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 / True Ventures
True Ventures
Early stage capital for brilliant Founders since 2005. Funding the relentless pursuit of the unprecedented.
name or self-description says seed
Importance
57
elevated
Active deployment
90
high
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
31
moderate
Identity and regulatory footprint
- Headquarters
- Palo Alto, CAadviserinfo.sec.gov
- Office address
- 575 HIGH STREET, SUITE 400, Palo Alto, CA, 94301adviserinfo.sec.gov
- Business phone
- 650-319-2150adviserinfo.sec.gov
- Website
- HTTPS://WWW.TRUEVENTURES.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 25, 2026
- Private funds reported
- 22 (22 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $3.9Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- pitch@trueventures.comtrueventures.compublished by the subject
- business phone
- 650-319-2150adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
60 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
- Self-described
- seed
Observed (from deals on record)
Stage at participation
seed 100%
Stage at first entry
seed 100%
Sectors
unknown 95%Other Technology 3%Other Energy 2%
lead rate 63%follow-on rate 0%new logos, 12 months 60
Funds and vehicles
22 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| True Ventures Viii, L.P. | Fund | 2023 adv first reported | Active deployment | $861M Mar 28, 2024 | 114 | $0 of $800M | Jun 2, 2022 |
| True Ventures VII, L.P. | Fund | 2021 adv first reported | Mature | $443M Mar 28, 2024 | 63 | $0 of $415M | Jun 5, 2020 |
| True Ventures Select IV, L.P. | Growth fund | 2021 adv first reported | Mature | $281M Mar 28, 2024 | 59 | $0 of $340M | Jun 5, 2020 |
| True Ventures Vii-A, L.P. | Feeder or parallel | 2021 adv first reported | Mature | $23.8M Mar 28, 2024 | 60 | $0 of $22.5M | Aug 20, 2020 |
| True Ventures VI, L.P. | Fund | 2019 adv first reported | Mature | $407M Mar 28, 2024 | 52 | $0 of $325M | Jun 13, 2018 |
| True Ventures Select III, L.P. | Growth fund | 2019 adv first reported | Mature | $184M Mar 28, 2024 | 44 | $0 of $325M | Jun 13, 2018 |
| True Ventures Vi-A, L.P. | Feeder or parallel | 2019 adv first reported | Mature | $25.9M Mar 28, 2024 | 49 | $0 of $20.0M | Aug 16, 2018 |
| True Ventures Select II, L.P. | Growth fund | 2017 adv first reported | Harvest | $78.1M Mar 28, 2024 | 23 | $0 of $175M | Jul 20, 2016 |
| True Ventures V-A, L.P. | Feeder or parallel | 2017 adv first reported | Harvest | $15.9M Mar 28, 2024 | 38 | $0 of $20.0M | Jun 29, 2016 |
| True Ventures V, L.P. | Fund | 2016 adv first reported | Harvest | $305M Mar 28, 2024 | 43 | $0 of $295M | Mar 24, 2016 |
| True Ventures Select I, L.P. | Growth fund | 2016 adv first reported | Harvest | $27.6M Mar 28, 2024 | 15 | $0 of $175M | May 12, 2015 |
| True Ventures IV, L.P. | Fund | 2015 adv first reported | Harvest | $335M Mar 28, 2024 | 26 | $0 of $250M | Feb 13, 2014 |
| True Ventures Iv-A, L.P. | Feeder or parallel | 2015 adv first reported | Harvest | $45.9M Mar 28, 2024 | 37 | $0 of $35.0M | Mar 27, 2014 |
| True Ventures Spv I, L.P. | SPV or co-invest vehicle | 2014 form d first sale | Harvest | $38.8M Mar 28, 2024 | 6 | $15.3M of $15.3M | May 16, 2014 |
| True Ventures Ii-A, L.P. | Feeder or parallel | 2008 form d first sale | Harvest | $4.8M Mar 28, 2024 | 31 | $10.8M of $10.8M | Oct 23, 2008 |
| True Ventures III, L.P. | Fund | unknown | Unknown | $173M Mar 28, 2024 | 31 | $0 of $200M | Jun 17, 2011 |
| True Ventures I, L.P. | Fund | unknown | Unknown | $96.4M Mar 28, 2024 | 40 | unknown | unknown |
| True Ventures II, L.P. | Fund | unknown | Unknown | $70.9M Mar 28, 2024 | 33 | unknown | unknown |
| True Ventures Iii-A, L.P. | Feeder or parallel | unknown | Unknown | $14.2M Mar 28, 2024 | 38 | $0 of $25.0M | Aug 23, 2011 |
| True Ventures I-A, L.P. | Feeder or parallel | unknown | Unknown | $3.8M Mar 28, 2024 | 28 | unknown | unknown |
| True Ventures Select V, L.P. | Growth fund | unknown | Fundraising | unknown | unknown | $0 of $100M | Sep 12, 2025 |
| True Ventures IX, L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 of $300M | Sep 12, 2025 |
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
7 current, 1 departed
Rohit Sharma
Founder or executiveFounder Experience
Jonathan David Callaghan
PartnerMember · since Oct 1, 2005
Mike Montano
Partnerpartner
Philip Douglas Black
PartnerMember · since Oct 1, 2005
Julie Walker
Platform and operationsFinance & Operations
Ulrike Kellmereit
Platform and operationsCfo · since Mar 1, 2019
Ulrike Kellmereit
Platform and operationsCfo · since Mar 1, 2019
1 departed (kept with end dates)
- James Gordon Stewart · Coo · Feb 1, 2012 to Mar 25, 2026 Fact
Investments on record
60 edges, 58 companies, 1 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
40 relationships from shared deals, counted for the whole firm
Collaborative Fund Management LLC 3 shared · recurringMaveron LLC 3 shared · recurringFelicis Ventures 2 shared · recurringIndex Ventures Sa 2 shared · recurringVillage Global Management, L.L.C. 2 shared · recurringScribble Ventures Management, LLC 2 shared · recurringFika Ventures 2 shared · recurringHummingbird Ventures V US GP LLC 2 shared · recurringNext Legacy Management, LLC 2 shared · recurringAlumni Ventures 2 shared · recurringWSC & Company, LLC 1 shared · one timeFloodgate 1 shared · one timeAnsa Capital Management, LLC 1 shared · one timeBlackbird Ventures Pty Ltd. 1 shared · one timeLifeforce Capital Management, LLC 1 shared · one timeOWL Ventures 1 shared · one timeBullpen Management, LLC 1 shared · one timeSempervirens Ventures LLC 1 shared · one timeBling Capital LLC 1 shared · one timeGrishin Robotics Inc. 1 shared · one timemark vc 1 shared · one timeSpace Angels 1 shared · one timeConvective Capital Management, LLC 1 shared · one timeInstitutional Venture 1 shared · one timeSterling Road 1 shared · one timeTEN Eleven Ventures, LLC 1 shared · one timeNXP Management LLC 1 shared · one timeCatalio Capital Management, LP 1 shared · one timeDifferential Venture Partners, LLC 1 shared · one timeAmerican Family Ventures 1 shared · one timeAvalanche Vc, LLC 1 shared · one timeMotley Fool Ventures 1 shared · one timeMaywic Select Investments 1 shared · one timeEmergence Equity Management, Inc 1 shared · one timeOpen Opportunity Management, LLC 1 shared · one timeBetaworks Ventures Management, LLC 1 shared · one timeVenturesouth Funds 1 shared · one timeSapphire Ventures, LLC 1 shared · one timeMenlo Ventures 1 shared · one timeBAM Ventures 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
25 dated events
- Sep 16, 2026Tray no longer listed on True Ventures's portfolio pageRemoved from portfolio pagePortfolioInferenceTrayVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 15, 2026True Ventures: MULTI_STAGE_VC -> SEED_FUND_MANAGER (name or self-description says seed)Classification changedClassificationInferenceno URL
- Mar 25, 2026James Gordon Stewart (Coo) no longer on Schedule A of True Ventures
- Mar 28, 2023True Ventures Viii, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $872,514,687Fund first reported on Form ADVFundsFactTrue Ventures Viii, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021True Ventures Select IV, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $357,954,431Fund first reported on Form ADVFundsFactTrue Ventures Select IV, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021True Ventures VII, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $422,411,309Fund first reported on Form ADVFundsFactTrue Ventures VII, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021True Ventures Vii-A, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $22,559,335Fund first reported on Form ADVFundsFactTrue Ventures Vii-A, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2019True Ventures Select III, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $287,979,514Fund first reported on Form ADVFundsFactTrue Ventures Select 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, 2019True Ventures VI, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $329,253,726Fund first reported on Form ADVFundsFactTrue Ventures VI, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2019True Ventures Vi-A, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $20,993,457Fund first reported on Form ADVFundsFactTrue Ventures Vi-A, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 1, 2019Ulrike Kellmereit joined Schedule A of True Ventures as Cfo
- Mar 30, 2017True Ventures V-A, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $14,772,618Fund first reported on Form ADVFundsFactTrue Ventures V-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, 2017True Ventures Select II, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $113,979,592Fund first reported on Form ADVFundsFactTrue Ventures Select II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2016True Ventures V, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $285,714,286Fund first reported on Form ADVFundsFactTrue Ventures V, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2016True Ventures Select I, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $99,138,863Fund first reported on Form ADVFundsFactTrue Ventures Select 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, 2015True Ventures Iv-A, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $34,022,421Fund first reported on Form ADVFundsFactTrue Ventures Iv-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, 2015True Ventures IV, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $247,980,029Fund first reported on Form ADVFundsFactTrue Ventures 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, 2015True Ventures Spv I, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $17,395,830Fund first reported on Form ADVFundsFactTrue Ventures 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, 2012True Ventures I, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $135,437,063Fund first reported on Form ADVFundsFactTrue Ventures 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, 2012True Ventures 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)
- Mar 30, 2012True Ventures Iii-A, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $5,272,357Fund first reported on Form ADVFundsFactTrue Ventures Iii-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, 2012True Ventures III, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $199,170,636Fund first reported on Form ADVFundsFactTrue Ventures III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012True Ventures Ii-A, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $16,315,747Fund first reported on Form ADVFundsFactTrue Ventures Ii-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, 2012True Ventures II, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $237,821,525Fund first reported on Form ADVFundsFactTrue Ventures 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, 2012True Ventures I-A, L.P. first reported on Form ADV by True Ventures (Venture Capital Fund), GAV $5,299,256Fund first reported on Form ADVFundsFactTrue Ventures I-A, 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 15, 2026Seed fund manager (confirmed, 95%, cls-1)name or self-description says seed
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $2,538M
Evidence
53 observations from 4 sources