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    Operator Stack

    San Francisco, California, United StatesFounded 2019

    Operator Stack is an early-stage technology venture capital fund and operator network based in San Francisco, backed by over 200 LPs and top-tier technology operators. The firm invests in logistics/supply chain, fintech, and B2B SaaS startups, combining capital with hands-on operational expertise.

    33% of their portfolio is in Fintech. Deal activity decreased year-over-year (2 deals in the last 12 months vs 3 prior). Their most common stage is series-a (47% of deals). Average disclosed round size is $18.7M (across 13 rounds with reported amounts).

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    Portfolio

    14

    Fund Size

    —

    Top Stage

    Series A

    Last 12 Mo

    2

    Team

    Stewart Pond, CFA

    Stewart Pond, CFA

    General Partner

    MD

    Matt Doka

    Co-Founder & GP, Operator Stack

    Raj Subbiah

    Raj Subbiah

    Co-Founder & GP, Operator Stack

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    15 investments
    CompanyRoundAmountDate
    Copla logoCoplaSeries A$6.3MFeb 2026
    Parento logoParentoSeed$5.9MSep 2025
    Vooma logoVoomaSeries A$13MMay 2025
    OpenInfer logoOpenInferSeed$8MFeb 2025
    Vooma logoVoomaSeries A$13MJan 2025
    Outgo logoOutgoSeries B$15MSep 2024
    Blue Dot logoBlue DotSeed$5MJun 2023
    NorthOne logoNorthOneSeries B$67MOct 2022
    Stake logoStakeSeries A—Jul 2022
    Turaco logoTuracoSeries A$10MJan 2022
    Parade logoParadeSeries A$17MOct 2021
    NorthOne logoNorthOneSeries B$67M—
    Bluedot logoBluedotUnknown$5M—
    NUE logoNUESeries A——
    Distributional logoDistributionalSeed$11M—

    Top Co-Investors

    Last updated: 27 September 2026