# True.: portfolio, investments and team

> True. is a vc firm based in United Kingdom. 30 investments on record, 2 in the last 12 months, latest Mar 2026. Portfolio, stages, co-investors and team.

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

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

# True.

Last cheque observed Mar 2026; 30 cheques on record.

Email

VC firm Deploying now Last fund $5.0M, Sept 2024

Seed Series A Series B Consumer Packaged Goods B-to-c Retail Goods

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

Deploying now

**33%** of best year **2** **cheques in 12 months**, 30 on record

Since the last cheque **231** days **00** hrs **00** min **00** sec

Median round **$20M** Cheque size, as they say **$100K – $3.0M** Rounds led **1 of 30** Mostly in **United States, 83%**

Pitch True.

## True. highlights

- 01 2 cheques in the last 12 months
- 02 Mostly Series B and Seed: 57% of its rounds
- 03 Led 1 rounds

## What they do

> We work closely with our community of founders, entrepreneurs, leaders and experts from across the full consumer world, adding value to their businesses. We don’t just invest; we find imaginative ways to enable change. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $100K – $3.0M as they say
- **Stages:** Seed Series A Series B
- **Sectors:** Consumer Packaged Goods B-to-c Retail Goods
- **Based in:** London, United Kingdom
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **30 appearances**

- **2026** 1 round
- **Mar** **[Bluesky](https://millionrounds.com/company/bluesky)** Series B · US · TechCrunch **$100M** With 8 others
- **2025** 5 rounds
- **Dec** **[First Voyage](https://millionrounds.com/company/first-voyage)** Seed · TechCrunch **$2.5M** With 2 others
- **Sept** **[Moderne](https://millionrounds.com/company/moderne)** Venture · US **$5.0M** With 6 others
- **Aug** **[Vox AI](https://millionrounds.com/company/vox-ai)** Seed · NL · TechStartups **$8.7M** With 3 others
- **Jun** **[Nectar Social](https://millionrounds.com/company/nectar-social)** Seed · US **$11M** With 6 others
- **May** **[Spott](https://millionrounds.com/company/spott)** Seed · US **$3.2M** With 3 others
- **2022** 1 round
- **Sept** **[tray.io](https://millionrounds.com/company/tray-io)** Series C · US **$40M** With 4 others
- **2021** 2 rounds
- **Nov** **[Nexar](https://millionrounds.com/company/nexar)** Series D · US **$53M** With 5 others
- **Aug** **[Baffle](https://millionrounds.com/company/baffle)** Series B · US **$20M** With 4 others
- **2019** 4 rounds
- **May** **[Copper](https://millionrounds.com/company/copper)** Series C · US · VentureBeat **$15M** With 2 others
- **Apr** **[Tray.io](https://millionrounds.com/company/tray-io)** Series B · US · FinSMEs **$37M** With 4 others
- **Mar** **[FunnelAI](https://millionrounds.com/company/funnelai)** Seed · US · FinSMEs **$1.5M** With 2 others
- **Mar** **[ThirdEye](https://millionrounds.com/company/thirdeye)** Series A · GB · True **$2.7M** *Led*
- **2018** 10 rounds
- **Nov** **[HashiCorp](https://millionrounds.com/company/hashicorp)** US · TechCrunch **$100M** With 5 others
- **Aug** **[Namely](https://millionrounds.com/company/namely)** US · FinSMEs **$60M** With 4 others
- **Aug** **[Peloton](https://millionrounds.com/company/peloton)** Series F · US · FinSMEs **$550M** With 8 others
- **Jun** **[Puppet](https://millionrounds.com/company/puppet)** US · TechCrunch **$42M** With 3 others
- **Jun** **[Pared](https://millionrounds.com/company/pared)** US · TechCrunch **$10M** With 2 others
- **May** **[Iceye](https://millionrounds.com/company/iceye)** Series B · FI · FinSMEs **$34M** With 8 others
- **Apr** **[Directly](https://millionrounds.com/company/directly)** Series B · US · FinSMEs **$20M** With 2 others
- **Jan** **[Nexar](https://millionrounds.com/company/nexar)** IL · FinSMEs **$30M** With 6 others
- **Jan** **[Pioneer Square Labs](https://millionrounds.com/company/pioneer-square-labs)** Series B · US · FinSMEs **$15M** With 12 others
- **Jan** **[Baffle](https://millionrounds.com/company/baffle)** Series A · US · FinSMEs **$6.0M** With 4 others
- **2017** 7 rounds
- **Nov** **[Fractyl](https://millionrounds.com/company/fractyl)** Series D · US · FinSMEs **$44M** With 8 others
- **Oct** **[HashiCorp](https://millionrounds.com/company/hashicorp)** Series C · US · FinSMEs **$41M** With 2 others
- **Oct** **[Solvvy](https://millionrounds.com/company/solvvy)** Series A · US · FinSMEs **$12M** With 2 others
- **Oct** **[Madison Reed](https://millionrounds.com/company/madison-reed)** US · FinSMEs **$25M** With 2 others
- **Oct** **[Duo Security](https://millionrounds.com/company/duo-security)** Series D · US · FinSMEs **$70M** With 5 others
- **Aug** **[Lumity](https://millionrounds.com/company/lumity)** Series B · US · FinSMEs **$19M** With 3 others
- **Jan** **[TyresOnTheDrive](https://millionrounds.com/company/tyresonthedrive)** GB · FinSMEs **$9.8M** With 1 other

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 **11 named**

DR **Doug Raetz** Managing Director of True Capital Strategic Income Management, LLC i Filing they signed

DR **Douglas Raetz** Chief Executive Officer of the sole member of the Manager i Filing they signed

HG **Heather Goodman** Managing Director of True Capital Strategic Income Management, LLC i Filing they signed

KB **Karin Blair** Executive Officer of the sole member of the Manager i Filing they signed

MA **Matthew Arthur Truman** Executive Officer i Filing they signed

PA **Paul Andrew Cocker** Executive Officer i Filing they signed

RS **Rajagopalan Santhanam** Designated Partner of True North (GIFT) Sponsor LLP i Filing they signed

RD **Richard David Mergler** Director i Form ADV

TN **True North (GIFT) Sponsor LLP** Promoter i Filing they signed

TN **True North Managers LLP represented through its Nominee Paras Nayyar** Designated Partner of True North (GIFT) Sponsor LLP i Filing they signed

WJ **William James Pearson** Executive Officer i Filing they signed

We also hold **29** 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

**$622M** gross assets of its funds Oct 2026

**5+** funds on file numbered funds in its name

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

- **Legal name:** TRUE Capital LTD
- **SEC number:** CRD 313542

Latest fund on file

**$5.0M**

raised in Sept 2024

From its SEC filing. Nothing newer is on file yet.

## The cheque

Seed Series A Series B

Median round joined **$20M** the round, not its cheque

Led 1 of 30 rounds **3%**

- **Said size:** $100K – $3.0M
- **Sole investor:** Never alone
- **Last cheque:** Mar 2026

Rounds by stage said on their site

- Series B said *7*
- Seed said *5*
- Series C *3*
- Series A said *3*
- Series D *3*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [True Ventures](https://millionrounds.com/fund/true-ventures-2) 6
- [GGV Capital](https://millionrounds.com/fund/ggv-capital) 4
- [Google Ventures](https://millionrounds.com/fund/gv) 3
- [Redpoint](https://millionrounds.com/fund/redpoint) 3
- [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund) 2
- [Meritech Capital Partners](https://millionrounds.com/fund/meritech-capital-partners) 2

**Pitching True.?** 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 True.. A count of rooms they were both in, not a relationship either has claimed.

[**True Ventures** VC firm **6** rounds together](https://millionrounds.com/fund/true-ventures-2)[**GGV Capital** VC firm **4** rounds together](https://millionrounds.com/fund/ggv-capital)[**Google Ventures** Corporate VC **3** rounds together](https://millionrounds.com/fund/gv)[**Redpoint** VC firm **3** rounds together](https://millionrounds.com/fund/redpoint)[**Alumni Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)[**Meritech Capital Partners** VC firm **2** rounds together](https://millionrounds.com/fund/meritech-capital-partners)[**Mosaic** Company **2** rounds together](https://millionrounds.com/fund/mosaic)[**Spark Capital** VC firm **2** rounds together](https://millionrounds.com/fund/spark-capital)[**Techstars** VC firm **2** rounds together](https://millionrounds.com/fund/techstars)

## Recently backed

The latest companies True. put money into.

[**Bluesky** $100M · Mar 2026](https://millionrounds.com/company/bluesky)[**Moderne** $5.0M · Sept 2025](https://millionrounds.com/company/moderne)[**Vox AI** $8.7M · Aug 2025](https://millionrounds.com/company/vox-ai)[**Spott** $3.2M · May 2025](https://millionrounds.com/company/spott)[**Nexar** $53M · Nov 2021](https://millionrounds.com/company/nexar)[**Baffle** $20M · Aug 2021](https://millionrounds.com/company/baffle)

## Quick answers about True.

### What does True. invest in?

True. invests most often at Series B and Seed (57% of the rounds on record), in sectors such as Consumer Packaged Goods, B-to-c and Retail Goods.

### How active is True.?

30 investments on record, 2 of them in the last 12 months, and it led 1. The most recent was in Mar 2026.

### What has True. invested in recently?

Its most recent investments on record: Bluesky (Series B, Mar 2026), First Voyage (Seed, Dec 2025) and Moderne (Venture, Sept 2025).

### How big are True.'s cheques?

The median round it joins is $20M. It says it writes cheques of $100K to $3.0M.

### Does True. lead rounds?

Sometimes: it led 1 of its 30 investments on record (3%).

### Where does True. invest?

Most of the companies it backs are in the United States (83%) and the United Kingdom (7%).

### Is True. investing now?

Yes: it is actively investing, with 2 investments in the last 12 months.

### Who does True. invest alongside?

Most often True Ventures (6 rounds together), GGV Capital (4 rounds together) and Google Ventures (3 rounds together).

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