Costanoa VC

Costanoa Ventures is a prominent early-stage venture capital firm based in Palo Alto, California, with an additional office in San Francisco. Established in 2012 by Greg Sands, a former Managing Director at Sutter Hill Ventures and Netscape's inaugural Product Manager, the firm specialises in B2B technology companies. Costanoa focuses its investments on seed and Series A rounds, with a strategic emphasis on sectors such as applied artificial intelligence (AI), AI and data infrastructure, cybersecurity, national security, and financial technology (Fintech).

The firm's investment strategy is distinguished by its 'boutique approach', aiming for concentrated ownership stakes of 10-15% in approximately 35 deals per fund. This allows Costanoa to provide intensive, hands-on support to its portfolio companies, acting as a committed partner from day one. They are known for filling the 'missing middle' in venture funding by offering tailored support that goes beyond capital injection.

A key differentiator for Costanoa is its in-house 'BuilderOps' team, which provides operational expertise in critical areas like go-to-market strategies, talent recruitment, and overall company building. This team works closely with founders, offering practical guidance and active collaboration to help companies achieve product-market fit and scale effectively.

Costanoa has achieved significant milestones since its inception. In September 2024, the firm successfully closed two new funds: Costanoa Fund V, an early-stage fund of $275 million, and Opportunity Fund III, a $119 million fund dedicated to later-round investments in existing portfolio companies. These closings brought the firm's total assets under management to over $2 billion USD. Their portfolio boasts over 250 investments and 26 notable exits, including unicorn companies such as Alation, Demandbase, Quizlet, AppOmni, and Cyberhaven. They have also incubated successful ventures like Vannevar Labs within their Palo Alto office.

The leadership team includes Founder and Managing Partner Greg Sands, alongside partners such as John Cowgill, Mark Selcow, Amy Cheetham, Jim Wilson, Martina Lauchengco, Tony Liu, Michelle McHargue, and Nancy Katz. John Cowgill was notably promoted to General Partner in September 2024, recognised for his work in cybersecurity and space practices. This experienced team, combining investment acumen with operational backgrounds, strives to be the most impactful partner for innovative technical founders building enduring companies.