Obvious Ventures, the venture capital firm co-founded by Twitter’s Evan Williams, has filed to raise $400 million for its latest fund, according to a recent regulatory filing.
The filing for Obvious Ventures V was made public by the U.S. Securities and Exchange Commission (SEC) on Tuesday, marking an initial notice. The firm’s last fundraising round in 2022 brought in approximately $355 million—short of its $400 million target, according to PitchBook data.
A spokesperson for the firm declined to comment on the filing.
A Legacy of Impact the Fund
Founded in 2014, Obvious Ventures is known for backing companies that focus on sustainability and innovation. One of its most notable early investments was in Beyond Meat, where it held a 9% stake at the time of the company’s IPO in 2019. However, Beyond Meat’s market cap has significantly declined, now sitting below $300 million, a stark contrast from its peak valuation of over $14 billion shortly after its market debut.
The broader venture capital market has also faced headwinds, with IPO activity slowing significantly. The tech sector saw minimal exits in 2022 and has remained relatively stagnant, aside from a handful of high-profile deals each year. In Q3 2024, exit values hit a five-quarter low, with only two acquisitions surpassing the billion-dollar mark, according to an October report from PitchBook and the National Venture Capital Association.
Despite the challenging climate, Obvious Ventures remains committed to investing in transformative businesses. The firm focuses on three core areas: planetary health, human health, and economic health. Notable investments include Olly (a supplements brand), Diamond Foundry (a lab-grown diamond producer), and Proterra (an electric bus manufacturer).
Obvious Ventures has a history of incorporating symbolism into its fundraising figures. For its inaugural fund in 2015, the firm raised $123,456,789. Two years later, its second fund secured $191,919,191, a numeric palindrome meant to reflect looking back at previous investments for insight into future strategies.
Co-founder James Joaquin, who also serves as a managing director, has an extensive background in tech and business leadership. He was previously the CEO of Xoom, a payments service later acquired by PayPal, and also led Ofoto, a photo-sharing platform purchased by Kodak.
Evan Williams, widely known for co-founding Twitter and serving as its CEO from 2008 to 2010, is still recognized as a co-founder of Obvious Ventures. However, he does not hold a managing director role. In a 2017 Medium post, Williams disclosed selling up to 30% of his Twitter holdings to fund other ventures, including Obvious.
Most recently, in late 2024, Williams launched Mozi, an app described as a “private social network for seeing your people more” in real life.
As Obvious Ventures embarks on its latest funding round, the firm continues to position itself as a leader in mission-driven investing. While the VC landscape remains uncertain, its track record of backing impactful startups suggests it will remain a key player in shaping the future of sustainable business and technology.
