Mantis VC Targets $100M Fund IV After Backing 170+ Startups

Los Angeles-based Mantis VC is raising a $100M Fund IV, continuing a growth trajectory that has seen the venture firm raise $225M across its first 3 funds while backing more than 170 early-stage technology startups. Founded in 2019 by General Partners Alex Pall, Drew Taggart, Jeffrey Evans, and Milan Koch, Mantis VC focuses on Seed and Series A investments across AI, cybersecurity, healthtech, frontier technology, data infrastructure, and cloud infrastructure, typically writing checks ranging from $500K to $2M.

The fundraising effort arrives at a time when venture capital remains available but significantly more selective. Investors are demanding stronger fundamentals, clearer paths to growth, and founders capable of navigating increasingly complex markets. For founders, operators, and LPs, Fund IV represents more than another pool of capital because it reflects continued confidence in specialized early-stage investing, particularly across sectors where technical complexity creates durable advantages.

What Happened

According to recent reporting, Mantis VC is targeting $100M for Fund IV, extending a venture capital story that began in Los Angeles in 2019. The firm closed Fund III at $100M in July 2025, bringing total capital raised across its first 3 funds to $225M. Since launching, Mantis VC has invested in more than 170 startups while maintaining a consistent focus on early-stage technology companies.

Mantis VC primarily invests at the Seed and Series A stages, targeting startups operating in cybersecurity, AI, healthtech, frontier technology, and infrastructure. Portfolio companies include Chainguard, Dandy, Kalshi, MoonPay, NexHealth, Rogo, Tavus, Openlayer, Superhuman, Mythical Games, Journey Clinical, Fellow Health, iVerify, Edera, and c/side, reflecting a strategy centered on backing technical founders solving difficult problems in large markets.

That consistency traces back to General Partners Alex Pall, Drew Taggart, Jeffrey Evans, and Milan Koch, who launched Mantis VC with a focused investment thesis and steadily expanded the platform. Supporting that effort are Partners Josh Klein, Mac Clark, and Adam Alpert; Investor & Head of Platform Stephen O'Brien; Principal Investors Saveena Mandadi and Gaurav Bhogale; Investment Associate Caroline Menkes; and Chief of Staff to Managing Partner & Operations Associate Malisa Gandevani. Fundraising headlines often focus on dollar amounts, but venture capital remains a people business built on judgment, access, trust, and the ability to identify founders before consensus arrives.

Why This Matters

The venture market looks very different than it did a few years ago. Capital is no longer chasing growth at any price, limited partners are scrutinizing fund managers more carefully, founders are being asked tougher questions, and venture firms are increasingly judged by their ability to create outcomes rather than simply deploy capital.

That backdrop makes the Mantis VC fundraising effort noteworthy. The firm's publicly disclosed LP base has included Summit Peak, TriplePoint Capital, Allocate, Mark Cuban, David Blitzer, and Michael Rubin. Those investors come from different corners of the business world, but they share one characteristic: they have choices. Repeat commitments matter because they represent confidence earned over time rather than enthusiasm generated by a single market cycle.

Fundraising remains challenging across venture capital, making a fourth fund particularly meaningful. Successfully moving into Fund IV signals belief not only in portfolio performance but also in the durability of the firm's investment strategy and its ability to identify opportunities in evolving markets.

Market Context

The timing of Fund IV aligns with a broader shift occurring across venture capital. Artificial Intelligence remains the dominant investment narrative, but investors are becoming more selective about where they place bets. The market is increasingly rewarding infrastructure, security, healthcare systems, developer tooling, and enterprise software that can support long-term adoption rather than short-term excitement.

That trend overlaps directly with Mantis VC's investment focus. Cybersecurity continues attracting investment because threats evolve faster than defenses. Healthtech remains compelling because healthcare inefficiencies create massive opportunities for software and data-driven platforms. Cloud Infrastructure and data systems increasingly serve as the foundation for Enterprise AI adoption.

Many of the sectors attracting sustained investment are the sectors that make other technology categories possible. Infrastructure rarely becomes the center of social media conversation and security products rarely generate viral excitement, yet these categories frequently become the foundation upon which larger technology ecosystems are built.

Competitive Landscape

Mantis VC operates in one of the most competitive segments of venture capital: early-stage investing. Founders today can access capital from venture firms, angel syndicates, family offices, corporate venture groups, rolling funds, and alternative financing structures. Capital itself has become increasingly accessible, creating a market where differentiation matters more than ever.

Mantis VC positions itself as a hands-on partner helping founders secure customers, recruit key talent, and accelerate company building. Those services rarely generate headlines, but they often determine whether startups gain momentum or stall. Access to capital matters, but access to outcomes often matters more.

What This Signals

Fund IV signals something larger than the growth of a single venture firm. It reflects continued confidence in early-stage technology investing despite a more disciplined venture environment. Rather than pursuing every emerging trend, Mantis VC has remained focused on sectors where technical depth, infrastructure needs, and long-term market demand intersect.

That strategy may not always produce the loudest headlines, but venture capital has never been a business measured by headlines. The scorecard arrives years later, when investments either prove durable or disappear into the archives of forgotten market narratives.

The Bigger Industry Shift

Technology markets are entering a period where infrastructure, security, and resilience are becoming strategic priorities rather than technical considerations. AI adoption requires data infrastructure, digital businesses require cybersecurity, and healthcare innovation requires scalable systems capable of supporting long-term growth.

These dependencies create opportunities for founders building foundational technology instead of purely consumer-facing products. Mantis VC's investment strategy appears increasingly aligned with that reality. As Fund IV takes shape, the broader takeaway is clear: capital continues flowing toward firms and founders building the systems underneath the systems.