TCV
Growth equityMenlo Park · Series C–Late Stage · 105 people tracked
Also known as Tcmi, Inc.
Investment thesis
TCV is a growth equity investor with nearly thirty years of history partnering with global, category-defining technology companies. The firm's guiding principles emphasize identifying innovators capturing shifts in technology and behavior, keeping a deliberately small and concentrated portfolio so it can dedicate the full resources of the firm to each partner company. TCV takes a long-term view, prioritizing sustained growth and impact over short-term results, and commits substantial capital and resources at pivotal moments. With offices worldwide and a portfolio spanning five continents, it positions itself as globally minded and quality-obsessed, holding itself to high standards of trust, partnership, and excellence.
Source: firm website, verified Aug 3, 2026.
Team · 105 people
from the firm's website & public directoriesWhat they invest in
from 39 of 86 portfolio companiesEnterprise Software ×21AI & Machine Learning ×16SaaS ×16Fintech ×11Cloud Computing ×9Cybersecurity ×5Data & Infrastructure ×5E-commerce ×4
HQs:United States×26Germany×1Finland×1France×1United Kingdom×1India×1
Investments · 86 tracked
founders shown can be your intro pathZillow operates an online real estate marketplace where consumers can search homes for sale and rentals across US and Canadian cities, view mortgage rate information, and access home financing through Zillow Home Loans.
FintechMarketplacesPropTechSeattle, US
Claire Cormier Thielke(Director)Jennifer Rock(Executive Officer)Susan Daimler(Executive Officer)Jeremy Hofmann(Executive Officer)April Underwood(Director)Errol Samuelson(Executive Officer)
Board seatAmy Bohutinsky· per SEC Form D · $20.4M raise · filed Aug 2023
Seattle, US
Board seatJay Hoag· per SEC Form D · $20.4M raise · filed Aug 2023
Instacart operates a marketplace connecting grocery retailers with customers who order food and household items for same-day delivery or in-store pickup, serving millions of households across North America through partnerships with over 350 retailers.
ConsumerE-commerceFoodTechSan Francisco, US
Apoorva Mehta(Founder/Chairman & Founding CEO)inBrandon Leonardo(Founder)inMax Mullen(Founder)in
NYSE: NRDY, formerly known as Varsity Tutors
Legit Security provides an application security platform that helps organizations identify and manage software vulnerabilities and risks across their development environments.
AI & Machine LearningCybersecurityDeveloper ToolsEnterprise SoftwareNot stated
Roni Fuchs(CEO & Co-Founder)inLiav Caspi(CTO & Co-Founder)inLior Barak(COO & Co-Founder)in
Nasuni provides a cloud-native file data platform that manages, protects, and activates unstructured file data for enterprise teams and AI applications.
AI & Machine LearningCloud ComputingData & InfrastructureEnterprise SoftwareBoston, US
Andres Rodriguez(Founder)John McCarthy(Director)Paul Flanagan(Director)Jeffrey McCarthy(Director)Scott Dussault(Executive Officer)Charles Hazard(Director)
HealthtechMenlo Park, US
John Drew(Director)David Stoffel(Executive Officer)Karim Karti(Executive Officer, Director)Brendan Renehan(Director)Erol Ali Dervis(Director)Gregory W. Albers(Director)
Board seatJohn Drew· per SEC Form D · $75M raise · filed Sep 2025
Irving, US
Bruce Eatroff(Director)Carl Britton Wirt(Executive Officer, Director)Melinda Lawrence(Executive Officer)John Wesley Bryan(Executive Officer, Director)Brian David Williams(Executive Officer, Director)Nari Ansari(Director)
Board seatNari AnsariJohn DrewJake Reynolds· per SEC Form D
Coral Gables, US
Andres Moreno(Executive Officer, Director)Alex Sotelo(Executive Officer, Director)Eleusis Andres Moreno(Executive Officer, Director)Maria Fernanda Florez(Executive Officer)Nicolas Pavlovsky(Executive Officer)Wilmer Sarmiento(Executive Officer)
Board seatRobert Trudeau· per SEC Form D · filed Nov 2015
Menlo Park, US
Tim McAdam(President)Terrence McCrossan(Director)John Delfino(Vice President and Secretary)Gal Peleg(Vice President)Scott Kingsfield(Director)Christopher Murphy(Director)
Board seatGal Peleg· per SEC Form D · filed Nov 2020
Burnaby
Amol Helekar(Director)Jack Newton(Executive Officer, Director)Rian Gauvreau(Executive Officer, Director)Matt Emery(Director)Mark Britton(Director)
Board seatAmol Helekar· per SEC Form D · $28.8M raise · filed Sep 2021
Vancouver
Stephen Ufford(Executive Officer, Director)Tanis Jorge(Director)Dan Levine(Director)David Blumberg(Director)
BoardAndrew Lugsdin(Director)
Board seatAmol Helekar· per SEC Form D · $394M raise · filed Jan 2022
Vectra AI provides behavioral threat detection and response platform for identifying and containing cyber attacks across hybrid networks, cloud environments, identity systems, and IoT/OT infrastructure using AI-driven analytics without requiring traffic decryption.
AI & Machine LearningCybersecurityEnterprise SoftwareSan Jose, US
Eric Wolford(Director)James A. Messina(Director)Charles Giancarlo(Director)Kevin Dillon(Director)Shohet Howie(Executive Officer)Bruce Armstrong(Director)
Board seatTim McAdam· per SEC Form D · $130M raise · filed May 2021
Revenue optimization platform powered by AI
Aviatrix provides cloud network security solutions with embedded, real-time protection through its Cloud Native Security Fabric platform, serving enterprises that need control, security, and visibility across cloud infrastructure.
Cloud ComputingCybersecurityEnterprise SoftwareSanta Clara, US
Sherry Wei(Founder)Steve Mullaney(CEO)Shirish Sathaye(Director)Devdutt Yellurkar(Director)Nick Sturiale(Director)
Celonis provides an enterprise AI platform that combines process data, business knowledge, and intelligence to give organizations operational clarity for AI deployment, supply chain optimization, IT modernization, and process excellence across industries.
AI & Machine LearningData & InfrastructureEnterprise SoftwareMunich, DE
Corgi is an AI-native, full-stack insurance platform that serves technology companies.
AI & Machine LearningEnterprise SoftwareFintechInsurTechSaaSSan Francisco, US
Dollar Shave Club offers razors and grooming products through a subscription model, delivering sharp stainless steel blades and shaving essentials directly to consumers at lower price points.
ConsumerDirect to ConsumerE-commerceLos Angeles, US
Michael Dubin(Founder)inMichael Jones(Director)David Pakman(Director)Christopher Marshall(Director)Daniel Murray(Executive Officer)Kevin Datoo(Executive Officer)
Inference platform enabling enterprises to fine-tune and deploy open-weight AI models on private data at scale.
Fireworks provides AI infrastructure services, leveraging experience from PyTorch, Meta, and Google.
AI & Machine LearningCloud ComputingDeveloper ToolsEnterprise Software<UNKNOWN>
Grow Therapy provides online mental health therapy services designed to be more accessible, affordable, and user-friendly than traditional therapy.
B2B MarketplacesHealthtechMental HealthSaaS
Jake Cooper(Founder & CEO)inManoj Kanagaraj(Cofounder)
HireVue provides AI-powered hiring software including virtual job tryouts and skills assessments to reduce bias and simplify the recruitment process.
AI & Machine LearningHR Tech
ICEYE operates a satellite-based synthetic aperture radar (SAR) system that delivers persistent, real-time monitoring and damage assessment data globally.
Climate TechDeep TechDefense TechSpace TechFinland, FI
Rafal Modrzewski(CEO, Co-founder)Pekka Laurila
San Francisco, US
Immad Akhund(Executive Officer, Director)Jason Zhang(Executive Officer, Director)
BoardTom Brown(Director)Saar Gur(Director)Sonya Huang(Director)
Newsela provides educational content and classroom tools for K-12 teachers and students, delivering news articles and learning materials aligned to curriculum standards at multiple reading levels.
EdTechNew York City, US
Matthew Gross(Co-founder)Dan Cogan-Drew(Co-founder)
BoardBrook Byers(Director)Tory Patterson(Director)
Atlanta, US
Richard Wells(Manager)Kabir Barday(President, Chief Executive Officer and Manager)Alan J. Dabbiere(Manager)John Marshall(Manager)David K. Dabbiere(Manager)
Passport provides an international shipping and fulfillment platform for direct-to-consumer brands, offering cross-border logistics, landed-cost checkout, compliance management, and local fulfillment services.
E-commerceLogistics & Supply ChainSaaS
Alex Yancher(Founder & CEO)
Passport provides a cloud-based parking management platform that unifies enforcement operations, mobile pay parking, permitting, and payment infrastructure for cities and private parking operators across North America.
Cloud ComputingGovTechMobility & TransportationPropTechSaaS<UNKNOWN>, US
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Fund performance · per public LP disclosures · 11
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| TCV XIILPs: Los Angeles City Employees' Retirement System, Santa Barbara County Employees' Retirement System | 2022 | — | 52.0% | 1.36x | 0.00x |
| TCV XILPs: California Public Employees' Retirement System, Washington State Investment Board, California State Teachers' Retirement System +3 more | 2021 | — | 6.3% | 1.20x | — |
| TCV L.P.LPs: New Mexico Public Employees Retirement Association | 2019 | — | — | 2.44x | — |
| TCV XLPs: Washington State Investment Board, California Public Employees' Retirement System, California State Teachers' Retirement System +4 more | 2019 | — | 23.7% | 2.90x | 0.58x |
| TCVX, L.P.LPs: New Mexico Public Employees Retirement Association | 2019 | — | — | 2.98x | 0.56x |
| TCV SportsLPs: Maine Public Employees Retirement System | 2018 | — | 15.9% | 2.79x | 0.33x |
| TCV IXLPs: Washington State Investment Board, North Carolina Retirement Systems, New Mexico Public Employees Retirement Association +2 more | 2016 | — | 19.9% | 2.30x | 1.44x |
| TCV VIIILPs: North Carolina Retirement Systems, Washington State Investment Board, Los Angeles City Employees' Retirement System +1 more | 2014 | — | 12.2% | 2.30x | 1.77x |
| TCVVII, L.P.LPs: New Mexico Public Employees Retirement Association | 2008 | — | — | 3.18x | 3.16x |
| TCV VILPs: California State Teachers' Retirement System, North Carolina Retirement Systems, Oregon Public Employees Retirement System | 2006 | — | 12.4% | 1.58x | 1.57x |
| Tcv VLPs: California State Teachers' Retirement System, Los Angeles City Employees' Retirement System | 2004 | — | 10.6% | 1.85x | 1.85x |
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
- What stage does TCV invest at?
- TCV invests at the Series C, Growth, Late Stage stages.
- What is TCV's typical check size?
- TCV typically writes checks of $10M – $500M.
- What sectors does TCV focus on?
- TCV focuses on AI & Machine Learning, Consumer, Defense Tech, Enterprise Software, Fintech, Sector Agnostic, Space Tech.
- Where is TCV located?
- TCV is headquartered in Menlo Park, US.
- Does TCV lead rounds?
- Yes, TCV leads investment rounds.
Media · Podcasts & interviews
featuring the teamThere will be many losers across the AI space, says TCV's Jay Hoag
CNBC Television · Jay Hoag
Tech Investing Legend: TCV’s Jay Hoag
Growth Investor with GrowthCap‘s RJ Lumba · Jay Hoag
Images
Co-investors · 98
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Coatue Management is a technology-focused investment firm that invests across both public and private markets, with an active private portfolio of over 250 tech companies.
Flucas Ventures is a venture capital firm with a portfolio of 265 companies spanning fintech, crypto, space/defense, AI, biotech, marketplaces, and emerging markets, with numerous exits via acquisition and IPO.
CRV (Charles River Ventures) is an early-stage venture capital firm that backs founders at the seed and Series A stages, with a long history of investing since 1970.
Index Ventures is a venture capital firm that backs founders across the globe, investing in the people behind ideas from early through later stages.
Menlo Ventures is a venture capital firm that backs transformative, early-stage technology companies reshaping how people live and work.
Tiger Global is a research-driven investment firm that partners with innovative, high-quality companies over the long term across various stages of their lifecycle.
83North is a global venture capital firm that invests in and helps entrepreneurs build large, category-leading companies across Europe, Israel, and the US.
Founders Circle Capital is a venture firm focused on growth-stage companies, offering flexible primary and secondary financing alongside community-based support for company leaders and teams.
General Catalyst is a venture capital and investment firm that backs founders across industries, with a strong focus on AI-driven transformation, fintech, healthcare, and other sectors.
▶86 more co-investors
AccelGreylock PartnersInsight PartnersSapphire VenturesBalderton CapitalFundersClubSixth StreetBenchmarkTrue VenturesIVP (Institutional Venture Partners)DST GlobalUpHonest CapitalForerunner VenturesSignalFireVenrockGeneral AtlanticValar VenturesJackson Square VenturesHoxton Ventures137 VenturesProject A VenturesActon CapitalAirTree VenturesFundamentumNotable CapitalBain Capital VenturesNorwest Venture PartnersGreat Oaks Venture CapitalPlug and Play VenturesOak HC/FTAccel-KKRMadrona Venture GroupAdditionSoftBank Vision FundMeritech Capital PartnersInovia CapitalF-Prime Capital PartnersBullpen CapitalCrosslink CapitalLowercase CapitalLerer HippeauUpfront VenturesNexus Venture PartnersSalesforce Japan Co.,Ltd.ChemistryDell Technologies CapitalNorthzoneThe Chernin Group (TCG Crypto)HV CapitalRenegade PartnersTribeca Venture PartnersViola VenturesWildcat Venture PartnersCoinFundHyde Park Venture PartnersCompany CapitalMouro CapitalLead Edge CapitalHighland Capital PartnersFELIX CAPITALBaruch Future VenturesRocketship.vcAltimeter CapitalHelium-3 VenturesGolden VenturesBDC Venture CapitalVertex Ventures IsraelG2 Venture PartnersEuclid Venture PartnersAmity VenturesDefy PartnersNational Grid PartnersLearn CapitalAdams Street PartnersDragoneer Investment GroupStrata Capital PartnersPillar VCBlumberg CapitalRedpoint eventuresElaia3one4 CapitalVenture Guides Management, L.P.Connectivity VenturesEurazeoCanaan Partners IsraelFTV Capital
Firms observed investing alongside TCV, from public investor directories. Shared companies are the overlap with TCV's recorded portfolio.
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