About Tomales Bay Capital
Tomales Bay Capital is a venture capital firm founded in 2014. It is primarily based out of San Francisco, United States. As of Jun 2026, Tomales Bay Capital has invested in 6 companies. It primarily invests in Series B round in India based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Mobile. Most recently it participated in the $***** Series B round of Equal AI Overall, Tomales Bay Capital portfolio has seen 2 unicorns, namely Thehive and Extend. A lot of funds co-invest with Tomales Bay Capital, with names like Blume Venture sharing a substantial percentage of its portfolio. Tomales Bay Capital has team of 2 people.Key Metrics
Tomales Bay Capital's List of Top Investments
Tomales Bay Capital has a portfolio of 6 companies, including 2 unicorns. Their most notable investments are in Thehive and Equal.Their portfolio spans across India and United States. They have invested in Enterprise Applications, High Tech, Mobile and 5 other sectors, across stages such as Series C, Series A and 1 more. Here is the list of top investments by Tomales Bay Capital:
1. Zupee
Developer of digital board games and skill based mobile applications. The software provides various game formats including board games and card games for mobile and desktop devices. These applications utilize random number generation to determine outcomes and allow participants to engage in competitive matches. The software is accessible through digital application stores and supports multiple operating systems.
Key facts about Zupee
- Founded Year: 2018
- Location: Gurugram (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2024
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $122M
- Employee Count: 199 as on May 31, 2026
- Investors: Nepean Capital, Orios Venture Partners and 26 Others
- Latest Funding Round: Angel, Mar 28, 2023, $*****
- Highlight: Editors' Pick
2. Equal
Operator of a platform providing data sharing and verification services. The platform offers financial analytics, employment verification, and identity verification. It facilitates custom workflows and consumer data solutions. The platform supports various use cases, including financial services and enterprise solutions. It also provides resources such as a newsletter and information on trust and security.
Key facts about Equal
- Founded Year: 2022
- Location: Hyderabad (India)
- Annual Revenue: 0 - ₹10 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $42M
- Employee Count: 63 as on Aug 31, 2025
- Investors: Prosus, Valiant Capital Management and 37 Others
- Latest Funding Round: Series B, Jun 12, 2026, $*****
- Highlight: Editors' Pick
3. Thehive
Provider of APIs to understand, search, and generate content. It offers a cloud-based AI solutions to understand, search, and generate content for developers with a portfolio a number of pre-trained AI models. It also provides pre-trained models or APIs for NSFW detection, face detection, celebrity recognition, gender detection, and more.
Key facts about Thehive
- Founded Year: 2017
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $85M
- Employee Count: 520 as on Jul 31, 2026
- Investors: Glynn Capital, Bracket Capital and 18 Others
- Latest Funding Round: Series D, Apr 21, 2021, $*****
- Highlight: Editors' Pick
4. Extend
Extend is a provider of warranty solutions for merchants and customers. It's an API solution, that allows the merchant to offer extended warranties and protection plans, both online and offline stores. Offered for products including electronics, appliances, sports & fitness equipment, auto parts, furniture, and more. It uses machine learning to optimize the presentation and pricing of the protection plan.
Key facts about Extend
- Founded Year: 2019
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $386M
- Employee Count: 303 as on Jul 31, 2026
- Investors: Meritech, Company Capital and 21 Others
- Latest Funding Round: Series C, Aug 09, 2021, $*****
- Highlight: Editors' Pick
5. Equal AI
Developer of automated software for screening and answering incoming calls. This technology intercepts unknown telephone communications to interact with callers directly. The system manages incoming voice traffic by answering and processing inquiries on behalf of the recipient.
Key facts about Equal AI
- Founded Year: 2014
- Location: Hyderabad (India)
- Annual Revenue: 0 - ₹10 Cr as on Mar 31, 2025
- Stage: Series B
- Total Funding till date: $42M
- Employee Count: 32 as on Jul 31, 2026
- Investors: Prosus, Valiant Capital Management and 15 Others
- Latest Funding Round: Series B, Jun 15, 2026, $*****
Tomales Bay Capital's Year-on-Year Investment Trends
Tomales Bay Capital has invested in 6 companies over the last 6 years, with an average of 0 new investment annually in the last 5 years. As of Jun 2026, it has made 2 investments in this year. Its most recent first time investment was in Equal AI and most recent follow-on round was in Equal AI.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 2 | 2 |
2025 | 0 | 0 | 0 |
2024 | 2 | 0 | 2 |
2023 | 0 | 0 | 0 |
2022 | 0 | 1 | 1 |
2021 | 3 | 1 | 4 |
2020 | 1 | 0 | 1 |
Tomales Bay Capital's Investments by Stage
Tomales Bay Capital has made 3 investments in Series C stage with an average round size of $108M, 2 investments in Series A stage with an average round size of $10.1M and 1 investment in Series B stage with an average round size of $31M.Stage of entry | No. of Investments |
|---|---|
Series C | 3 |
Series A | 2 |
Series B | 1 |
Note: We have considered here, only first round of investments
Tomales Bay Capital's Investments by Sector
Tomales Bay Capital has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Mobile, Artificial Intelligence - Industry Applications and Consumer. Notably, it has invested in 6 Tech companies, 5 Software companies, 4 Enterprise (B2B) companies and at least 3 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 4 |
High Tech | 2 |
Mobile | 2 |
Artificial Intelligence - Industry Applications | 1 |
Consumer | 1 |
Others | 6 |
Note: We have considered here, only first round of investments
Tomales Bay Capital's Investments by Geography
Tomales Bay Capital has made most investments in India (3), followed by United States where it has made 3 investments.Country | No. of Investments |
|---|---|
India | 3 |
United States | 3 |
Note: We have considered here, only first round of investments
Tomales Bay Capital's recent investments
Tomales Bay Capital has made 2 investments in 2026 so far - Equal AI and Equal.Here are the most recent investments by Tomales Bay Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 15, 2026 | India | Series B | 1900 | [+7] | |
Jun 12, 2026 | India | Series B | 5132 | [+7] | |
Nov 11, 2024 | India | Series A | 4133 | [+8] | |
Sep 18, 2024 | India | Series A | 8468 | [+29] | |
Jan 05, 2022 | India | Series B | 3223 | [+4] |
Unicorns in Tomales Bay Capital's Portfolio
Tomales Bay Capital has 2 unicorns in its portfolio - Extend and Thehive. The most recent unicorn in their portfolio is Extend. It became a unicorn in 2021.Here is a list of unicorns in Tomales Bay Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
59 | Provider of warranty solution for merchants and customers | 2019 | San Francisco | Series C | {zizttc | ||
67 | Provider of APIs to understand, search, and generate content | 2017 | San Francisco | Series D | pemnfho |
Team profile of Tomales Bay Capital
Tomales Bay Capital has a team of 2 members located in India. Tomales Bay Capital's team sits on the board of 1 company.Co-investors of Tomales Bay Capital
Over the past 6 years, 104 investors have co-invested in Tomales Bay Capital's portfolio companies. This includes funds and angels.
- Invested before Tomales Bay Capital: Orios Venture Partners, WestCap and 47 others have invested in rounds before Tomales Bay Capital. There is 1 company where Orios Venture Partners has invested before Tomales Bay Capital and 1 company where WestCap has invested before Tomales Bay Capital.
- Top Co-investors of Tomales Bay Capital: 41 investors entered a company along with Tomales Bay Capital. These include investors like Blume Venture (2 companies).
- Invested after Tomales Bay Capital: A total of 14 investors have invested in Tomales Bay Capital's portfolio after their investments. Top Investors include Think Investments (2 companies), Valiant Capital Management (2 companies) and Sameer Nigam (2 companies).
Recent News related to Tomales Bay Capital
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Hyderabad Startup Equal AI Secures $30 Million in Series B FundingIndian Startup News•Jun 12, 2026•Tomales Bay Capital, Prosus, Think Investments, Valiant Capital Management and 2 others
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Amazon unveils AI robot as part of $11.6b Europe pushTech in Asia•Jun 05, 2026•Amazon, Shell, Prosus, TensorFlow and 5 others
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India’s rural credit startup SarvaGram bags $67m in round led by Peak XVShareandstocks•Nov 15, 2024•SarvaGram, Peak XV Partners, Elevar Equity, Elevation Capital and 6 others
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Hyderabad-based identity verification startup Equal raises $10 millionIndian Startup News•Nov 11, 2024•Equal, Prosus, Tomales Bay Capital, Blume Venture and 10 others
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Hive AI Seeks to Raise $200 Million at $4 Billion ValuationPYMNTS.com•Aug 11, 2023•Glynn Capital, General Catalyst, Tomales Bay Capital, Jericho Capital and 2 others
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Reliance Jio and Zupee announce strategic partnership, Jio users to get access to gamesBusiness Insider•Jan 05, 2022•Zupee, Jio, Zupee, WestCap and 6 others
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OSARO raises $30 million Series C Round led by Octave Venturesmmh.com•Aug 19, 2021•Osaro, Octave Ventures, J17 Capital, 17Capital and 9 others
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Zupee's valuation crosses $500 million, raises $30 million fundingBusiness Standard•Aug 17, 2021•Zupee, Zupee, WestCap, Tomales Bay Capital and 5 others
