# Theory Ventures: portfolio, investments and team

> Theory Ventures is a vc firm based in United States. 9 investments on record, 8 in the last 12 months, latest Sept 2026.

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

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

# Theory Ventures

Last cheque observed Sep 2026; 9 cheques on record.

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Deploying now New fund $2.3M, Feb 2026 VC firm

Series B Series A Series C Venture Capital & Private Equity

Follow Theory Ventures and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Ftheory-ventures)

Deploying now

**100%** of best year **8** **cheques in 12 months**, 9 on record

Since the last cheque **45** days **00** hrs **00** min **00** sec

Median round **$55M** Cheque size, as they say **$1.0M – $40M** Rounds led **3 of 9** Mostly in **United States, 100%**

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## Theory Ventures highlights

- 01 8 cheques in the last 12 months
- 02 Mostly Series B and Series A: 89% of its rounds
- 03 Led 3 rounds

## What they do

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $1.0M – $40M as they say
- **Sectors:** Venture Capital & Private Equity
- **Based in:** San Francisco, United States
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **9 appearances**

- **2026** 8 rounds
- **Sept** **[BackOps](https://millionrounds.com/company/backops)** Series B · US · Ventureburn **$42M** With 4 others
- **Jul** **[Ollama](https://millionrounds.com/company/ollama)** Series B · TechCrunch **$65M** *Led*
- **Jun** **[Allium](https://millionrounds.com/company/allium)** Series B · US · AlleyWatch **$40M** With 3 others
- **Apr** **[Omni](https://millionrounds.com/company/omni)** Series C · US · Ventureburn **$120M** With 6 others
- **Apr** **[Artemis](https://millionrounds.com/company/artemis)** Series A · US · Ventureburn **$70M** With 10 others
- **Mar** **[Doss](https://millionrounds.com/company/doss)** Series B · US · TechCrunch **$55M** With 6 others
- **Mar** **[BackOps](https://millionrounds.com/company/backops)** Series A · US · Ventureburn **$26M** *Led*
- **Feb** **[Koah](https://millionrounds.com/company/koah)** Series A · US · Ventureburn **$21M** *Led*
- **2025** 1 round
- **Mar** **[Omni](https://millionrounds.com/company/omni)** Series B · US · TechCrunch **$69M** With 7 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 **2 named**

TT **Tomasz Tunguz** Managing Director i Filing they signed

TT **Tomasz Tunguz-Zawislak** Managing Director i Filing they signed

We also hold **7** 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.

New fund on file

**$2.3M**

raised in Feb 2026

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

## The cheque

Series B Series A Series C

Median round joined **$55M** the round, not its cheque

Led 3 of 9 rounds **33%**

- **Said size:** $1.0M – $40M
- **Sole investor:** Never alone
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Series B *5*
- Series A *3*
- Series C *1*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [First Round Capital](https://millionrounds.com/fund/first-round-capital) 3
- [10vc](https://millionrounds.com/fund/10vc) 2
- [BoxGroup](https://millionrounds.com/fund/boxgroup) 2
- [Construct Capital](https://millionrounds.com/fund/construct-capital) 2
- [Google Ventures](https://millionrounds.com/fund/gv) 2
- [ICONIQ Capital](https://millionrounds.com/fund/iconiq-capital-2) 2

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

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## Who they invest alongside

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

[**First Round Capital** VC firm **3** rounds together](https://millionrounds.com/fund/first-round-capital)[**10vc** VC firm **2** rounds together](https://millionrounds.com/fund/10vc)[**BoxGroup** VC firm **2** rounds together](https://millionrounds.com/fund/boxgroup)[**Construct Capital** VC firm **2** rounds together](https://millionrounds.com/fund/construct-capital)[**Google Ventures** Corporate VC **2** rounds together](https://millionrounds.com/fund/gv)[**ICONIQ Capital** Family office **2** rounds together](https://millionrounds.com/fund/iconiq-capital-2)[**Quiet Capital** VC firm **2** rounds together](https://millionrounds.com/fund/quiet-capital)[**Redpoint** VC firm **2** rounds together](https://millionrounds.com/fund/redpoint)

## Recently backed

The latest companies Theory Ventures put money into.

[**Ollama** $65M · Jul 2026](https://millionrounds.com/company/ollama)[**Omni** $120M · Apr 2026](https://millionrounds.com/company/omni)[**Artemis** $70M · Apr 2026](https://millionrounds.com/company/artemis)[**Koah** $21M · Feb 2026](https://millionrounds.com/company/koah)

## On podcasts

6 episodes naming Theory Ventures in the title, and 4 more that mention it.

- [The Peel](https://millionrounds.com/podcasts/the-peel) 15 May 2026 · 1h 32m Inside the AI Sprint, Understanding Anthropic's Strategy | Tomasz Tunguz, Theory Ventures With [Tomasz Tunguz](https://millionrounds.com/person/tomasz-tunguz) Mentions [Theory Ventures](https://millionrounds.com/fund/theory-ventures) Apple PodcastsShow page
- [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 31 Jan 2025 · 53 min SaaStr 782: The Future of AI in B2B SaaS: Insights from Synthesia's CEO and Theory Ventures. Hosted by SaaStr CEO Jason Lemkin Mentions [Theory Ventures](https://millionrounds.com/fund/theory-ventures) Apple PodcastsShow page
- [Turpentine VC](https://millionrounds.com/podcasts/turpentine-vc) 11 Dec 2024 · 53 min E68: How Theory Ventures Differentiates in a Crowded VC Market Mentions [Theory Ventures](https://millionrounds.com/fund/theory-ventures) Apple PodcastsShow page
- [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 25 Oct 2024 · 24 min SaaStr 769: The State of SaaS Go-to-Market with Theory Ventures General Partner Tomasz Tunguz With [Tomasz Tunguz](https://millionrounds.com/person/tomasz-tunguz) Mentions [Theory Ventures](https://millionrounds.com/fund/theory-ventures) Apple PodcastsShow page
- [Turpentine VC](https://millionrounds.com/podcasts/turpentine-vc) 23 Jan 2024 · 52 min E23: Tomasz Tunguz on the Theory Behind Theory Ventures With [Tomasz Tunguz](https://millionrounds.com/person/tomasz-tunguz) Mentions [Theory Ventures](https://millionrounds.com/fund/theory-ventures) Apple PodcastsShow page
- [The Official SaaStr Podcast](https://millionrounds.com/podcasts/saastr) 12 Dec 2023 · 31 min SaaStr 707: The Where, When, and How of AI with Theory Ventures, Open AI, MotherDuck and Lamini Mentions [Theory Ventures](https://millionrounds.com/fund/theory-ventures)[Jordan Tigani](https://millionrounds.com/person/jordan-tigani)[Maggie Hott](https://millionrounds.com/person/maggie-hott) *+1* Apple PodcastsShow page

### Mentioned in

- [TBPN](https://millionrounds.com/podcasts/tbpn) 16 Sept 2026 · 2h 20m Third Party Evaluators, Fed Hikes Rates, Zuck Pushes Back On AI Slowdown | Jeremy Allaire, Tomasz Tunguz, William Layden, Justin Beroz, Eli Wachs, Sean McCarthy, Tom Mueller Apple PodcastsShow page
- [This Week in Startups](https://millionrounds.com/podcasts/this-week-in-startups) 10 Jun 2026 · 1h 8m Why the most expensive Seed deals are the cheapest | E2299 Apple PodcastsShow page
- [The Generalist](https://millionrounds.com/podcasts/the-generalist) 22 Jul 2025 · 1h 4m The Decade of Data (Tomasz Tunguz) Apple PodcastsShow page
- [Origins: Inside Venture Capital](https://millionrounds.com/podcasts/origins-openlp) 20 May 2025 · 14 min Minisode: How Novel Strategies Become the Venture Industry’s Standard Apple PodcastsShow page

## Quick answers about Theory Ventures

### What does Theory Ventures invest in?

Theory Ventures invests most often at Series B and Series A (89% of the rounds on record), in sectors such as Venture Capital & Private Equity.

### How active is Theory Ventures?

9 investments on record, 8 of them in the last 12 months, and it led 3. The most recent was in Sept 2026.

### What has Theory Ventures invested in recently?

Its most recent investments on record: BackOps (Series B, Sept 2026), Ollama (Series B, Jul 2026) and Allium (Series B, Jun 2026).

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

The median round it joins is $55M. It says it writes cheques of $1.0M to $40M.

### Does Theory Ventures lead rounds?

Yes: it led 3 of its 9 investments on record (33%).

### Where does Theory Ventures invest?

Most of the companies it backs are in the United States (100%).

### Is Theory Ventures investing now?

Yes: it is actively investing, with 8 investments in the last 12 months.

### Who does Theory Ventures invest alongside?

Most often First Round Capital (3 rounds together), 10vc (2 rounds together) and BoxGroup (2 rounds together).

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