About Second Alpha
Second Alpha is a venture capital firm founded in 2012. It is primarily based out of New York City, United States. As of Feb 2025, Second Alpha has invested in 25 companies. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and FinTech. Most recently it participated in the $***** Series B round of tvScientific Overall, Second Alpha portfolio has seen 4 unicorns, 2 IPOs and 12 acquisitions including key companies like User Testing, Strava and Coursera. A lot of funds co-invest with Second Alpha, with names like Link Ventures sharing a substantial percentage of its portfolio. Second Alpha has team of 9 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series B
Portfolio Unicorns
Portfolio Soonicorns
Second Alpha's List of Top Investments
Second Alpha has a portfolio of 25 companies, including 4 unicorns. Their most notable investments are in EverQuote and SmarterTravel.Their portfolio spans across United States, Canada and Singapore. They have invested in Enterprise Applications, Consumer, FinTech and 14 other sectors, across stages such as Series B stage. Here is the list of top investments by Second Alpha:
1. User Testing
Provider of platform for gathering and analyzing user experience feedback. The platform offers tools to target specific audiences and gather comprehensive testing data. It helps users analyze data to identify insights and measure performance. The platform also facilitates sharing and scaling insights across organizations.
Key facts about User Testing
- Founded Year: 2007
- Location: San Francisco (United States)
- Annual Revenue: £10M - £50M as on Dec 31, 2025
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $148M
- Employee Count: 1,859 as on Sep 30, 2026
- Investors: OpenView, Second Alpha and 15 Others
- Latest Funding Round: Grant (prize money), Nov 17, 2020, $*****
- Highlight: Acquired
2. Strava
Provider of application for tracking, analyzing, and sharing fitness activities. The application allows users to record activities and view performance data. It also enables users to connect with friends and discover routes, maps, and challenges. The application is compatible with mobile phones and GPS devices.
Key facts about Strava
- Founded Year: 2009
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $180M
- Employee Count: 999 as on Sep 30, 2026
- Investors: Founders Circle Capital, Dragoneer Investment Group and 12 Others
- Latest Funding Round: Conventional Debt, Jun 13, 2025, $*****
- Highlight: Editors' Pick
3. Coursera
Provider of online courses, professional certificates, and degree programs. The platform collaborates with universities and companies to deliver educational content. It offers opportunities for individuals to learn new skills and advance their careers. The platform provides learning resources for businesses to train their workforce.
Key facts about Coursera
- Founded Year: 2012
- Location: Mountain View (United States)
- Stage: Public
- Total Funding till date: $443M
- Employee Count: 6,667 as on Sep 30, 2026
- Investors: HTIF, Sprout Capital Partners and 49 Others
- Latest Funding Round: Series F, Jul 17, 2020, $*****
- Highlight: Public
4. DailyPay
Financial wellness and earned wage access platform that enables employees to access their earned pay on-demand. It integrates directly with employers’ existing payroll, HR, and workforce management systems, allowing workers to view and transfer portions of their accrued earnings in real time. It is positioned as a retention and engagement tool that helps attract and retain talent by offering greater financial flexibility without requiring major changes to payroll operations. It emphasizes seamless integration, enterprise-grade security, and minimal administrative overhead for businesses.
Key facts about DailyPay
- Founded Year: 2015
- Location: New York City (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $264M
- Employee Count: 1,037 as on Sep 30, 2026
- Investors: Section Partners, Access Industries and 47 Others
- Latest Funding Round: Conventional Debt, Oct 08, 2026, $*****
- Highlight: Editors' Pick
5. EverQuote
EverQuote provides an online comparison platform for automotive & other insurances. It offers quotes for health insurance, home insurance, life insurance, auto insurance, and more. Users can build their profiles, provide their car information, compare insurance providers, and connect with licensed agents.
Key facts about EverQuote
- Founded Year: 2011
- Location: Cambridge (United States)
- Annual Revenue: $500M - $1B as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $37.6M
- Employee Count: 435 as on Sep 30, 2026
- Investors: Oceanic Partners, Savano Capital Partners and 7 Others
- Latest Funding Round: Series B, Feb 22, 2017, $*****
- Highlight: Public
Second Alpha's Year-on-Year Investment Trends
Second Alpha has invested in 25 companies over the last 9 years, with an average of 0 new investment annually in the last 5 years. In 2025, it made 1 investment. Its most recent first time investment was in tvScientific and most recent follow-on round was in HealthCare.com.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 1 | 0 | 1 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 1 | 1 |
2021 | 2 | 1 | 3 |
2020 | 0 | 0 | 0 |
2019 | 1 | 0 | 1 |
2018 | 0 | 0 | 0 |
2017 | 1 | 0 | 1 |
Second Alpha's Investments by Stage
Second Alpha has made 5 investments in Series B stage with an average round size of $21.2M.Second Alpha's Investments by Sector
Second Alpha has a diverse portfolio, with companies operating in the Consumer, FinTech, InsurTech, Auto and Auto Tech. Notably, it has invested in 24 Tech companies, 20 Enterprise (B2B) companies, 18 Software companies and at least 13 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Consumer | 3 |
FinTech | 2 |
InsurTech | 2 |
Auto | 1 |
Auto Tech | 1 |
Others | 5 |
Note: We have considered here, only first round of investments
Second Alpha's Investments by Geography
Second Alpha has made most investments in United States (5).Second Alpha's recent investments
Second Alpha has not made any investment in 2026 so far.Here are the most recent investments by Second Alpha:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Feb 05, 2025 | United States | Series B | 3050 | ||
Feb 08, 2022 | United States | Series C | 5494 | ||
Dec 13, 2021 | United States | Series C | 7116 | ||
Oct 26, 2021 | United States | Series B | 2562 | [+4] | |
Sep 15, 2021 | United States | Series B | 4148 |
Unicorns in Second Alpha's Portfolio
Second Alpha has 4 unicorns in its portfolio - Prove, HealthCare.com, DailyPay and others. The most recent unicorn in their portfolio is Prove. It became a unicorn in 2023, 3 years before Second Alpha first invested in it.Here is a list of unicorns in Second Alpha's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
64 | Provider of digital identity verification and authentication solutions across various industries | 2008 | New York City | Series F | vvhlezy | ||
65 | Online insurance comparison platform for health insurances | 2006 | Miami | Series C | qu{rduq | ||
75 | Financial wellness and earned wage access platform that enables employees to access their earned pay on-demand | 2015 | New York City | Series D | cqnvvqq | ||
81 | Provider of application for tracking, analyzing, and sharing fitness activities | 2009 | San Francisco | Series G | voeccxr |
IPOs and Publicly Listed companies in Second Alpha's Portfolio
2 of Second Alpha's portfolio companies have become public. Coursera got listed on the New York Stock Exchange (NYSE), in Mar 2021 at marketcap of $4.3B and EverQuote got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $446M.Here are Second Alpha's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Mar 31, 2021 | - | - | 6544 | |
Jun 29, 2018 | Feb 22, 2017 | Series B | 2705 |
Acquired companies in Second Alpha's Portfolio
12 companies from Second Alpha's portfolio have been acquired. The most recent acquisition was Mirantis in May 2026 by IREN for $*****.Here are Second Alpha's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
May 05, 2026 | - | - | 5937 | |
Dec 30, 2025 | - | - | 8343 | |
Dec 11, 2025 | Feb 05, 2025 | Series B | 1760 | |
Jul 24, 2024 | - | - | 9470 | |
Feb 06, 2024 | - | - | 6020 |
Team profile of Second Alpha
Second Alpha has a team of 9 members including 2 Partners located in United States. Second Alpha's team does not sit on the board of any company as of now.Co-investors of Second Alpha
Over the past 9 years, 40 investors have co-invested in Second Alpha's portfolio companies. This includes funds and angels.
- Invested before Second Alpha: Savano Capital Partners, Stratim Capital and 26 others have invested in rounds before Second Alpha. There is 1 company where Savano Capital Partners has invested before Second Alpha and 1 company where Stratim Capital has invested before Second Alpha.
- Top Co-investors of Second Alpha: 8 investors entered a company along with Second Alpha. These include investors like Link Ventures (2 companies).
- Invested after Second Alpha: A total of 4 investors have invested in Second Alpha's portfolio after their investments. Top Investors include Oaktree Capital Management (1 company), Axis Capital (1 company) and Link Ventures (1 company).
Recent News related to Second Alpha
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tvScientific Raises $25.5M Series B to 10x the CTV Ad Market by Growing Performance TVhttps://martech360.com•Feb 05, 2025•tvScientific, NewRoad Capital Partners, Roku, Second Alpha and 3 others
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Second Alpha Raises Oversubscribed $170 Million Fund VGlobeNewswire•Feb 28, 2023•Second Alpha, FocusPoint, Willkie Farr & Gallagher
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HealthCare.com® Extends Previously Announced $180M Financing with Additional $31.5M Investment from Hildred CapitalBusiness Wire•Feb 08, 2022•HealthCare.com, Oaktree Capital Management, AXIS Capital, Second Alpha and 2 others
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HealthCare.com® Raises $180 Million in Oversubscribed Financing Round Led by OaktreeBusiness Wire•Dec 13, 2021•HealthCare.com, Oaktree Capital Management, AXIS Capital, Second Alpha and 1 other
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Bespoke Post raises USD40m in Series BPrivate Equity Wire•Oct 26, 2021•Bespoke Post, NewSpring, Savano Capital Partners, Second Alpha and 3 others
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Hopjump becomes SmarterTravel, raises $9.5MPhocusWire•Sep 16, 2021•SmarterTravel, Link Ventures, Second Alpha
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AXIS Capital invests in health insurtech firm HealthCare.comReinsurance News•Nov 06, 2019•HealthCare.com, AXIS Capital, CNO Financial Group, Second Alpha
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