About Working Capital
Working Capital is a venture capital firm founded in 2018. It is primarily based out of San Francisco, United States. As of Jun 2026, Working Capital has invested in 21 companies. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and FinTech. Most recently it participated in the $***** Series B round of Twinco Capital Overall, Working Capital portfolio has seen 1 unicorn, 1 IPO and 5 acquisitions including key companies like minu, Altana Technologies and Diginex. A lot of funds co-invest with Working Capital, with names like Blackhorn Ventures sharing a substantial percentage of its portfolio. Working Capital has team of 6 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 1 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Deals in last 12 months
Working Capital's List of Top Investments
Working Capital has a portfolio of 21 companies, one of which is a Unicorn. Their most notable investments are in OpenSC and minu.Their portfolio spans across United States, United Kingdom, Australia and 6 more locations. They have invested in Enterprise Applications, High Tech, FinTech and 10 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Working Capital:1. minu
Online on demand pay solutions for employees. It allows employees of affiliated companies to withdraw part of their already earned salary. Employees receive the funds in the salary account. It is available to download from google play and the apple store.
Key facts about minu
- Founded Year: 2019
- Location: Miguel Hidalgo (Mexico)
- Stage: Acquired
- Total Funding till date: $58M
- Employee Count: 155 as on May 31, 2026
- Investors: VEF, QED Investors and 29 Others
- Latest Funding Round: Series B, Nov 19, 2024, $*****
- Highlight: Acquired
Network of product information empowering supply chain partners and governments. It facilitates efficient, resilient, and secure supply chains for businesses. It also enables governments to ensure security, manage borders, and promote economic growth. The network automates trade information and processes. It helps businesses improve efficiency and empowers regulators to identify tariff evasion and enforce policy. It also helps businesses collaborate to remediate risks and prove compliance for cross border trade.
Key facts about Altana Technologies
- Founded Year: 2018
- Location: New York City (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $343M
- Employee Count: 294 as on May 31, 2026
- Investors: Generation Investment Management, Google Ventures and 18 Others
- Latest Funding Round: Series C, Jul 15, 2024, $*****
- Highlight: Editors' Pick
3. Provenance
Provider of information about the environmental and social impact of products. It allows information on products to be traced back to the origins using blockchain technology. It offers information on how products affect society and the environment. The information includes claims and certifications on product pages, allowing consumers to make purchases. In addition, the platform provides supply chain management by providing the ownership, control, and origin history of individual product instances, including lots, batches, or serial numbers. It also offers news and views on sustainability, covering topics including supply chain transparency and product sustainability trends and practices. It is a tool available on the subscription based pricing model.
Key facts about Provenance
- Founded Year: 2013
- Location: London (United Kingdom)
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $12.6M
- Employee Count: 46 as on May 31, 2026
- Investors: Working Capital, Merian Ventures and 61 Others
- Latest Funding Round: Series A, May 16, 2024, $*****
- Highlight: Editors' Pick
4. Prewave
Developer of a platform providing supply chain risk and resilience solutions. The platform offers monitoring, alerting, scoring, and integration capabilities for multi-tier management. It focuses on faster response times, proactive resilience, and environmental compliance. The platform supports industries including automotive, manufacturing, and energy, providing insights through case studies, reports, and webinars.
Key facts about Prewave
- Founded Year: 2017
- Location: Vienna (Austria)
- Stage: Series B
- Total Funding till date: $98M
- Employee Count: 215 as on May 31, 2026
- Investors: Creandum, Volvo Group and 16 Others
- Latest Funding Round: Series B, Apr 02, 2025, $*****
- Highlight: Editors' Pick
Provider of supply chain finance solutions including purchase order funding. The company offers funding to suppliers from purchase order to final invoice payment. This model reduces risk and financing costs, building competitive and socially responsible supply chains. The company funds a percentage of the purchase order value upfront and the remaining upon delivery. It provides suppliers with liquidity when needed, offering an agile solution adapted to commercial processes.
Key facts about Twinco Capital
- Founded Year: 2016
- Location: Alcobendas (Spain)
- Stage: Series B
- Total Funding till date: $36M
- Employee Count: 50 as on May 31, 2026
- Investors: Working Capital, Bankinter and 9 Others
- Latest Funding Round: Series B, Jun 02, 2026, $*****
- Highlight: Editors' Pick
Working Capital's Year-on-Year Investment Trends
Working Capital has invested in 21 companies over the last 8 years, with an average of 2 new investments annually in the last 5 years. In 2025, it made 4 investments, while as of Jun 2026, it has made 1 investment in this year. Its most recent first time investment was in Glacier and most recent follow-on round was in Twinco Capital.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 1 | 1 |
2025 | 2 | 2 | 4 |
2024 | 2 | 1 | 3 |
2023 | 1 | 1 | 2 |
2022 | 2 | 1 | 3 |
2021 | 3 | 1 | 4 |
2020 | 1 | 0 | 1 |
2019 | 2 | 0 | 2 |
2018 | 4 | 0 | 4 |
Working Capital's Investments by Stage
Working Capital has made 8 investments in Seed stage with an average round size of $2.86M, 7 investments in Series A stage with an average round size of $10.9M and 2 investments in Series B stage with an average round size of $21M.Stage of entry | No. of Investments |
|---|---|
Seed | 8 |
Series A | 7 |
Series B | 2 |
Note: We have considered here, only first round of investments
Working Capital's Investments by Sector
Working Capital has a diverse portfolio, with companies operating in the Enterprise Applications, Vertical SaaS, FinTech, Industrial Goods and Manufacturing and Sustainability Tech. Notably, it has invested in 20 Tech companies, 19 Enterprise (B2B) companies, 14 Software companies and at least 12 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 13 |
Vertical SaaS | 10 |
FinTech | 6 |
Industrial Goods and Manufacturing | 5 |
Sustainability Tech | 5 |
Others | 15 |
Note: We have considered here, only first round of investments
Working Capital's Investments by Geography
Working Capital has made most investments in United States (7), followed by Australia where it has made 2 investments.Country | No. of Investments |
|---|---|
United States | 7 |
Australia | 2 |
United Kingdom | 2 |
Austria | 1 |
Canada | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
Working Capital's recent investments
Working Capital has made 1 investments in 2026 so far - Twinco Capital.Here are the most recent investments by Working Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 02, 2026 | Spain | Series B | 5263 | [+2] | |
Oct 23, 2025 | Netherlands | Series A | 4987 | [+4] | |
Apr 28, 2025 | United States | Series A | 9551 | [+10] | |
Apr 14, 2025 | United States | Seed | 2427 | [+5] | |
Feb 27, 2025 | United States | Series B | 8060 | [+2] |
Unicorns in Working Capital's Portfolio
Working Capital has 1 unicorn in its portfolio - Altana Technologies. The most recent unicorn in their portfolio is Altana Technologies which became a unicorn in 2024, 3 years after Working Capital first invested in it.Here is a list of unicorns in Working Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
64 | Network of product information empowering supply chain partners and governments | 2018 | New York City | Series C | dnuzwhf |
IPOs and Publicly Listed companies in Working Capital's Portfolio
1 of Working Capital's portfolio company became public - Diginex. It got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Jan 2025 at marketcap of $92.3MHere are Working Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 22, 2025 | - | - | 8379 |
Acquired companies in Working Capital's Portfolio
5 companies from Working Capital's portfolio have been acquired. The most recent acquisition was minu in Jun 2026 by Betterfly for $*****.Here are Working Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jun 10, 2026 | Nov 19, 2024 | Series B | 6900 | |
Feb 24, 2026 | - | - | 2282 | |
Sep 04, 2024 | Jan 09, 2018 | Seed | 1185 | |
Jul 08, 2024 | - | - | 1561 | |
Jan 09, 2024 | Nov 16, 2018 | Series A | 7788 |
Team profile of Working Capital
Working Capital has a team of 6 members including 2 Partners and 2 Principals located in United States. Working Capital's team sits on the board of 1 company.Here is a list of all team members in Working Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Washington, DC | |||
Partner | - | - | - | |
Principal | - | - | - | |
Principal | - | - | - |
Co-investors of Working Capital
Over the past 8 years, 181 investors have co-invested in Working Capital's portfolio companies. This includes funds and angels.
- Invested before Working Capital: Banco Sabadell, TMD Ventures and 65 others have invested in rounds before Working Capital. There is 1 company where Banco Sabadell has invested before Working Capital and 1 company where TMD Ventures has invested before Working Capital.
- Top Co-investors of Working Capital: 64 investors entered a company along with Working Capital. These include investors like Blackhorn Ventures (2 companies).
- Invested after Working Capital: A total of 50 investors have invested in Working Capital's portfolio after their investments. Top Investors include Four More Capital (2 companies), Usitfund (1 company) and March Capital (1 company).
Recent News related to Working Capital
•
Twinco Capital Secures €165M for Purchase Order FinanceStartup Researcher•Jun 19, 2026•Twinco Capital, Banco Santander, Working Capital, FMO and 2 others
•
Soros Economic Development Fund Reinvests $5 Million in Working Capital FundTahawulTech.com•Jun 05, 2026•Soros Economic Development Fund, Working Capital
•
Elm AI Secures $2 Million to Revolutionize Supply Chain Sustainability and Performance in Oversubscribed RoundSalesTech Star•Apr 15, 2025•Beta Boom, Elm AI, Working Capital, Boro Capital and 4 others
•
CompScience Secures $27.6M Series B And Expands AI-Driven Workplace Safety SolutionsSuperbCrew•Mar 03, 2025•CompScience, Sands Capital Ventures, Four More Capital, Working Capital and 5 others
•
CompScience Secures $27.6M Series B to Advance AI-Driven Insurtech for Workplace SafetyGlobal Fintech Series•Feb 27, 2025•CompScience, Sands Capital, Valor Equity Partners, Sands Capital Ventures and 2 others
•
Minu Raises $30m In Series B FundingFinSMEs•Nov 20, 2024•minu, Next Billion, Flourish, Endeavor and 7 others
•
Amsterdam-based TRACT raises $11.2M to advance sustainability in agricultureTech Funding News•Nov 19, 2024•TRACT, ADM, Cargill, Louis Dreyfus Company and 3 others
•
Austrian startup Prewave snaps $67M to mitigate supply chain risks using AITech Funding News•Jun 25, 2024•Prewave, Hedosophia, Creandum, Kompas and 6 others
•
Twinco secures €50m to power supply chain financeAltFi•Oct 31, 2023•Twinco Capital, BBVA Spark, Quona, Working Capital and 5 others
•
