DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Leadout Capital Management, LLC
Leadout Capital Management, LLC
Leadout Capital is an early-stage venture fund with a focus on founder-market fit.
venture manager, reported GAV $87M across 2 vehicles
Importance
28
moderate
Active deployment
30
moderate
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
12
low
Identity and regulatory footprint
- Headquarters
- Portola Valley, CAadviserinfo.sec.gov
- Office address
- 3130 ALPINE ROAD, SUITE #288 - 237, Portola Valley, CA, 94028adviserinfo.sec.gov
- Business phone
- 650-843-5000adviserinfo.sec.gov
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Jul 2, 2026
- Private funds reported
- 2 (2 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $86.8Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- grit@leadoutcapital.comleadoutcapital.compublished by the subject
- business phone
- 650-843-5000adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
45 observed deals
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- early
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 91%Other Technology 4%Other 2%Lodging and Conventions 2%
lead rate n/afollow-on rate n/anew logos, 12 months 45
Funds and vehicles
2 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Leadout Capital II, L.P. | Fund | 2022 adv first reported | Active deployment | $57.5M May 30, 2024 | 99 | $0 of $60.0M | Apr 19, 2021 |
| Leadout Capital I, L.P. | Fund | unknown | Unknown | $29.3M May 30, 2024 | 100 | $0 of $30.0M | Sep 28, 2018 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
6 current, 0 departed
Steve Brownlie
General partnerGeneral Partner
Ali Rosenthal
Managing partnerFounder & Managing Partner
Alison Hope Rosenthal
PartnerManaging Director · since Oct 1, 2018
Steven Thomas Brownlie
PartnerManaging Director · since Jan 1, 2021
Dion Dong
Venture partnerVenture Partner
Yun-Fang Juan
Venture partnerVenture Partner
Investments on record
45 edges, 45 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
25 relationships from shared deals, counted for the whole firm
Corazon Group LLC 2 shared · recurringScribble Ventures Management, LLC 2 shared · recurringBE Better Tomorrow, LLC 1 shared · one timeAvenir Management Company, LLC 1 shared · one timeWestern Technology Investment (wti) 1 shared · one timeFika Ventures 1 shared · one timePathbreaker Ventures II, LLC 1 shared · one timeMillennium Technology Value Partners 1 shared · one timeH.I.G. Capital, LLC 1 shared · one timePowerhouse Ventures 1 shared · one timeClearsky Advisors LLC 1 shared · one timeCivilization Ventures Management, LLC 1 shared · one timeTenoneten 1 shared · one timeMMC Ventures Limited 1 shared · one timeThe Venture Collective LLC 1 shared · one timeBlue Bear Investment Group, LLC 1 shared · one timeGrotech Management Company 1 shared · one timeDeciens Capital 1 shared · one time · they led 1Scottish Equity Partners 1 shared · one timeXYZ Venture Capital 1 shared · one timeAccel 1 shared · one timeBetaworks Ventures Management, LLC 1 shared · one timeMyasia Vc 1 shared · one timeA.capital Ventures 1 shared · one timeKhosla Ventures, LLC 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
4 dated events
- Mar 8, 2022Leadout Capital II, L.P. first reported on Form ADV by Leadout Capital Management, LLC (Venture Capital Fund), GAV $57,500,000Fund first reported on Form ADVFundsFactLeadout Capital II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 1, 2021Steven Thomas Brownlie joined Schedule A of Leadout Capital Management, LLC as Managing Director
- Oct 16, 2019Leadout Capital Management, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Oct 16, 2019Leadout Capital I, L.P. first reported on Form ADV by Leadout Capital Management, LLC (Venture Capital Fund), GAV $27,435,000Fund first reported on Form ADVFundsFactLeadout Capital I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $87M across 2 vehicles
Evidence
46 observations from 3 sources