VC firm

Wave Capital

Kingmaker Tier

Kingmaker Tier: 81 out of 100

Also known as BO Fund I a series of Wave, BO Fund I, a series of Wave Capital, LP, Wave Ventures

Investor type: VC
Investing status: Activeas of 2026-09-17Source (opens in a new tab)
Headquarters: San Francisco, WA, United States
Assets under management: $94.5MForm ADV private fund GAV, as of 2026-03-27Source (opens in a new tab)
Funds: 3
Legal name: WAVE CAPITAL LLC

Record updated 29 September 2026

About

Wave is a seed fund based in San Francisco, run by two equal partners and no staff. This is our firm, our startup.

Thesis: Our success is determined by the success of the companies we back. Our portfolio is highly concentrated and selective – we only lead and make no more than four investments per year. We look for businesses with a clear mission that we would be excited to work on and most importantly, founders we would want to work for. The bar is high because we’ve worked for some of the best. When we invest, we bring our respective operating backgrounds to each company we work with — having built teams at Airbnb, Dropbox and Facebook, we think we have a lot to offer. In addition to the role of investor, founders can think of us as members of the early team.Source (opens in a new tab)
Leads rounds: Yes
Lead policy: Our portfolio is highly concentrated and selective – we only lead and make no more than four investments per year.
Investing status notes: Wave is a seed fund based in San Francisco, run by two equal partners and no staff.

BO Fund I, a series of Wave Capital, LP: $385KVintage 2021, SPV, SEC amount sold
WAVE II, L.P.: Main fund
WAVE I, L.P.: Main fund

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