Theory Ventures

Theory Ventures is a San Francisco-based seed and Series A venture capital firm focused on enterprise data infrastructure, AI, and business intelligence software companies, founded by Tomasz Tunguz, the former Managing Director at Redpoint Ventures and widely read author on SaaS business model metrics and enterprise data trends. The firm invests with initial checks from $1 million to $5 million. Portfolio companies include Fivetran, the automated data integration and ETL pipeline platform; dbt Labs, the data transformation and analytics engineering platform; Persona, the identity verification and KYC platform; and Hex, the collaborative data science and analytics notebook platform. Beyond its original investments, the portfolio includes additional enterprise data, AI, and analytics infrastructure companies.