About Activation Fund
Activation Fund is a venture capital firm founded in 2020. It is primarily based out of San Francisco, United States. It primarily invests in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Enterprise Infrastructure. Overall, Activation Fund portfolio has seen 1 unicorn and 4 acquisitions including key companies like Replicate, Census and Transform.Activation Fund's List of Top Investments
Activation Fund has a portfolio of 17 companies, one of which is a Unicorn. Their most notable investments include Atlan and Hex.Their portfolio spans across United States, Canada and Singapore. They have invested in Enterprise Applications, High Tech, Enterprise Infrastructure and 1 other sectors. Here is the list of top investments by Activation Fund:1. Atlan
Developer of AI-driven data governance and metadata management platform. The platform integrates metadata intelligence, automation, and an extensive connector framework to unify, catalog, and govern data across enterprise environments. It provides self-service data discovery, cross-system lineage at the column level, and personalized data experiences to enable data democratization. The solution supports no-code connectors and a centralized control plane to manage data and AI stacks seamlessly. Designed for large enterprises, it helps teams define data meaning, understand data lineage, manage data quality, and ensure compliance with AI regulations. The platform also offers AI-powered governance studios, data quality tools, and enables integration with AI assistants
Key facts about Atlan
- Founded Year: 2019
- Location: San Francisco (United States)
- Annual Revenue: $10M - $50M as on Mar 31, 2025
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $206M
- Employee Count: 510 as on Sep 30, 2026
- Investors: Meritech, GIC and 35 Others
- Latest Funding Round: Series C, May 08, 2024, $*****
- Highlight: Editors' Pick
2. Hex
Provider of Collaborative notebooks for developing applications. It provides a business intelligence platform that offers a collaborative data workspace for turning ideas into analysis, developing applications via writing queries, and transforming data frames. It also provides solutions such as browsing schemas. The dashboard helps in creating multiple data visualizations.
Key facts about Hex
- Founded Year: 2019
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $172M
- Employee Count: 278 as on Aug 31, 2026
- Investors: Redpoint Ventures, Liquid 2 Ventures and 15 Others
- Latest Funding Round: Series C, May 28, 2025, $*****
- Highlight: Editors' Pick

3. Replicate
Provider of a cloud-based open-source platform for machine learning models. Its users can create stable diffusion with styles like an open journey, analog diffusion, and realistic vision.
Key facts about Replicate
- Founded Year: 2018
- Location: Berkeley (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $57.8M
- Employee Count: 25 as on Aug 31, 2026
- Investors: Activation Fund, NVentures and 9 Others
- Latest Funding Round: Series B, Jun 28, 2023, $*****
- Highlight: Acquired

4. Bigeye
Cloud based platform for data quality. Offered products include Autometrics and Autothresholds, which helps to measure, monitor, and maintain the quality of data in an organization. It also provides integrations with external data sources such as Snowflake, Google BigQuery and PostgreSQL. It enables user access on a subscription based pricing model.
Key facts about Bigeye
- Founded Year: 2019
- Location: Orlando (United States)
- Stage: Series B
- Total Funding till date: $68.5M
- Employee Count: 62 as on Sep 30, 2026
- Investors: 645 Ventures, Costanoa and 8 Others
- Latest Funding Round: Series B, Dec 06, 2023, $*****
- Highlight: Editors' Pick

5. Census
Cloud based customer data management platform. The platform syncs the data from the data warehouse with CRM systems that support the marketing, and customer success teams. It enables users to develop audience segments, personalized omnichannel campaigns, and messaging across marketing platforms. Features include audience analysis, observability, and more.
Key facts about Census
- Founded Year: 2018
- Location: San Francisco (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $80.3M
- Employee Count: 127 as on Sep 30, 2026
- Investors: Green Bay Ventures, Tiger Global Management and 25 Others
- Latest Funding Round: Series B, Feb 09, 2022, $*****
- Highlight: Acquired
Unicorns in Activation Fund's Portfolio
Activation Fund has 1 unicorn in its portfolio - Hex. The most recent unicorn in their portfolio is Hex which became a unicorn in 2026.Here is a list of unicorns in Activation Fund's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
60 | Provider of Collaborative notebooks for developing applications | 2019 | San Francisco | Series D | qghacgj |
Acquired companies in Activation Fund's Portfolio
4 companies from Activation Fund's portfolio have been acquired. The most recent acquisition was Replicate in Nov 2025 by CloudFlare for $*****.Here are Activation Fund's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 18, 2025 | - | - | 3541 | |
May 05, 2025 | - | - | 6909 | |
May 02, 2025 | - | - | 8008 | |
Feb 08, 2023 | - | - | 8293 |
