Announcing Also Capital’s $50M Second Fund
Catalyzing founders building the foundations of our economic future
Yesterday, we sat down with Jordi and John on TBPN to officially announce the close of our $50M sophomore fund. The majority of this fund came together quickly, in a whirlwind ten weeks, primarily from an institutional LP base of endowments, foundations, FoFs, and other strategic individual investors. We’re grateful for the conviction and partnership from both long-time supporters and new LPs joining us.
Our first fund, a 2023 vintage, backed 14 core investments. These were intentionally concentrated, high conviction bets on engineering-led teams. Since our initial investments, those companies have generated significant momentum, including:
Winning a $50M Space Force contract;
Shipping optical hardware to customers;
Earning feature coverage in The Economist; and
Demonstrating emergent behavior in robotic systems.
Meaningful market validation has followed this early, but tangible, progress. Although this portfolio is less than three years old, all 14 core investments have raised at least one round of follow-on capital, totaling more than $260M in aggregate.
We run a concentrated strategy because we believe early-stage investing rewards depth over breadth. We aim to work closely with a small number of founders and support them aggressively as they scale. So far, that approach has been fruitful, and we believe this is just the beginning.
From a market perspective, we see this moment as the front-end of a much larger wave. Compute is accelerating solutions to unsolvable problems. Communication is expanding coordination globally and beyond. Autonomy is redefining what can be done without human constraint. These are the foundations of the next economic era. The convergence of these three forces will define the next generation of category-defining companies, reshaping national competitiveness, industrial capacity, and everyday life. This is the world we want to help build. And it’s why we’re scaling up.
With our second fund, we’re expanding our ability to back founders early and support them more deeply. We’ve grown the team and expanded our operational capacity to better serve the next generation of builders, from first check through follow-on rounds. Our goal remains the same: be high-conviction, day one partners to serious founders tackling hard problems.
We take our work seriously. We just don’t take ourselves too seriously. To celebrate our second fund, we decided to have a little fun with the announcement, so we made a movie poster celebrating our founders :)
