Caffeinated Capital, the San Francisco-based venture company spearheaded by Raymond Tonsing, is striving to raise a whopping $400 million for its fifth fund, as stated in a recent regulatory filing.
Starting off as an initial investor in software heavyweight Airtable and defense newbies Saronic, the firm is currently at $160 million, already making inroads towards their target. If successful, this attempt will be the most significant capital collection for the 15-year-old firm till date. Confidential data from PitchBook suggests their fourth fund closed with a substantial $209 million investment commitment.
Tonsing used to be the sole general partner at Caffeinated Capital until 2017 when Varun Gupta, previously heading data science and machine learning at Affirm, took his seat beside him as a second general partner in 2020.
Tonsing demonstrated his excellent foresight when he became an early investor in Affirm, a platform specializing in buy-now-pay-later that went public last year. The firm also boasts of other notable successes such as the A/B testing start-up, Optimizely, which was speculated by PitchBook to have been sold for a stunning $600 million in 2020.
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