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Venture Capital
FINANCE | Investment Firms & Funds
costanoavc.com

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Investments

157

Portfolio Exits

22

Funds

7

About Costanoa Ventures

Costanoa Venture Capital is an early stage investor in cloud-based services solving real problems for businesses and consumers. The firm is designed to deliver a unique value proposition to entrepreneurs: the flexibility to invest moderate amounts of capital and yet support companies over time; active collaboration with entrepreneurs around product market fit and initial market entry; and the support and patience to help them build real companies with real technology.The firm formally launched in December 2012 with an early-stage fund of $100 million.

Headquarters Location

160 Forest Avenue

Palo Alto, California, 94301,

United States

650-416-6009

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Latest Costanoa Ventures News

Miami’s crypto crowd sees silver lining around dark FTX clouds

Nov 18, 2022

Miami’s crypto crowd sees silver lining around dark FTX clouds November 18, 2022, 1:58PM EST November 18, 2022, 1:52PM EST November 18, 2022, 1:46PM EST November 18, 2022, 1:05PM EST Miami’s crypto crowd sees silver lining around dark FTX clouds Hundreds of developers, VC funders and CEOs descended across Miami at two separate conferences on Thursday. Concern about FTX fallout was palpable everywhere, but speakers and attendees alike expressed optimism that there could be a silver lining to emerge from the madness. “The top teams will continue to get funded,” said Jared Franklin of Costanoa Ventures. Armies of developers, VC funders and CEOs descended upon Miami for two separate crypto conferences on Thursday as the shockwaves from FTX’s spectacular collapse continued to reverberate across the industry. While concern was palpable everywhere, speakers and attendees alike worked to find a silver lining in all the madness. At the shiny new Solana Embassy in Miami’s Wynwood arts and entertainment district, amid bright neon lights, tropical plants, and displays paying homage to various NFT projects and DAOs, QuickNode co-founder Auston Bunsen assembled a crowd that included Blockchain.com CEO Peter Smith and Steven Goldfeder, the co-founder and CEO of layer 2 network Arbitrum developer Offchain Labs. Not surprisingly, FTX was on everybody's mind. Blockchain.com’s Smith said he didn’t see any immediate winners in the aftermath of the collapse, but he tried to place the event in context, noting that it wasn’t the first exchange to fail. “Having a big exchange blow up, that’s literally happened every down market we’ve ever been through, and usually it’s the number one exchange that blows up,” he said. “At the moment, your only job as a crypto CEO, running a larger company, is to make sure that you survive. It’s a survival of the fittest. We’re sort of all playing the Hunger Games of crypto right now.” Back to basics VC funders told developers that it was time to get back to basics and away from some of the excess that have characterized the past two years. In a panel titled “Funding your web3 startup: What’s HOT, what’s NOT?" investors Marell Evans of Exceptional Capital, Jared Franklin of Costanoa Ventures and Bruno Faviero of Magna all agreed that it’s going to be a lot harder to raise cash post-FTX, at least in the near future. “The top teams will continue to get funded,” Costanoa’s Franklin said, adding that he saw opportunities in security, insurance, and even the now-maligned centralized finance sector as other companies step up to fill in the gap left by FTX. “But there’s no doubt that this will have an impact and a chilling effect for probably a couple of years… The quality deals will still continue to get done. They’ll even be competitive. But a lot that’s not just won’t. And I think it’s relatively healthy. What’s unhealthy and unfortunate is the sentiment and the slower adoption that will take place, and the scrutiny.” He said that layoffs at larger companies could spark a wave of innovation, as it will be less risky for people to go and start a company than to join a downsizing tech company. Arbitrum’s Goldfeder said he was hiring. FTX’s close links to Miami were not lost on anyone, and it’s an opened-ended question as to how much of an impact the rapid demise of the exchange could have on the momentum. Blockchain.com moved its U.S. headquarters to Miami last year in what was a pandemic-fueled, hot crypto summer that saw a flurry of activity as the city sought to position itself as a global leader in the sector. Focus on corporate governance “It doesn’t matter if you’re a city selling an arena sponsorship or you’re a banking partner or you’re a VC investor, the net result of the FTX episode is going to be an increased focus on corporate governance, access controls and due diligence, and I think that’s going to be a net positive for the whole space,” Smith said. “I don’t think that it’s going to impact Miami in a particular way that it doesn’t impact any other city or any place. The bar for diligence and the bar for making sure that crypto companies have good governance is going to come back in fashion. While Smith said he didn’t believe that there was a single crypto city, he said he loved the energy in Miami. He noted that the majority of the company’s engineering team was in the European time zone and Singapore. “There’s a certain optimism about Miami that’s very unique, where people have this bias toward believing that the best days of Miami are in its future, rather than in its past,” he said, noting that crypto is spread out, decentralized and lives on the internet. “But the passion for crypto is probably uniquely high here in Miami, and that’s a really cool thing to be a part of." Across town at a separate conference hosted by TechCrunch, Devin Finzer, the CEO of NFT marketplace giant OpenSea, said he was thinking about education on the regulatory front. 'Time to build' “The challenge, and something we’re investing a ton in, is really ensuring that that message gets conveyed to government regulators and ensure that there’s not sort of one size fits all solutions applied to a technology that’s fundamentally very, very diverse in nature,” he said. “Treating NFTs as securities would be a blanket solution that doesn’t make sense.” Pratima Arora, Chief Product Officer at Chainalysis, said it was “time to build” and still too early to know the full impact the collapse of FTX will have on the industry. “It will take time to build back trust,” she said in an interview, stating that she didn’t think there is a fundamental issue with blockchain technology itself. “This could have happened in any industry, and in the past, we’ve seen it happen in a lot of industries. So it’s not new, but it pushes us to the next phase of maturity, and we need to hold ourselves to higher standards.” Back at the Solana Embassy at QuickNode’s “#Nodevember” conference, there was some fear that regulators might misstep with a hasty, knee-jerk reaction, while other’s pondered which might be the next company to take a hit. Goose Wayne, a core contributor at the GooseFX super app on Solana, said he’s heard that many market makers have stopped activities on some centralized exchanges as they wait to see how the dust settles, who has the reserves and who doesn’t. “I think instead of a prolonged pessimism, where everyone is waiting to see when the next big drop is going to be, FTX accelerated the fall of all the dominoes that were on their edge in this ecosystem,” Magna’s Faviero said in an interview. “Everything that was going to crash or come down is going to come down, and then it’s just going to be the just settling and only optimism from there. Then it’s only building and going up because all the damage will have been done.” T-shirts and palm trees  The event was not without humor. Hidden in the back room at the Solana Embassy were t-shirts bearing a palm tree-adorned FTX Miami logo that those in the know eagerly collected. And in the final session, nervous laughter erupted with a closing question from an audience member: “If you launch a token, how do you avoid getting into trouble?” © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Sign up for our daily Newsletters Also receive our FREE weekly Data & Insights Newsletter

Costanoa Ventures Investments

157 Investments

Costanoa Ventures has made 157 investments. Their latest investment was in Trully as part of their Seed VC on November 11, 2022.

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Costanoa Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/16/2022

Seed VC

Trully

$4.1M

Yes

4

11/16/2022

Series B

Parallel Domain

$30M

No

1

11/2/2022

Series E

Alation

$123M

No

13

10/27/2022

Seed VC

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$99M

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10

9/19/2022

Seed VC

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10

Date

11/16/2022

11/16/2022

11/2/2022

10/27/2022

9/19/2022

Round

Seed VC

Series B

Series E

Seed VC

Seed VC

Company

Trully

Parallel Domain

Alation

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Amount

$4.1M

$30M

$123M

$99M

New?

Yes

No

No

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Co-Investors

Sources

4

1

13

10

10

Costanoa Ventures Portfolio Exits

22 Portfolio Exits

Costanoa Ventures has 22 portfolio exits. Their latest portfolio exit was Roadster on June 02, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/2/2021

Acquired

$99M

7

5/14/2021

Acquired

$99M

19

4/14/2021

Acquired

$99M

10

2/23/2021

Merger

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$99M

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10

7/10/2020

Acquired

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$99M

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10

Date

6/2/2021

5/14/2021

4/14/2021

2/23/2021

7/10/2020

Exit

Acquired

Acquired

Acquired

Merger

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

7

19

10

10

10

Costanoa Ventures Fund History

7 Fund Histories

Costanoa Ventures has 7 funds, including Costanoa Ventures IV.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/1/2021

Costanoa Ventures IV

$225M

2

10/8/2021

Costanoa Ventures Opportunity Fund II

$99M

10

12/6/2018

Costanoa Ventures Opportunity Fund

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$99M

10

9/14/2017

Costanoa Venture Capital III

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$99M

10

10/28/2015

Costanoa Venture Capital QZ

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$99M

10

Closing Date

12/1/2021

10/8/2021

12/6/2018

9/14/2017

10/28/2015

Fund

Costanoa Ventures IV

Costanoa Ventures Opportunity Fund II

Costanoa Ventures Opportunity Fund

Costanoa Venture Capital III

Costanoa Venture Capital QZ

Fund Type

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Status

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Amount

$225M

$99M

$99M

$99M

$99M

Sources

2

10

10

10

10

Costanoa Ventures Team

2 Team Members

Costanoa Ventures has 2 team members, including current Founder, Managing Director, Gregory Sands.

Name

Work History

Title

Status

Gregory Sands

Sutter Hill Ventures, Netscape, Cisco, and Corporate Decisions

Founder, Managing Director

Current

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Name

Gregory Sands

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Work History

Sutter Hill Ventures, Netscape, Cisco, and Corporate Decisions

Title

Founder, Managing Director

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Status

Current

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