Theory Ventures Management, LLC

Institutional venture firmSEC venture capital fund adviserRaising· Portola Valley, Californiatheory.ventures

Institutional venture firm, based in Portola Valley, California, reporting $709M of fund assets on its funds' Form ADV filings.

Composed from this organization's classification, location and filed figures.

Reported fund assets
$709M
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
2
Investment team
7
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (17)Team (13)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

10 additional team members, 14 additional investments, funds and LPs, 14 verified contacts (12 professional url, 1 general firm email, 1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 2 companies
    new in 12 months

    2 new companies in the last 12 months.

    A firm writing cheques this quarter is one a founder can pitch now.

    Factfunding announcements, Form D, the firm's portfolio pageFor Founders, co-investorsInvestments →
  2. 1 company
    portfolio raising

    One portfolio company has new financing on record in 6 months without this firm named on the round; the latest on 16 Sep 2026 ($42M round).

    A portfolio company raising again is a follow-on decision for the firm and a co-investment opening for others.

    FactPress release wires (PR Newswire, GlobeNewswire;For Co-investors, LPs, lendersInvestments →

People to know

View all people
  • Andy Triedman
    Partner
    Why: Partner: part of the investment decision
    Profile
  • Tomasz Tunguz
    Manager
    Why: Named with investment responsibility
    Profile
  • Adam Conway
    View team member profile
    Why: Named with investment responsibility
    Profile

Relationship network

36 connected entities1 observed roundrounds 2026

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Theory Ventures Management, LLC: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Theory Ventures Management, LLC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

17 companies on record, 2 new in 12 months
Investments on record
17 companies, 2 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Allium Best-in-class Blockchain Data & Infrastructure View profileportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Artemis AI-native security data platform View profileportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
BackOpsportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Stated thesis versus observed behaviour
17 observed deals
Stated (the firm’s website)
Sectors
ai
Stages
not stated or not yet read
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
series a 100%
Stage at first entry
series a 100%
Sectors
unknown 94%Other Technology 6%
lead rate 100%follow-on rate 0%new companies, 12 months 2

Team

13 current, 0 departed
Decision makers
who to call first, and why; then everyone else by function
  • Andy Triedman · Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
    LinkedIn or profile link on file (firm website), confirmed 2026-10-01, confidence 90%
  • Tomasz Tunguz · Manager
    Why this person: Named with investment responsibility; Led 1 round on record
    LinkedIn or profile link on file (firm website), confirmed 2026-10-01, confidence 90%
  • Adam Conway · View team member profile
    Why this person: Named with investment responsibility
    LinkedIn or profile link on file (firm website), confirmed 2026-10-01, confidence 90%

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. 3 with a route on file. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
13 current, 0 departed
Contacts
1 general firm email, 1 firm phone, 12 professional url

1 general firm email, 1 firm phone, 12 professional url on record, each with its source. Values open with the complete profile.

Funds and LPs

3 vehicles, 0 LPs disclosed
Funds and vehicles
3 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Theory Ventures II, L.P.FundunknownUnknown$452M
Mar 25, 2026
81$0
of $450M
Oct 31, 2024
Theory Ventures, L.P.FundunknownUnknown$257M
Mar 25, 2026
92$0
of $235M
Feb 27, 2023
Theory Ventures Corollary I, L.P.FundunknownFundraisingunknownunknown$0
of $100M
Feb 26, 2026
Limited partners
0 LPs, 0 disclosed commitments
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.
Known LPs and allocators
0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

3 co-investors · on 1 other DFX graph
Co-investors
3 counted from shared deals, for the whole firm
Across DFX and the capital chainon 1 other DFX graph Show
Across DFX
  • The same institution is held on RIA and Wealth, matched by identifier. See which records
Across the graphs

Theory Ventures Management, LLC is the same institution as 1 record in RIA and Wealth.

RIA and Wealth1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Evidence and history

3 dated events, 67 observations from 3 sources
Timeline
3 dated events
  1. Mar 25, 2026
    Theory Ventures II, L.P. first reported on Form ADV by Theory Ventures Management, LLC (Venture Capital Fund), GAV $452,113,383
    Fund first reported on Form ADVFundsInferenceTheory Ventures II, L.P.Form ADV
  2. May 1, 2023
    Theory Ventures Management, LLC first filed Form ADV (ERA, venture capital fund adviser exemption)
    First SEC adviser filingOrganizationFactForm ADV
  3. May 1, 2023
    Theory Ventures, L.P. first reported on Form ADV by Theory Ventures Management, LLC (Venture Capital Fund), GAV $237,219,388
    Fund first reported on Form ADVFundsFactTheory Ventures, L.P.Form ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 25, 2026 · 2 private fundsShow

Website description: Explore Theory Ventures

Headquarters
Portola Valley, CAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
theory.ventures
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 25, 2026
Private funds reported
2 (2 venture capital funds)adviserinfo.sec.gov
Private fund gross assets, adviser total
$709Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Every classification this record has carried3 on recordShow
  1. Sep 23, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $709M across 3 vehicles
  2. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $233M across 3 vehicles
  3. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $233M across 1 vehicle
Evidence
67 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedMar 25, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 25, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 14, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 25, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 25, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 14, 2024FactForm ADV
First Form ADV filing2023-05-01Mar 25, 2026FactForm ADV
First Form ADV filing2023-05-01Mar 14, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-03-25Mar 25, 2026FactForm ADV
Latest Form ADV filing2026-03-25Mar 25, 2026FactForm ADV
Latest Form ADV filing2024-03-14Mar 14, 2024FactForm ADV
SEC statusERA - ActiveMar 25, 2026FactForm ADV
SEC status effective2023-05-01Mar 25, 2026FactForm ADV
Venture share of reported funds1Mar 25, 2026FactForm ADV
Venture share of reported funds1Mar 14, 2024FactForm ADV
Business phoneMar 25, 2026FactForm ADV
Business phoneMar 14, 2024FactForm ADV
Contact page urlOct 1, 2026FactFirm website
Contact page urlSep 16, 2026FactFirm website
DescriptionOct 1, 2026FactFirm website
DescriptionSep 16, 2026FactFirm website
DescriptionSep 14, 2026FactFirm website
HeadquartersPortola Valley, CAMar 25, 2026FactForm ADV
HeadquartersPortola Valley, CAMar 14, 2024FactForm ADV
Office addressMar 25, 2026FactForm ADV
Office addressMar 14, 2024FactForm ADV
Self-described typeVenture capitalOct 1, 2026FactFirm website
Self-described typeVenture capitalSep 16, 2026FactFirm website
Self-described typeVenture capitalSep 14, 2026FactFirm website
Legal formLimited Liability CompanyMar 25, 2026FactForm ADV
Legal formLimited Liability CompanyMar 14, 2024FactForm ADV
Portfolio pageOct 1, 2026FactFirm website
Portfolio pageSep 16, 2026FactFirm website
Portfolio pageSep 14, 2026FactFirm website
Private funds reported2Mar 25, 2026FactForm ADV
Private funds reported2Mar 25, 2026FactForm ADV
Private funds reported1Mar 14, 2024FactForm ADV
Private fund gross assets (reported)$709MMar 25, 2026FactForm ADV
Private fund gross assets (reported)$709MMar 25, 2026FactForm ADV
Private fund gross assets (reported)$233MMar 14, 2024FactForm ADV
Schedule a diffsadiff-1Mar 25, 2026FactForm ADV
Stated sectorsai
“sector words on the home page”
Oct 1, 2026FactFirm website
Stated sectorsai
“sector words on the home page”
Sep 16, 2026FactFirm website
Stated sectorsai
“sector words on the home page”
Sep 14, 2026FactFirm website
Team pageOct 1, 2026FactFirm website
Team pageSep 16, 2026FactFirm website
Team pageSep 14, 2026FactFirm website
Venture funds reported2Mar 25, 2026FactForm ADV
Venture funds reported2Mar 25, 2026FactForm ADV
Venture funds reported1Mar 14, 2024FactForm ADV
WebsiteMar 25, 2026FactForm ADV
WebsiteMar 14, 2024FactForm ADV
Website resolved domaintheoryvc.comOct 1, 2026FactFirm website
Website resolved domaintheoryvc.comSep 16, 2026FactFirm website
Website resolved domaintheoryvc.comSep 14, 2026FactFirm website
Site titleOct 1, 2026FactFirm website
Site titleSep 16, 2026FactFirm website
Site titleSep 14, 2026FactFirm website
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShow
Importance
41
elevated
Active deployment
43
elevated
Emerging
0
low
Freshness
100
high
Institutional venture firmSEC exempt reporting adviser

Venture manager, reported GAV $709M across 3 vehicles

The inputs behind each score
importance
gav: $1 · funds: 0.25 · people: 0.4 · investments: 0.46 · co investors: 0.19
active deployment
investments 12m: 0.25 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: 2026-07-28
emerging manager
fund count: 3 · reported gav: $709M · first adv filing: 2023-05-01 · years since first filing: 3.4

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Record history

1 identity change, 1 dated event on the change ledger, latest event first
  • Merged in
    2026-09-14
  • Adviser's first ADV filing
    2023-05-01source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.

Not yet on record: latest vintage.