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FOG Ventures is a venture capital firm founded in 2020 in San Francisco, focusing on early-stage investments in technology companies. The firm operates as a community-based, invite-only investment syndicate, leveraging insights and resources from a network of over 1,000 operators, including active CEOs, COOs, and CFOs. FOG Ventures has made 47 investments to date, including 4 unicorns and 3 exits, establishing itself as a significant player in the startup funding ecosystem.
As of August 2025, FOG Ventures has 16 active portfolio companies and has raised a total of $250K to $1M per investment. The firm is known for its collaborative approach, co-investing alongside top-tier venture capital firms such as Andreessen Horowitz, Greylock, GV, Accel, Redpoint, and Bessemer. This collaborative model enhances their investment strategy by providing startups with not only capital but also access to a vast network of potential customers and operational expertise.
FOG Ventures specializes in Seed and Series A investments, primarily targeting B2B software solutions that cater to business operators. The firm invests in sectors such as artificial intelligence (AI), fintech, and software as a service (SaaS). Their average check sizes range from $250K to $1M, with Series A investments averaging $14.2M and Seed investments averaging $8.3M.
The firm’s investment thesis emphasizes the importance of connecting founders with decision-makers in the operational space, aiming to modernize the tools available to CEOs, CFOs, COOs, and other business leaders. FOG Ventures seeks to invest in products that enhance operational efficiency and provide significant value to their users, ensuring that their portfolio companies are well-positioned for growth.
FOG Ventures has a diverse portfolio of 47 investments, including notable companies that have achieved significant milestones. The following are key portfolio companies:
Job van der Voort: CEO & Co-Founder of Remote, brings extensive experience in remote work solutions.
Adam Markowitz: CEO & Co-Founder of Drata, specializes in compliance automation.
Sasha Orloff: CEO & Founder of Puzzle, focuses on operational efficiency tools.
Kat Orekhova: Co-Founder & CEO of Vareto, has expertise in financial operations.
Thejo Kote: Founder & CEO of Airbase, known for spend management solutions.
Rujul Zaparde: CEO & Co-Founder of Zip, experienced in financial technology.
David Campbell: CEO & Co-Founder of Tropic, specializes in procurement solutions.
Alvaro Morales: CEO & Co-Founder of Orb, focuses on operational tools.
Mike Gonzalez: CEO & Founder of Trace, known for data-driven solutions.
To pitch FOG Ventures, founders should use the submission portal available at Pitch FOG. The pitch deck should include a clear overview of the business model, market opportunity, and how the product serves the needs of business operators. Founders can expect a response within a reasonable timeframe, but specific timelines are not disclosed.
In January 2026, FOG Ventures made its latest investment in Concourse, an AI analyst for corporate finance teams. This investment continues their trend of supporting companies that enhance operational capabilities.
As of August 2025, FOG Ventures has 16 active portfolio companies, reflecting their ongoing commitment to investing in innovative solutions for business operators.
Q?
What are FOG Ventures' investment criteria?
FOG Ventures focuses on Seed and Series A investments in B2B software, particularly in sectors like AI, fintech, and SaaS. They look for companies that enhance operational efficiency and provide significant value to business operators.
Q?
How can startups apply or pitch to FOG Ventures?
Startups can pitch to FOG Ventures through their submission portal at Pitch FOG. They encourage founders to provide detailed information about their business and how it aligns with their investment focus.
Q?
What makes FOG Ventures different from other VCs?
FOG Ventures operates as a community-based syndicate, connecting founders with over 1,000 operators who can become customers and provide operational insights. This model enhances the value they offer beyond just capital.
Q?
What is the geographic scope of FOG Ventures?
FOG Ventures primarily invests in startups based in the United States.
Q?
What is the typical check size for investments?
FOG Ventures typically invests between $250K and $1M in their portfolio companies.
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