Also Capital

Also Capital Research Investment Thesis Also Capital is an early-stage venture firm founded by Mike Annunziata in 2018/2019, based in New York, NY. Their tagline — "Catalytic Capital for Founders Who Choose Hard Problems" — encapsulates their core philosophy: founders who intentionally pick hard, technically challenging problems outperform those who pursue easier paths. The firm's core thesis is that "picking hard problems attracts exceptional early talent and the most ambitious capital partners, two critical inputs to any generational company." They seek to partner with technically ambitious founders at the earliest possible moment — often before markets are well-defined or consensus has formed — providing not just capital but active company-building support. Their core mantra: "Have Fun, Play to Win." Stage Focus Also Capital invests primarily at the Pre-Seed / Inception stage — before markets are legible, before institutional consensus forms, and before companies have clear product-market fit. This is their branded "Inception" investment phase: the moment where early technical and commercial tradeoffs matter most. They run concentrated funds by design , backing roughly 15 core companies per fund. If they're involved, it's because they believe the company warrants sustained attention — not portfolio-level optionality. This constraint allows them to show up in a meaningful way for each portfolio company. They also selectively follow on at Seed and Series A rounds for existing portfolio companies. Check Size Lead check: $250K–$1M at pre-seed/inception Follow-on reserves: $500K–$1M at seed and beyond Also Capital almost always leads or co-leads the initial round Fund History Fund I: $21M (announced October 2024; began deploying as early as 2019) Fund II: Just announced (February 2026, size TBD) The firm has backed 30+ companies that have collectively raised over $1.5B and have an aggregate enterprise value north of $7B Sector Focus Also Capital is a hard tech / deep tech focused fund. Their sectors include: Aerospace & Space: In-space manufacturing (Varda Space) Satellite bus systems (K2 Space) Satellite ground stations (Northwood Space) Software-defined radios for RF systems (AnySignal) Energy & Nuclear: Mass-manufactured nuclear microreactors (Radiant Nuclear — unicorn at $1.8B valuation after Series D) Advanced Manufacturing & Hardware: Linear optical transceivers for data centers (Mesh Optical) Portable desalination systems (Vital Lyfe) Defense & Dual-Use: AI-powered maritime computer vision (ShipIn Systems) AI for government procurement (Conductor) Healthcare & Life Sciences: Healthcare data de-identification/compliance (Integral) Float Health Communications Infrastructure: Mike has cited next-gen communications infrastructure as "the greatest opportunity in venture-backed hard tech right now." Portfolio Highlights Radiant Nuclear — Portable nuclear microreactors; unicorn in 2025 ($1.8B valuation); Series D. Also Capital was the first institutional investor. Varda Space — In-space manufacturing platform; Series D; raised $329M+ total. Mike Annunziata sits on Varda's board. K2 Space — High-power satellite buses for super-heavy launch vehicles; Series C Northwood Space — Phased-array ground stations for satellite downlink; Series B Mesh Optical — SpaceX alumni-founded; $50M Series A (Feb 2026); low-power optical transceivers for next-gen data centers Conductor — AI copilots for government procurement; Series A The firm has helped portfolio companies raise over $250M from tier-1 investors including Founders Fund, Lux Capital, Caffeinated Capital, Lockheed Martin Ventures. Team Mike Annunziata — Founder & Managing Partner (Solo GP) Solo GP — the sole investment decision-maker. Prior to Also Capital, he co-founded Farther Farms (Series B deep-tech food science startup from Cornell University). Previously held investment roles at Caffeinated Capital Collective, Cornell University Investment Office, and Dorm Room Fund. Currently sits on the board of Varda Space Industries. Brandes Woodall — Analyst First full-time investment hire. Joined as a scout in summer 2025. Supports investment diligence and portfolio companies. Venture Partners: Will Bruey (CEO/Co-founder Varda Space), Colin Smith (founding team Vast), Jamie Cox (Co-Founder Fluidstack), Daniela Perlein (Co-founder goTenna, acquired by Forterra). Geographic Focus United States only. Decision Process Solo GP — Mike Annunziata makes all investment decisions independently. Known for moving fast (24-48 hours for right opportunities). Founder Preferences Also Capital backs technically ambitious founders with deep engineering credentials, founders willing to operate in frontier pre-consensus markets, teams with relevant operational experience (SpaceX alumni, defense backgrounds), and founders who pick "hard problems" deliberately. Co-Investors Founders Fund, Lux Capital, Caffeinated Capital, Natural Capital, Shrug Capital, ARK Venture Fund, Khosla Ventures, Lockheed Martin Ventures.