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Tomasz Tunguz
Theory Ventures
13.2K posts
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Tomasz Tunguz
Theory Ventures
@ttunguz
Venture capitalist at @theoryvc Student of Startups Backer of 9 unicorns Author of tomtunguz.com Subscribe ttunguz.kit.com/ef0a779b9c
San Francisco, CA
tomtunguz.com
Joined November 2007
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  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Apr 4, 2023
    I’m thrilled to announce the debut of Theory Ventures (@Theoryvc) & our first fund of $230m. I’ve spent my career as a student of startups. I’ve worked for two, invested in many, seven of which became unicorns.
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    224K
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    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Nov 18, 2022
    After more than 14 years at Redpoint, I’m starting a new chapter. I’m filled with optimism for the future.
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Dec 27, 2022
    Constellation Software is a $30b+ publicly-traded software holding company employing more than 25,000. A former venture capitalist, Mark Leonard started Constellation in 1995 with $15m of outside investment & a goal of buying vertical software companies.
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    469K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    May 12, 2025
    Moderna unified the role of CTO and head of people - the new leader determines which jobs are better done by humans or AI. It's among the first in what will very likely be a series of org chart reimaginings.
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    113K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Dec 19, 2022
    Every year I make a list of predictions & score last year’s predictions. Here are my predictions for 2023.
    395K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Nov 22, 2024
    Today, we’re announcing our second fund of $450m to support our mission of partnering with early stage software companies that leverage technology discontinuities into go-to-market advantages. This marks the next chapter in our firm’s evolution. Since we launched @Theoryvc in
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    44K
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    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Jan 26, 2024
    ServiceNow, a $150b market cap company, made this statement yesterday in their earnings call : “In Q4, our gen AI products drove the largest net new ACV contribution for our first full quarter of any of our new product family releases ever, including our original Pro SKU.”
    173K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Oct 4, 2025
    Nvidia just committed $110B in vendor financing—85% of annual revenue. Lucent's playbook in 2000? 20%. Is this the telecom bubble all over again? I analyzed the numbers. Thread 🧵
    67K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Apr 18, 2024
    What was the most profitable software company in Q1 2024? Ethereum. Ethereum generated $370m in profit on $825m in revenue for about a 45% net income margin. The chart above shows both the historical performance & also explains how web3 blockchains like Ethereum generate
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    77K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Dec 12, 2022
    This morning, Coupa announced its sale to Thoma Bravo for $6.2b. The acquisition is notable for three reasons. First, the premium to the public price is 31%. Second, the multiple is 8.4x NTM revenues. Third, it’s the biggest this year since Figma’s sale to Adobe.
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Oct 10, 2024
    Klarna, the Swedish fintech giant, is making waves by churning from industry-standard software like Salesforce and Workday in favor of building its own internal systems with AI. After their success with AI customer support automation which manages 2/3 of their customer
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    74K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Apr 17, 2024
    Over the weekend, Tobi, the founder and CEO of Shopify, discussed the major reason investors passed on Shopify in the early days : market size. I remember that financing round, & I remember having the same concern, & making the same mistake. Living in the valley & driving on
    95K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Nov 4, 2025
    OpenAI has committed to spending $1.15 trillion on hardware & cloud infrastructure between 2025 & 2035.1 The spending breaks down across seven major vendors: Broadcom ($350B), Oracle ($300B), Microsoft ($250B), Nvidia ($100B), AMD ($90B), Amazon AWS ($38B), & CoreWeave ($22B).
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    52K
  • user avatar
    Tomasz Tunguz
    Theory Ventures
    @ttunguz
    Apr 26, 2024
    If it wasn’t clear before, AI is the single biggest revenue driver in cloud. Microsoft’s Azure is winning share directly from Amazon. In Feburary, Microsoft grew 2% & Amazon lost 2%. Google is also taking share - 1% in the last year. A one percentage point share shift represents
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    67K

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