Investor profile
Conversion Capital
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Conversion Capital is an early-stage, long-term venture capital firm founded in 2015, focused on backing founders building generational companies at the intersection of AI/ML, cloud infrastructure, fintech, vertical software, and national security. The firm's core thesis holds that financial services infrastructure is being unbundled as companies move critical operating systems to the cloud, unlocking access and product innovation across highly regulated industries. Conversion partners with founder-led engineering teams from day zero, deploying initial checks of $500K–$5M into pre-seed through Series A companies, and concentrates on U.S. and London-based businesses that stand to benefit from macro tailwinds, global decoupling, and the re-onshoring of supply chain and manufacturing.
Notable quotes
“Our experience drives our conviction that the U.S. will remain the epicenter of innovation. Previous market corrections have proven we have the most resilient economy in the world. We still think that if the United States was a startup, it would be one of the greatest startups in the world and we want to invest in the ecosystem that is built and born from hopefully stable policies, stable politics and stable economies.”
“We've never invested in companies that take balance sheet risk, and so you're not going to find us investing in a lender, per se. We avoided the peer-to-peer direct lending craze during 2017. We also avoided a lot of the mortgage lending companies, and chose instead to invest in the picks and shovels, and the actual core technology itself.”
“LLMs and agentic systems aren't productivity tools; they're a new substrate for rewilding financial infrastructure. This isn't optimization—it's a generational opportunity to replace brittle systems, reprogram institutional memory, and reimagine how capital is moved, priced, insured, and governed.”
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Ramp | Seed | $7m | 2019-08-01 |
| Cognition AI | Series D | — | 2025-05-01 |
| Temporal | Series C | $300m | 2025-03-01 |
| Cargado | Series A | — | 2025-04-07 |
| Blend | Seed | — | — |
| Vesta | Seed | — | 2020-01-01 |
| Figure | Seed | — | — |
| Wisetack | Seed | — | — |
| Booster Fuels | Seed | — | — |
| Pylon | Seed | — | — |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Founders Fund | 2 |
| Coatue Management | 2 |
| BoxGroup | 2 |
| Andreessen Horowitz | 1 |
| Kleiner Perkins | 1 |
| General Catalyst | 1 |
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