M34 Capital

ActiveVenture Capital

Updated: Jan 6, 2026 ·

About

M34 Capital is a private investment company focused on commercializing promising technologies from federally funded research, utilizing a disciplined, evidence-based approach.

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Nov 1, 2025	Sphere	$21.0M Series A	—	Andreessen Horowitz, Climate Capital, Forum Ventures, Pale Blue Dot, Solana Ventures, Abhay Kumar
Oct 1, 2025	SalesPatriot	$5.0M Seed	—	CRV, Y Combinator, Mark Pincus, Rich Miner
May 1, 2025	Usul	$3.0M Seed	—	Michael Driscoll, Freestyle Capital, Jackson Square Ventures, Mayfield, Nepenthe Capital, Walden International, Marc Benioff, Rajiv Khemani
Mar 1, 2025	SalesPatriot	$500K Seed	—	CRV, Y Combinator, Mark Pincus, Rich Miner
Feb 1, 2025	Chestnut Carbon	$160.0M Series B	—	C2 Investment, DBL Partners, VoLo Earth Ventures, Y Combinator, Dylan Field, Immad Akhund, John Collison
Feb 1, 2025	Cambium Carbon	$19.0M Series A	—	Alumni Ventures, C2 Investment, Day One Ventures, DBL Partners, f7 Ventures, Friends & Family Capital, Gaingels, Max Ventures, Lily Huang, Michael Li, OMERS Ventures, Original Capital, Pareto Holdings, Polygon, Soma Capital, TMV, UpHonest Capital, Vast Ventures, VoLo Earth Ventures, Y Combinator, Brad Garlinghouse, Dylan Field, Gokul Rajaram, Immad Akhund, John Collison, Jonathan Wasserstrum, Matt Mickiewicz, Nitay Joffe, Paul Holland, Yahya Mokhtarzada
Feb 1, 2025	Mantle8	$4.0M Seed	—	Breakthrough Energy Ventures, Prelude Ventures
Dec 1, 2024	Kalavai	$150K Seed	—	Andreessen Horowitz, Climate Capital, Forum Ventures, Pale Blue Dot, Solana Ventures, Abhay Kumar
Nov 1, 2024	Cytonic	$8.0M Seed	—	AirAngels, Andreessen Horowitz, Archetype, Audacity, Awesome People Ventures, Battery Ventures, Chapter One Ventures, CoinFund, Divergence Ventures, Electric Ant, Electric Capital, Ethereal Ventures, Future Perfect Ventures, Hack VC, Hashed, Infinity Ventures Crypto, Kearny Jackson, Kleiner Perkins, Makers Fund, Nascent, Not Boring Capital, Robot Ventures, Seed Club Ventures, Sequoia Capital, Seven Seven Six, SID Venture Partners, Solana Ventures, Sound Ventures, Todd and Rahul's Angel Fund, Version One Ventures, Weekend Fund, WPP Ventures, Adam Jackson, Alex Pack, Aliaksandr Hudzilin, Alice Lloyd George, Anastasia Andrianova, Andrew Steinwold, Balaji Srinivasan, Biz Stone, Bo Shao, Brad Holden, David Nage, Do Kwon, Eric Wu, Imran Khan, Jeff Morris, Jess Sloss, Luis Cuende, Nathaniel Whittemore, Rene Reinsberg, Scott Belsky, Sina Habibi, Stani Kulechov, Steve Weinstein, Tegan Kline, Trevor McFedries, Tyler Scott Ward
Oct 1, 2024	LuxWall	$51.0M Series B	—	BP Ventures, Breakthrough Energy Ventures, Greycroft, Prelude Ventures, Wayne Chang, William Miller
Oct 1, 2024	Q-CTRL	$59.0M CTRL - Series B	—	Acorn Capital, Ada Ventures, Alumni Ventures, Andreessen Horowitz, Austin Walne, Battery Ventures, BBG Ventures, DCVC (Data Collective), Jenny Fielding, Hanaco Ventures, Hummingbird Ventures, Lockheed Martin Ventures, Main Sequence Ventures, Aaron Jacobson, Patron, REMUS Capital, Salesforce Ventures, Sand Hill Angels, SOSV, Touch Capital, Aaron Peterman, Johannes Schildt, Steph Korey
Sep 1, 2024	Revefi	$20.0M Series A	—	Michael Driscoll, Freestyle Capital, Jackson Square Ventures, Mayfield, Nepenthe Capital, Walden International, Marc Benioff, Rajiv Khemani
Aug 1, 2024	Elmnts	$2.0M Seed	—	Andreessen Horowitz, Climate Capital, Forum Ventures, Graph Ventures, Pale Blue Dot, Solana Ventures, Abhay Kumar, Anna Yuan
Jun 1, 2024	Santa Ana Bio	$130.0M Series B	—	Access Biotechnology, Andreessen Horowitz, James Hardiman, GV, Hummingbird Ventures, REMUS Capital, Versant Ventures, Johannes Schildt, Shinichiro Fuse
Jan 1, 2024	Artera	$20.0M Venture Round	—	Michael Driscoll, Freestyle Capital, Insight Partners, Jackson Square Ventures, Mayfield, Nepenthe Capital, Redline Capital, Walden International, Marc Benioff
Jan 1, 2024	Nile	$12.0M Seed	—	Accel, Amplify Partners, Benchmark, C2 Investment, Contrary Capital, DBL Partners, Khosla Ventures, Kleiner Perkins, Lux Capital, Pareto Holdings, Redpoint Ventures, VoLo Earth Ventures, Y Combinator, Allison Pickens (Allison Pickens Ventures), Barr Moses, Bradley Horowitz, Dharmesh Shah, Elad Gil, Gokul Rajaram, Howie Liu, Immad Akhund, Iqram Magdon-Ismail, Jeff Hammerbacher, John Collison, Karim Atiyeh, Liu Jiang, Neha Narkhede, Scott Belsky
Nov 1, 2023	Matic	$24.0M Series A	—	Alumni Ventures, C2 Investment, DBL Partners, Invariantes Fund, K2 Global, Trajectory Ventures, VoLo Earth Ventures, Y Combinator, Dylan Field, Georges Harik, Greg Brockman, Immad Akhund, Jeff Hammerbacher, John Collison, Lukas Biewald, Sahin Boydas, Thomas Tull
Nov 1, 2023	Amini	$4.0M Seed	—	Acadian Ventures, Accel, Andreessen Horowitz, Bedrock Capital, Bling Capital, BoxGroup, Cambrian Ventures, Climate Capital, Connect Ventures, Conversion Capital, Emergence Capital, Female Founders Fund, Forum Ventures, Highland Capital Partners, Indeed.com, Kearny Jackson, monashees, Pale Blue Dot, Salesforce Ventures, Slack Fund, SNR, Solana Ventures, SV Latam Fund, TY, Ulu Ventures, Abhay Kumar, Eric Nadalin, Garrett Koehn, Gokul Rajaram, Sam Altman
Oct 1, 2023	Fairblock	$3.0M Seed	—	AirAngels, Andreessen Horowitz, Archetype, Ascender Ventures, Audacity, Awesome People Ventures, Battery Ventures, Blockchain Capital, Chapter One Ventures, CoinFund, Divergence Ventures, Electric Ant, Electric Capital, Ethereal Ventures, Future Perfect Ventures, Hack VC, Hashed, Infinity Ventures Crypto, Kearny Jackson, Kleiner Perkins, Makers Fund, Nascent, Not Boring Capital, Robot Ventures, Seed Club Ventures, Sequoia Capital, Seven Seven Six, SID Venture Partners, Solana Ventures, Sound Ventures, Todd and Rahul's Angel Fund, Version One Ventures, Weekend Fund, WPP Ventures, Adam Jackson, Alex Pack, Aliaksandr Hudzilin, Alice Lloyd George, Anastasia Andrianova, Andrew Steinwold, Balaji Srinivasan, Ben Perszyk, Biz Stone, Bo Shao, Brad Holden, David Nage, Do Kwon, Eric Wu, Imran Khan, Jeff Morris, Jess Sloss, Luis Cuende, Nathaniel Whittemore, Regan Bozman, Rene Reinsberg, Scott Belsky, Sina Habibi, Siqi Chen, Stani Kulechov, Steve Weinstein, Tegan Kline, Trevor McFedries, Tyler Scott Ward
Sep 1, 2023	Revefi	$11.0M Seed	—	C2 Investment, Michael Driscoll, Freestyle Capital, Jackson Square Ventures, Mayfield, Nepenthe Capital, Walden International, Gabriel Jarrosson, Marc Benioff, Rajiv Khemani
Sep 1, 2023	Alcion	$21.0M Series A	—	Michael Driscoll, Freestyle Capital, Jackson Square Ventures, Joule Ventures, Mayfield, Nepenthe Capital, Walden International, Marc Benioff, Rajiv Khemani
Sep 1, 2023	Proof of Play	$33.0M Seed	—	040 Capital, Accel, Adverb Ventures, Alchemy Ventures, Ambush Capital, Andreessen Horowitz, AngelList, Awesome People Ventures, Batalion Capital, BEENEXT, Blockchain.com Ventures, BlockTower Capital, Bow Capital, Broadstone, C2 Investment, Capital Factory, Craft Ventures, DBL Partners, Dragonfly Capital Partners, Dreamers VC, Matthew Brimer, Form Capital, Founder Collective, Founders Fund, General Catalyst, Global Founders Capital, Goat Capital, Greenoaks Capital, Greylock, Haun Ventures, HawksHead Capital, IDEO CoLab Ventures, Index Ventures, Infinity Ventures Crypto, Kleiner Perkins, La Famiglia, Lightspeed Venture Partners, Luv Ventures, Meritech Capital Partners, Morado Venture Partners, Northzone, Hans Tung, Not Boring Capital, Ben Huh, Pantera Capital, Pareto Holdings, Pear VC, Pharos Capital Group, Picus Capital, Pioneer Fund, Polychain Capital, Polygon, Redpoint Ventures, REMUS Capital, Robot Ventures, Scalar Capital, Seven Seven Six, SID Venture Partners, Slow Ventures, Sound Ventures, Spark Capital, The Hit Forge, Tiger Global Management, Timespan Ventures, Todd and Rahul's Angel Fund, Trammell Venture Partners, Union Square Ventures, Spencer Noon, Visionaire Ventures, VoLo Earth Ventures, Y Combinator, Aaron Levie, Akshay Kothari, Aleksander Leonard Larsen, Anselm Bauer, Anthony Pompliano, Balaji Srinivasan, Benjamin Guenther, Bobby Goodlatte, Chris Kurdziel, Cory Levy, Courtney Guertin, Dylan Field, Ethan Beard, Fernando Martinelli, Frederic Kerrest, Griffin Johnson, Howie Liu, Itamar Lesuisse, Jeremy Stoppelman, Jess Sloss, Joe Stump, John Collison, Julian Koh, Justin Mateen, Kevin Lin, Kevin O'Leary, Mark Cuban, Max-Josef Meier, Max Mullen, Michael Dunworth, Narendra Rocherolle, Neha Narkhede, Nick van Eck, Paul Stamatiou, Reggie James, Ricky Engelberg, Sam Blond, Scott Belsky, Sebastian Schuon, Sebastien Borget, Shishir Mehrotra, Stani Kulechov, Tegan Kline, William Boebel, William Hockey
Sep 1, 2023	Rain Industries	$10.0M Seed	—	01 Advisors, 20VC, AAF Management Ltd., Accel, Accelr8, AirAngels, AIX Ventures, Album VC, Andreessen Horowitz, Bond, C2 Investment, Coinbase Ventures, DBL Partners, James Hardiman, Felicis Ventures, FJ Labs, Founder Collective, Future Africa, Future Perfect Ventures, GSV Acceleration, Hack VC, Hummingbird Ventures, Insight Partners, Jude Gomila Rolling Fund, Kapor Capital, Microsoft, New York Ventures, Preston-Werner Ventures, REMUS Capital, Revolution, Rock Ventures, Sapphire Ventures, Sequoia Capital, Serena Ventures, SoftBank Investment Advisers, Spark Capital, Susa Ventures, Third Sphere, TLcom Capital, VoLo Earth Ventures, XStarPartners, Y Combinator, Akash Garg, Aston Motes, Bobby Goodlatte, Charlie Cheever, Chris Hughes, Christina Cacioppo, Claire Hughes Johnson, Dylan Field, Immad Akhund, Jeff Chang, Jeff Hammerbacher, Johannes Schildt, John Collison, Julia DeWahl, Koen Bok, Lauren Loktev, Marc McCabe, Robert Gentz, Ron Pragides, Stewart Butterfield, Tikhon Bernstam, Tom Blomfield, Wiley Cerilli, Yan-David Erlich
Jul 1, 2023	Vital Bio	$18.0M Series A	—	Accel, Buckley Ventures, Michael Driscoll, Electric Capital, Freestyle Capital, Jackson Square Ventures, Khosla Ventures, LGF, Mayfield, Nepenthe Capital, Next Play Ventures, Open AI Startup Fund, Walden International, WovenEarth Ventures, Gokul Rajaram, Justin Mateen, Paul Graham, Peter Reinhardt, Rajiv Khemani
Jun 1, 2023	Outdid	$3.0M Seed	—	AirAngels, Andreessen Horowitz, Archetype, Audacity, Awesome People Ventures, Bankless Ventures, Battery Ventures, Chapter One Ventures, CoinFund, Divergence Ventures, Divergent Capital, Electric Ant, Electric Capital, Ethereal Ventures, Jenny Fielding, Scott Hartley, Far Out Ventures, Future Perfect Ventures, Ganas Ventures, Hack VC, Hashed, Iluminar Ventures, Infinity Ventures Crypto, Kearny Jackson, Kleiner Perkins, Makers Fund, Matterscale Ventures, Nascent, NFX, Not Boring Capital, Picus Capital, Redpoint eventures, Robot Ventures, Seed Club Ventures, Sequoia Capital, Seven Seven Six, SID Venture Partners, Solana Ventures, Sound Ventures, TBD Angels, Todd and Rahul's Angel Fund, Urbanist Ventures, Version One Ventures, Ryan Zurrer, Weekend Fund, WPP Ventures, Xochi Ventures, Adam Jackson, Alex Pack, Aliaksandr Hudzilin, Alice Lloyd George, Anastasia Andrianova, Andrew Steinwold, Balaji Srinivasan, Biz Stone, Bo Shao, Brad Holden, Charlie Songhurst, Claire Diaz-Ortiz, David Nage, David Vélez, Dileep Thazhmon, Do Kwon, Eric Wu, Immad Akhund, Imran Khan, Jeff Morris, Jess Sloss, Loreanne Garcia, Luis Cuende, Martin Varsavsky, Matias Woloski, Mike Krieger, Nathaniel Whittemore, Regan Bozman, Rene Reinsberg, Ricardo Weder, Scott Belsky, Sergio Fogel, Sergio Furio, Simon Borrero, Sina Habibi, Stani Kulechov, Stefan George, Stelleo Tolda, Steve Weinstein, Tegan Kline, Trevor McFedries, Tyler Scott Ward

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at M34 Capital.

Leadership Team

Key people at M34 Capital.

Deep Dive

M34 Capital is a private investment firm founded in 2014 and based in San Francisco, California, that employs a disciplined, evidence-based approach to identify and invest in innovative business models across various stages, including seed, early, and later-stage funding[3][4][1]. The firm focuses on backing companies that demonstrate potential for transformative growth, leveraging data-driven insights to guide investment decisions. While specific sector preferences are not explicitly detailed, M34 Capital’s methodology emphasizes innovation and scalable business models, contributing to the startup ecosystem by providing capital and strategic support to emerging ventures.

The firm was established by key partners (names not publicly specified) with a vision to combine rigorous analysis with venture capital investing, evolving its focus to encompass a broad range of industries and stages over time[4][1]. This origin reflects a commitment to disciplined investing rather than speculative bets, aiming to foster sustainable growth in portfolio companies.

Core Differentiators

Disciplined, evidence-based investment model: M34 Capital relies on data and rigorous evaluation to select investments, reducing risk and enhancing potential returns[1][5].
Stage-agnostic funding: The firm supports companies from seed through later stages, offering flexibility and continuity to portfolio companies[3][4].
Focus on innovative business models: Prioritizes ventures that redefine markets or create new ones through novel approaches[1][5].
Strategic support: While specific operational support details are limited, the firm’s approach suggests active involvement in guiding companies toward scalable growth.

Role in the Broader Tech Landscape

M34 Capital operates within the broader trend of data-driven venture investing, where quantitative analysis and evidence-based decision-making are increasingly valued to identify high-potential startups. This approach aligns with market forces favoring innovation and scalability, especially in technology-driven sectors. By backing companies with innovative business models, M34 Capital contributes to the dynamism of the startup ecosystem, helping to accelerate the commercialization of new technologies and business ideas.

Quick Take & Future Outlook

Looking ahead, M34 Capital is positioned to continue leveraging its disciplined investment philosophy to capitalize on emerging trends and disruptive innovations. As markets evolve, the firm’s evidence-based approach may increasingly differentiate it in a competitive venture capital landscape, potentially expanding its influence and portfolio diversity. The ongoing emphasis on innovation and scalable models suggests M34 Capital will remain a relevant player in nurturing startups that can shape future industries.

This forward-looking stance ties back to M34 Capital’s foundational commitment to disciplined, data-informed investing, underscoring its role as a thoughtful and strategic partner in the venture capital ecosystem.

Sources

Core Differentiators

Disciplined, evidence-based investment model: M34 Capital relies on data and rigorous evaluation to select investments, reducing risk and enhancing potential returns[1][5].
Stage-agnostic funding: The firm supports companies from seed through later stages, offering flexibility and continuity to portfolio companies[3][4].
Focus on innovative business models: Prioritizes ventures that redefine markets or create new ones through novel approaches[1][5].
Strategic support: While specific operational support details are limited, the firm’s approach suggests active involvement in guiding companies toward scalable growth.