Healthcare VC - Toba Capital

Healthcare VC

Toba Capital

December 22, 2025

Toba Capital is an early-stage venture capital firm based in Southern California, primarily focused on B2B software, IT infrastructure, and climate technology. Founded in 2012 by billionaire software executive Vinny Smith, the firm is distinguished by its operator-led approach and a significant commitment to philanthropy.

Quick Facts

AUM: ~$1.3 Billion
Headquarters: Newport Beach and Los Angeles, CA
Typical Stages: Seed, Series A, and Series B
Sector Focus: SaaS, Cybersecurity, Infrastructure, and Climate Tech
Core Philosophy: 50% of the firm's profits are donated to charitable causes.

Key Focus Areas & Strategy

Toba Capital markets itself as a firm built by software executives for software executives. Their investment team is comprised of former senior operators who provide hands-on guidance to founders.

B2B Specialization: They lean heavily into enterprise software, looking for teams that can fundamentally shift markets.
Sustainability: Through Smith’s "Walking Softer" initiative, the firm has increasingly pivoted toward climate tech, supporting companies in renewable energy, carbon capture, and water conservation.
Capital Structure: Unlike traditional VC funds with 10-year lifecycles and outside LPs, Toba often operates with an evergreen structure (principally funded by Vinny Smith's family office), allowing for longer holding periods.

Notable Portfolio Companies

Toba Capital has backed over 200 companies, including several high-profile exits:

Alteryx: A data analytics platform that went public (NYSE: AYX).
Perimeter 81: A cybersecurity firm acquired by Check Point Software for $490M.
FloQast: A leading accounting automation platform.
Boulevard: A business management platform for the personal care industry.
SecureAuth: An identity security and multi-factor authentication provider.
WSO2: An open-source middleware and API management company.

Leadership

The firm was founded by Vinny Smith, the former CEO of Quest Software (which he sold to Dell for $2.4 billion in 2012). Other key partners include:

Wilder Ramsey: Co-Founder and Partner.
Brinkley Morse: Co-Founder and Partner.
Patrick Mathieson: Partner (often represents the firm in the LA tech ecosystem).

Philanthropic Commitment

One of Toba's most unique traits is that 50% of its profits are pledged to charitable foundations, specifically those focused on environmental sustainability (like Walking Softer) and education (like Teach a Man to Fish).

Toba Capital Portfolio | December 2025

Toba Capital’s portfolio is defined by its "operator-led" roots, favoring high-growth B2B software, Cybersecurity, and an increasing commitment to Climate Technology.

As of late 2025, here are the most notable investments, categorized by sector and status:

1. High-Growth & Notable Portfolios (Active)

These companies are current market leaders or high-momentum bets within the Toba portfolio:

Tebra: A dominant player in healthcare SaaS (formed by the merger of PatientPop and Kareo). In December 2025, they secured a massive $250M debt and equity round to scale AI-driven clinical tools.
Wallarm: A leader in API and AI security. Toba Capital led their $55M Series C in August 2025, positioning them as a core pillar of the firm's cybersecurity thesis.
FloQast: An accounting workflow automation platform that has become a "unicorn" in the fintech space, simplifying the month-end close for thousands of finance teams.
Boulevard: A comprehensive business management platform for the self-care industry (spas, salons). It is one of Toba's most successful vertical SaaS investments.
Hyperproof: A compliance and risk management (GRC) platform that has gained significant traction as regulatory environments become more complex.

2. Climate & Sustainability Focus

Under the leadership of Partner Susan Su, Toba has shifted significant capital toward the energy transition:

Euclid Power: An AI-powered operating system for renewable energy projects. Toba participated in their $20M Series A in September 2025.
Bedrock Energy: Focused on geothermal heating and cooling for buildings; Toba participated in their $12M Series A in early 2025.
Bettani Farms (formerly Climax Foods): A food-tech company using AI to create plant-based dairy. Toba backed their $6.5M bridge to Series A in late 2025.
Dryad Networks: A German startup providing ultra-early wildfire detection using IoT sensors.

3. Historical Wins (Exits)

Toba’s track record includes over 75 successful exits, many resulting from their deep roots in the software infrastructure space:

Alteryx (IPO): A data analytics giant that became one of the most successful SaaS IPOs of its cohort.
Perimeter 81: A cloud-native network security firm acquired by Check Point Software for $490M in 2023.
SecureAuth: An identity security provider that was a foundational investment for the firm.
Cloudant: A NoSQL database provider acquired by IBM.
ScienceIO: A healthcare AI platform acquired by Veradigm in 2024.

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