About FOG Ventures
FOG Ventures is a venture capital firm founded in 2020. It is primarily based out of San Francisco, United States. As of Jun 2026, FOG Ventures is an active investor, having invested in 18 companies, with 2 new investments in the last 12 months. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to FinTech and High Tech. Most recently it participated in the $***** Series A round of Niural Overall, FOG Ventures portfolio has seen 5 unicorns and 5 acquisitions including key companies like Remote, Airbase and Pave. A lot of funds co-invest with FOG Ventures, with names like Gaingels sharing a substantial percentage of its portfolio. FOG Ventures has team of 61 people including 19 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 2 more
Portfolio Acquisitions
FOG Ventures' List of Top Investments
FOG Ventures has a portfolio of 18 companies, including 5 unicorns. Their most notable investmentis in PuzzleTheir portfolio spans across United States and Netherlands. They have invested in Enterprise Applications, FinTech, High Tech and 1 other sectors, across stages such as Series A, Seed and 2 more. Here is the list of top investments by FOG Ventures:1. Remote
Provider of employment infrastructure for payroll compliance and contractor management. This platform facilitates the hiring of personnel and the engagement of independent contractors. It manages employment contracts, tax filings, benefit administration, and regulatory compliance requirements. The system integrates with existing human resources software to automate payroll processing and data synchronization. It provides tools for candidate screening, device management, and the establishment of legal entities. The infrastructure supports the onboarding of staff and the conversion of contractors to permanent employment status.
Key facts about Remote
- Founded Year: 2019
- Location: Amsterdam (Netherlands)
- Annual Revenue: $1M - $10M as on Dec 31, 2022
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $506M
- Employee Count: 18,960 as on Aug 31, 2026
- Investors: Adams Street Partners, SoftBank Vision Fund and 27 Others
- Latest Funding Round: Series C, Apr 05, 2022, $*****
- Highlight: Editors' Pick
2. Airbase
Provider of a platform integrating human resources, finance, and information technology. The platform aims to connect these departments, allowing users to manage payroll and non-payroll spending through one system. This unified approach seeks to deliver real-time visibility and stronger financial controls. The platform offers interactive product tours for exploration of its modules.
Key facts about Airbase
- Founded Year: 2017
- Location: San Francisco (United States)
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $91M
- Employee Count: 297 as on Aug 31, 2026
- Investors: Goldman Sachs, Akkadian Ventures and 22 Others
- Latest Funding Round: Conventional Debt, Jul 15, 2022, $*****
- Highlight: Acquired
3. Pave
Provider of compensation management software for businesses of all sizes. The platform offers tools for benchmarking compensation, pricing jobs, managing salary ranges, and planning merit cycles. It also facilitates communication of total rewards. The software uses real-time data, machine learning, and artificial intelligence to inform pay decisions.
Key facts about Pave
- Founded Year: 2012
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $175M
- Employee Count: 298 as on Aug 31, 2026
- Investors: Hanover Capital, Felix Capital and 32 Others
- Latest Funding Round: Grant (prize money), 2024, $*****
- Highlight: Editors' Pick
4. Orb
Platform offering infrastructure monitoring solutions. It provides tools for invoicing, reporting, simulations, and pricing model management. It offers usage based billing that upscales developer first billing infrastructure. It also assists users in defining value matrics, encoding flexible usage based pricing models and calculating real time invoices and trends, and more.
Key facts about Orb
- Founded Year: 2019
- Location: San Francisco (United States)
- Stage: Acquired
- Total Funding till date: $44.1M
- Employee Count: 92 as on Aug 31, 2026
- Investors: Scribble Ventures, Greylock Partners and 16 Others
- Latest Funding Round: Series B, Sep 17, 2024, $*****
- Highlight: Acquired
5. Drata
Risk assessment and management solutions for enterprises. The product offers continuous security control monitoring, risk management, data security, and more. The features of the product include automated evidence collection, employee onboarding and offboarding, automated asset tracking, insights, reports and alerts, integrations, and more.
Key facts about Drata
- Founded Year: 2020
- Location: San Diego (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $328M
- Employee Count: 4,038 as on Aug 31, 2026
- Investors: Salesforce Ventures, TSG and 23 Others
- Latest Funding Round: Series C, Nov 21, 2022, $*****
- Highlight: Editors' Pick
FOG Ventures' Year-on-Year Investment Trends
FOG Ventures has invested in 18 companies over the last 5 years, with an average of 2 new investments annually in the last 5 years. In 2025, it made 2 investments, while as of Jun 2026, it has made 2 investments in this year. Its most recent first time investment was in Niural.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 2 | 0 | 2 |
2025 | 2 | 0 | 2 |
2024 | 0 | 0 | 0 |
2023 | 3 | 0 | 3 |
2022 | 1 | 0 | 1 |
2021 | 1 | 0 | 1 |
FOG Ventures' Investments by Stage
FOG Ventures has made 5 investments in Series A stage with an average round size of $15.6M, 2 investments in Seed stage with an average round size of $5.8M, 1 investment in Series B stage with an average round size of $70M and 1 investment in Series C stage with an average round size of $200M.Stage of entry | No. of Investments |
|---|---|
Series A | 5 |
Seed | 2 |
Series B | 1 |
Series C | 1 |
Note: We have considered here, only first round of investments
FOG Ventures' Investments by Sector
FOG Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, FinTech, Enterprise Infrastructure, Vertical SaaS and Artificial Intelligence - Industry Applications. Notably, it has invested in 16 Enterprise (B2B) companies, 16 Software companies, 16 Tech companies and at least 12 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 9 |
FinTech | 5 |
Enterprise Infrastructure | 3 |
Vertical SaaS | 2 |
Artificial Intelligence - Industry Applications | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
FOG Ventures' Investments by Geography
FOG Ventures has made most investments in United States (9).FOG Ventures' recent investments
FOG Ventures has made 2 investments in 2026 so far - Niural and BrevIo.Here are the most recent investments by FOG Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 03, 2026 | United States | Series A | 3294 | ||
Apr 23, 2026 | United States | Seed | 4484 | [+3] | |
Aug 06, 2025 | United States | Series B | 4301 | [+3] | |
Apr 24, 2025 | United States | Series A | 8763 | [+9] | |
Jun 27, 2023 | United States | Series A | 6921 | [+5] |
Unicorns in FOG Ventures' Portfolio
FOG Ventures has 5 unicorns in its portfolio - Rillet, Pave, Zip and others. The most recent unicorn in their portfolio is Rillet. It became a unicorn in 2026, 1 years after FOG Ventures first invested in it.Here is a list of unicorns in FOG Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
65 | AI-native ERP designed to automate accounting | 2021 | New York City | Series C | cpbwxay | ||
72 | Provider of compensation management software for businesses of all sizes | 2012 | San Francisco | Series C | tvhdupa | ||
65 | Provider of a platform for procurement orchestration, intake, and spend management | 2020 | San Francisco | Series D | fhwbtpn | ||
67 | Risk assessment and management solutions for enterprises | 2020 | San Diego | Series C | mhvmbpt | ||
77 | Provider of employment infrastructure for payroll compliance and contractor management | 2019 | Amsterdam | Series C | grdwosp |
Acquired companies in FOG Ventures' Portfolio
5 companies from FOG Ventures' portfolio have been acquired. The most recent acquisition was Orb in Jun 2026 by Adyen for $*****.Here are FOG Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 11, 2026 | Mar 29, 2023 | Series A | 7296 | |
Sep 16, 2025 | Jun 27, 2023 | Series A | 1612 | |
Sep 04, 2024 | - | - | 9935 | |
Dec 01, 2023 | Mar 23, 2021 | Seed | 3586 | |
Aug 01, 2023 | - | - | 6862 |
Team profile of FOG Ventures
FOG Ventures has a team of 61 members including 19 Partners and 2 Principals located in United States, Australia and 1 more location. FOG Ventures' team sits on the board of 1 company.Here is a list of top team members in FOG Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | - | - | - | |
Partner | San Francisco | - | ||
Partner | - | - | ||
Partner | San Francisco | - | ||
Partner | Sydney | - | - | |
Partner | San Francisco | - | ||
Partner | United States | - | ||
Partner | San Francisco | - | ||
Partner | Bloomington | - | ||
Partner | Salt Lake City | - | ||
Partner | New York City | - | - |
Co-investors of FOG Ventures
Over the past 5 years, 97 investors have co-invested in FOG Ventures's portfolio companies. This includes funds and angels.
- Invested before FOG Ventures: First Round Capital, SVCI and 35 others have invested in rounds before FOG Ventures. There are 2 companies where First Round Capital has invested before FOG Ventures and 1 company where SVCI has invested before FOG Ventures.
- Top Co-investors of FOG Ventures: 50 investors entered a company along with FOG Ventures. These include investors like Gaingels (3 companies).
- Invested after FOG Ventures: A total of 10 investors have invested in FOG Ventures's portfolio after their investments. Top Investors include Mayfield (1 company), Uncorrelated Ventures (1 company) and IconiQ (1 company).
Recent News related to FOG Ventures
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Global Payroll and Benefits Platform Lands $52MHrtechfeed•Jun 23, 2026•Niural, FOG Ventures, NewView Capital
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Brev raises $3.3 million to create a native AI layer that connects business goals with workBusiness Wire•Apr 24, 2026•BrevIo, shuckerVC, FOG Ventures, Duro Ventures and 2 others
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A16z joins AI ERP firm’s $70m series BTech in Asia•Aug 06, 2025•Rillet, Iconiq Capital, Andreessen Horowitz, Sequoia Capital and 2 others
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AI accounting startup Rillet secures $70M in funding led by Andreessen Horowitz and ICONIQTechStartups.com•Aug 06, 2025•Rillet, Sequoia Capital, FOG Ventures, Iconiq Capital and 10 others
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Tabs Raises $25M in Series A FundingFinSMEs•Oct 30, 2024•Tabs, General Catalyst, Primary Venture Partner, Lightspeed and 2 others
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Recruiting Intelligence Tool Raises $13 million Series AHrtechfeed•Jun 27, 2023•Datapeople, GreatPoint Ventures, New Markets Venture Partners, First Round Capital and 4 others
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California-based software development startup Orb raises USD 14 million in Series A fundingVcbay News•Mar 31, 2023•Orb, Greylock Partners, Menlo Ventures, Asana and 14 others
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B2B product pricer "Orb" received $ 19.1 million in financingCui Niuhui•Mar 30, 2023•, Greylock Partners, base case, Scribble Ventures and 8 others
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Puzzle is building a modern accounting package for today’s API-enabled startupsTechCrunch+•Feb 16, 2023•Puzzle, General Catalyst, FOG Ventures, XYZ Venture Capital and 6 others
