Reporting
Quarterly letters with real marks and an annual meeting in San Francisco. We report losses in the same letter as the wins.
About
A small fund, run by people who used to be on the other side of the table.
We started OnePiece Ventures in 2019 after raising money ourselves and finding the experience worse than it needed to be. The firm is our attempt at the version we wanted.
The short version
Ines and Tomas met while raising a Series A for companies that competed with each other. Both rounds took months longer than they should have, and both were nearly killed by an investor who wanted to stay in the process without ever intending to commit.
The fund started with $22m and a single rule that has not changed: give founders an answer fast, and give them the real reason. Fund II followed in 2022, Fund III closed at $180m in 2025, and the partnership has grown from two people to seven. We have deliberately kept it small.
Small funds behave differently. We do not need every company to be a billion-dollar outcome to return the fund, which means we never have to push a founder toward a round or an exit they do not want. That is not a virtue we invented. It is arithmetic.
2019
Founded in San Francisco
$180m
Across three funds
64
Companies backed
6
People, no associate layer
What we value
These are enforced internally, not printed on a wall.
Four habits we hold each other to.
- 01
Answer quickly, even when it is a no
The partner who sponsored a company writes the note explaining the pass. We track how long every founder waited and we review it monthly.
- 02
Say the thing
In meetings, in memos, and to founders. Softened feedback helps nobody, and it wastes the only advantage we have over a larger fund.
- 03
Be useful before it is owed
We help founders we have not invested in, and sometimes never will. Some of the best companies we funded started as a favor.
- 04
Stay small on purpose
Every increase in fund size changes who we can back and how patient we can be. We would rather turn away capital than change the job.
For investors
Who backs us.
Our capital comes from university endowments, two foundations, a handful of funds of funds, and about sixty founders and operators, many of whom we invested in first.
New commitments
Fund III is closed. If you invest in early-stage managers and want to talk about the next one, write to pitch@onepieceventures.com.
Where to find us
One office, and a lot of time on planes.
- Office
- Pier 9, The Embarcadero, San Francisco, CA 94111
- Pitches
- pitch@onepieceventures.com
- Elsewhere
- Partners are in New York, London, and Berlin most months. Ask and we will tell you when.
Next step
That is the firm. Now tell us about your company.
Two paragraphs and a link is all we need to give you a proper answer.