Todd & Rahul Capital

About

Todd & Rahul Capital (formerly Todd & Rahul’s Angel Fund) is a San Francisco-based early-stage venture fund co-founded by Todd Goldberg and Rahul Vohra in 2020 ¹². Goldberg founded Eventjoy, an event ticketing platform acquired by Ticketmaster, and Vohra founded Rapportive (acquired by LinkedIn) and Superhuman, the email productivity company ²³. Both are Y Combinator alumni who had been co-investing as angels together for several years before formalizing their partnership ²⁴.

The fund’s first vehicle closed at $7.3 million in February 2020, deploying into 42 companies before the pair raised Fund II at $24 million in June 2021 ¹³. Fund III filed with the SEC in May 2025, raising $16.4 million ⁵. Across all vehicles, the fund has invested over $50 million into more than 120 startups ².

The firm writes $300K-$500K checks and does not lead rounds, instead complementing other funds and angels on the cap table ²⁴. Their LP base consists of over 150 founders, operators, and investors, including founders of Plaid, Behance, Loom, and Lattice, as well as prominent angels like Elad Gil and Babak Nivi ⁴. The fund also operated a rolling fund vehicle on AngelList for later-stage follow-on investments ⁶.

The fund rebranded from “Todd & Rahul’s Angel Fund” to “Todd & Rahul Capital” around 2024-2025, with the original website now redirecting to the new domain ².

Stated Thesis

Todd & Rahul Capital publicly describes itself as “generalist investors that invest broadly — SaaS, consumer, dev tools, APIs, crypto, VR, longevity, etc.” ⁴. They state a preference for companies where founders have “shipped a product and have some traction” ⁴.

Vohra has described their evaluation criteria as seeking founders with “a very specific magic combination. First, they know how to make something people want. Second, they know how to make people realize they want it” ⁶. He also stated they look for founders with “exceptionally high levels of grit” and “the possibility of a $1B dollar outcome” ⁶.

Goldberg has articulated the fund’s core belief: “We believe founders want to raise their first capital from their peers: current or former founders or operators” ⁷. He has described their approach as “vertical agnostic,” saying “the biggest thing for us is consistently sourcing great founders through our networks” ⁷.

The firm publicly highlights five areas of particular interest: productivity, viral SaaS, health/fitness/wellness, creator/maker tools, and business infrastructure ⁸.

Their stated value-add centers on four areas: product strategy and design to find product/market fit faster, go-to-market strategy including customer acquisition and launch planning, fundraising support including investor introductions and pitch preparation, and strategic guidance during pivots, M&A, and board dynamics ⁴.

Inferred Thesis

Based on 30 verified portfolio companies from the firm’s website, press coverage, and aggregator data ²⁴⁸⁹:

Sector distribution: Of 30 verified investments: 10 B2B SaaS/productivity (33%) — Superhuman, Clearbit, Pitch, Hex, Ashby, Scratchpad, Zip, ChartHop, OpenPhone, Seam; 5 developer tools/infrastructure (17%) — Supabase, WorkOS, AngelList, Manifold, Lob; 4 consumer/social (13%) — Clubhouse, Farcaster, ClassDojo, Descript; 3 health/wellness (10%) — Loyal, NexHealth, Levels; 3 proptech/physical world (10%) — Placer, Wander, Eight Sleep; 2 fintech (7%) — Mercury, Circle; 2 advertising/marketing (7%) — AdQuick, Readwise; 1 other (3%) — Gym Class (VR).

Stage distribution: The fund invests predominantly at pre-seed and seed, with occasional post-seed and Series A participation ⁴. Given the $300K-$500K check size and non-lead positioning, the fund operates as a high-conviction angel fund rather than a traditional lead investor.

Check size: $300K-$500K per investment ²⁴. Signal NFX data suggests individual check ranges of $100K-$5M for Goldberg and $100K-$250K for Vohra when investing personally ⁸.

Geographic distribution: The portfolio is heavily US-concentrated, with the majority of verified companies based in San Francisco and New York. Some international investments exist, including PetsApp (UK) ⁴.

Founder profile patterns: The fund gravitates toward product-oriented technical founders, consistent with both GPs’ backgrounds as product builders. Many portfolio companies are developer-facing or have strong product-led growth dynamics (Supabase, WorkOS, Superhuman, Descript, Hex).

Co-investor patterns: Signal NFX data indicates frequent co-investment alongside Sequoia Capital, Lightspeed Venture Partners, and Seven Seven Six ⁸. The small check size and non-lead approach means they typically join rounds organized by larger firms.

Portfolio outcomes: Two portfolio companies have reached unicorn status: Writer (2024) and Supabase (2025) ⁹. Notable exits include Clearbit (acquired by HubSpot) and Clubhouse (which reached a $4 billion valuation at peak) ³. Farcaster was acquired by Neynar in January 2026 ⁹.

Notable gaps vs. stated thesis: Despite listing crypto and VR as focus areas, the verified portfolio shows minimal investment in these sectors (only Farcaster for crypto and Gym Class for VR). The actual portfolio skews heavily toward B2B SaaS and productivity tools — consistent with the founders’ backgrounds at Superhuman and Eventjoy but not fully reflected in their generalist positioning.

Portfolio

Note: Many investment years are approximate, based on company founding dates or funding round timing. This table represents roughly 40 of 120+ claimed investments. The fund does not publicly disclose a comprehensive portfolio list with dates.

In Their Own Words

Rahul Vohra on evaluating founders: “We look for founders with a very specific magic combination. First, they know how to make something people want. Second, they know how to make people realize they want it.” — AngelList blog interview ⁶

Vohra on outcome expectations: “We also look for the possibility of a $1B dollar outcome.” — AngelList blog interview ⁶

Vohra on taking investor money: “If a good investor is offering you money on decent terms…you should take it.” — AngelList blog interview ⁶

Todd Goldberg on their core thesis: “We believe founders want to raise their first capital from their peers: current or former founders or operators.” — AngelList blog interview ⁷

Goldberg on sector focus: “We tend to be vertical agnostic…The biggest thing for us is consistently sourcing great founders through our networks.” — AngelList blog interview ⁷

Goldberg on check size strategy: “Keeping our checks small also allows us to be collaborative with other investors. We work with many other funds and angels.” — AngelList blog interview ⁷

Goldberg on their identity as investors: “We’re product people. We love building and growing products. The fund allows us to do this on a bigger scale partnering with world-class investors, founders, and operators.” — AngelList blog interview ⁷

What Founders Say

Celine Halioua, CEO of Loyal: “Todd & Rahul are two of the most helpful people on my cap table.” — Todd & Rahul Capital website ²

Paul Copplestone, CEO of Supabase: “Todd & Rahul are amazing. I couldn’t recommend them enough.” — Todd & Rahul Capital website ²

John Andrew Entwistle, CEO of Wander: “Todd and Rahul are the most incredible partners you could ask for.” — Todd & Rahul Capital website ²

Sid Yadav, CEO of Circle: “I can’t overstate how helpful and game-changing Todd & Rahul’s involvement has been.” — Todd & Rahul Capital website ²

Noam Ben-Zvi, CEO of Placer: “If you’re starting a company, you want Todd and Rahul as investors.” — Todd & Rahul Capital website ²

Sam Chaudhary, CEO of ClassDojo: “Todd and Rahul have been helpful on so many fronts.” — Todd & Rahul Capital website ²

Daniel Erickson, CEO of Viable: “If you’re raising a round, you want Todd and Rahul to be with you.” — Todd & Rahul Capital website ²

Pouyan Salehi, CEO of Scratchpad: “We’ve been highly impressed by Todd and Rahul’s understanding of this strategy.” — Todd & Rahul Capital website ²

Alamin Uddin, CEO of NexHealth: “I would highly recommend raising from Todd and Rahul.” — Todd & Rahul Capital website ²

Julien Smith, CEO of Practice: “Todd and Rahul have been great. They are available at a moment’s notice.” — Todd & Rahul Capital website ²

Note: All founder testimonials above are sourced from the firm’s own website and may reflect selection bias. No independently sourced founder testimonials were found through third-party publications, podcasts, or social media.

Sources