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Costanoa Ventures is an early-stage B2B venture capital firm founded in 2012 by Greg Sands, a former Managing Director at Sutter Hill and the first Product Manager at Netscape. Headquartered in Palo Alto, California, the firm has established itself as a significant player in the venture capital landscape, focusing on seed and Series A investments. With over $2 billion in assets under management (AUM), Costanoa has successfully closed multiple funds, including Fund V, which raised $275 million, and Opportunity Fund III, which raised $119 million in September 2024. The firm is known for its high-touch approach, providing extensive support to portfolio companies through its in-house BuilderOps team, which assists with go-to-market strategies, talent acquisition, and overall company building.
Costanoa Ventures aims to fill the 'missing middle' in venture funding by taking concentrated ownership stakes of 10-15% in approximately 35 deals per fund. This strategy allows them to provide tailored support and maintain close relationships with founders, ensuring that they can effectively address the challenges faced by early-stage companies. The firm has built a reputation for its expertise in sectors such as AI-enabled SaaS, cybersecurity, national security, and fintech, making it a sought-after partner for startups in these domains.
Costanoa Ventures invests primarily in early-stage technology companies, specifically at the Seed and Series A stages. The firm has a strong focus on sectors including AI-enabled SaaS, cybersecurity, defense technology, and fintech. By investing as early as Day One, Costanoa aims to support startups that are addressing significant challenges in complex markets. The firm typically takes concentrated ownership stakes of 10-15% in around 35 deals per fund, allowing them to provide high-touch support through their BuilderOps platform.
The BuilderOps team plays a crucial role in the investment process, offering hands-on assistance with go-to-market strategies, talent recruitment, and operational support. This approach is complemented by monthly board meetings, where partners actively engage with founders to help guide their companies' growth. Costanoa's expanding focus on defense technology with Fund V reflects their commitment to addressing emerging challenges in national security and cybersecurity, further solidifying their position as a leader in these sectors.
Costanoa Ventures boasts a diverse portfolio of 252 investments, with 26 successful exits to date. Notable companies in their portfolio include Alation, Demandbase, Kenna Security, AppOmni, and Cyberhaven. The firm has also incubated companies like Vannevar Labs within their office, showcasing their commitment to nurturing innovative startups. Other significant investments include Muon Space, Kepler Communications, Roadster, Quizlet, and BillGo. The latest exit from their portfolio was LifeRaft in May 2025, highlighting the firm's ability to identify and support high-potential companies throughout their growth journey.
Greg Sands — Founder, Managing Partner. Greg has a distinguished background as a former Managing Director at Sutter Hill and the first Product Manager at Netscape, bringing extensive experience in technology and venture capital.
John Cowgill — General Partner. John has built dedicated cybersecurity and space practices, providing deep domain expertise that enhances Costanoa's investment strategy.
In September 2024, Costanoa Ventures successfully closed Fund V, raising $275 million, and Opportunity Fund III, which raised $119 million. The firm is actively deploying these funds while expanding its focus on defense technology and cybersecurity. Their latest exit was LifeRaft in May 2025, further demonstrating their ability to identify and support high-potential companies.
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