ventures and Andreessen Horowitz, and its investment in CyCognito was alongside Lightspeed Venture Partners. Valley Capital often leads or co-leads rounds and participates in later-stage syndicates for existing portfolio companies.