Raymond Tonsing’s Caffeinated Capital seeks $400 million for fifth fund

Founded by Caffeinated Capital, a San Francisco venture firm solo capitalist Raymond Tonsingis raising a fifth fund of $400 million, according to regulatory filings.

The firm, which was an early investor in software company Airtable and defense startup Saronic, has already raised $160 million in funding. If Caffeinated hits its target, it will be the firm’s biggest capital move in 15 years. Although the outfit did not announce its previous funding, PitchBook data estimates that Caffeinated closed its funding with a total of $209 million in commitments.

While Tonsing was Caffeinated’s sole general partner until four years ago, Varun Gupta, who heads data science and machine learning at Affirm, joined him as the second general partner in 2020.

Tonsing was the first investor in Affirm, a buy-now-pay-later platform went public in 2021. Other notable performances of the firm include Optimizely A/B testing startupIn 2020, PitchBook estimates sales of $600 million.