Caffeinated Capital

A thesis- and stage-agnostic firm that partners with founders at the inception stage and invests throughout the life of the company, led by solo GP Raymond Tonsing. Known for being first money into breakout companies before consensus forms, with particular recent conviction in defense technology and hard engineering.

$400M target, Fund V, announced January 2025 ($160M secured at announcement) AUM 70/100 Power Score™ 2008 Founded San Francisco, CA
Enterprise Applications Fintech Deep Tech AI Proptech Insurtech Life Sciences Healthcare Climate Defense
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Signature Exit

Affirm and Opendoor, both of which the firm's own team page states Raymond Tonsing backed from seed through to IPO.

Key Partners & Leadership

Raymond Tonsing
Founder & Partner
Varun Gupta
Partner
Matthew Volosin
Partner

Firm Timeline

2008
Raymond Tonsing founds Caffeinated Capital as one of the first solo-GP venture funds.
2025
Fund V announced in January targeting $400M, with $160M already secured.

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