Caffeine Capital, the San Francisco venture firm founded by private investor Raymond Tonsing, has raised $400 million in its fifth fund, according to a regulatory filing.
The company was an early investor in software company Airtable and defense startup Saronic, and has already raised $160 million for the fund. If Caffeinated reaches its goal, it will be the biggest capital raise for the 15-year-old company. Although the organization has not announced its previous funds, Caffeinated is estimated to have closed four funds with total commitments of $209 million, according to PitchBook data.
Tonsing was Caffeinated's sole general partner until four years ago, but Varun Gupta, who led data science and machine learning at Affirm, joined him in 2020 as the company's second general partner.
Tonsing was an early investor in Affirm, a buy now, pay later platform that went public in 2021. Other notable exits from the company include A/B testing startup Optimizely, which was sold in 2020 for $600 million, according to PitchBook estimates.