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

Caffeinated Capital, a San Francisco venture firm started by solo capitalist Raymond Tonsing, is raising $400 million for its fifth fund, 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. If Caffeinated hits its target, it will be the 15-year-old firm’s largest capital haul to date. Although the outfit didn’t announce its previous fund, PitchBook data estimates that Caffeinated closed its fourth fund with a total of $209 million in commitments.

Tonsing was Caffeinated’s only general partner until four years ago, when Varun Gupta, who led data science and machine learning at Affirm, joined him as a second general partner in 2020.

Tonsing was an early investor in Affirm, a buy now, pay later platform that went public in 2021. The firm’s other notable exits include A/B testing startup Optimizely, which PitchBook estimates was sold for $600 million in 2020.