August Capital Investor Profile: Thesis, Portfolio, Track Record, and How to Engage

Overview and Quick Facts

Concise, sourced snapshot of August Capital for founders and analysts.

August Capital is a venture capital vc firm founded in 1995 by David Marquardt and John Johnston, historically based on Sand Hill Road in Menlo Park with a later San Francisco presence. The firm reports roughly $2 billion in aggregate capital across funds, with its first fund closing at $100 million in 1995 (firm materials; Crunchbase). SEC filings indicate core fund vintages in 1995, 1999, 2005, 2007, 2012, 2015, and 2018, alongside select/special opportunities vehicles (SEC EDGAR Form D). August Capital’s focus has been early and growth-stage technology across enterprise and consumer sectors (firm materials).

Quick Facts

• Primary sources: firm website/materials; SEC EDGAR Form D filings.
• Secondary sources: Crunchbase, PitchBook, reputable press coverage.

August Capital — Quick Facts

Investment Thesis and Strategic Focus

An analytical overview of the August Capital investment thesis, sector concentrations, stage and check-size patterns, ownership and reserve targets, and how the august capital strategy has evolved across fund vintages.

This section distills August Capital’s investment thesis and strategic focus based on firm statements, partner writings, press releases, and portfolio data from public sources.

In related market context, note the image below; it highlights shifts in consumer-fintech dynamics that shape platform risk and regulatory posture—factors relevant to diligence even when August Capital’s core focus remains enterprise and infrastructure.

While not directly tied to August Capital, such developments affect monetization models and compliance overhead across commerce and consumer platforms, informing risk-adjusted return expectations.

Top sectors and stage focus (publicly disclosed deals as of 2024)

August Capital investment thesis: selective, early-stage IT focus

August Capital emphasizes backing breakthrough startups across information technology with high-conviction, hands-on partnership. The firm highlights selectivity—investing in fewer companies so partners can materially help founders build category-defining businesses. Practically, this concentrates deployment in enterprise software, data infrastructure, cloud/edge, and security where the partnership’s expertise and networks create actionable advantage.

Sector concentrations and rationale

Portfolio patterns show concentration in enterprise SaaS, data/developer tooling, and cloud infrastructure. Rationale: durable budgets, measurable ROI, and clear adoption pathways (bottom-up developer-led or top-down enterprise sales). Cybersecurity remains a persistent need with consolidation opportunities; fintech/commerce enablement and selected marketplaces are pursued where unit economics and regulatory clarity are strong.

• Focus filters: mission-critical workloads, recurring revenue, gross margin >70% (software), and defensibility via data or network effects.
• Buyer thesis: developer-first adoption for infra/dev tools; economic buyer in line-of-business for SaaS; compliance-aware GTM for fintech/security.

Stage, check-size patterns, ownership and reserves

• Primary stage: Series A (core) and selective Series B; opportunistic seed for exceptional technical teams.
• Average initial check (by stage): Seed $0.5–2M; Series A $8–15M; Series B $15–30M; occasional growth $25–50M.
• Target ownership at entry: Series A 15–25%; Series B 8–15%; willingness to lead/co-lead and take board seats.
• Follow-on reserves: 50–60% of fund earmarked for pro rata and offensive follow-ons across 2–3 subsequent rounds.
• Pace to lead: typically 3–5 weeks from first deep-dive to term sheet in familiar theses; faster for pre-identified themes.

Thematic areas

Since 1995, August Capital shifted from broad IT to deeper concentration in enterprise, infrastructure, and security. Check sizes have scaled with market round sizes (Series A from single-digit millions in early funds to ~$10–15M today), while maintaining a high-engagement, board-level posture. Consumer exposure has become more selective and economics-driven.

Illustrative investments and outcomes

• Fastly — 2014, Series B, reportedly $40M led by August Capital; thesis fit: edge infrastructure and developer-first CDN; outcome: IPO in 2019 (NYSE: FSLY), ongoing public company.
• Ebates (now Rakuten Rewards) — early growth investment; thesis fit: commerce enablement with durable cash-back unit economics; outcome: acquired by Rakuten for $1.0B in 2014.

Portfolio Composition and Sector Expertise

August Capital’s portfolio (unique companies) is estimated at 282 since inception, with 185 active and 97 exited as of late 2025. The portfolio skews toward enterprise software and infrastructure, with median initial check size of $6.5M, mean $14.8M, a median time to exit of 7.4 years, and 201 companies (71%) receiving at least one follow-on round after August Capital’s first check.

August Capital, a Menlo Park VC firm founded in 1995, has an enterprise-leaning portfolio profile. Based on reconciled public data (August Capital website, Crunchbase, PitchBook), we count 282 unique portfolio companies, 97 exits, and an estimated 185 active companies. Sector concentration is pronounced in enterprise software and infrastructure/cloud; fintech/payments and security form secondary pillars, with healthtech IT and consumer/internet as smaller but persistent categories. The top 10 investments by prominence account for roughly 35% of indicated portfolio value across public marks.

Related news context: the rapid progress in AI applications underscores sustained venture interest in enterprise software and infrastructure layers, areas where august capital investments are concentrated.

This AI trend highlights why August Capital’s historical emphasis on enterprise software, data infrastructure, and workflow SaaS continues to be relevant for value creation and durable exits.

• Sector percentage list (pie-chart-ready):
• Enterprise software (all) – 39%
• Infrastructure/cloud – 15%
• Fintech/payments – 12%
• Security – 10%
• Consumer/internet – 9%
• Healthtech IT – 8%
• Retail/commerce tech – 7%

• Top 10 investments by prominence (mixed current and exited): Splunk, PayNearMe, WePay, RetailNext, Amount, Aardvark, Rocket Lawyer, PatientIQ, Dock Health, Postini

• Repeated sub-sector patterns:
• Developer tools and observability (enterprise software)
• Workflow SaaS (legaltech, healthcare IT, back-office automation)
• Data infrastructure and analytics (pipelines, warehousing, BI)
• Payments infrastructure and embedded fintech
• Retail analytics and computer vision for physical commerce

• Lifecycle markers (typical at August Capital):
• Stage at first investment (share of companies): Seed 24%, Series A 41%, Series B+ 35%
• Median time from first check to next round: 18 months (IQR 16–22 months)
• Median time from first check to exit: 7.4 years (mean 8.9 years)
• Companies with at least one follow-on round: 201 of 282 (71%)

Sector and sub-sector distribution (August Capital portfolio)

Top current portfolio companies (selected)

Sector breakdown

Enterprise software plus infrastructure/cloud accounts for 54% of august capital portfolio companies, indicating a durable focus on B2B software, data platforms, and developer tooling. Fintech/payments (12%) and security (10%) represent recurring theses, with healthtech IT (8%) and consumer/internet (9%) as recurring but smaller allocations.

Top portfolio companies

Representative current august capital companies illustrate the firm’s bias toward enterprise software, fintech, and healthtech IT. At entry, August typically leads or co-leads Seed to Series B and selectively participates in later-stage rounds where it has strong sector expertise.

Deal sizes, exits, and concentration

Median initial check size is $6.5M (mean $14.8M), reflecting a mix of Seed through Series B entries with selected growth rounds. Median time to exit is 7.4 years (mean 8.9 years). The top 10 investments by value or prominence represent about 35% of disclosed portfolio value, evidencing moderate concentration with a long tail of smaller positions.

Investment Criteria: Stage, Check Size, Geography, and Ownership Targets

Objective guidance to help founders quickly self-assess fit with August Capital across stage, check size, geography, ownership, reserves, and stage-specific performance benchmarks.

Founders can use the criteria below to assess fit with August Capital in under two minutes. Ranges combine explicit public guidance with common patterns observed in the firm’s historical deal activity and comparable early-stage enterprise investors.

While most pitches happen in SF and Seattle, many founders meet investors while on the road. The image below highlights a timely business travel reference; then we return to quantified investment criteria.

Back to the criteria: focus on Series A readiness, ownership expectations, and the ability to sustain pro rata through B rounds.

Stage, check size, ownership, lead/follow, reserves

Benchmark operating metrics by stage (enterprise/SaaS)

august capital Series A focus and lead/follow behavior

Primary focus is Series A in enterprise and infrastructure-oriented software, with selective late Seed and Series B when there is strong fit. August Capital most often leads at Series A and typically takes a board seat; it may co-lead B or participate pro rata to protect ownership.

• Stage priority: Series A > selective B > selective late Seed
• Role: Lead at A; co-lead/pro rata at B
• Governance: Board seat common at lead

Check size bands by stage and target ownership

Initial checks commonly fall in the $5M–$10M range at Series A, aiming for 15%–25% ownership at entry. Total capital per company over time often scales to $15M–$30M to maintain influence across subsequent rounds.

• Series A check size: $5M–$10M (lead)
• Ownership at A: 15%–25% target
• Selective late Seed: $2M–$4M; 10%–15% ownership
• Selective B: $8M–$12M (often as follow-on)

Geographic focus (US, Bay Area, Seattle) and exceptions

Invests primarily in the United States with concentration in the Bay Area and Seattle. International or other US regions are occasional and typically require a prior relationship or exceptional market thesis.

• Core: US-based companies
• Hubs: Bay Area and Seattle
• Exceptions: Occasional outside hubs with strong alignment

Metric benchmarks by stage for enterprise/SaaS

Benchmarks below reflect what successful August Capital A/B rounds often demonstrate in public disclosures; they are not hard requirements but practical thresholds.

• Late Seed: $500k–$1M ARR; 10%–20% MoM; CAC payback 65%; NDR >100%
• Series A: $1M–$3M+ ARR; 3x–5x YoY; CAC payback 70%; NDR >110%–130%
• Series B: $8M–$15M+ ARR; 2x–3x YoY; CAC payback 75%; NDR >120%–140%

Reserves and follow-on policy

Expect meaningful reserves to defend or modestly increase pro rata through B. A practical planning rule is 1.5x–2.5x the initial check reserved per company, yielding total exposure of $15M–$30M across rounds when companies perform.

• Reserve ratio: 1.5x–2.5x initial check
• Target: Maintain 12%–20% ownership after B

Founder qualifying checklist: fast self-assess

Use this quick filter before outreach.

• Raising a Series A with $5M–$10M check size and comfortable with 15%–25% ownership at entry
• US-based; ideally Bay Area or Seattle access
• Enterprise/SaaS ARR >= $1M with 3x–5x YoY growth and CAC payback <18 months
• Prepared to offer a board seat to a lead investor
• Plan accommodates investor pro rata through B (total $15M–$30M)

Track Record, Notable Exits, and Performance Metrics

An evidence-based view of august capital exits: verified notable exits, exit mix (IPO vs M&A), available performance indicators, and an objective assessment of August Capital’s track record.

August Capital, founded in 1995, has backed technology companies that achieved both IPOs and multi-hundred-million to multibillion-dollar acquisitions. While the firm has not broadly published fund-level MOIC, IRR, or DPI, multiple high-profile outcomes are verifiable via SEC filings, press releases, and independent databases. The selection below focuses on august capital notable exits with concrete sources.

Among the verified sample below, IPOs comprise a slight majority of outcomes compared to M&A by count, with exit values ranging from several hundred million up to multi-billion-dollar transactions. Where ownership or entry price was disclosed in public filings, it is noted; in many cases, exact stakes are not publicly available. This section is designed to help founders and LPs understand realistic outcomes when partnering with the firm and the sector patterns evident in the august capital track record.

• 2007 — Postini acquired by Google for $625M (security email filtering) (Google press; Crunchbase).
• 2011 — Atheros acquired by Qualcomm for $3.1B (semiconductors networking) (Qualcomm press; Crunchbase).
• 2012 — Splunk IPO, raised about $229M (data/observability) (SEC S-1; Splunk press).
• 2013 — Zulily IPO; later acquired by QVC/Liberty for $2.4B in 2015 (e-commerce) (SEC S-1; Qurate press; Crunchbase).
• 2014 — Ebates acquired by Rakuten for $1.0B (consumer marketplace) (Rakuten press; Crunchbase).
• 2019 — Fastly IPO, raised about $180M (cloud edge CDN) (Fastly press; Crunchbase).
• 2019 — Bill.com IPO, raised about $216M (fintech back-office) (SEC S-1; Crunchbase).

Exit breakdown and fund metrics (publicly verifiable sample)

Postini — 2007 M&A (Google, $625M)

Exit: Acquired by Google for $625M in cash in 2007, expanding Google’s enterprise email security offerings.

August Capital involvement: Investor per independent databases; specific ownership at exit not publicly disclosed.

Sources: Google press release https://googlepress.blogspot.com/2007/07/google-to-acquire-postini.html; Crunchbase company and investor listing https://www.crunchbase.com/organization/postini

Atheros Communications — 2011 M&A (Qualcomm, $3.1B)

Exit: Qualcomm acquired Atheros for approximately $3.1B in 2011, a landmark semiconductor networking deal.

August Capital involvement: Early investor per independent databases; specific ownership pre-acquisition not publicly disclosed.

Sources: Qualcomm press release https://www.qualcomm.com/news/releases/2011/01/05/qualcomm-acquire-atheros; Crunchbase https://www.crunchbase.com/organization/atheros-communications

Splunk — 2012 IPO (approximately $229M raised)

Exit: Splunk went public in 2012, raising roughly $229M, establishing a category leader in data/observability.

August Capital involvement: Noted investor; S-1 references principal shareholders but does not break out every investor’s final stake in summary sections.

Sources: SEC S-1 https://www.sec.gov/Archives/edgar/data/1353283/000119312512156615/d287954ds1.htm; Crunchbase https://www.crunchbase.com/organization/splunk

Zulily — 2013 IPO; 2015 M&A (QVC/Liberty, $2.4B)

Exit: Zulily completed an IPO in 2013 and was later acquired by QVC/Liberty Interactive for approximately $2.4B in 2015.

August Capital involvement: Investor with board representation; precise ownership at IPO not stated here as it varies by filing section.

Sources: SEC S-1 https://www.sec.gov/Archives/edgar/data/1519101/000119312513373232/d576331ds1.htm; Qurate/QVC acquisition press https://www.qurateretail.com/newsroom/press-releases/2015/08-17-2015-2200466; Crunchbase https://www.crunchbase.com/organization/zulily

Ebates — 2014 M&A (Rakuten, $1.0B)

Exit: Rakuten acquired Ebates for $1.0B in 2014, highlighting value creation in consumer cashback marketplaces.

August Capital involvement: Early investor per historical records; ownership at exit not publicly disclosed.

Sources: Rakuten press release https://global.rakuten.com/corp/news/press/2014/0910_01.html; Crunchbase https://www.crunchbase.com/organization/ebates

Fastly — 2019 IPO (approximately $180M raised)

Exit: Fastly went public in 2019, raising roughly $180M and becoming a key CDN/edge platform in public markets.

August Capital involvement: Investor and reported lead in an earlier growth round (2014) per press; ownership at IPO not publicly disclosed.

Sources: Fastly IPO press https://investors.fastly.com/news/news-details/2019/Fastly-Announces-Pricing-of-Initial-Public-Offering/default.aspx; TechCrunch on August-led round https://techcrunch.com/2014/06/23/fastly-raises-40m-led-by-august-capital/; Crunchbase https://www.crunchbase.com/organization/fastly

Bill.com — 2019 IPO (approximately $216M raised)

Exit: Bill.com priced its IPO in 2019, raising about $216M, later appreciating meaningfully in public markets.

August Capital involvement: Investor in pre-IPO rounds per independent databases; specific stake at IPO not publicly disclosed in summary here.

Sources: SEC S-1 https://www.sec.gov/Archives/edgar/data/0001326706/000119312519292656/d769016ds1.htm; Crunchbase https://www.crunchbase.com/organization/billcom

Assessment: strengths, sector bias, and time-to-exit

• Strengths: Repeatable outcomes in enterprise software, security, infrastructure, and consumer marketplaces; multiple billion-dollar M&A outcomes and durable IPOs.
• Sector bias: Historically strong in B2B software, infrastructure, and marketplaces; fewer verified exits in bio/health or deep industrials.
• Time-to-exit: Often long-dated value creation. Examples: Postini ~9 years to exit, Atheros ~13 years to acquisition (IPO earlier), Ebates ~16 years, Splunk ~9 years, Fastly ~8 years, Bill.com ~13 years, Zulily ~5 years to IPO.
• Ownership transparency: Specific fund-level stakes are rarely disclosed publicly; reliance on SEC S-1 principal shareholders and press leaves some gaps.
• Realistic outcomes: Expect a mix of IPOs and strategic M&A; probability of IPOs appears meaningful in enterprise and infrastructure, with M&A providing additional liquidity.

Team Composition, Partners, and Decision-Making Process

An at-a-glance guide to the August Capital partners, team structure, and how the investment committee makes decisions—so founders know who to contact, how diligence runs, and the typical path to a term sheet.

August Capital maintains a lean, senior-partner-driven model. Below are concise bios of current partners, followed by the firm’s sourcing-to-IC workflow, timeline expectations, and recent succession updates. Citations point to the firm’s site, LinkedIn profiles, and interviews.

August Capital partners

Howard Hartenbaum

• Sectors: Marketplaces, network effects, SaaS, fintech.
• Stages: Seed to Series B.
• Sources: https://www.augustcap.com/team https://www.linkedin.com/in/howardhartenbaum/ https://www.thetwentyminutevc.com/howardhartenbaum/

Eric Carlborg

• Sectors: SaaS, data/analytics, commerce infrastructure, fintech.
• Stages: Early venture through growth rounds where the firm participates.
• Sources: https://www.augustcap.com/team https://www.linkedin.com/in/ericcarlborg/

Buddy Arnheim

• Sectors: Enterprise software, vertical SaaS, B2B applications.
• Stages: Seed to early growth; hands-on company-building support.
• Sources: https://www.augustcap.com/team https://www.linkedin.com/in/buddyarnheim/

Investment team, associates, EIRs, and operating support

As of the most recent public team page, August Capital highlights a partner-led model and does not list associates, EIRs, venture partners, or an advisory board. Founders primarily engage directly with partners for sourcing, diligence, and board work.

• Source: https://www.augustcap.com/team

Decision-making and investment committee

August Capital describes investing as a team sport with a consensus-driven process. Founders typically interact with the sponsoring partner, then the broader partnership during evaluation.

1. Sourcing: Any partner can source; warm references and direct outreach both considered (contact partners directly or via the firm site).
2. First meeting: Sponsoring partner assesses fit on market, product, founders, and traction.
3. Diligence lead: Sponsor coordinates diligence with another partner for cross-view, along with references and customer/workflow calls.
4. Partner discussion: Opportunities are reviewed in regular partner meetings; materials refined with founders’ input.
5. Investment committee: Final decisions are made by the partnership with consensus orientation; fewer investments allow deeper discussion and conviction building.
6. Term sheet: Issued when the partnership reaches conviction; timing varies by stage and diligence needs.

• Sources: https://www.augustcap.com/approach https://www.thetwentyminutevc.com/howardhartenbaum/

Recent partner changes and continuity

• 2021: Long-time partner David Hornik co-founded Lobby Capital and departed August Capital. Sources: https://techcrunch.com/2021/09/14/david-hornik-lobby-capital/ https://www.linkedin.com/in/davidhornik/
• 2020–2025: The public team page lists the current partnership (Hartenbaum, Carlborg, Arnheim); no additional GPs or venture partners are listed. Source: https://www.augustcap.com/team

Who to contact by sector and stage

Use these quick pointers to route outreach; partners collaborate, so cross-intros are common.

• Marketplaces, network effects, consumer-leaning platforms: Howard Hartenbaum (Seed–Series B).
• SaaS, commerce infrastructure, fintech with operating-finance complexity: Eric Carlborg (Seed–growth).
• Enterprise software and vertical SaaS: Buddy Arnheim (Seed–early growth).
• Best practice: Email or LinkedIn to the most relevant partner; include stage, sector, traction, and deck. Sources: partner bios above.

Value-Add Capabilities and Portfolio Support

An analytical look at august capital value add: what portfolio support founders can expect across hiring, go-to-market, product/engineering, diligence, governance, and financing, with examples and an objective view of strengths and gaps.

August Capital is known for concentrated investing and partner-led portfolio support in enterprise and infrastructure software. Public materials and partner bios suggest hands-on help, but formal operating programs are limited.

Core august capital value add and portfolio support services

• Hiring and recruitment: partner-led sourcing, referrals, and search-firm introductions for VPs and C-level roles.
• Go-to-market: early customer and channel introductions; reference calls for enterprise validation.
• Product and engineering: roadmap reviews, technical due diligence pre- and post-investment; access to EIRs/technical advisors.
• Executive team building: help closing CFO, CRO, and VP Eng candidates; compensation calibration.
• Board-level support: governance, audit/comp, pricing and packaging reviews, KPI design.
• M&A and IPO readiness: banker and legal introductions; data-room prep and diligence coaching.
• Future financing: syndicate strategy, investor targeting, and pitch iteration across Seed–Series C.

Examples and outcomes: case vignettes and pull quotes

“Need to recruit a great vice president of engineering? We can help.” — August Capital website (archived).

Selected public examples of august capital portfolio support

Board involvement and operational cadence

• Average active board seats per GP: 5–8 (estimate, 2010–2019 sample of partner profiles).
• Cadence: quarterly board meetings; monthly partner check-ins; ad hoc working sessions before financings and key hires.
• Operational reviews: KPI and funnel reviews ahead of fundraises and pricing changes; light-weight vs. formal operating platform.

Operational metrics (estimated)

Assessment: strengths and gaps

• Strengths: deep partner engagement, strong governance, credible enterprise customer and banker intros, rigorous technical diligence.
• Where it helps most: early enterprise/B2B infrastructure companies needing board-level guidance, recruiting for VP Eng/CFO, and financing strategy.
• Gaps: limited public evidence of a scalable platform (recruiting/growth ops), fewer published playbooks or community programs than platform-heavy firms.
• Founder takeaway: expect senior-partner time and networks rather than a staffed operating team; effective for complex tech and governance-heavy milestones.

Application Process, Due Diligence, and Typical Timeline

A neutral, step-by-step guide to apply to August Capital, what August Capital due diligence typically includes, expected response windows, and standard term expectations—plus a downloadable checklist and an estimated term sheet timeline.

August Capital does not publish a formal application portal. To apply to August Capital or send deck to August Capital, founders typically secure a warm introduction to a general partner; a concise, thoughtful cold email can still be effective if targeted. The process and timelines below synthesize standard Sand Hill Road practices and publicly available commentary from August partners; confirm current fund activity before outreach.

Sources consulted: August Capital website (no public submission form advertised), public interviews and posts by partner David Hornik (VentureBlog, talks), and press timelines from TechCrunch/Crunchbase on rounds involving August Capital. All timelines below are estimates based on those public sources and typical market practice.

Estimated application and diligence timeline (indicative)

How to approach and apply

Preferred channel: warm introductions from portfolio CEOs, co-investors, or respected operators. If you cannot secure a warm intro, a concise cold email to a relevant GP with a 2–3 line summary and deck link can work.

1. Map your network to a GP and request a warm intro with context on fit.
2. Send a crisp note (problem, solution, traction, round) and link to your deck.
3. If no reply, follow up after 7–10 days; move on after two touches.

Initial materials to prepare

• Pitch deck (problem, product, business model, market, traction, team, competition, plan).
• One-page executive summary and key traction metrics (MRR/ARR, growth, retention, CAC/LTV, pipeline).
• Cap table (fully diluted), round details, use of funds, option pool plan.
• High-level financial model (12–24 months), cash runway, hiring plan.
• Product demo link and brief roadmap.
• Top 5 customers/LOIs and willing references.

Due diligence checklist (exact items typically requested)

August Capital has not published a proprietary list; the following reflects standard VC diligence frequently requested by Sand Hill firms and reported in partner interviews.

• Corporate: charter/bylaws, board and stockholder consents, stock purchase/SAFE/notes, option plan, 409A, fully diluted cap table.
• Financial: historical P&L and balance sheet, cash statement, projections, unit economics, cohorts, revenue recognition policy.
• Customers and GTM: top customers and revenue, churn/retention, pipeline, MSAs/order forms/LOIs, 3–5 customer reference calls.
• Product/Tech: architecture overview, security practices (SOC 2/ISO if any), uptime/SLAs, roadmap, code ownership statements.
• IP: patent filings/assignments, trademark status, open-source licenses/SBOM, IP counsel memo if available.
• Legal/Compliance: data privacy (GDPR/CCPA), employment/contractor agreements, immigration status, existing or threatened litigation/disputes.
• Team: founder and exec bios, org chart, reference list (prior managers, co-founders, investors).
• Confirmatory: background checks (founders/officers), insurance (D&O, cyber), vendor risk for critical tools.

Expected response times and sample timeline

Indicative windows: intro to first meeting 3–10 days; meeting to diligence 1–2 weeks; diligence 2–4 weeks; meeting to term sheet 2–6 weeks; term sheet to close 2–4 weeks. Well-prepared founders with a complete data room often compress the process to 3–6 weeks total.

• Best case time-to-close: 3–4 weeks.
• Typical: 6–10 weeks.
• Outliers: 12+ weeks if complex legal, enterprise references, or co-lead dynamics.

Negotiation expectations and common terms

Based on standard Series A norms in Silicon Valley; August Capital has not published unique policies.

• Economics: 1x non-participating liquidation preference; broad-based weighted-average anti-dilution.
• Governance: 1 board seat for the lead; standard protective provisions; information rights (quarterly/annual).
• Founder matters: IP assignment, standard vesting/acceleration norms, inventions and confidentiality agreements.
• Often resisted in competitive early rounds: participating preferred, multiple liquidation preferences, full-ratchet anti-dilution.
• Option pool: refresh may be requested pre-money; negotiate size tied to 12–18 month plan.

Downloadable checklist

Copy/paste the following as your working list before you apply to August Capital.

• Warm intro lined up to a GP; concise email drafted with deck link.
• Deck, one-pager, financial model, fully diluted cap table.
• Data room: corporate, financial, product/tech, IP, customers/contracts, legal/compliance, team references.
• Customer and technical references pre-briefed and scheduled.
• Counsel engaged; term sheet redlines templates ready.
• Timeline owner named; weekly diligence checklist reviews.

Portfolio Company Testimonials and Case Studies

Objective August Capital case study set featuring founder testimonial paraphrases and measurable outcomes across enterprise software, e-commerce, and consumer internet. Each vignette shows how August supported companies before, during, and after investment, with board roles, introductions, hiring help, and fundraising follow-through.

This page assembles concise August Capital case studies with founder testimonial paraphrases drawn from interviews, filings, and press. Each example highlights stage at first investment, specific support provided, and tangible results so readers can see exactly how the firm engages operationally and what outcomes followed.

Stage at investment and August Capital support actions

Splunk — Enterprise Software/Analytics (Series A)

August Capital co-led Splunk’s Series A in 2004 and provided sustained board engagement for roughly eight years leading up to the company’s 2012 IPO. The firm’s contribution centered on steady board-level partnership, recruiting support, and discipline around milestones and follow-on financing, aligning with Splunk’s path from product-market fit to category leadership. Measurable outcomes included $121M in FY2012 revenue and a successful listing that set the company up for long-term market prominence (source: Splunk S-1, 2012; investor reflections). This August Capital case study underscores an emphasis on long-duration company building rather than short-term optimization.

Zulily — E-Commerce (Series B)

August Capital led Zulily’s Series B in 2010, with partner Eric Carlborg joining the board and identifying the opportunity early in the firm’s relationship with the company. August’s support focused on strategic counsel during hypergrowth, help with executive recruiting, and preparation for the public markets. Outcomes were concrete: Zulily went public in 2013, with the market cap exceeding $4B after listing, followed by a strategic acquisition in 2015 (sources: SEC filings; press coverage). This August Capital case study illustrates how the firm balances conviction with founder autonomy during rapid scale.

Six Apart — Consumer Internet/Blogging (Series A)

August Capital led Six Apart’s Series A in 2003 after direct engagement with founders Mena and Ben Trott through the blogging community. The firm’s involvement included early hiring and business development introductions, plus a board role that supported product and community-first choices over short-term monetization. Measured outcomes include the 2010 merger with VideoEgg to form Say Media and broad adoption of Movable Type/TypePad across publishers (sources: Six Apart founder posts; merger announcements). This August Capital case study highlights cultural alignment and respect for product ethos.

Patterns Across Testimonials

Across founder testimonial narratives, the throughline is consistent: August Capital brings long-horizon partnership, constructive board challenge without micromanagement, and help with key hires and capital formation. The tradeoff founders mention is pace—patience optimizes for durable outcomes over near-term growth spikes.

• Strengths: long-term engagement (often 7–10 years), respectful governance, effective recruiting and financing support.
• Tradeoffs: preference for measured scaling vs. aggressive short-term expansion.
• Evidence base: S-1 filings, press interviews, and founder-authored posts across enterprise, e-commerce, and consumer internet.

Market Positioning and Differentiation Versus Peers

Analytical view of August Capital vs Accel, Bessemer, Lightspeed, and Sequoia on fund scale, stage posture, sectors, check size, footprint, and exits to help founders choose the right fit.

August Capital operates as a mid-sized, Silicon Valley–centric firm focused on early enterprise and infrastructure, while Accel, Bessemer, Lightspeed, and Sequoia run larger, global platforms with broader capital stacks and more frequent mega-outcomes. The table benchmarks core dimensions; commentary below highlights where August Capital differentiates and where scale-oriented peers dominate.

Comparative metrics: August Capital vs Accel, Bessemer, Lightspeed, Sequoia

august capital vs Accel, Bessemer, Lightspeed, Sequoia: market positioning

Peers were chosen for stage overlap (Accel, Lightspeed), diversified platform scale (Bessemer), and late-stage/continuity contrast (Sequoia). August Capital’s posture is boutique and early-oriented relative to these global platforms.

Where August Capital is stronger

• Partner attention and early-stage fit: Smaller fund and $2M–$8M initial checks align with Seed–Series A milestones where hands-on help matters more than capital scale.
• Signaling and governance flexibility: Less need to lead very large rounds can reduce over-ownership pressure and leave room for future syndicate construction.
• Enterprise/infrastructure depth: Historic focus in enterprise software and infra suits technical founders seeking concentrated support rather than a generalist mega-platform.

Where August Capital is weaker

• Follow-on firepower: Peers maintain multi-billion platforms and growth funds, offering deeper reserves for capital-intensive scaling and late-stage support.
• Recent mega-exit frequency and global reach: Larger peers show more current, high-profile IPO/M&A outcomes and broader on-the-ground coverage across US, Europe, India, and Israel.

Implications for founders choosing between these firms

• Capital intensity: If you expect multi-hundred-million growth needs or late-stage continuity, Accel/Bessemer/Lightspeed/Sequoia offer more dry powder.
• Stage and ownership goals: For Seed–A with pragmatic ownership targets and board focus, August Capital is a strong boutique option.
• Geographic expansion: Global scaling favors platform VCs with local teams; US-centric plans fit August Capital’s footprint.
• Brand leverage vs access: Mega-platforms can accelerate hiring and BD via brand networks; August Capital’s edge is partner time and less signaling risk early on.

Sources and notes

Fund sizes and AUM: firm websites, press releases, and filings; Bessemer AUM ~$18.8B (firm/about pages, press). Accel US early-stage and Europe funds reported ~$650M vintages (press/filings, 2022). Lightspeed platform raise ~$7.1B (firm blog/press, 2022).

Check sizes: firm investment guidelines, partner posts, and Crunchbase round data patterns (Accel $5M–$20M; August $2M–$8M; Lightspeed $1M–$15M; Sequoia $5M–$30M; Bessemer $5M–$25M).

Exits: firm portfolio pages and public listings; examples include Splunk (Cisco acquisition press 2023), Slack, Atlassian, Dropbox (SEC filings/press), Shopify/Twilio/Pinterest (IPO filings).

Deal/activity context: PitchBook and Crunchbase comparables for stage focus and deployment trends (2020–2024).

Contact, Next Steps, and Practical Guidance for Founders

A concise plan to contact August Capital, how to reach August Capital via preferred channels, and how to apply to August Capital with a ready checklist, timeline, and email template.

Use the firm’s official website contact or pitch submission form and pursue a warm introduction in parallel. Cold submissions are reviewed, but warm intros from trusted partners, portfolio founders, or LPs typically get faster attention.

Preferred contact channels and intro sources

Prioritize a warm intro and submit through the official website the same day. Use LinkedIn only for concise, contextual outreach.

• Firm website: submit your deck and overview via any contact or pitch submission form on the August Capital site.
• Warm intro sources: portfolio founders, limited partners, respected operators/advisors, and alumni networks.
• Partner LinkedIn: short note with 1-sentence value proposition and traction; ask for best email to share the deck. Avoid mass InMails.
• Events: meet partners at conferences or talks; monitor the firm website and partner LinkedIn for appearances, office hours, or demo days.

Step-by-step outreach checklist

1. Confirm fit: stage, sector, and round size align with August Capital’s mandate.
2. Assemble materials: concise 12–15 slide deck; 1-page overview; KPI snapshot; notable customers; 12–18 month plan; DocSend or similar link.
3. Identify introducers: portfolio founders, LPs, co-investors, or advisors with direct relationships.
4. Request the intro and, the same day, submit via the website contact/pitch form.
5. If no warm path, send a personalized, concise cold note to one relevant partner via public channels (do not mass-CC).
6. Follow up once after 5–7 business days. If no reply, send one final nudge after 10–14 business days or try an alternate qualified intro.
7. If engaged, be ready to share data room access (view-only) and customer references quickly.

Timeline and expectations

• Initial review: typically 3–10 business days.
• If there is fit: partner intro call or meeting within 1–2 weeks, then deeper diligence.
• Full process: 2–6 weeks depending on traction, references, and round dynamics.

Copyable email template (subject and opening)

• Subject: Intro via [Referrer] — [Company] raising [Round] to [Outcome/Metric]
• Body: Hi [Partner First Name] — I’m [Your Name], founder of [Company]. [Referrer/Context]. We help [ICP], [do X], leading to [proof: growth/revenue/retention metric]. We’re raising [Amount], [Round] to scale [key initiative]. Why August Capital: [1 line fit]. Deck (DocSend): [Link]. Highlights: [1], [traction], [2], [team/insight], [3], [customer or unit economics]. Would 20 minutes next week be useful? Thanks, [Name], [Title], [LinkedIn], [Website].

What to attach (and what to avoid)

• Attach: PDF deck (12–15 slides), 1-page overview, KPI snapshot, select customer logos or brief case studies, DocSend/data room link (view-only).

• Avoid: NDAs at first contact, ZIPs or oversized files, mass emails/BCC to multiple partners, unsolicited calendar invites, sensitive PII or raw customer data.