Obvious Ventures has closed its fifth fund at $360,360,360, continuing a playful tradition of math-inspired fund sizes. The new capital will support the firm’s three-pillar strategy of planetary, human, and economic health, while reinforcing its reputation as a durable, impact-focused investor.
At a Glance
- Fifth fund announced at $360,360,360
- Fund history: $123,456,789, $191,919,191, $271,828,182, $355,111,553
- Plan to make ~10 investments annually, checks $5-$12 M
- 17% of VC firms raise more than three funds
- Portfolio highlights: Planet Labs, Recursion, Gusto, Zanskar, Inceptive, Dexterity Robotics
The announcement came on October 13-15, 2026 at a News Of Philadelphia event in San Francisco, where co-founder and managing director James Joaquin outlined the fund’s purpose and the firm’s growth trajectory.
Fund History and Naming Tradition
Obvious Ventures first raised $123,456,789, then $191,919,191-a palindrome-followed by $271,828,182, the mathematical constant e. The fourth fund, announced in mid-2022, was another palindrome at $355,111,553. “We invest in the frontiers of math and science and physics and we like to celebrate math in our fund numbers as well,” Joaquin said. The latest figure, $360,360,360, is less a numerical curiosity than a symbolic full-circle view of the firm’s three focus areas.
Investment Philosophy and Past Successes
Joaquin explained that keeping fund sizes modest allows a single successful investment to return the entire fund. “If one company becomes a durable public company, it can return the entire fund,” he said. This philosophy is reflected in the firm’s early winners. Beyond Meat, an early investment, reached a market capitalization of over $14 billion after its 2019 IPO, but fell below a billion by late 2022.
The firm has also delivered cash distributions from all core funds. In 2015, Obvious invested in Planet Labs, which went public via a SPAC in 2021 and is now valued at approximately $8.5 billion. Its Series A investment in Recursion Pharmaceuticals keeps a market cap above $2 billion. Gusto, an early investor, is valued at more than $9 billion and is widely viewed as IPO-ready.
Current Fund and Future Plans
“We made it to fund five, which is actually a big deal in the venture landscape,” Joaquin said. The new fund will support roughly 10 investments per year, with check sizes ranging from $5 million to $12 million for Seed and Series A startups. The firm’s active investors include co-founder Vishal Vasishth, while Evan Williams remains an adviser.
In a venture capital environment where only 17% of firms successfully raise more than three funds, per research from Sapphire Partners, Obvious Ventures’ latest raise solidifies its status as an established VC player.
Portfolio Highlights
Planetary Health
- Zanskar: Uses proprietary data and AI to harness geothermal energy, one of the most cost-effective power sources. Zanskar announced a $115 million Series C last week; Obvious led the previous round and is excited about the potential to power AI data centers.
Human Health
- Inceptive: An AI platform for molecule development founded by Jakob Uszkoreit, a key author of the transformer architecture that powers generative AI.
Economic Health
- Dexterity Robotics: The company, valued at $1.65 billion last year, builds humanoids to handle “dull, dirty, and dangerous” tasks in warehouses and factories.
Market Context
Obvious’s disciplined approach-small fund sizes, durable exits, and a focus on impact-has earned it a reputation in a crowded market. The firm’s fifth fund demonstrates that it can sustain growth while staying true to its core mission of creating positive global change.
Key Takeaways
- Obvious Ventures’ fifth fund at $360,360,360 continues its math-themed naming tradition.
- The firm’s strategy emphasizes durable exits and impact across planetary, human, and economic health.
- With ~10 annual investments and checks of $5-$12 M, Obvious is positioned to drive future successes.
- The fund’s raise confirms the firm’s standing in a VC landscape where only 17% raise more than three funds.
The firm’s next steps will likely focus on expanding its portfolio in high-impact sectors while maintaining the disciplined, impact-driven approach that has defined its journey over the past twelve years.
