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Costanoa Ventures is an early-stage B2B venture capital firm founded in 2012 by Greg Sands, who previously served as a Managing Director at Sutter Hill and was the first Product Manager at Netscape. The firm is headquartered in Palo Alto, California, and has established itself as a significant player in the venture capital landscape with over $2 billion in assets under management (AUM). This impressive AUM was bolstered by the successful closing of Fund V, which raised $275 million, and Opportunity Fund III, which raised $119 million in September 2024. Costanoa Ventures is known for its unique investment strategy that focuses on filling the 'missing middle' in venture funding, targeting concentrated ownership stakes of 10-15% in approximately 35 deals per fund. This approach allows them to provide tailored support to their portfolio companies, ensuring they have the resources and guidance needed to thrive in competitive markets.
Costanoa Ventures specializes in investing in early-stage technology companies, particularly at the seed and Series A stages. The firm has a strong focus on sectors such as AI-enabled SaaS, cybersecurity, national security, and fintech. By investing as early as Day One, Costanoa aims to support startups that are addressing significant challenges in complex markets. Their investment strategy involves taking concentrated ownership stakes of 10-15% in each company, which allows them to maintain a high-touch relationship with founders. The firm emphasizes a boutique approach, conducting monthly board meetings and actively participating in sales calls alongside founders. This hands-on support is further enhanced by their in-house BuilderOps team, which provides expertise in go-to-market strategies, talent recruitment, and overall company building. As part of their expanding focus, particularly with Fund V, Costanoa is increasing its investments in defense technology, reflecting the growing importance of this sector in the current landscape.
Costanoa Ventures boasts a diverse portfolio of 252 investments, with 26 notable exits. Among their most recognized portfolio companies are 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 firm's latest exit was LifeRaft in May 2025, further demonstrating their ability to identify and support high-potential companies. Costanoa's strategic focus on sectors such as AI, cybersecurity, and fintech has positioned them as a key player in the venture capital ecosystem, enabling them to drive growth and deliver substantial returns for their investors.
Greg Sands — Founder, Managing Partner: Greg brings extensive experience from his time at Sutter Hill and as the first Product Manager at Netscape, providing valuable insights into early-stage technology ventures.
John Cowgill — General Partner: John has built dedicated practices in cybersecurity and space, contributing deep domain expertise to the firm’s investment strategy.
To pitch Costanoa Ventures, founders should prepare a detailed pitch deck that outlines their business model, market opportunity, and team. While specific submission guidelines are not provided, it is advisable to reach out through their website or contact them directly for any preferred formats or processes. Warm introductions are often beneficial in the venture capital space.
In September 2024, Costanoa Ventures successfully closed Fund V with $275 million and Opportunity Fund III with $119 million. The firm is actively deploying these funds, with a particular emphasis on expanding their focus in defense technology and cybersecurity. Their latest exit was LifeRaft in May 2025, showcasing their ability to identify and support high-potential companies.
Costanoa Ventures primarily invests in early-stage companies, focusing on pre-seed, seed, and Series A stages. They are known for their willingness to invest as early as Day One, providing crucial support to startups from the outset.
Founders interested in pitching to Costanoa Ventures should prepare a comprehensive presentation that outlines their business model, market opportunity, and team. While specific submission guidelines are not provided, a well-structured pitch deck is essential for capturing the firm's attention.
Costanoa Ventures has a strong focus on sectors such as AI-enabled SaaS, cybersecurity, national security, and fintech. They are particularly interested in companies that address significant challenges in these complex markets.
The firm typically invests between $1 million and $10 million in their portfolio companies, with a sweet spot around $3-5 million. This allows them to take concentrated ownership stakes of 10-15% in each investment.
Costanoa Ventures primarily invests in North America, with a strong emphasis on companies based in the United States. Their Palo Alto location positions them well within the vibrant Silicon Valley ecosystem.
Costanoa Ventures offers extensive support through their BuilderOps platform, which includes hands-on assistance in go-to-market strategies, talent recruitment, and overall company building. They maintain a high-touch relationship with portfolio companies, conducting monthly board meetings and joining founders on sales calls.
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