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Costanoa Ventures is a venture capital firm founded in June 2012 and headquartered in Palo Alto, California. The firm specializes in early-stage investments, particularly in technology companies that leverage data and analytics to address significant challenges. Costanoa Ventures has a total AUM exceeding $2 billion, bolstered by the successful closing of Fund V at $275 million and Opportunity Fund III at $119 million in September 2024.
With a focus on Seed and Series A stages, Costanoa Ventures has made 252 investments and achieved 26 notable exits, including companies like Alation and Demandbase. The firm is known for its hands-on operational support through its BuilderOps Team, which assists portfolio companies in various aspects of business development. Costanoa Ventures aims to fill the
Costanoa Ventures primarily invests in Seed and Series A stages, with check sizes ranging from $1 million to $10 million. The firm targets sectors such as applied AI, AI & data infrastructure, cybersecurity, national security, and fintech. Costanoa aims to fill the "missing middle" in venture funding by taking concentrated ownership stakes of 10-15% in approximately 35 deals per fund. They look for technical founders who are solving significant problems in high-impact markets.
Costanoa Ventures has a diverse portfolio that includes notable companies such as Alation, Demandbase, Kenna Security, AppOmni, and Cyberhaven. Other significant investments include Lively, a modern Health Savings Account platform, Vannevar Labs (defense tech), Muon Space (defense tech/space), and Kepler Communications. The firm has achieved 26 exits, with notable successes like LifeRaft, which exited in May 2025.
Greg Sands is the founder and managing partner, previously at Sutter Hill and the first PM at Netscape. John Cowgill serves as a general partner and has built cybersecurity and space practices. The firm also has an in-house BuilderOps team dedicated to providing operational support to portfolio companies.
When pitching to Costanoa Ventures, founders should include a clear explanation of their technology, market opportunity, and team background. A concise presentation that highlights the problem being solved and the potential impact is essential. Founders can submit their pitches through the firm's website at costanoa.vc.
In September 2024, Costanoa Ventures closed Fund V at $275 million and Opportunity Fund III at $119 million. The firm is actively deploying Fund V, with a growing focus on defense tech and cybersecurity. Their latest exit was LifeRaft in May 2025.
What stages does Costanoa Ventures invest in?
Costanoa Ventures focuses on Seed and Series A stages, investing as early as Day One.
What is the typical check size for investments?
The firm typically invests between $1 million and $10 million per deal.
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