About Operator Stack
Operator Stack is a venture capital firm founded in 2019. It is primarily based out of San Francisco, United States. As of Feb 2026, Operator Stack is an active investor, having invested in 36 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 Copla Overall, Operator Stack portfolio has seen 4 unicorns and 6 acquisitions including key companies like NIUM, Blockdaemon and Outgo. A lot of funds co-invest with Operator Stack, with names like Lachlan Groom sharing a substantial percentage of its portfolio. Operator Stack has team of 8 people including 3 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 2 more
Portfolio Unicorns
Portfolio Soonicorns
Operator Stack's List of Top Investments
Operator Stack has a portfolio of 36 companies, including 4 unicorns. Their most notable investments are in NIUM and Bluedot.Their portfolio spans across United States, Canada, Singapore and 5 more locations. They have invested in Enterprise Applications, FinTech, High Tech and 15 other sectors, across stages such as Series A, Seed and 2 more. Here is the list of top investments by Operator Stack:
1. NIUM
Cross-border money transfer solutions for businesses. It provides tools to assist in sending, receiving, and making payments. It offers remittance-as-a-service technology to businesses in the fin-tech, travel, e-commerce, and banking sectors. It also offers APIs to support reporting, tracking, book-keeping, reconciliation, invoicing, and compliance solutions.
Key facts about NIUM
- Founded Year: 2014
- Location: Singapore (Singapore)
- Annual Revenue: SGD 100M - 500M as on Dec 31, 2023
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $312M
- Employee Count: 1,052 as on Apr 30, 2026
- Investors: GIC, Temasek and 35 Others
- Latest Funding Round: Series E, Jun 05, 2024, $*****
- Highlight: Editors' Pick
2. Cardless
Credit cards for consumers. It provides customers with a reward-based payment card that can be used at any online or offline purchase, featuring various cashback and offers. It offers a Cardless app, where consumers can track purchases, make payments, and select multiple rewards.
Key facts about Cardless
- Founded Year: 2019
- Location: San Francisco (United States)
- Stage: Series C
- Total Funding till date: $150M
- Employee Count: 66 as on Apr 30, 2026
- Investors: Mubadala, Greycroft and 18 Others
- Latest Funding Round: Series C, Sep 22, 2025, $*****
- Highlight: Editors' Pick
Cloud based data privacy and security management solutions. The platform provides solutions such as PCI compliance, API tokenization, payments orchestrations, card issuances, card attributes, network tokens, bank payments, omni-channel loyalty, and more. It caters to various industries such as restaurants, financial institutions, and more.
Key facts about Very Good Security
- Founded Year: 2015
- Location: San Francisco (United States)
- Stage: Series C
- Total Funding till date: $104M
- Employee Count: 458 as on Apr 30, 2026
- Investors: Goldman Sachs Investment Partners, Graph Ventures and 15 Others
- Latest Funding Round: Series C, Dec 18, 2020, $*****
- Highlight: Editors' Pick
4. Blockdaemon
Blockchain-based infrastructure for node deployment and management. It offers a cloud-based infrastructure to implement and deploy distributed ledger blockchain nodes for companies and enable them to run private and public blockchains. The technology allows businesses to build their own multichain and multi-cloud networks for blockchain deployment.
Key facts about Blockdaemon
- Founded Year: 2017
- Location: Los Angeles (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $468M
- Employee Count: 217 as on Apr 30, 2026
- Investors: Saints Capital, Sapphire Ventures and 53 Others
- Latest Funding Round: Series C, Aug 28, 2022, $*****
- Highlight: Editors' Pick
5. Copper
Digital bank for teens. Its services include debit cards, online/offline purchases, money transfers, cash withdrawals, bill payments, and more. It also offers an app-based platform for managing card payments. App is available on iOS and Android devices.
Key facts about Copper
- Founded Year: 2012
- Location: Seattle (United States)
- Stage: Series A
- Total Funding till date: $42.3M
- Employee Count: 44 as on Apr 30, 2026
- Investors: Western Technology Investment, Index Ventures and 24 Others
- Latest Funding Round: Series A, Apr 26, 2022, $*****
- Highlight: Editors' Pick
Operator Stack's Year-on-Year Investment Trends
Operator Stack has invested in 36 companies over the last 5 years, with an average of 3 new investments annually in the last 5 years. In 2025, it made 2 investments, while as of Feb 2026, it has made 1 investment in this year. Its most recent first time investment was in Copla and most recent follow-on round was in Nue.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 2 | 0 | 2 |
2024 | 1 | 1 | 2 |
2023 | 5 | 0 | 5 |
2022 | 5 | 0 | 5 |
2021 | 1 | 0 | 1 |
Operator Stack's Investments by Stage
Operator Stack has made 7 investments in Series A stage with an average round size of $12.8M, 4 investments in Seed stage with an average round size of $8.25M, 3 investments in Series B stage with an average round size of $33M and 1 investment in Series D stage with an average round size of $2.96M.Stage of entry | No. of Investments |
|---|---|
Series A | 7 |
Seed | 4 |
Series B | 3 |
Series D | 1 |
Note: We have considered here, only first round of investments
Operator Stack's Investments by Sector
Operator Stack has a diverse portfolio, with companies operating in the Enterprise Applications, FinTech, Consumer, Transportation and Logistics Tech and Vertical SaaS. Notably, it has invested in 36 Tech companies, 30 Enterprise (B2B) companies, 27 Software companies and at least 15 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 12 |
FinTech | 8 |
Consumer | 6 |
Transportation and Logistics Tech | 5 |
Vertical SaaS | 4 |
Others | 15 |
Note: We have considered here, only first round of investments
Operator Stack's Investments by Geography
Operator Stack has made most investments in United States (11), followed by Singapore where it has made 2 investments.Country | No. of Investments |
|---|---|
United States | 11 |
Singapore | 2 |
Canada | 1 |
Kenya | 1 |
Lithuania | 1 |
Note: We have considered here, only first round of investments
Operator Stack's recent investments
Operator Stack has made 1 investments in 2026 so far - Copla.Here are the most recent investments by Operator Stack:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Feb 19, 2026 | Lithuania | Series A | 3319 | [+5] | |
Jun 12, 2025 | United States | Series A | 9594 | [+11] | |
Feb 20, 2025 | United States | Seed | 7513 | [+7] | |
Dec 17, 2024 | United States | Series A | 6342 | [+4] | |
Dec 02, 2024 | United States | Series A | 9003 | [+4] |
Unicorns in Operator Stack's Portfolio
Operator Stack has 4 unicorns in its portfolio - Unit, Blockdaemon, NIUM and others. The most recent unicorn in their portfolio is Unit. It became a unicorn in 2022, 4 years before Operator Stack first invested in it.Here is a list of unicorns in Operator Stack's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
53 | Open banking API solution | 2019 | Tel Aviv | Series C | ihmdzjw | ||
66 | Blockchain-based infrastructure for node deployment and management | 2017 | Los Angeles | Series C | oyypibr | ||
78 | Cross-border money transfer solutions for businesses | 2014 | Singapore | Series E | hkgvfbu | ||
63 | Provider of cloud computing and enterprise software solutions | 2017 | New York City | Series C | gqiw{nd |
Acquired companies in Operator Stack's Portfolio
6 companies from Operator Stack's portfolio have been acquired. The most recent acquisition was Parade in Mar 2026 by Mudflap for $*****.Here are Operator Stack's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 12, 2026 | Sep 14, 2023 | Series B | 6633 | |
Aug 07, 2025 | - | - | 6417 | |
May 15, 2025 | 2023 | Series B | 7313 | |
Feb 26, 2025 | Feb 28, 2022 | Series A | 9735 | |
Jul 29, 2024 | - | - | 1263 |
Team profile of Operator Stack
Operator Stack has a team of 8 members including 3 Partners and 3 Principals located in United States. Operator Stack's team does not sit on the board of any company as of now.Here is a list of all team members in Operator Stack:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | San Francisco | - | - | |
Partner | Los Altos | - | - | |
Partner | Seattle | - | - | |
Principal | Scottsdale | - | - | |
Principal | San Francisco | - | - | |
Principal | New York | - | - |
Co-investors of Operator Stack
Over the past 5 years, 186 investors have co-invested in Operator Stack's portfolio companies. This includes funds and angels.
- Invested before Operator Stack: Y Combinator, Rocket Internet and 67 others have invested in rounds before Operator Stack. There are 3 companies where Y Combinator has invested before Operator Stack and 2 companies where Rocket Internet has invested before Operator Stack.
- Top Co-investors of Operator Stack: 103 investors entered a company along with Operator Stack. These include investors like Lachlan Groom (1 company).
- Invested after Operator Stack: A total of 14 investors have invested in Operator Stack's portfolio after their investments. Top Investors include NewView Capital (1 company), Tribe Capital (1 company) and Bond Venture Partners (1 company).
Recent News related to Operator Stack
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Copla Secures €6M Series A To Boost EU Regulatory ComplianceStartup Rise EU•Feb 19, 2026•Copla, , Specialist, Operator Stack and 5 others
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Parento Raises $5.9M in Seed II FundingFinSMEs•Sep 09, 2025•Evidenced, Springbank Distillers, Resilience, Coyote Ventures and 15 others
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Nue reels in $20M for its revenue management platformSiliconAngle•Jan 28, 2025•Nue, Inovia Capital, Information Venture Partners, Bluefish Capital and 3 others
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Nue Raises $20m In Series A FundingFinSMEs•Jan 28, 2025•Nue, Inovia Capital, Information Venture Partners, Bluefish Capital and 3 others
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Vooma Scores Over $16 Million in Seed and Series A Funding Led by Index and Craft VenturesAiThority•Dec 02, 2024•Vooma, Craft Ventures, Index Ventures, GoMotive and 7 others
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Freight fintech startup Outgo raises $15M to help trucking carriers access cash quicklyGeekWire•Sep 24, 2024•Outgo, Gradient Ventures, Construct Capital, Neo and 5 others
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Distributional Raises $11M Seed Round led by Andreessen HorowitzSilicon Valley Journals•Dec 15, 2023•Distributional, Andreessen Horowitz, Operator Stack, Point72 Ventures and 5 others
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Parade's AI-Driven Platform Nabs $17M to Empower Freight Brokers at ScaleNewswire•Sep 14, 2023•Parade, I Squared, Menlo Ventures, GreenHawk and 12 others
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Bluedot Secures $5M in Total FundingFinSMEs•Jun 30, 2023•Bluedot, Y Combinator, Samsara Ventures, Operator Stack and 9 others
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Nue.io Seed Round to Help Companies Respond to a Dynamic Economy with Innovative Pricing, Sales, and Finance ToolsSilicon Valley Journals•May 24, 2023•Nue, Bluefish Capital, Penny Jar, NJP Ventures. and 3 others
