True Ventures

True Ventures is a San Francisco-based seed and Series A venture capital firm founded in 2005 by Jon Callaghan, Phil Black, and Tony Conrad, with a distinctive investment philosophy centered on being founder-first. The firm invests with initial checks from $2 million to $7 million. Fitbit, the wearable fitness tracking device company, was backed by True Ventures before its NYSE IPO in 2015 and subsequent acquisition by Google for $2.1 billion in 2021. Peloton was a True Ventures portfolio company before its Nasdaq IPO in 2019. Ring was backed by True Ventures before its acquisition by Amazon for approximately $1 billion in 2018. Blue Bottle Coffee was backed by True Ventures before its acquisition by Nestlé. Beyond its original investments in Fitbit, Peloton, Ring, and Blue Bottle, the portfolio includes WP Engine, Duo Security, and additional consumer and enterprise technology companies.