Investor Profile: Cendana Capital — Thesis, Cheque Size & How to Apply

If you are seeking Cendana Capital funding, it helps to understand one thing first: Cendana Capital does not usually write cheques to startups directly. It is a fund-of-funds, which means it backs venture capital funds, and those funds in turn back founders. So how to get funding from Cendana Capital is really about reaching the seed funds it supports, and building a company those managers want to fund. This profile explains that route clearly, so founders do not waste time pitching the wrong door.

Thesis: backing the backers of seed-stage venture

Cendana Capital is a San Francisco-based fund-of-funds manager founded in 2010, specialising in early-stage venture capital. Its stated approach is to provide strategic, high-conviction capital to very early-stage venture funds globally, with a concentrated portfolio rather than a long index-like list of names. In practice, that means it looks for small, focused managers with a clear thesis, strong ownership discipline and the ability to spot founders early, before larger funds arrive.

Sectors, stages and cheque size

Cendana Capital invests in seed and micro-cap venture funds, and through them reaches startups across sectors. Its early vehicles illustrate the scale: its first fund was a $28.5 million vehicle, and a later fund of funds was a $50 million vehicle, roughly twice the size of the first. Reporting in 2020 said the firm had $278 million more to invest. It has typically held anchor positions in up to 12 funds, plus smaller $1 million bets on more nascent managers it may fund further if they prove their thesis. A current fund size and a standard startup cheque size are not publicly disclosed, because Cendana Capital invests in funds, not in startups directly.

Notable portfolio: the funds it has backed

Over time, Cendana Capital has backed managers including Forerunner Ventures, Freestyle Capital, IA Ventures, K9 Ventures, Lerer Hippeau, Mucker Capital, Notation Capital, PivotNorth Capital, Susa Ventures and Uncork VC, then known as SoftTech VC. Its pre-seed managers have included Better Tomorrow Ventures, Bolt VC, Engineering Capital, Root Ventures and Wonder Ventures.

Partners and team

Cendana Capital was founded by Michael Kim, who has spoken publicly about preferring concentrated portfolios of high-conviction managers over broad, index-style fund-of-funds. Before Cendana Capital, he was a general partner at Rustic Canyon Partners and worked in technology mergers and acquisitions at Morgan Stanley.

Programmes run

Cendana Capital does not run a public accelerator programme for startups, and no such programme was verified in the sources read for this profile. Its value-add is aimed at fund managers: capital, a long-term relationship and advice drawn from backing many seed managers. Founders should therefore not expect an application form, a cohort or a demo day from Cendana Capital itself.

How to apply for funding from Cendana Capital

Startups cannot apply to Cendana Capital for a direct investment. Instead, identify the seed funds it has backed that invest in your sector and stage, and pitch those firms directly through their own websites and contacts. Emerging fund managers, by contrast, can approach Cendana Capital through the contact route on its official website, with a clear record, a differentiated thesis and evidence of ownership discipline.