Today, we’re excited to share that we’ve closed two new funds: Version One Fund V ($78M USD) and Opportunities Fund III ($30M USD).

While each new fund marks a new chapter for our firm, the core of Version One remains unchanged. We continue to believe that the biggest venture outcomes come from backing exceptional founders early — often before a category is obvious, crowded, or even fully formed.

Over the last few years, our investment focus has continued to evolve alongside the major technological shifts: AI infrastructure and applications, robotics and physical AI, deep tech, biology, and emerging global ecosystems such as India and, more recently, Africa.

Across these categories, a common pattern has emerged. The founders we are most excited about are not simply chasing trends — they are deeply mission-driven people with unusual insight, long-term conviction, and an almost obsessive desire to solve a problem they understand intimately.

We continue to invest globally at the pre-seed and seed stages, where we believe we can have the greatest impact. We typically lead or co-lead rounds and partner closely with founders through the earliest and messiest stages of company building. And we continue to believe that many of the most important companies of the next decade will initially look misunderstood, unconventional, or too early.

One thing that has become increasingly clear to us is that venture capital itself is changing. In a world of abundant capital, differentiation matters more than ever — through judgment, networks, support, and the willingness to back non-consensus ideas early. We believe the next decade of venture returns will disproportionately accrue to firms willing to develop conviction ahead of the market.

We’re also grateful for the continued support and trust from our LPs, founders, and broader community. Recently, Jordan Nel published a piece looking back at Version One’s history, investment philosophy, and outcomes across Funds I-IV. It provides an external perspective on how we think about early-stage investing and long-duration category bets.

Looking ahead, we remain incredibly optimistic about the pace of innovation globally. Some of the largest platform shifts of our careers are happening simultaneously across AI, robotics, biology, and decentralized systems. We feel fortunate to spend our days partnering with founders ambitious enough to help shape what comes next.

To our LPs, friends, and supporters: thank you for being part of the Version One journey.

And most importantly, thank you to the founders who give us the opportunity to be part of theirs.

— Boris, Angela, and the Version One team