Tomasz Tunguz’s Theory Ventures has raised a $450 million second fund, filings say

The company was founded in 2023 by Tomasz Tunguz, former managing director at venture capital firm Redpoint. Tunguz made his name at Redpoint through investment wins such as data analytics company Looker — which was sold to Google parent Alphabet for $2.6 billion in 2019 — and customer service software startup Kustomer, which was acquired by Meta, Facebook’s parent company, in In 2020, for a billion dollars.

This second fund, worth $450 million, represents a big step compared to the first fund last year, worth $230 million. So far, Tunguz and Theory’s investments include data infrastructure platform Allium, blockchain infrastructure company Initia (the latter valued at $350 million), and open source data operations startup Tobiko.

Theory describes itself as a “theory-driven” company, tending to invest in enterprise software, artificial intelligence, cryptocurrencies, and data tools. Among the first venture capital bloggers with a large following on social media, Tunguz co-authored a book titled Winning with data In 2016.

Theory Ventures declined to comment.