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Founded in 2009, Correlation Ventures is a venture capital firm headquartered in San Francisco, California, with additional offices in San Diego and New York City. The firm specializes in funding early-stage companies across a diverse range of sectors, including biotech, healthcare, fintech, consumer products, media, food-agtech, and proptech. Correlation Ventures has built a portfolio of over 400 companies, emphasizing a collaborative approach to investment.
The firm operates with a total AUM of approximately $500 million and has closed its third fund, Fund III, at $130 million in 2023. Correlation Ventures has pioneered the use of predictive analytics in venture capital since its inception, allowing for data-driven investment decisions. This unique approach has led to a significant number of successful exits, including notable companies such as SynthorX and Upstart.
With a commitment to supporting innovative startups, Correlation Ventures has established a reputation for quick decision-making, often finalizing investments within days. The firm collaborates with a diverse base of limited partners, including leading endowments, pensions, and family offices, as well as approximately 30 individual VCs, which adds to its credibility in the venture capital space.
Correlation Ventures invests across a wide range of sectors, including biotech, healthcare, fintech, consumer products, media, food-agtech, and proptech. The firm targets early-stage investments, specifically in Pre Seed, Seed, Seed Plus, Series A, Series B, Series C, Series D, and Growth Equity stages. Check sizes typically range from $100,000 to $4 million, with the potential for up to $10 million over the lifetime of an investment.
The firm employs a unique predictive analytics model to assess investment opportunities based on historical financing data. This data-driven approach allows Correlation Ventures to identify high-potential investments and make informed decisions quickly. The firm emphasizes a collaborative co-investor model, requiring at least one other outside VC in the syndicate, which helps startups secure funding without the governance overhead of traditional lead investors.
Correlation Ventures has a diverse portfolio of over 400 companies, with notable investments including:
Trevor Kienzle: Managing Director & Co-Founder. Trevor has extensive experience in venture capital and has been instrumental in developing the firm's predictive analytics model.
David Coats: Managing Director & Co-Founder. David co-founded Correlation Ventures and has a strong background in early-stage investing and portfolio management.
Anu Pathria, Ph.D.: Managing Director, Analytics. Anu brings a deep understanding of data analytics and its application in venture capital.
Grace Chui-Miller: Finance Partner. Grace oversees financial operations and has a background in finance and investment management.
Wesley Barrow: Partner. Wesley focuses on sourcing and evaluating investment opportunities across various sectors.
Moiz Saifee: Partner, Analytics. Moiz specializes in data-driven investment strategies and analytics.
Zainab Ali: Data Engineer. Zainab supports the firm's analytics efforts with expertise in data engineering.
Megha Bothera: Senior Analyst. Megha conducts market research and analysis to support investment decisions.
Trish Melton: Accounting Manager. Trish manages the firm's accounting and financial reporting.
Rik Mersai: Assistant Controller. Rik assists in financial operations and reporting.
Meagan Mervyn: Executive Assistant. Meagan provides administrative support to the team.
Nick Novarro: Investor. Nick focuses on sourcing new investment opportunities and supporting portfolio companies.
To pitch Correlation Ventures, founders should send an email to david@correlationvc.com. It is recommended to include a pitch deck that outlines the business model, market opportunity, and team background. The firm values concise and clear presentations that highlight the unique aspects of the startup.
Response times are typically quick, with decisions often made within days. Founders should be prepared for a fast-paced process and may benefit from a warm introduction, although it is not strictly necessary.
In April 2025, Correlation Ventures announced the exit of Bubble, marking another successful exit in its portfolio. The firm has achieved a total of 77 exits since its founding, with notable companies such as SynthorX, Upstart, and IonQ leading the way.
Correlation Ventures has been actively deploying capital from its recently closed Fund III, which totals $130 million. The firm continues to invest in a diverse range of sectors, maintaining a steady pace of approximately one new investment per week.
As of 2026, Correlation Ventures has completed over 400 investments since its inception, solidifying its position as a significant player in the venture capital landscape.
What are Correlation Ventures' investment criteria?
Correlation Ventures focuses on early-stage investments across various sectors, including biotech, fintech, and consumer products. They utilize a predictive analytics model to identify high-potential opportunities.
How can I apply or pitch to Correlation Ventures?
Founders can pitch Correlation Ventures by sending an email to david@correlationvc.com. It is advisable to include a detailed pitch deck outlining the business model, market opportunity, and team background.
What makes Correlation Ventures different from other VCs?
The firm employs a unique co-investor model, requiring at least one other outside VC in the syndicate. This approach allows startups to secure funding without the governance overhead typically associated with lead investors.
What is the geographic scope of Correlation Ventures?
Correlation Ventures primarily invests in early-stage companies based in the United States.
What is the typical fund size and check size?
Correlation Ventures' Fund III is $130 million, with initial check sizes ranging from $100,000 to $4 million, and the potential for up to $10 million over the lifetime of an investment.
What is the post-investment involvement of Correlation Ventures?
The firm does not take board seats and emphasizes a collaborative approach, providing validation and support to portfolio companies without adding governance overhead.
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