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Tola Capital is a venture capital firm founded in 2010 and based in Seattle, Washington. The firm was established by former Microsoft executives Sheila Gulati and Stacey Giard, who bring extensive technical expertise to the investment landscape. Tola Capital has raised a total of $688 million across its funds, with the latest, Fund III, amounting to $230 million, launched in November 2023. The firm focuses on seed and early-stage investments in enterprise software companies, particularly those leveraging artificial intelligence (AI) and machine learning (ML) technologies.
As of now, Tola Capital manages a portfolio of 57 companies, including two unicorns, Glia and OneTrust. The firm has achieved 12 notable exits, with acquisitions by major corporations such as Microsoft, SAP, and Oracle. Tola Capital's deep technical operator background allows them to provide valuable insights and operational support to their portfolio companies, enhancing their growth potential.
Tola Capital specializes in investing in AI-enabled enterprise software solutions. Their investment strategy encompasses various sectors, including AI, SaaS, cybersecurity, generative AI, and developer tools. The firm targets seed, Series A, and Series B stages, with check sizes ranging from $1 million to $15 million. Tola Capital employs a hypothesis-based investing approach, focusing on domain-specific foundation models, AI/ML tooling, AI SaaS applications, compliance, governance, and security tools.
The firm is geographically agnostic, investing in North America, Canada, and Europe. Tola Capital seeks to partner with founders who demonstrate a strong vision and technical expertise in their respective fields. Their investment thesis emphasizes the importance of AI technologies in driving transformational change across industries, making them a compelling partner for startups in the enterprise software space.
Tola Capital's portfolio consists of 57 companies, showcasing a diverse range of innovative solutions in the enterprise software sector. Notable portfolio companies include:
The firm has achieved 12 exits, including significant acquisitions such as Zilla Security, which was acquired for $165 million in February 2025. Tola Capital's portfolio reflects its commitment to investing in high-potential companies that leverage AI technologies to drive growth and innovation.
Sheila Gulati - Managing Director. Sheila has a strong background in technology and venture capital, having previously worked at Microsoft. She focuses on AI-enabled enterprise software investments.
Stacey Giard - Venture Partner. Stacey brings extensive experience in software development and investment, also a former Microsoft executive.
Aaron Fleishman - Partner. Aaron has a background in technology investments and has led several successful deals in the enterprise software space.
Akshay Bhushan - Partner. Akshay specializes in AI and machine learning technologies, contributing to Tola Capital's focus on innovative solutions.
Sophia Lu - Vice President. Sophia has experience in venture capital and technology, focusing on supporting portfolio companies.
Jake Nibley - Vice President. Jake brings expertise in operational support and strategic guidance for startups.
Phil Sorgen - Venture Partner. Phil has a strong background in enterprise software and has been involved in numerous successful exits.
Karolin Beck - Venture Partner. Karolin specializes in technology investments and supports portfolio companies in scaling their operations.
Tashi Schmidt - CFO and Partner. Tashi manages the financial operations of Tola Capital and supports investment strategies.
Amy Chen - Director of Community. Amy focuses on building relationships within the startup ecosystem and supporting founders.
Qian Jiang - Vice President Finance. Qian oversees financial planning and analysis for the firm.
Vahé Torossian - Venture Partner. Vahé has extensive experience in technology investments and supports portfolio companies in their growth journeys.
Daniel Jowers - Controller. Daniel manages the accounting and financial reporting for Tola Capital.
To pitch Tola Capital, founders should prepare a comprehensive pitch deck that includes details about the business model, market opportunity, and team background. The preferred channel for initial outreach is through their website or email. Founders should expect a response within a few weeks, and warm introductions are encouraged to facilitate the process.
On December 1, 2025, Tola Capital made its latest investment, continuing its focus on AI-enabled enterprise software solutions. The firm has actively invested in four companies over the past 12 months, reflecting its commitment to supporting innovative startups in the technology sector. Tola Capital has achieved 12 exits, with notable acquisitions by major players such as Microsoft, SAP, and Oracle, showcasing its successful investment strategy.
What are Tola Capital's investment criteria?
Tola Capital focuses on seed and early-stage investments in AI-enabled enterprise software companies. They look for startups that leverage AI technologies across various sectors, including SaaS, cybersecurity, and generative AI. The firm typically invests between $1 million and $15 million per company.
How can founders apply or pitch to Tola Capital?
Founders can reach out to Tola Capital through their website or via email. A well-prepared pitch deck that outlines the business model, market opportunity, and team background is essential. Tola Capital values technical expertise and a strong vision from founders.
What makes Tola Capital different from other VC firms?
Tola Capital is a women-led firm with a deep technical background from its founders, who are former Microsoft executives. This unique perspective allows them to provide operational support and technical guidance to their portfolio companies, enhancing their growth potential.
What is Tola Capital's geographic scope?
The firm invests globally, with a focus on North America, Canada, and Europe. They are geographically agnostic and seek opportunities in various markets.
What is Tola Capital's post-investment involvement like?
Tola Capital provides operational support and technical guidance to its portfolio companies. They actively engage with founders to help them navigate challenges and scale their businesses effectively.
What is the size of Tola Capital's funds?
Tola Capital has raised a total of $688 million across all its funds, with the latest Fund III amounting to $230 million, launched in November 2023.
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