About Northgate Capital
Northgate Capital is a venture capital firm founded in 2000. It is primarily based out of San Francisco, United States. As of Nov 2025, Northgate Capital has invested in 117 companies. It primarily invests in Series C round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Enterprise Infrastructure and High Tech. Most recently it participated in the $***** Series E round of Carbon Overall, Northgate Capital portfolio has seen 5 unicorns, 8 IPOs and 70 acquisitions including key companies like Coupa, Netlify and Palo Alto Networks. A lot of funds co-invest with Northgate Capital, with names like DAG Ventures sharing a substantial percentage of its portfolio. Northgate Capital has team of 37 people including 13 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series C, Series B & 6 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Soonicorns
Northgate Capital's List of Top Investments
Northgate Capital has a portfolio of 117 companies, including 5 unicorns. Their most notable investments are in SuVolta and Quinio.Their portfolio spans across United States, Mexico, Canada and 2 more locations. They have invested in Enterprise Applications, Enterprise Infrastructure, High Tech and 24 other sectors, across stages such as Series C, Series B and 6 more. Here is the list of top investments by Northgate Capital:
1. Coupa
Provider of cloud-based business spend management platform leveraging AI to help companies achieve visibility, control, and optimization of total spend. It features solutions for spending management, procurement invoice automation, sourcing, travel and expense management, inventory optimization, contract management, spend analysis, data visualization, payment automation, compliance, and supplier management. It caters to multiple sectors like healthcare, hospitality, life sciences, and manufacturing.
Key facts about Coupa
- Founded Year: 2006
- Location: San Mateo (United States)
- Annual Revenue: $725M as on Jan 31, 2022
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $169M
- Employee Count: 3,664 as on Mar 31, 2026
- Investors: Meritech, Rally Ventures and 18 Others
- Latest Funding Round: Post IPO, Jun 11, 2020, $*****
- Highlight: Acquired
2. Netlify
Provider of a platform for web application development and deployment. It offers tools for building, deploying, and scaling web applications. The platform includes features such as serverless functions, data storage, and image optimization. It supports various frameworks and integrates with development tools.
Key facts about Netlify
- Founded Year: 2013
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $212M
- Employee Count: 182 as on Mar 31, 2026
- Investors: Menlo Ventures, Bond Capital and 21 Others
- Latest Funding Round: Series D, Nov 17, 2021, $*****
- Highlight: Editors' Pick
Provider of cybersecurity platforms, threat intelligence, and incident response services. The business delivers network and cloud security, along with security operations platforms. It offers threat intelligence and incident response to guide before, during, and after incidents. The business provides solutions to secure networks, clouds, and applications.
Key facts about Palo Alto Networks
- Founded Year: 2005
- Location: Santa Clara (United States)
- Annual Revenue: $9.22B as on Jul 31, 2025
- Stage: Public
- Total Funding till date: $65.7M
- Employee Count: 18,565 as on Jan 07, 2026
- Investors: Japan Asia Investment, Bain Capital Ventures and 24 Others
- Latest Funding Round: Post IPO, Aug 15, 2018, $*****
- Highlight: Public
4. Upwork
Provider of freelance marketplace connecting businesses with independent talents. It offers an AI powered suggestions, screening questions, and boosted proposals for visibility, built-in tool with screenshots and activity logs for hourly work transparency . It provides in-app messaging, file sharing, video calls, and mobile apps for iOS and Android.
Key facts about Upwork
- Founded Year: 1999
- Location: San Francisco (United States)
- Annual Revenue: $439M as on Dec 31, 2024
- Stage: Public
- Total Funding till date: $74M
- Employee Count: 2 as on Dec 31, 2024
- Investors: Section Partners, Savano Capital Partners and 24 Others
- Latest Funding Round: Post IPO, Aug 10, 2021, $*****
- Highlight: Public
5. TeamSnap
TeamSnap is a provider of cloud-based sports league and team management solutions. Its features include team scheduling, registration management, invoicing, tournament management, club & team management, and more. Its mobile app is available on the Android and iOS platforms.
Key facts about TeamSnap
- Founded Year: 2009
- Location: Boulder (United States)
- Stage: Acquired
- Total Funding till date: $52.5M
- Employee Count: 115 as on Dec 31, 2022
- Investors: Toba Capital, Colorado Impact Fund and 13 Others
- Latest Funding Round: Conventional Debt, May 07, 2020, $*****
- Highlight: Acquired
Northgate Capital's Year-on-Year Investment Trends
Northgate Capital has invested in 119 companies over the last 19 years, with an average of 2 new investments annually in the last 10 years. In 2025, it made 1 investment. Its most recent first time investment was in Covariant and most recent follow-on round was in Carbon.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 1 | 1 |
2024 | 0 | 0 | 0 |
2023 | 2 | 0 | 2 |
2022 | 3 | 2 | 5 |
2021 | 2 | 2 | 4 |
2020 | 2 | 2 | 4 |
2019 | 0 | 1 | 1 |
2018 | 3 | 3 | 6 |
2017 | 1 | 0 | 1 |
Northgate Capital's Investments by Stage
Northgate Capital is primarily an Late Stage Investor investor majorly investing in Series C (24) rounds where average round size is $848M, Series B (18) rounds where average round size is $300M and Series A (12) rounds where average round size is $201M.Stage of entry | No. of Investments |
|---|---|
Series C | 24 |
Series B | 18 |
Series A | 12 |
Series E | 8 |
Series D | 7 |
Others | 7 |
Note: We have considered here, only first round of investments
Northgate Capital's Investments by Sector
Northgate Capital has a diverse portfolio, with companies operating in the Enterprise Applications, Enterprise Infrastructure, Consumer, High Tech and FinTech. Notably, it has invested in 101 Tech companies, 92 Enterprise (B2B) companies, 78 Software companies and at least 48 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 47 |
Enterprise Infrastructure | 23 |
Consumer | 11 |
High Tech | 10 |
FinTech | 5 |
Others | 50 |
Note: We have considered here, only first round of investments
Northgate Capital's Investments by Geography
Northgate Capital has made most investments in United States (71), followed by Mexico where it has made 4 investments.Country | No. of Investments |
|---|---|
United States | 71 |
Mexico | 4 |
United Kingdom | 1 |
Note: We have considered here, only first round of investments
Northgate Capital's recent investments
Northgate Capital has not made any investment in 2026 so far.Here are the most recent investments by Northgate Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Nov 12, 2025 | United States | Series E | 7080 | [+4] | |
Apr 04, 2023 | United States | Series C | 5082 | [+4] | |
Jan 05, 2023 | United States | Series A | 6348 | [+6] | |
Nov 03, 2022 | Mexico | Series A | 1323 | [+4] | |
Nov 02, 2022 | United States | Series C | 5258 | [+7] |
Unicorns in Northgate Capital's Portfolio
Northgate Capital has 5 unicorns in its portfolio - Egnyte, Invoca, Netlify and others. The most recent unicorn in their portfolio is Egnyte. It became a unicorn in 2025, 11 years after Northgate Capital first invested in it.Here is a list of unicorns in Northgate Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
73 | Platform that offers data governance and file sharing solutions | 2006 | Mountain View | Series F | ehzwpuk | ||
71 | Developer of conversation analytics software for marketing, sales, and contact centers | 2008 | Santa Barbara | Series F | zzhmfhi | ||
85 | Provider of a platform for web application development and deployment | 2013 | San Francisco | Series D | rvfkypl | ||
70 | Provider of revenue operations platform | 2013 | Sunnyvale | Series F | oeplnhs | ||
69 | Provider of three-dimensional printing services using design software and advanced materials | 2013 | Redwood City | Series E | ytjcnyy |
IPOs and Publicly Listed companies in Northgate Capital's Portfolio
8 of Northgate Capital's portfolio companies have become public. Rigetti Computing got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Mar 2022 and BuildDirect got listed on the Toronto Stock Exchange - Venture Exchange (TSX-V) at marketcap of undefined.Here are Northgate Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 02, 2022 | Feb 28, 2020 | Series C | 1603 | |
Aug 18, 2021 | - | - | 1980 | |
Oct 03, 2018 | - | - | 6440 | |
Jun 12, 2018 | - | - | 3335 | |
Oct 10, 2012 | - | - | 4770 |
Acquired companies in Northgate Capital's Portfolio
70 companies from Northgate Capital's portfolio have been acquired. The most recent acquisition was Scale Computing in Jul 2025 by Acumera for $*****.Here are Northgate Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 31, 2025 | Nov 23, 2010 | Series C | 5617 | |
Dec 10, 2024 | - | - | 5657 | |
Oct 17, 2024 | Sep 05, 2013 | Series E | 9050 | |
May 29, 2024 | Aug 17, 2021 | Series D | 1046 | |
May 06, 2024 | - | - | 6934 |
Team profile of Northgate Capital
Northgate Capital has a team of 37 members including 13 Partners and 3 Principals located in Mexico, United States and 2 more locations. Northgate Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Northgate Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Menlo Park | - | ||
Partner | San Francisco | - | ||
Partner | Mexico City | - | ||
Partner | Mexico City | - | ||
Partner | Mexico City | - | ||
Partner | Naucalpan de Juarez | - | ||
Partner | - | - | ||
Partner | London | - | ||
Partner | United States | - | ||
Partner | Miguel Hidalgo | - | ||
Partner | Mexico City | - |
Co-investors of Northgate Capital
Over the past 19 years, 478 investors have co-invested in Northgate Capital's portfolio companies. This includes funds and angels.
- Invested before Northgate Capital: Sequoia Capital, Mohr Davidow Ventures and 191 others have invested in rounds before Northgate Capital. There are 18 companies where Sequoia Capital has invested before Northgate Capital and 7 companies where Mohr Davidow Ventures has invested before Northgate Capital.
- Top Co-investors of Northgate Capital: 124 investors entered a company along with Northgate Capital. These include investors like DAG Ventures (8 companies).
- Invested after Northgate Capital: A total of 161 investors have invested in Northgate Capital's portfolio after their investments. Top Investors include National Science Foundation (3 companies), Wellington (3 companies) and OSTI (3 companies).
Recent News related to Northgate Capital
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Sequoia Capital joins $60m round in US manufacturing firm CarbonTech in Asia•Nov 13, 2025•Sequoia Capital, Carbon, Silver Lake, adidas and 5 others
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Northgate agrees rescue partner contract with Green FlagFleetworld•Mar 04, 2025•Northgate Capital, Green Flag
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Trevor Thomas Acquires 70,000 Shares of Amarc Resources Ltd. (CVE:AHR) Stockinsidertrades.com•Feb 26, 2025•Amarc Resources, Northgate Capital, Centerra Gold, Boliden
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Northgate supports ‘One Road’ fleet initiative with senior promotionsFleetworld•Dec 09, 2024•Northgate Capital
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Northgate’s Spencer Davi Promoted To Uk Sales Director RoleFleetworld•Jun 19, 2024•Northgate Capital
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Northgate Flexible Renting appoints Pedro Carrascal Human Resources DirectorEl Confidencial Digital•Apr 08, 2024•Northgate Capital
