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Raymond Tonsing’s Caffeinated Capital seeks $400M for fifth fund


Caffeinated Capital, a San Francisco venture firm started by a solo capitalist Raymond Tonsing, is raising a fifth fund of $400 million, according to a

Caffeinated Capital, a San Francisco venture firm started by a solo capitalist Raymond Tonsing, is raising a fifth fund of $400 million, according to a regulatory filing. The firm, an early investor in software company Airtable and defense startup Saronic, has already raised $160 million toward the fund. The firm’s other notable exits include A/B testing startup Optimizely, which PitchBook estimates was sold for $600 million in 2020.

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