Obvious Ventures has closed its fifth investment fund at $360,360,360, continuing the firm’s long-running tradition of mathematically playful fund sizes while signaling a more philosophical shift in focus.

The San Francisco–based venture firm, co-founded by Evan Williams, says the number represents a “360-degree” view across its three core investment pillars: planetary health, human health, and economic health. According to co-founder and managing director James Joaquin, the fund size reflects the firm’s belief that meaningful progress requires understanding systems holistically — past, present, and future.

A Deliberate Approach to Fund Size and Returns

Obvious Ventures has intentionally kept its funds relatively small, a strategy Joaquin says allows a single durable company to potentially return the entire fund. That philosophy has been shaped by experience, including early success stories and the volatility of public markets.

One of the firm’s most visible early wins, Beyond Meat, reached a market capitalization above $14 billion shortly after its 2019 IPO before falling sharply in subsequent years. Despite such swings, Joaquin noted that Obvious has generated meaningful cash distributions to limited partners across all of its core funds.

Track Record of Public-Market Outcomes

The firm points to several investments that have translated into successful exits or sustained public-market value. Obvious Ventures invested early in Planet Labs, which went public via SPAC in 2021 and currently holds a multibillion-dollar valuation. Another early investment, Recursion Pharmaceuticals, maintains a market capitalization exceeding $2 billion.

Obvious is also an early backer of Gusto, a private HR and payroll platform widely viewed as an eventual IPO candidate and last valued above $9 billion.

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Investing Across Three Interconnected Pillars

With Fund Five, Obvious Ventures is doubling down on its thesis that long-term value creation sits at the intersection of environmental resilience, human wellbeing, and economic systems.

In planetary health, the firm has backed Zanskar, which uses AI-driven subsurface data to unlock geothermal energy. The startup recently announced a $115 million Series C round, highlighting growing investor interest in geothermal power as a stable, low-cost energy source for electricity-hungry infrastructure such as AI data centers.

Human Health Through AI and Biology

Within its human health strategy, Obvious has invested in Inceptive, an AI-native molecule design platform founded by Jakob Uszkoreit, one of the authors behind the landmark “Attention Is All You Need” paper that introduced transformer-based architectures. The firm sees AI-driven drug discovery as a foundational shift in how new therapies are developed and brought to market.

Economic Health and the Future of Work

In the economic health pillar, Obvious points to its investment in Dexterity Robotics, which develops humanoid robots designed to perform repetitive and hazardous warehouse and factory tasks. Valued at $1.65 billion last year, the company reflects the firm’s view that automation will play a central role in reshaping labor productivity and industrial resilience.

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A Milestone in a Difficult Venture Environment

Raising a fifth fund places Obvious Ventures in a small minority of venture firms that have sustained investor confidence over multiple cycles. Research cited by the firm indicates that fewer than one in five VC firms successfully raise more than three funds, making Fund Five a meaningful milestone in an industry marked by consolidation and selective capital deployment.

Joaquin described the achievement as validation of the firm’s long-term approach, emphasizing that while the fund sizes may appear playful, the underlying strategy remains focused on durable companies with the potential to generate both financial returns and measurable real-world impact.

Looking Ahead

Obvious Ventures plans to make roughly ten investments per year from Fund Five, primarily targeting seed and Series A companies with check sizes between $5 million and $12 million. Alongside Joaquin, the firm’s active investment team includes co-founder Vishal Vasishth, with Evan Williams continuing as an adviser.

Twelve years into its journey, Obvious Ventures is positioning its latest fund not just as another capital pool, but as a statement about how venture investing can align long-term returns with systemic progress across people, planet, and the economy.

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