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Costanoa Ventures

Palo Alto, CACOSTANOA-VENTURES
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Dossier Summary

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Classification
Slugcostanoa-ventures
HQPalo Alto, CA
Stage FocusPrimarily Seed and Series A B2B software, with some infra…
Intel StatusAccepting submissions
🔥 BERNIE'S HOT TAKE

Costanoa is the rare VC firm that actually walks the walk on operational support - their partners have real operating experience and stay engaged post-investment. They're particularly strong on go-to-market strategy and scaling B2B sales teams. The downside? They can be pretty hands-on, which some founders love and others find micromanage-y. They also tend to be conservative on valuations and really drill down on unit economics, so if you're looking for someone to write big checks at frothy valuations, look elsewhere. But if you want investors who will roll up their sleeves and help you build a sustainable business, they're solid.

KEY TAKEAWAYS
  • Best for: B2B founders who want hands-on operational help scaling sales and marketing
  • Watch out for: Conservative on valuations and very focused on unit economics
  • Known for: Deep enterprise software expertise and strong post-investment support
Investment Thesis

Costanoa focuses on early-stage B2B software companies that can scale efficiently with strong unit economics. They emphasize 'capital efficient growth' and look for technical founders building workflow automation, vertical SaaS, and infrastructure tools.

Stage & Sector Focus

Primarily Seed and Series A B2B software, with some infrastructure and fintech. Average check sizes $1-5M. Heavy focus on enterprise workflow tools, vertical SaaS platforms, and developer infrastructure.

Notable Portfolio
AmplitudeLaunchDarklySegmentNarvarLatticeBranchSysdigObserve
Key Partners
Greg Sands
Founding Managing Partner

Former Salesforce VP and Box executive. Known for deep enterprise software expertise and strong operational guidance. Founders appreciate his hands-on approach to scaling B2B sales.

Martina Lauchengco
General Partner

Ex-Microsoft product leader who wrote the book on product marketing. Particularly strong on go-to-market strategy and positioning. Popular speaker at product conferences.

Matt McIlwain
Managing Director

Previously at Madrona Venture Group in Seattle. Focus on infrastructure and developer tools. Known for technical depth and Pacific Northwest connections.

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