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 / Goodwater Capital
Goodwater Capital
both early and growth/opportunity families, reported GAV $3,934M
Importance
50
elevated
Active deployment
48
elevated
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
20
moderate
Identity and regulatory footprint
- Headquarters
- Burlingame, CAadviserinfo.sec.gov
- Office address
- 240 LORTON AVE, 3FL, Burlingame, CA, 94010adviserinfo.sec.gov
- Business phone
- 650-549-5144adviserinfo.sec.gov
- Website
- HTTP://WWW.GOODWATERCAP.COM
- 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
- Mar 26, 2026
- Private funds reported
- 29 (29 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $5.4Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 650-549-5144adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
6 observed deals
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
seed 40%series b 40%pre seed 20%
Stage at first entry
seed 40%series b 40%pre seed 20%
Sectors
unknown 100%
lead rate 17%follow-on rate 0%new logos, 12 months 6
Funds and vehicles
24 reported, 1 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Goodwater Pacific, L.P. | Fund | 2025 form d first sale | Newly closed | unknown | unknown | $5.0M of $5.0M | Feb 20, 2025 |
| Goodwater Infinity III, L.P. | Fund | 2024 adv first reported | Early deployment | $332M Mar 26, 2024 | 92 | $0 of $400M | Oct 12, 2022 |
| Springblue B-Iii, L.P. | Fund | 2024 adv first reported | Early deployment | $40.0M Mar 26, 2024 | 1 | $0 of $40.0M | Oct 13, 2022 |
| Goodwater Infinity III Affiliates, L.P. | Feeder or parallel | 2024 adv first reported | Early deployment | $4.6M Mar 26, 2024 | 24 | $0 of $45.0M | Oct 13, 2022 |
| Goodwater Capital V LP | Fund | 2024 lp reported | Early deployment | unknown | unknown | unknown | unknown |
| Springblue B-Iii Spv (z), L.P. | SPV or co-invest vehicle | 2023 form d first sale | Active deployment | $20.2M Mar 26, 2024 | 1 | $20.0M of $20.0M | Oct 31, 2023 |
| Goodwater Taehwa, L.P. | Fund | 2023 adv first reported | Active deployment | $5.4M Mar 26, 2024 | 1 | $0 of $5.0M | Aug 23, 2022 |
| Goodwater Infinity II, L.P. | Fund | 2022 adv first reported | Active deployment | $433M Mar 26, 2024 | 107 | $0 of $455M | Mar 30, 2021 |
| Goodwater Capital IV, L.P. | Fund | 2022 adv first reported | Active deployment | $407M Mar 26, 2024 | 110 | $0 of $455M | Mar 30, 2021 |
| Beyond Spv I, L.P. | SPV or co-invest vehicle | 2022 adv first reported | Active deployment | $56.9M Mar 26, 2024 | 5 | $0 of $55.0M | Dec 14, 2021 |
| Springblue B, L.P. | Fund | 2022 adv first reported | Active deployment | $49.2M Mar 26, 2024 | 1 | $0 of $50.0M | Aug 12, 2021 |
| Springblue a, L.P. | Fund | 2022 adv first reported | Active deployment | $46.6M Mar 26, 2024 | 1 | $0 of $50.0M | Aug 12, 2021 |
| Goodwater Infinity Affiliates II, L.P. | Feeder or parallel | 2022 adv first reported | Active deployment | $7.2M Mar 26, 2024 | 23 | $0 of $45.0M | Mar 30, 2021 |
| Goodwater Capital IV Affiliates Fund, L.P. | Feeder or parallel | 2022 adv first reported | Active deployment | $7.2M Mar 26, 2024 | 23 | $0 of $45.0M | Mar 30, 2021 |
| Goodwater Infinity I-F, L.P. | Fund | 2021 adv first reported | Mature | $52.5M Mar 26, 2024 | 3 | $0 of $50.0M | Sep 14, 2020 |
| Goodwater Seneca, L.P. | Fund | 2021 adv first reported | Mature | $23.4M Mar 26, 2024 | 9 | $0 of $35.0M | Jan 4, 2021 |
| Goodwater Infinity I, L.P. | Fund | 2020 adv first reported | Mature | $302M Mar 26, 2024 | 32 | $0 of $500M | Dec 10, 2019 |
| Goodwater Infinity Affiliates I, L.P. | Feeder or parallel | 2020 adv first reported | Mature | $2.8M Mar 26, 2024 | 3 | $0 of $5.0M | Dec 17, 2019 |
| Goodwater Capital III, L.P. | Fund | 2019 adv first reported | Mature | $354M Mar 26, 2024 | 58 | $0 of $350M | Apr 30, 2018 |
| Goodwater Capital III Affiliates Fund, L.P. | Feeder or parallel | 2019 adv first reported | Mature | $2.4M Mar 26, 2024 | 5 | unknown | unknown |
| Goodwater Opportunity Fund 2018, L.P. | Opportunity fund | 2018 name year | Harvest | $146M Mar 26, 2024 | 22 | $0 of $75.0M | Dec 17, 2018 |
| Goodwater Capital II, L.P. | Fund | 2016 adv first reported | Harvest | $733M Mar 26, 2024 | 41 | $0 of $250M | Feb 24, 2016 |
| Goodwater Capital Merced, L.P. | Fund | 2016 form d first sale | Harvest | $6.0M Mar 26, 2024 | 9 | $13.5M of $13.5M | Oct 24, 2016 |
| Goodwater Capital I, L.P. | Fund | unknown | Unknown | $902M Mar 26, 2024 | 41 | $0 of $120M | Jun 23, 2014 |
| Goodwater Capital Titan, L.P. | Fund | 2015 adv first reported | Wound down | $0 Mar 31, 2020 | 7 | unknown | unknown |
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
3 current, 0 departed
Chihua Michael Chien
Managing partnerManaging Member · since Mar 1, 2014
Eric Kim
Managing partnerManaging Member · since Mar 1, 2014
Investments on record
6 edges, 6 companies, 1 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Where Deep Computer Science Meets Mainstream Culture: Kaon AI | Series B · Series B | participant | unknown | unknown | unknown | Jul 8, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| Astor | Seed · Seed | participant | unknown | $5.0M | unknown | Apr 23, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| Rork | Funding round | participant | unknown | $15.0M | unknown | Apr 9, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| Emobi | Seed Funding · Seed | participant | unknown | $3.4M | unknown | Jan 28, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| RedotPay | Series B · Series B | lead | Jin Oh (confirmed) | $107M | unknown | Dec 16, 2025 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
| Keeper | Pre-Seed · Pre-seed | participant | unknown | $4.0M | unknown | Dec 11, 2025 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
“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
27 relationships from shared deals, counted for the whole firm
Redpoint Ace 1 shared · one timeB Capital 1 shared · one timeOpenAI 1 shared · one timeY Combinator 1 shared · one timeMonashees 1 shared · one time · they led 1Sunshine Lake 1 shared · one timeGilgamesh Ventures LLC 1 shared · one timeValutia 1 shared · one timeChapterOne 1 shared · one timeHustle Fund Management, LLC 1 shared · one timeLeft Lane Capital 1 shared · one time · they led 1Peak XV Partners 1 shared · one timeTrue Ventures 1 shared · one timeOasis Capital 1 shared · one timeGaingels 1 shared · one timeRide Wave Ventures 1 shared · one timeGener8tor Management, LLC 1 shared · one timeCollaborative Fund Management LLC 1 shared · one timeOneSixOne Ventures 1 shared · one timeFlorida Funders 1 shared · one time · they led 1Aves Ventures 1 shared · one timeCircle Ventures 1 shared · one time · we led 1Blockchain Capital, LLC 1 shared · one time · we led 1Pantera 1 shared · one time · we led 1Lightbank 1 shared · one time · they led 1Lakehouse Ventures, LLC 1 shared · one time · they led 1Champion Hill Ventures 1 shared · one time
Limited partners
8 disclosed
- California Public Employees' Retirement System in Springblue B, L.P. $50.0M calpers.ca.gov
- California Public Employees' Retirement System in Springblue a, L.P. $50.0M calpers.ca.gov
- California Public Employees' Retirement System in Springblue B-Iii, L.P. $40.0M calpers.ca.gov
- Alaska Permanent Fund Corporation in Goodwater Infinity I, L.P. $50.0M apfc.org
- Alaska Permanent Fund Corporation in Goodwater Infinity II, L.P. $40.0M apfc.org
- Alaska Permanent Fund Corporation $15.0M apfc.org
- Alaska Permanent Fund Corporation in Goodwater Infinity III, L.P. $10.0M apfc.org
- Alaska Permanent Fund Corporation in Goodwater Capital V LP $15.0M apfc.org
Timeline
26 dated events
- Dec 31, 2025APFC reports Goodwater Capital V LP: $15,000,000 committed, vintage 2024
- Mar 26, 2024Goodwater Infinity III, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $331,801,525Fund first reported on Form ADVFundsFactGoodwater Infinity III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 26, 2024Springblue B-Iii, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $40,014,530Fund first reported on Form ADVFundsFactSpringblue B-Iii, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 26, 2024Springblue B-Iii Spv (z), L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $20,201,843Fund first reported on Form ADVFundsFactSpringblue B-Iii Spv (z), L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 26, 2024Goodwater Infinity III Affiliates, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $4,580,006Fund first reported on Form ADVFundsFactGoodwater Infinity III Affiliates, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023Goodwater Taehwa, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $5,545,129Fund first reported on Form ADVFundsFactGoodwater Taehwa, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022Goodwater Infinity II, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $452,063,891Fund first reported on Form ADVFundsFactGoodwater Infinity II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022Springblue B, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $50,174,767Fund first reported on Form ADVFundsFactSpringblue B, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022Beyond Spv I, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $57,351,786Fund first reported on Form ADVFundsFactBeyond Spv I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022Goodwater Infinity Affiliates II, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $7,656,225Fund first reported on Form ADVFundsFactGoodwater Infinity Affiliates II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022Springblue a, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $51,814,865Fund first reported on Form ADVFundsFactSpringblue a, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022Goodwater Capital IV, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $466,275,254Fund first reported on Form ADVFundsFactGoodwater Capital IV, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2022Goodwater Capital IV Affiliates Fund, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $8,824,346Fund first reported on Form ADVFundsFactGoodwater Capital IV Affiliates Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Goodwater Seneca, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $26,227,659Fund first reported on Form ADVFundsFactGoodwater Seneca, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Goodwater Capital Titan, L.P. no longer reported on Form ADV by Goodwater CapitalFund no longer reportedFundsInferenceGoodwater Capital Titan, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Goodwater Infinity I-F, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $66,089,834Fund first reported on Form ADVFundsFactGoodwater Infinity I-F, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020Goodwater Infinity I, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $88,787,896Fund first reported on Form ADVFundsFactGoodwater Infinity I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2020Goodwater Infinity Affiliates I, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $2,323,897Fund first reported on Form ADVFundsFactGoodwater Infinity Affiliates I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2019Goodwater Opportunity Fund 2018, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $56,161,927Fund first reported on Form ADVFundsFactGoodwater Opportunity Fund 2018, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2019Goodwater Capital III, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $351,391,749Fund first reported on Form ADVFundsFactGoodwater Capital III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2019Goodwater Capital III Affiliates Fund, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $2,391,748Fund first reported on Form ADVFundsFactGoodwater Capital III Affiliates Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2017Goodwater Capital Merced, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $13,520,000Fund first reported on Form ADVFundsFactGoodwater Capital Merced, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2016Goodwater Capital II, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $253,750,000Fund first reported on Form ADVFundsFactGoodwater Capital II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 13, 2015Goodwater Capital Titan, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $8,000,000Fund first reported on Form ADVFundsFactGoodwater Capital Titan, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 26, 2014Goodwater Capital I, L.P. first reported on Form ADV by Goodwater Capital (Venture Capital Fund), GAV $130,000,000Fund first reported on Form ADVFundsFactGoodwater Capital I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Aug 26, 2014Goodwater Capital 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)
Classification history
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $3,934M
Evidence
43 observations from 4 sources