Theory Ventures
Theory Ventures last closed a fund in February 2026 — 9 months ago.
It raises on several lines, too close together for one rhythm. No month is guessed; the filing will say.
This firm closed a fund in the last 18 months, so it has money to put to work now.
- Funds on file
- 3
- Capital raised
- $785M
- Latest close
- February 2026
- Based in
- CA
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Theory Ventures Corollary I, L.P. | February 2026 | $100M | 0002111922 ↗ |
| Theory Ventures II, L.P. | October 2024 | $450M | 0002041112 ↗ |
| Theory Ventures, L.P. | February 2023 | $235M | 0001963433 ↗ |
Dated from filing date; no date of first sale was reported.
Each row links to that vehicle’s Form D filings on EDGAR — the name, date and amount above should match what is filed there.
Named on filings
Tomasz Tunguz, Tomasz Tunguz-Zawislak
What Theory Ventures invests in
- Typical fund
- $235M median, early stage, Series A-B scale
- Website
- theory.ventures
Service providers
- Fund administrator
- Aduro (2 funds)
- Auditor
- Deloitte (2 funds)
From Form ADV filed by THEORY VENTURES MANAGEMENT, LLC CRD 326119 ↗, latest filing March 2026, covering 2 funds linked to this firm by Form D file number. Form ADV is filed once a year, so a provider may have changed since. How this is matched.
What this is. Every figure on this page comes from Form D filings with the U.S. Securities and Exchange Commission — public records, reproduced here as filed. Service providers, where shown, come from the adviser’s Form ADV and are dated.
What it is not. Single-deal SPVs, feeder vehicles and GP or employee commitment funds are listed but excluded from fund counts and capital totals: an SPV is one investment, a feeder holds the same capital as its master, and a “Principals” or “Entrepreneurs” fund closes alongside a main fund rather than being raised in its own right. Capital deployed from a family office, a corporate balance sheet or an evergreen structure never arrives as a fund close, so a firm doing that looks quiet here. Amounts are as of the last amendment and go stale. Dates are the date of first sale — a fund's first close, not its final one. Funds filed as “Indefinite” are excluded from totals rather than counted as zero, so a total is a floor.
“No recent fund” is a statement about filings. It is not a statement about whether a firm is solvent, investing, or still in business.