About Formulate Ventures
Formulate Ventures is a venture capital firm founded in 2021. It is primarily based out of San Francisco, United States. As of Sep 2023, Formulate Ventures has invested in 40 companies. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and FinTech. Most recently it participated in the $***** Seed round of 0xPass Overall, Formulate Ventures portfolio has seen 2 unicorns, 1 IPO and 7 acquisitions including key companies like Pine Labs, Graft and Ikigai. A lot of funds co-invest with Formulate Ventures, with names like Google Ventures sharing a substantial percentage of its portfolio. Formulate Ventures has team of 1 people including 1 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed & Series A
Portfolio IPOs
Formulate Ventures' List of Top Investments
Formulate Ventures has a portfolio of 40 companies, including 2 unicorns. Their most notable investmentis in 0xPassTheir portfolio spans across United States, Canada, Germany and 1 more locations. They have invested in Enterprise Applications, High Tech, FinTech and 16 other sectors, across stages such as Seed, Series A stages. Here is the list of top investments by Formulate Ventures:
1. Pine Labs
Provider of in-store and online payment, prepaid, and financial solutions. It offers products, solutions, and resources for developers. The company focuses on payment processing and related financial infrastructure.
Key facts about Pine Labs
- Founded Year: 1998
- Location: Noida (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $1.23B
- Employee Count: 3,535 as on Jul 31, 2025
- Investors: Fidelity Investments, Marshall Wace and 187 Others
- Latest Funding Round: Series F, 2022, $*****
- Highlight: Public
2. Graft
Developer of an AI platform for enterprise knowledge management and search. The platform connects to various data sources, providing relevant answers and insights to improve engineering workflows. It refines requirements, aids in design decisions, and enhances onboarding through conversational AI. The platform offers secure, private answers with citations and adapts to individual user preferences.
Key facts about Graft
- Founded Year: 2021
- Location: San Francisco (United States)
- Stage: Acquired
- Total Funding till date: $29M
- Employee Count: 17 as on Dec 31, 2022
- Investors: Google Ventures, Essence VC and 5 Others
- Latest Funding Round: Seed, Jul 26, 2023, $*****
- Highlight: Acquired
3. Dover
Online recruitment platform for enterprises. The platform offers features such as Slack support, ATS integrations, schedule management, performance report creation, and consultation on the job description. It also offers various tools such as diversity audit, one soft landing, JD rewriter, rejection emails, and recruiting emails.
Key facts about Dover
- Founded Year: 2019
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $20.2M
- Employee Count: 128 as on Aug 31, 2026
- Investors: Abstract Ventures, Tiger Global Management and 5 Others
- Latest Funding Round: Series A, Jul 19, 2021, $*****
- Highlight: Editors' Pick
4. Ikigai
Developer of an AI platform providing forecasting and planning capabilities. The platform offers time series forecasting, scenario planning, and data connection. It delivers solutions to business users, data scientists, and IT professionals. The platform supports industries such as retail, manufacturing, and financial services.
Key facts about Ikigai
- Founded Year: 2019
- Location: San Francisco (United States)
- Stage: Acquired
- Total Funding till date: $38.2M
- Employee Count: 119 as on Jul 31, 2026
- Investors: Foundation Capital, Premji Invest and 5 Others
- Latest Funding Round: Series A, Aug 18, 2023, $*****
- Highlight: Acquired
5. Monad
Key facts about Monad
- Founded Year: 2022
- Location: Chicago (United States)
- Valuation: $*****
- Stage: Seed
- Total Funding till date: $19M
- Employee Count: 72 as on Aug 31, 2026
- Investors: Paradigm, Placeholder and 16 Others
- Latest Funding Round: Seed, Feb 14, 2023, $*****
- Highlight: Editors' Pick
Formulate Ventures' Year-on-Year Investment Trends
Formulate Ventures has invested in 40 companies over the last 5 years, with an average of 1 new investment annually in the last 5 years. Its most recent first time investment was in 0xPass.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 1 | 0 | 1 |
2022 | 2 | 0 | 2 |
2021 | 2 | 0 | 2 |
Formulate Ventures' Investments by Stage
Formulate Ventures has made 4 investments in Seed stage with an average round size of $3.02M and 1 investment in Series A stage with an average round size of $10M.Stage of entry | No. of Investments |
|---|---|
Seed | 4 |
Series A | 1 |
Note: We have considered here, only first round of investments
Formulate Ventures' Investments by Sector
Formulate Ventures has a diverse portfolio, with companies operating in the Blockchain - Industry Applications, Blockchain Technology, Business Services, Enterprise Applications and FinTech. Notably, it has invested in 35 Tech companies, 30 Enterprise (B2B) companies, 22 Software companies and at least 15 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Blockchain - Industry Applications | 2 |
Blockchain Technology | 2 |
Business Services | 2 |
Enterprise Applications | 2 |
FinTech | 2 |
Others | 2 |
Note: We have considered here, only first round of investments
Formulate Ventures' Investments by Geography
Formulate Ventures has made most investments in United States (5).Formulate Ventures' recent investments
Formulate Ventures has not made any investment in 2026 so far.Here are the most recent investments by Formulate Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 11, 2023 | United States | Seed | 5191 | [+6] | |
Jun 24, 2022 | United States | Seed | 4407 | [+7] | |
May 11, 2022 | United States | Seed | 1741 | [+3] | |
Nov 30, 2021 | United States | Seed | 5949 | ||
Sep 15, 2021 | United States | Series A | 3022 | [+5] |
Unicorns in Formulate Ventures' Portfolio
Formulate Ventures has 2 unicorns in its portfolio - Avoca and Slash. The most recent unicorn in their portfolio is Avoca. It became a unicorn in 2026.Here is a list of unicorns in Formulate Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
53 | Provider of an AI-based customer assistant solutions for local businesses | 2022 | New York City | Series B | iiuiqgu | ||
59 | Provider of financial services for high-spending businesses | 2019 | San Francisco | Series C | dptyrfh |
IPOs and Publicly Listed companies in Formulate Ventures' Portfolio
1 of Formulate Ventures' portfolio company became public - Pine Labs. It got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), in Nov 2025 at marketcap of $2.86BHere are Formulate Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 14, 2025 | - | - | 3202 |
Acquired companies in Formulate Ventures' Portfolio
7 companies from Formulate Ventures' portfolio have been acquired. The most recent acquisition was Flipturn in Jul 2026 by Einride for $*****.Here are Formulate Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 21, 2026 | - | - | 4977 | |
May 12, 2026 | - | - | 1628 | |
Oct 22, 2025 | May 11, 2022 | Seed | 8563 | |
Sep 23, 2024 | - | - | 9525 | |
Apr 15, 2024 | - | - | 2907 |
Team profile of Formulate Ventures
Formulate Ventures has a team of 1 member located in United States. Formulate Ventures' team does not sit on the board of any company as of now.Co-investors of Formulate Ventures
Over the past 5 years, 34 investors have co-invested in Formulate Ventures's portfolio companies. This includes funds and angels.
- Invested before Formulate Ventures: Naval Ravikant, Steve Kokinos and 2 others have invested in rounds before Formulate Ventures. There is 1 company where Naval Ravikant has invested before Formulate Ventures and 1 company where Steve Kokinos has invested before Formulate Ventures.
- Top Co-investors of Formulate Ventures: 29 investors entered a company along with Formulate Ventures. These include investors like Google Ventures (1 company).
- Invested after Formulate Ventures: Radical Ventures (1 company) is the only investor which has invested in Formulate Ventures's portfolio after their investments.
Recent News related to Formulate Ventures
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SolveAI Secures $50M to empower employees to create enterprise software without codingStartup Rise EU•Feb 26, 2026•Google Ventures, Accel, Solve, Enrission India Capital and 11 others
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Makelog Raises $3M in Seed FundingFinSMEs•Jun 24, 2022•Makelog, Accel, Formulate Ventures, Alumni Ventures and 3 others
•
Graft Raises $4.5M in Pre-Seed FundingFinSMEs•May 11, 2022•Graft, Google Ventures, New Enterprise Associates, Essence VC and 2 others
•
Algofi: Raises $2.8M in Seed FundingFintechinshorts•Dec 02, 2021•Algofi, Union Square Ventures, Arrington XRP Capital, Pillar VC and 3 others
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Crypto lending platform Algofi raises £2.1m before December launchPeer2Peer Finance News•Nov 30, 2021•Algofi, Union Square Ventures, Arrington XRP Capital, Pillar VC and 4 others
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Floating Point Group Raises $10M in Series A FundingFinSMEs•Sep 16, 2021•Floating Point Group, Tribe Capital, Coinbase, Borderless Capital and 6 others
