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xSquared Ventures
xSquared Ventures is a venture firm led by Dilip Kumar and Andrew Fuller, investing in enterprise software from Austin and Dubai.
xSquared Ventures
xSquared Ventures was founded in 2019 by former executives from major tech firms, bringing operational and investment expertise to early-stage enterprise startups. The firm operates from dual hubs in Austin, Texas, and Dubai, United Arab Emirates, targeting cross-border opportunities with a focus on scalable business models. The firm deploys capital across seed to Series A stages, primarily in B2B software, fintech, digital health, and AI/ML. Known portfolio companies include unicorn fintech Qonto and telehealth platform Ro. xSquared typically leads or co-invests in rounds of $5-15 million, with a preference for founder-friendly terms and board seats. With approximately $100-250 million under management and a small team, the firm maintains lean operations and close founder relationships. In October 2023, xSquared closed a $75 million oversubscribed third fund, exceeding its initial target. The firm also leverages a limited partner network that includes family offices and high-net-worth individuals from both the US and Middle East. xSquared Ventures' structural differentiator is its binational presence: the Austin-Dubai split enables sourcing and supporting startups across North America and the Middle East, a geographic bridge few early-stage firms offer. The team's collective operating experience from companies like Google, Stripe, and McKinsey informs a hands-on approach to portfolio support.
General information
Firm type
Asset Manager
Year founded
2019
AUM
$100-250 million (Altss estimate)
Location
Region
North America
Country
United States
City
Austin
Corporate office
Austin, TX, United States
Additional offices
Dubai, United Arab Emirates
Principals
Dilip Kumar
General Partner
Andrew Fuller
General Partner
Sector focus
Frequently asked questions
Who runs investment decisions at xSquared Ventures?
Investment decisions are made by General Partners Dilip Kumar and Andrew Fuller, both former operators at major tech companies. The firm's lean structure means both partners are actively involved in every deal from sourcing to post-investment support.
What investment stages does xSquared Ventures typically target?
The firm invests primarily at the seed and Series A stages, with check sizes typically between $5 million and $15 million. xSquared leads or co-invests in rounds and takes board seats in most portfolio companies.
Which sectors does xSquared Ventures focus on?
xSquared focuses on B2B enterprise software, fintech, digital health, and AI/ML. The firm avoids consumer, cleantech, and capital-intensive hard tech, preferring scalable business models with recurring revenue or network effects.
How does xSquared Ventures source proprietary deal flow?
The firm leverages its binational Austin-Dubai presence for proprietary access to startups bridging the US and Middle East. Deal flow also comes from the partners' operating networks at Google, McKinsey, and Stripe, as well as relationships with accelerators and other venture firms.
Does xSquared Ventures maintain philanthropic structures?
There is no publicly disclosed separate philanthropic foundation or vehicle. The firm's impact strategy is limited to supporting portfolio companies that address sustainability or access gaps, such as Ro in digital health.
What is xSquared Ventures' known posture on co-investments alongside external GPs?
xSquared Ventures co-invests alongside institutional investors and other venture firms, often participating in syndicated rounds led by larger fund managers. The firm's network of family offices and HNW LPs also provides a co-investment base for follow-on rounds.
How is xSquared Ventures related to its operational parent companies?
xSquared Ventures is an independent venture capital firm with no current corporate parent. The founders' prior roles at Google, McKinsey, and Stripe provide operational expertise but do not constitute a formal affiliation.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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