U.S. Venture Partners

What U.S. Venture Partners does

U.S. Venture Partners (USVP) is a privately held, Menlo Park-based venture capital firm founded in 1981 that invests exclusively in early-stage startups across information technology (cybersecurity, enterprise software, consumer) and healthcare. The firm operates a multi-generational fund platform, with its most recent vehicle — USVP XIII — closing at $400 million in December 2022. USVP has cumulatively invested $4.7 billion across 542 portfolio companies and has produced 97 IPOs, with a roster of notable exits including Box, Heartflow, Pluto TV, Yammer, ThreatMetrix, Trusteer, Inari Medical, Inspire Medical Systems, Human Interest, and HotelTonight.

USVP's core "product" is capital deployment through successive fund vintages, augmented by a 5,000-executive, 500-company portfolio network that supports strategy, scaling, team building, product development, and business development for founders. The firm has consistently led or co-led rounds in 2025–2026, including Maneva ($27M Series A), Slang AI ($36M Series B), Adaptive6 ($28M Series A), Apono ($34M Series B), Informed.IQ ($20M Series A), and Cagent Vascular ($41M Series D). Revenue is generated through standard venture capital fund economics — management fees on committed/invested capital and carried interest on realized fund profits — rather than through priced products or services.

The firm is structured as a partnership under USVP Management Company LLC, with 11–50 employees and a leadership team that includes General Partners Rick Lewis and Dafina Toncheva (promoted October 2019) and enterprise franchise hire Matt Garratt (added February 2023). USVP focuses on high-conviction lead investing and pairs capital with operating support from former entrepreneurs, technologists, and corporate executives. Geographic deal sourcing extends beyond Silicon Valley to include Canada (Maneva) and Israel (Adaptive6), though the U.S. remains the primary market.

Name

U.S. Venture Partners

Legal name

USVP Management Company LLC

Website

http://usvp.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

11–50 employees

Short description

U.S. Venture Partners (USVP) is a Menlo Park-based venture capital firm founded in 1981 that invests exclusively in early-stage IT and healthcare startups, with $4.7B cumulatively deployed across 542 companies and 97 IPOs.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital investing
• Early-stage startups
• Technology investments
• Healthcare investments
• Cybersecurity investments

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Early-Stage Venture Capital Fund Management: USVP raises and manages early-stage venture capital funds, including the $400M USVP XIII fund (December 2022). Revenue is generated through standard venture capital fund economics: management fees on committed/invested capital and carried interest on realized fund profits. Funds are typically deployed over multi-year investment periods across the firm's IT and healthcare focus areas.
2. Core Fund Strategy (Note: Source references USV, a separate firm): The 2024 USV Core Fund announcement (USV = Union Square Ventures, a separate firm from USVP) describes a strategy of early-stage investments in transformative markets including healthcare, education, and energy, leveraging AI and large language models. This source does NOT describe USVP's revenue model.

Go-to-market motion3 records

Core offering

U.S. Venture Partners (USVP) is a venture capital firm that invests in early-stage startups focused on cybersecurity, enterprise software, consumer, and healthcare, deploying capital through successive fund vehicles (most recently the $400M USVP XIII fund). Alongside capital, USVP provides portfolio companies with operating support across strategy, scaling, team building, product development, and business development, supported by a network of 500 portfolio companies and 5,000 executives. The firm has cumulatively invested $4.7 billion across 542 companies and produced 97 IPOs over four decades.

Product overview

U.S. Venture Partners (USVP) is a leading Silicon Valley venture capital firm — its core offering is a single unified service of early-stage venture capital investing delivered through discrete fund vehicles (such as the USV Core Fund and the $400M USVP XIII fund). Rather than a platform-plus-modules architecture, USVP's "products" are its successive investment funds, which collectively deploy capital into early-stage startups across cybersecurity, enterprise software, consumer, and healthcare. Alongside capital, USVP provides portfolio companies with strategic support in scaling, team building, product development, and business development, supported by a network of 500+ portfolio companies and 5,000 executives. USVP has invested in over 500 companies spanning four decades and 97 IPOs, with $4.7B total invested.

Differentiator

Problem solved

Functional benefit

Products and services

• USVP XIII Early-Stage Venture Capital Fund A $400 million early-stage venture capital fund that deploys capital into early-stage startups transforming cybersecurity, enterprise software, consumer, and healthcare sectors. Targeted at founders of early-stage companies seeking venture financing and operating partnership.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• New Enterprise Associates (NEA): NEA is one of the largest and most established U.S. venture firms with a multi-decade track record and parallel focus on enterprise IT and healthcare. Both USVP and NEA lead early-stage rounds in similar sectors, target comparable founder profiles, and pursue sector-specialist strategies with large partner networks.
• Bessemer Venture Partners: Bessemer is a long-running, multi-generational venture firm with deep exposure to enterprise software, cybersecurity, and healthcare. USVP and Bessemer compete for similar early-stage deals, share multi-decade franchise profiles, and operate comparable cloud-era portfolio platforms.
• Venrock: Venrock is a sector-focused early-stage firm with deep specialization in healthcare and technology. Like USVP, Venrock invests exclusively in early-stage rounds and has built multi-decade franchises in IT and healthcare, making the two firms direct competitors for similar founders.
• Norwest Venture Partners: Norwest is an early- to growth-stage venture firm with a balanced focus on technology and healthcare. USVP and Norwest compete for similar early-stage enterprise software and healthcare deals, share comparable fund vintages, and operate multi-sector franchises.
• Kleiner Perkins: Kleiner Perkins is a long-established Silicon Valley firm with a parallel focus on early-stage technology and healthcare/life sciences. Both firms lead rounds in enterprise software and digital health, compete for top-tier founders, and operate comparable partner-led, multi-fund platforms.
• Greylock Partners: Greylock is a Silicon Valley firm investing in early-stage enterprise and consumer technology. USVP and Greylock compete for similar Series A/B opportunities in cybersecurity, cloud, and AI, with comparable partner-led operating models.
• Accel: Accel is a global early-stage venture firm with deep roots in enterprise software and consumer technology. Both USVP and Accel lead or co-lead Series A/B rounds in similar categories and have built multi-decade franchises with comparable exit profiles.
• ARCH Venture Partners: ARCH is a long-tenured venture firm with deep specialization in early-stage life sciences and technology. Like USVP, ARCH has a multi-decade track record and operates a sector-specialist model focused on healthcare-adjacent innovation.

Broad incumbents

• Andreessen Horowitz (a16z): a16z is a larger, broader technology-focused venture firm with multi-stage funds spanning consumer, enterprise, bio/healthcare, crypto, and AI. While not strictly early-stage or healthcare-specialist, a16z increasingly competes with USVP for the same AI-native and enterprise software founders.
• Lightspeed Venture Partners: Lightspeed is a multi-stage venture firm with broad enterprise, consumer, and healthcare exposure. While larger and more diversified than USVP, Lightspeed frequently co-invests or competes with USVP in early-stage enterprise software and digital health rounds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/USVP_
• Facebookfacebook.com/113779035
• LinkedInlinkedin.com/company/57330

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments625 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about U.S. Venture Partners