Obvious Ventures, the San Francisco-based venture capital firm co-founded by Twitter’s Evan Williams, has set its sights on raising $400 million for its latest fund, Obvious Ventures V, according to a regulatory filing with the U.S. Securities and Exchange Commission (SEC) made public on February 25, 2025. The initial notice marks the firm’s fifth fundraising effort since its 2014 inception, following a $355 million haul in 2022 that fell short of a similar $400 million goal. Despite a stagnant venture landscape, Obvious remains committed to backing startups tackling humanity’s greatest challenges. Here’s what this move reveals about the firm and the broader market.
A Legacy of Quirky Fundraising
Obvious Ventures has a history of playful precision in its fund sizes. Its debut fund in 2015 raised $123,456,789, while its 2017 follow-up secured a palindromic $191,919,191. Co-founder James Joaquin once noted that these numbers symbolized continuity—past investments hinting at future focus. The firm’s latest $400 million target, though more conventional, reflects ambition amid adversity. In 2022, Obvious Ventures IV closed at $355 million, per PitchBook data, underscoring a challenging climate where even established players face headwinds. A spokesperson declined to comment on the filing.
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Purpose-Driven Portfolio
Since its launch, Obvious Ventures has carved a niche supporting “disruptive solutions” in planetary health, human health, and economic health. Its early 9% stake in Beyond Meat, acquired before the alt-meat pioneer’s 2019 IPO, remains a hallmark—though Beyond’s market cap has since dwindled from a $14 billion peak to under $300 million. Other standout bets include Olly (supplements), Diamond Foundry (lab-grown diamonds), and Proterra (electric buses), reflecting a mission-driven ethos. Co-founded by Joaquin—ex-CEO of Xoom (acquired by PayPal) and Ofoto (bought by Kodak)—and Williams, the firm blends operational savvy with a vision for systemic change.
Williams, Twitter’s co-creator and CEO from 2008 to 2010, retains co-founder status but not a managing director role. His 2017 Medium post revealed he sold up to 30% of his Twitter shares to fund ventures like Obvious and, more recently, Mozi—a “private social network” launched late last year to foster real-life connections.
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Navigating a Tough Venture Climate
The $400 million goal arrives during a prolonged venture capital drought. Tech IPOs have been scarce since 2022, with PitchBook and the National Venture Capital Association reporting a five-quarter low in Q3 2024 exit value—only two deals topped $1 billion, both acquisitions. Obvious Ventures V’s fundraising push tests investor appetite in a market favoring caution over risk. The firm’s track record—over $1 billion in assets under management—may bolster confidence, but the venture slowdown, marked by muted IPOs and rare big-ticket exits, looms large.
Posts on X highlight buzz around the filing, with some users applauding the “Twitter mafia’s” resilience, though sentiment remains tempered by industry challenges.
What’s Next?
Obvious Ventures V signals intent to double down on its world-positive mandate, likely targeting early-stage innovators in health, sustainability, and economic equity. Whether it hits $400 million—or adjusts like its 2022 effort—will hinge on limited partners’ faith in a purpose-plus-profit model amid lean times. For Williams and Joaquin, it’s a chance to extend a decade-long legacy; for the market, a litmus test of venture’s enduring appeal. Will Obvious defy the odds? Share your predictions below.
