How many investments has Clearstone Venture Partners made?

Clearstone Venture Partners has 30 tracked investments, 2 of which have exited.

What stage does Clearstone Venture Partners invest at?

Clearstone Venture Partners invests at the Pre-Seed, Seed, Series A stages.

What sectors does Clearstone Venture Partners focus on?

Clearstone Venture Partners focuses on Data & Infrastructure, Enterprise Software, Fintech, Marketplaces, SaaS.

Where is Clearstone Venture Partners located?

Clearstone Venture Partners is headquartered in Santa Monica, US.

Does Clearstone Venture Partners lead rounds?

Yes, Clearstone Venture Partners leads investment rounds.

Clearstone Venture Partners

Venture capital

Santa Monica · Pre-Seed–Series A · 7 people tracked

Also known as Cedarstone Advisors · CLEARSTONE VENTURE MANAGEMENT SERVICES, L.L.C

★ Follow + Add to CRM ⤳ Find an introduction

Find your way into Clearstone Venture Partners

2,134 people in our graph share verified history with the Clearstone Venture Partners team — schools, employers, funds. One of them is your warm intro.

Sanjeev Kumarunlockedknows T.M. Ravi · together at FogHorn Systems, Inc (overlapped)

knows the team · via Coopers & Lybrand

×4knows the team · via TiE

knows the team · via Nile

knows the team · via Kauffman Fellows Class 3

×4knows the team · via March Capital Partners

✨ Fox Verdict

Investment thesis

Clearstone Venture Partners acts as an early-stage lead investor, backing founders and teams building technology companies. The firm has enabled large US institutions to participate as early investors, focusing on fintech and payments, enterprise technologies, and data-driven marketplaces. Across three funds it has deployed $650 million, producing 9 IPOs and roughly a dozen M&A exits.

Invests inData & Infrastructure Enterprise Software Fintech Marketplaces SaaS India North America Santa Monica United States

Source: firm website, verified Sep 29, 2026.

Stage

Pre-Seed–Series A

Santa Monica, CA, US

Leads rounds

Leads

Instruments

Equity

Founded

1998

AUM

$650M

VC funds

Tracked investments

IPOs

Acquisitions

Team · 7 people

from curated & public directories

Sumant Mandal· Managing Director· Santa Monica, Californiain 𝕏

Co-founder and Managing Partner of March Capital with over two decades of venture capital experience, investing in automation technologies (generative AI, ML, RPA, cloud/data infrastructure) and companies supporting India's digitization. He co-founded incubators The Hive and The Fabric, was previously a Managing Director at Clearstone Venture Partners, and serves on several company boards.

Bill Elkus· Managing Partner· Park City, Utah, United Statesin

Bill Elkus founded Clearstone Venture Partners in 1997 and serves as Managing Member of its General Partners. He has held board and observer positions at companies including PayPal, Overture, United Online, and several others, with Clearstone Fund I ranking first among approximately 700 funds evaluated by CalPERS in 2011 by internal rate of return. Elkus holds a JD from Harvard Law School and both an MS in Management and BS in Mathematics from MIT, and began his career at Boston Consulting Group before founding Nathan Todd & Company, an investment advisory firm managing over $600 million.

William Quigley· Managing Partner· United States

William Quigley is a Kauffman Fellow, a member of Class 3 of the two-year venture capital leadership program run by Kauffman Fellows. The program's member directory lists them at Clearstone Venture Partners in United States.

Prabakar Sundarrajan· Venture Partner𝕏

T.M. Ravi· Venture Partner· Palo Alto, Californiain 𝕏

Co-founder and Managing Director of The Hive, a serial entrepreneur who has started over 25 startups and was founder & CEO of Mimosa Systems, Peakstone Corporation, and Media Blitz. He held marketing leadership roles at Iron Mountain, Computer Associates, and Cheyenne Software, and holds an MS and PhD from UCLA and a B.Tech from IIT Kanpur.

t•••@hivedata.comreveal

Dana Moraly· Chief Financial Officer· Los Angelesin 𝕏

Dana Moraly is a Partner and Chief Financial & Administrative Officer at March Capital, overseeing fund accounting and HR with over 25 years of experience as a CFO in venture capital. She previously served as CFO of Clearstone Venture Partners, managed finance for private equity funds at Trust Company of the West, and worked at Coopers & Lybrand and Deloitte.

d•••@hivedata.comreveal

Vish Mishra· Venture Partner· Menlo Park, California, United Statesin 𝕏

Vish Mishra is a venture capitalist at Clearstone Venture Partners since 2002, where he has participated in investments generating over $10 billion in market value across notable companies including PayPal, BillDesk, VeloCloud, and Rubicon Project. With 47 years in Silicon Valley and 40 years of technology industry leadership spanning software, internet, telecommunications, and healthcare, he serves as chairman of Sunshine in Interaction and holds or has held board positions at multiple technology companies. Mishra is active in philanthropic and community engagement efforts, including leadership roles with The Indus Entrepreneurs Silicon Valley, the Angel Island Immigration Station Foundation, and the Silicon Valley Center for Entrepreneurship at San Jose State University.

What they invest in

from 12 of 30 portfolio companies

AI & Machine Learning ×4Marketing Tech ×4AdTech ×3Consumer ×3Media & Entertainment ×3Data & Infrastructure ×2Enterprise Software ×2Gaming ×2

HQs:United States×6India×1

Investments · 30 tracked

founders shown can be your intro path

By year:2019 · 1 2018 · 1 2017 · 1 2016 · 2 2015 · 2 2014 · 1 2013 · 1 2010 · 1 2006 · 1 2000 · 112 dated

PayPalpaypal.com inNASDAQ: PYPLSeries B · Jan 2000 · $23M

PayPal is the payments company that came out of the March 2000 merger of Confinity — founded in 1998 by Max Levchin, Peter Thiel, Luke Nosek and Ken Howery to beam money between Palm Pilots — and Elon Musk's online bank X.com.

San Jose, US

Max Levchin(Co-founder & CTO)in Peter Thiel(Co-founder & CEO)in Luke Nosek(Co-founder & VP Marketing Strategy)in Ken Howery(Co-founder & CFO)in Elon Musk(Co-founder (X.com); CEO 2000)in Alex Chriss(President and Chief Executive Officer)in

Co-investorsBlueRun Ventures DG Daiwa Ventures Mercury Fund Sequoia Capital Upfront Ventures Accel +4 more

Bridgbridg.com inSeries A · Jan 2015

Bridg provides in-store identity resolution that links anonymous point-of-sale transactions to known customer profiles or creates new ones, enriching them with extended attributes to expand a retailer's first-party data.

AdTechData & InfrastructureMarketing TechRetail TechLos Angeles, US

Amit Jain(Executive Officer, Director)inMichael Horowitz(Executive Officer)Michael Bell(Executive Officer)inJuan Pereira(Executive Officer)James Armstrong(Director)

Board Joseph Miller(Director)in

Co-investorsBaroda Ventures Karlin Ventures March Capital Partners Mucker Capital NextEquity Partners Morpheus Ventures +1 more

Cars Directcarsdirect.com

CarsDirect is an automotive website that publishes car news, model previews, and buying information for prospective vehicle buyers in the U.S. market.

ConsumerMedia & Entertainment

Co-investorsIdealab

CarStorycarstory.ai

CarStory offers AI-based inventory intelligence for automotive dealerships, providing vehicle appraisals, market intelligence, and analytics to help dealers price, market, and manage their car inventory.

AI & Machine LearningMobility & TransportationRetail Tech

Evertuneevertune.ai inSeed · May 2010 · $800K

Evertune builds AI-powered solutions for marketing and advertising, leveraging machine learning and identity graph technology.

AdTechAI & Machine LearningMarketing TechNew York City, US

Brian Stempeck(CEO & Co-Founder)in Ed Chater(Chief Product Officer & Co-Founder)in Poul Costinsky(Chief Science Officer & Co-Founder)inMatt Cochran(CTO)in

Board Nihal Mehta(Director)in

Co-investorsEniac Ventures Felicis Ventures NextView Ventures IA Ventures

Games2Winmediagames2winmedia.com inMay 2019

Games2win develops gaming products and services for digital media and entertainment markets.

GamingMedia & Entertainment

Alok Kejriwal(Co-Founder and CEO)in Mahesh Khambadkone(Co-Founder and COO)in

Co-investorsNirvana Venture Advisors Saama Capital ICICI Venture Nexus Venture Partners

Idealabidealab.com

Idealab is a technology incubator that generates startup ideas internally, tests many in parallel, and spins the most promising into standalone companies with recruited teams.

AI & Machine LearningCleantechDeep Tech

Bill Gross(Founder)in

Meru Networksmerunetworks.com

Provides a virtualized wireless LAN solution that cost-effectively optimizes the enterprise network.

Co-investorsSierra Ventures Tenaya Capital BlueStream Ventures

Mimosa Systemsmimosasystems.comacquired by Iron Mountain

Next-generation content and email archiving with compliance and disaster recovery

Co-investorsAugust Capital Icon Ventures

Netzeronetzero.net

NetZero appears to be an internet service provider offering promotional deals to customers, with the page primarily promoting a Norton 360 cybersecurity subscription offer rather than describing its own services.

Consumer

Co-investorsDraper Associates Idealab

Rubicon Projectrubiconproject.com 𝕏

Magnite operates a programmatic advertising platform that connects advertisers with media owners and publishers, with particular strength in connected TV and streaming video advertising.

AdTechMarketing TechMedia & Entertainment

Co-investorsAdvance Venture Partners Blumberg Capital Mayfield Fund XG Ventures

Spycloudspycloud.com in 𝕏Seed · Jun 2017 · $3M

SpyCloud is an identity threat protection company that detects and responds to stolen credentials, malware-exfiltrated data, and phishing intelligence to prevent account takeover, fraud, ransomware, and session hijacking for enterprise customers.

CybersecurityEnterprise SoftwareAustin, US

Edward Ross(Executive Officer, Director)Alen Puzic(Director)in Jason Lancaster(SVP, Investigations)in Trevor Hilligoss in Phil Fuster(VP, Federal Sales)in Jennifer Parker(Executive Officer)in

Co-investorsCentana Growth Partners Centana Partners M12 (Microsoft's Venture Fund)March Capital Partners Riverwood Capital Silverton Partners

Supplyframesupplyframe.com in 𝕏

Supplyframe operates the Design-to-Source Intelligence (DSI) Network, a set of vertical search engines, community sites, media properties, and SaaS tools used by engineering, sourcing, and supply chain professionals.

Advanced ManufacturingB2B MarketplacesData & InfrastructureHardwareLogistics & Supply ChainSaaSSemiconductorsLos Angeles, US

Steve Flagg(Founder)in

Co-investorsKleiner Perkins US Venture Partners

UserTestingusertesting.com in 𝕏

UserTesting provides a human insight platform that helps Product, Marketing, Digital, and CX teams at enterprises collect and analyze real human feedback to validate decisions and improve customer experiences.

AI & Machine LearningEnterprise SoftwareImpact & Social GoodMarketing TechSaaSBellevue, US

Basel Fakhoury in

Co-investorsAccel Adams Street Partners Dag Ventures Inspiration Ventures Intercept Ventures OpenView Venture Partners +4 more

Xfirexfire.com

Xfire provides tools and word-list resources to help players solve daily word games like Wordle, Connections, Spelling Bee, and Strands more efficiently.

ConsumerGaming

Co-investorsNew Enterprise Associates (NEA)Intel Capital

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

ApplariatBillDeskeToysGemShareIntegrienKazeonKuapayLeisureLinkOverturePensa NetworksPeopleSupportPerspicaRubiconTogedrWeddingChannel

Exits · 2

1 IPOs · 1 acquisitions

PayPalNASDAQ: PYPLMimosa Systemsacq. by Iron Mountain

Portfolio news

latest coverage across their companies

Evertune Raises $15M in Series A Funding

Evertune · finsmes.com · Aug 13, 2025

Fund performance · per public LP disclosures

as of Jun 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
Clearstone Venture Partners III-A, L.PLPs: California State Teachers' Retirement System, The Regents of the University of California	2004	—	8.2%	2.79x	2.07x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

How many investments has Clearstone Venture Partners made?: Clearstone Venture Partners has 30 tracked investments, 2 of which have exited.
What stage does Clearstone Venture Partners invest at?: Clearstone Venture Partners invests at the Pre-Seed, Seed, Series A stages.
What sectors does Clearstone Venture Partners focus on?: Clearstone Venture Partners focuses on Data & Infrastructure, Enterprise Software, Fintech, Marketplaces, SaaS.
Where is Clearstone Venture Partners located?: Clearstone Venture Partners is headquartered in Santa Monica, US.
Does Clearstone Venture Partners lead rounds?: Yes, Clearstone Venture Partners leads investment rounds.

Media · Podcasts & interviews

featuring the team

- Startups - William Quigley, Clearstone Venture Partners

This Week in Startups · William Quigley

Co-investors · 17

March Capital Partners

March Capital is an early-growth venture capital firm investing in frontier technology companies focused on the AI revolution, partnering with founders to build category-defining businesses.

Both backed · 3

Bridg SpycloudBillDesk

Sequoia Capital

Sequoia Capital is a venture capital firm that partners with founders to build technology companies.

Both backed · 1

PayPal

$4.4M – $214M

Silverton Partners

Silverton Partners is an early-stage venture capital firm based in Texas that partners with founders long-term, having backed 75+ portfolio companies with 30+ acquisitions and 4 IPOs.

Both backed · 1

Spycloud

$200K – $2M

Morpheus Ventures

Morpheus Ventures is a venture capital fund that backs early-stage companies and supports founders through the challenges of scaling toward hyper-growth.

Both backed · 1

Bridg

$1M – $10M

Founders Fund

Founders Fund is a venture capital firm that backs technology companies building transformative products.

$500K – $5M

Benchmark

Benchmark is a venture capital firm with offices in San Francisco and Woodside that invests in early-stage startups.

$100K – $30M

Bling Capital

Bling Capital is a seed-stage venture firm that helps entrepreneurs find and scale product-market fit, backed by a Product Council of 100+ product leaders.

$1M – $5M

Bonfire Ventures

Bonfire Ventures is a seed-stage venture capital firm that backs founders reinventing how business operates, leading seed rounds in AI-native B2B software.

$2M – $4M

Hack VC

Hack VC is a venture capital firm investing in early-stage crypto, blockchain infrastructure, decentralized finance, and AI companies.

$3M

BAM Ventures

BAM Ventures is an early-stage investment firm made up of experienced entrepreneurs based in Southern California, backing founders building consumer-focused technologies, products, and services that transform commerce.

$100K – $1M

Tribeca Venture Partners

Tribeca Venture Partners is a New York-based venture capital firm that backs early-stage founders using emerging technologies to build category-defining companies.

$1M – $15M

Crosscut Ventures

Crosscut is an early-stage venture capital firm based in Los Angeles that backs founders building frontier technologies aimed at solving major societal challenges.

$250K – $750K

▶5 more co-investors

Miramar Venture Partners Act One Ventures The Perkins Fund Triangle Peak Partners Unicorn India Ventures

Firms observed investing alongside Clearstone Venture Partners, from public investor directories. Shared companies are the overlap with Clearstone Venture Partners's recorded portfolio.

Similar investors

Flybridge Capital Partners

Flybridge Capital Partners is an East Coast venture capital firm backing early-stage, AI-focused startups. Founded in 2002, it invests at the pre-seed and seed stages across AI applications, infrastructure, and related sectors.

$250K – $10M

Khosla Ventures

Khosla Ventures is a venture capital firm that backs bold, early-stage, technology-driven companies across deep tech and other sectors, providing hands-on 'venture assistance' to help founders build category-defining businesses.

$5K – $50M

Menlo Ventures

Menlo Ventures is an early-stage venture capital firm backing transformative technology companies, with a strong current emphasis on artificial intelligence across enterprise, healthcare, and consumer markets.

$1M – $20M

OMERS Ventures

OMERS Ventures is a venture capital firm that invests in founders globally, with investment teams based in New York, Palo Alto, and Toronto.

$5M – $25M

SV Angel

SV Angel is a San Francisco-based firm that invests long-term in founders, supporting them with advice, introductions, and network access at key business inflection points.