# Susa Ventures: portfolio, investments and team

> Susa Ventures is a vc firm based in United States. 181 investments on record, 28 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/susa-ventures (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Susa Ventures

Last cheque observed Oct 2026; 181 cheques on record.

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Deploying now New fund $9.3M, Jul 2026 VC firm

Pre-seed Seed Series A Wearables Fashion Clothing

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Deploying now

**82%** of best year **28** **cheques in 12 months**, 181 on record

Since the last cheque **11** days **00** hrs **00** min **00** sec

Median round **$11M** Cheque size, as they say **$1.0M – $2.0M** Rounds led **3 of 181** Sole investor **9 rounds** Exits **2 from the portfolio** Mostly in **United States, 89%**

Pitch Susa Ventures

## Susa Ventures highlights

- 01 28 cheques in the last 12 months
- 02 Mostly Seed and Series A: 72% of its rounds
- 03 Sole investor in 9 rounds, median $5.0M
- 04 2 exits from the portfolio

## What they do

> Filed 1 private fund offering with the SEC, the most recent in 2022-05 From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $1.0M – $2.0M as they say
- **Stages:** Pre-seed Seed Series A
- **Sectors:** Wearables Fashion Clothing
- **Based in:** San Francisco, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **181 appearances**

- **2026** 24 rounds
- **Oct** **[Firefly Technology Inc.](https://millionrounds.com/company/firefly-technology-inc)** Series A · US · Google News search **$20M** With 2 others
- **Oct** **[Namespace](https://millionrounds.com/company/namespace)** Series B · US · Firms' own news pages **$42M** With 6 others
- **Sept** **[Physical Superintelligence](https://millionrounds.com/company/physical-superintelligence)** Seed · US **$58M** With 3 others
- **Sept** **[Nelo](https://millionrounds.com/company/nelo)** Debt · MX **$100M** With 4 others
- **Sept** **[Euka AI](https://millionrounds.com/company/euka-ai)** Seed · US **$5.0M** Sole investor
- **Jul** **[Henry AI](https://millionrounds.com/company/henry-ai)** Series A · US · AlleyWatch **$17M** With 9 others
- **Jul** **[Arkenstone Defense](https://millionrounds.com/company/arkenstone-defense)** Seed · US · Ventureburn **$35M** With 3 others
- **Jul** **[LimaCharlie](https://millionrounds.com/company/limacharlie)** Debt · US **$2.1M** With 3 others
- **Jun** **[Critical Energy](https://millionrounds.com/company/critical-energy)** Seed · US **$19M** With 4 others
- **Jun** **[Float Financial](https://millionrounds.com/company/float-financial)** Series C · CA **$60M** With 4 others
- **May** **[Counterpart](https://millionrounds.com/company/counterpart)** Series C · US · Ventureburn **$50M** With 3 others
- **May** **[Laurence](https://millionrounds.com/company/laurence)** Venture · US **Undisclosed** With 3 others
- **May** **[Optura](https://millionrounds.com/company/optura)** Series A · US · HC9 Ventures **$18M** With 4 others
- **May** **[Scope AI](https://millionrounds.com/company/scopeai)** Series A · GB **$20M** With 4 others
- **Apr** **[Photon Health](https://millionrounds.com/company/photon-health)** Series A · US · AlleyWatch **$16M** With 5 others
- **Apr** **[Chapter](https://millionrounds.com/company/chapter)** Series E · US · Ventureburn **$100M** With 11 others
- **Apr** **[Haladir](https://millionrounds.com/company/haladir)** Venture · US **Undisclosed** With 3 others
- **Mar** **[Qodo](https://millionrounds.com/company/qodo)** Series B · US · TechCrunch **$70M** With 9 others
- **Mar** **[Hanover Park](https://millionrounds.com/company/hanover-park)** Series A · US **$27M** With 2 others
- **Mar** **[Health Universe](https://millionrounds.com/company/health-universe)** Seed · US **$6.0M** With 2 others
- **Mar** **[Shepherd](https://millionrounds.com/company/shepherd)** Series B · US **$42M** With 3 others
- **Mar** **[Namespace Labs](https://millionrounds.com/company/namespace-labs)** Series A · US **$15M** With 2 others
- **Jan** **[Asymmetric Security](https://millionrounds.com/company/asymmetric-security)** Pre-seed · US **$4.2M** With 1 other
- **Jan** **[Adapt](https://millionrounds.com/company/adapt)** Seed · US · Firms' own news pages **$10M** With 9 others
- **2025** 29 rounds
- **Dec** **[Marble](https://millionrounds.com/company/marble)** Seed · US **$9.0M** With 4 others
- **Dec** **[Edison Scientific](https://millionrounds.com/company/edison-scientific)** Venture · US **$66M** Sole investor
- **Dec** **[Aravolta](https://millionrounds.com/company/aravolta)** Seed · US **$5.1M** With 3 others
- **Nov** **[Cavela](https://millionrounds.com/company/cavela)** Seed · TechCrunch **$6.6M** *Led*
- **Oct** **[Supermemory](https://millionrounds.com/company/supermemory)** Seed · TechCrunch **$2.6M** *Led*
- **Oct** **[Supermemory](https://millionrounds.com/company/supermemory)** Pre-seed · GB **$3.0M** With 1 other
- **Sept** **[Rivet](https://millionrounds.com/company/rivet)** Venture · US **$5.1M** With 4 others
- **Sept** **[Smile ID](https://millionrounds.com/company/smile-id)** Venture · US **Undisclosed** With 4 others
- **Jul** **[Memories.ai](https://millionrounds.com/company/memories-ai)** Seed · US **$8.0M** With 4 others
- **Jul** **[TigerGraph](https://millionrounds.com/company/tigergraph)** Venture · US **Undisclosed** With 4 others
- **Jul** **[Harmonya](https://millionrounds.com/company/harmonya)** Venture · US **Undisclosed** With 1 other
- **Jun** **[Cluely](https://millionrounds.com/company/cluely)** Series A · US · TechCrunch **$15M** With 4 others
- **Jun** **[Runwise](https://millionrounds.com/company/runwise)** Series B · US **$30M** With 3 others
- **Jun** **[Owl AI](https://millionrounds.com/company/owl-ai)** Seed · US **$11M** With 2 others
- **May** **[Rillet](https://millionrounds.com/company/rillet)** Series A · US · TechCrunch **$25M** With 3 others
- **May** **[WellTheory](https://millionrounds.com/company/welltheory)** Seed · US **$5.0M** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **4 named**

CB **Chad Byers** Managing Member of the Managing Member i Filing they signed

EH **Eva Ho** Managing Member of the General Partner i Filing they signed

LP **Leo Polovets** Managing Member of the General Partner i Filing they signed

SG **Seth Gantz Berman** Managing Member of the General Partner i Filing they signed

We also hold **10** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$1.3B** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** SUSA Ventures Management, LLC
- **SEC number:** CRD 172760

Who backs their funds

## 2 LPs on record in Susa Ventures's funds

- **Funds:** 1

The institutions that put money into its funds, which the firm then invests in companies. Source: an LP list.

- [**Cendana Capital** 1 fund](https://millionrounds.com/fund/cendana-capital) Fund Vintage Committed Susa Ventures - -
- [**Yildiz Ventures** 1 fund](https://millionrounds.com/fund/yildiz-ventures) Fund Vintage Committed Susa Ventures - -

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[Standard Treasury](https://millionrounds.com/company/standard-treasury)** Bought by Silicon Valley Bank **Undisclosed** Aug 2015

**[Namo Media](https://millionrounds.com/company/namo-media)** Bought by [Twitter](https://millionrounds.com/fund/twitter) **$50M** Jun 2014

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$9.3M**

raised in Jul 2026

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$11M** the round, not its cheque Alone, median **$5.0M**

Led 3 of 181 rounds **2%**

- **Said size:** $1.0M – $2.0M
- **Sole investor:** 9 rounds
- **Last cheque:** Oct 2026
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Seed said *71*
- Series A said *47*
- Venture *22*
- Series B *18*
- Series C *7*
- Pre-seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Y Combinator](https://millionrounds.com/fund/y-combinator) 26
- [SV Angel](https://millionrounds.com/fund/sv-angel) 21
- [BoxGroup](https://millionrounds.com/fund/boxgroup) 17
- [DCVC](https://millionrounds.com/fund/data-collective) 13
- [Google Ventures](https://millionrounds.com/fund/gv) 12
- [First Round Capital](https://millionrounds.com/fund/first-round-capital) 9

**Pitching Susa Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

Add to your CRM *→*

## Who they invest alongside

The investors most often in the same rounds as Susa Ventures. A count of rooms they were both in, not a relationship either has claimed.

[**Y Combinator** Accelerator **26** rounds together](https://millionrounds.com/fund/y-combinator)[**SV Angel** VC firm **21** rounds together](https://millionrounds.com/fund/sv-angel)[**BoxGroup** VC firm **17** rounds together](https://millionrounds.com/fund/boxgroup)[**DCVC** VC firm **13** rounds together](https://millionrounds.com/fund/data-collective)[**Google Ventures** Corporate VC **12** rounds together](https://millionrounds.com/fund/gv)[**First Round Capital** VC firm **9** rounds together](https://millionrounds.com/fund/first-round-capital)[**Index Ventures** VC firm **9** rounds together](https://millionrounds.com/fund/index-ventures)[**Founders Fund** VC firm **8** rounds together](https://millionrounds.com/fund/founders-fund)[**Felicis** VC firm **7** rounds together](https://millionrounds.com/fund/felicis-ventures)[**Paul Buchheit** Angel **6** rounds together](https://millionrounds.com/fund/paul-buchheit)[**Soma Capital** VC firm **6** rounds together](https://millionrounds.com/fund/soma-capital)[**Village Global** VC firm **6** rounds together](https://millionrounds.com/fund/village-global-2)

## Recently backed

The latest companies Susa Ventures put money into.

[**Namespace** $42M · Oct 2026](https://millionrounds.com/company/namespace)[**Physical Superintelligence** $58M · Sept 2026](https://millionrounds.com/company/physical-superintelligence)[**Nelo** $100M · Sept 2026](https://millionrounds.com/company/nelo)[**Euka AI** $5.0M · Sept 2026](https://millionrounds.com/company/euka-ai)[**Arkenstone Defense** $35M · Jul 2026](https://millionrounds.com/company/arkenstone-defense)[**LimaCharlie** $2.1M · Jul 2026](https://millionrounds.com/company/limacharlie)

## On podcasts

5 episodes naming Susa Ventures in the title, and 4 more that mention it.

- [Venture Unlocked](https://millionrounds.com/podcasts/venture-unlocked) 17 Nov 2020 · 38 min Leo Polovets of Susa Ventures - Venture Unlocked 008 Mentions [Leo Polovets](https://millionrounds.com/fund/leo-polovets)[Susa Ventures](https://millionrounds.com/fund/susa-ventures)[Google](https://millionrounds.com/fund/google-assistant-investments) Apple PodcastsShow page
- [Origins: Inside Venture Capital](https://millionrounds.com/podcasts/origins-openlp) 7 Jan 2020 · 52 min Chad Byers, Susa Ventures Mentions [Chad Byers](https://millionrounds.com/fund/chad-byers)[Susa Ventures](https://millionrounds.com/fund/susa-ventures) Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 12 Nov 2018 · 34 min 20VC: Why Warm Intros Are Mostly Dumb, Why Ownership is Built On First Check and 4 Crucial Elements To Make Cold Inbound Attractive with Leo Polovets, General Partner @ Susa Ventures Mentions [Leo Polovets](https://millionrounds.com/fund/leo-polovets)[Susa Ventures](https://millionrounds.com/fund/susa-ventures)[Google](https://millionrounds.com/fund/google-assistant-investments) Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 19 Apr 2017 · 25 min 20VC: Investing; A Game Of Access Or Picking, Why Technical DD At Seed Is Irrelevant & Why A Contrarian Mindset Does Not Always Lead To Optimal Returns with Leo Polovets, Co-Founder & General Partner @ Susa Ventures Mentions [Leo Polovets](https://millionrounds.com/fund/leo-polovets)[Susa Ventures](https://millionrounds.com/fund/susa-ventures)[Google](https://millionrounds.com/fund/google-assistant-investments) Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 24 Aug 2016 · 25 min 20VC: Why Raising A Fund Is Like Raising A $25m Seed Round with No Product & Why Not All LP Money Is Equal with Chad Byers, General Partner @ Susa Ventures Mentions [Chad Byers](https://millionrounds.com/fund/chad-byers)[Susa Ventures](https://millionrounds.com/fund/susa-ventures) Apple PodcastsShow page

### Mentioned in

- [The Peel](https://millionrounds.com/podcasts/the-peel) 29 May 2026 · 1h 37m 15 Hot Takes on VC and AI from the 2026 Allocate Beyond Summit Apple PodcastsShow page
- [Superclusters](https://millionrounds.com/podcasts/superclusters) 11 Aug 2025 · 1h 24m How to Increase Dialogue with your LPs | El Pack w/ Kelli Fontaine | Superclusters Apple PodcastsShow page
- [Sourcery](https://millionrounds.com/podcasts/sourcery) 20 Jun 2025 · 54 min Cluely Raises $15 Million From a16z | Roy Lee, Founder & CEO Apple PodcastsShow page
- [Superclusters](https://millionrounds.com/podcasts/superclusters) 11 Nov 2024 · 58 min The GP Data You've Never Collected Before | Kelli Fontaine | Superclusters | S4E1 Apple PodcastsShow page

## Quick answers about Susa Ventures

### What does Susa Ventures invest in?

Susa Ventures invests most often at Seed and Series A (72% of the rounds on record), in sectors such as Wearables, Fashion and Clothing.

### How active is Susa Ventures?

181 investments on record, 28 of them in the last 12 months, and it led 3. The most recent was in Oct 2026.

### What has Susa Ventures invested in recently?

Its most recent investments on record: Firefly Technology Inc. (Series A, Oct 2026), Namespace (Series B, Oct 2026) and Physical Superintelligence (Seed, Sept 2026).

### How big are Susa Ventures's cheques?

The median round it joins is $11M. It says it writes cheques of $1.0M to $2.0M.

### Does Susa Ventures lead rounds?

Sometimes: it led 3 of its 181 investments on record (2%).

### Where does Susa Ventures invest?

Most of the companies it backs are in the United States (89%) and the United Kingdom (5%).

### Is Susa Ventures investing now?

Yes: it is actively investing, with 28 investments in the last 12 months.

### Who does Susa Ventures invest alongside?

Most often Y Combinator (26 rounds together), SV Angel (21 rounds together) and BoxGroup (17 rounds together).

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