# Theo funding: rounds and investors

> Theo has raised $100M across 2 rounds since 2025. Investors include Hack VC, Amber Group and FIRSTPICK. Every round with its source.

Source: https://millionrounds.com/company/theo (Millionrounds; every figure on the page links to its filing or article)

United States · [Venture startup](https://millionrounds.com/companies)

# Who invested in *Theo*

2 rounds we have observed, with the 3 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Web3 & Crypto

Raised 8 months ago

Funding summary Updated 26 Oct 2026

**$100M** raised across 2 rounds since 2025, from 2 sources

**$361K** Grant **$100M** Venture

- **Latest round:** Venture, $100M Mar 2026
- **Step-up i:** 277×
- **Investors:** 3

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2026

**$361K** Grant

**$100M** Venture

- **First round:** Grant, $361K
- **Biggest round:** $100M
- **Between rounds:** 13 months

## The rounds

- **Mar 2026** Venture **$100M** *2 new* [Hack VC](https://millionrounds.com/fund/hack-vc) [Amber Group](https://millionrounds.com/fund/amber-group) Source recorded SEC filing: $501K sold, first sale Nov 2025
- **Feb 2025** Grant **$361K** *1 new* [FIRSTPICK](https://millionrounds.com/fund/firstpick) Source recorded SEC filing: $6.5M sold, first sale Apr 2025

## Founders and team

From Theo's own website: 2 founders.

**Victor Borsche** CEO // Co-founder

**Aswin Ramachandran** CTO // Co-founder

## Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

**Grant** 2025 **Venture** 2026 [Hack VC](https://millionrounds.com/fund/hack-vc) [Amber Group](https://millionrounds.com/fund/amber-group) [FIRSTPICK](https://millionrounds.com/fund/firstpick)

## Everyone who backed them

[Hack VC](https://millionrounds.com/fund/hack-vc) VC firm **1** round

[Amber Group](https://millionrounds.com/fund/amber-group) VC firm **1** round

[FIRSTPICK](https://millionrounds.com/fund/firstpick) VC firm **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=theo).

## Quick answers about Theo

### Who invested in Theo?

Theo's investors include Hack VC, Amber Group and FIRSTPICK.

### How much has Theo raised?

Theo has raised $100M across 2 rounds since 2025.

### When did Theo last raise?

Theo's most recent round was a Venture of $100M in Mar 2026.

### What was Theo's biggest round?

Its most recent round, $100M in Mar 2026, is also its largest on record.

### Who backed Theo first?

Theo's first round on record, in Feb 2025, was backed by FIRSTPICK.

### What stage is Theo at?

Theo's latest named round is a Venture, in Mar 2026.

### Where is Theo based?

Theo is based in the United States.

## Companies like Theo

In the same sector, and raised in the last eighteen months.

[**Kalshi** $2.7B · Oct 2026](https://millionrounds.com/company/kalshi)[**STRIVE** $1.3B · Oct 2026](https://millionrounds.com/company/strive)[**Arda** $233M · Oct 2026](https://millionrounds.com/company/arda)[**Binance.US** $300M · Oct 2026](https://millionrounds.com/company/binance-us)[**Fission** $10M · Oct 2026](https://millionrounds.com/company/fission)[**Ramp** $4.5B · Oct 2026](https://millionrounds.com/company/ramp)

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