Dcode Capital

What Dcode Capital does

Dcode Capital is a Washington, DC-based venture capital firm founded in 2019 that co-invests alongside leading venture firms in commercially-successful, high-growth technology companies capable of improving US government service delivery. The firm positions itself as a bridge between Silicon Valley startups and federal buyers, with its team having helped 250+ venture-backed companies (including 40+ unicorns) break into and scale within the federal market across both DoD and civilian agencies. The portfolio of roughly 16 companies spans networking and security (ZeroTier, Hyas), data management and analytics (Tamr, Stardog, HEAVY.ai, StreamSets, Trifacta, Nucleus Security), geospatial and space (Slingshot Aerospace, HEO Space, OneNav), AI-enabled document and analytics workflows (Hyperscience), and adjacent government-relevant verticals (Accordance, Mast Reforestation, UrbanFootprint).

The firm operates as a single dedicated fund vehicle affiliated with a separate Dcode accelerator program that educates startups on federal procurement and trains government stakeholders on contracting with nontraditional vendors. Revenue mechanics are those of a conventional venture manager: management fees on committed capital and carried interest on realized exits; AUM, fee rates, and fund size are not publicly disclosed. The firm received an undisclosed strategic investment from J.P. Morgan Asset Management in September 2023 through the Project Spark initiative, which is specifically designed to back underrepresented alternative-asset managers.

Go-to-market is network-led rather than product-led: deal sourcing flows from the partners' deep government, intelligence-community, and venture networks, and the firm has no externally marketed product beyond its portfolio. The three Managing Partners bring differentiated, hard-to-replicate pedigree: Rebecca Gevalt (ex-CIA, In-Q-Tel), Meg Vorland (Obama-era SBA Senior Advisor, 40 Under 40 in 2021), and Meagan Metzger (founder/CEO of the Dcode affiliate, prior COO/CSO of government-focused tech firms with a billion-dollar DoD IT program track record). The firm is privately held, employs 1-10 people, and operates exclusively in the United States.

Name

Dcode Capital

Legal name

Dcode Capital

Website

https://dcodecapital.com/

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Dcode Capital is a Washington, DC-based venture capital firm founded in 2019 that co-invests with leading VC firms in high-growth technology companies improving US government service delivery, leveraging its partners' government, intelligence-community, and federal-procurement networks.

Ownership category

akta.pro rank

Product category

Venture Capital / Government Technology Investment

NAICS

Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Technology & Software Growth Equity (FSANACAA)

akta.pro secondary industry

Venture Capital Fund-of-Funds (FSANAGAC)

Keywords

• Venture capital investing
• Federal market advisory
• Government technology investing
• Early growth equity
• Defense dual use investing

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Returns: Dcode Capital generates returns through equity investments in technology startups. The firm invests in companies alongside leading venture firms and benefits from capital appreciation and exits when portfolio companies achieve successful outcomes such as IPOs, acquisitions, or secondary transactions.

Go-to-market motion1 record

Marketing channels1 record

Core offering

Dcode Capital is a venture capital fund that invests alongside leading venture firms in commercially-successful, high-growth technology companies that can dramatically improve government service delivery and support U.S. innovation. The firm combines equity capital with specialized federal-market advisory support, drawing on a team with backgrounds at the CIA, In-Q-Tel, the SBA, and across DoD and civilian agencies to help portfolio companies break into and scale within the federal market.

Product overview

Dcode Capital is a single unified venture capital fund focused on investing in technology companies that can dramatically improve government service delivery. The firm operates as a single investment vehicle rather than a platform-plus-modules architecture. The portfolio includes 16 technology companies spanning networking/security (ZeroTier, Hyas), data management (Tamr, Stardog, StreamSets, Trifacta), geospatial/aerospace (Slingshot Aerospace, HEO Space), AI/analytics (HEAVY.ai, NucleusSec), and other government-focused technology solutions (Accordance, OneNav, HyperScience, Mast Reforestation, UrbanFootprint). The fund is affiliated with Dcode, a separate accelerator program that helps venture-backed companies scale into the federal market.

Differentiator

Problem solved

Functional benefit

Products and services

• Dcode Capital Investment Fund A venture capital fund that invests alongside leading venture firms in commercially-successful, high-growth technology companies that can dramatically improve government service delivery. Target investors and partners are technology startups seeking capital plus federal-market entry support.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Andreessen Horowitz: Large generalist venture firm with an active American Dynamism practice investing in defense, manufacturing, and government-tech startups. Comparable as a broad incumbent Dcode may co-invest alongside or compete with at the federal-market intersection.
• Lux Capital: Established tech VC with deep exposure to defense, space, and government technology bets (e.g., Anduril, Planet). Comparable as a larger incumbent that competes for the same federal-market-ready startup set as Dcode.
• Founders Fund: High-profile venture firm with a long track record investing in defense and government-tech companies (e.g., Palantir). Comparable as a broad incumbent likely to overlap with Dcode in dual-use and federal-market deals.
• Khosla Ventures: Large venture firm with deep exposure to AI, data, and frontier-tech startups that increasingly pursue federal contracts. Comparable as a broad incumbent whose portfolio companies Dcode may help scale into the federal market.
• Insight Partners: Large-scale tech growth investor that often leads rounds in software companies later expanding into federal markets. Comparable as a lead investor Dcode may co-invest behind for portfolio companies targeting government buyers.
• General Catalyst: Major growth-stage VC that has built a public-sector and government technology practice. Comparable as a broad incumbent increasingly active in federal-market deal flow, often as a lead investor Dcode co-invests with.
• B Capital Group: Global technology-focused VC with a government services and defense-tech practice. Comparable as a broad incumbent operating across venture stages with overlap in federal-market deal flow.

Direct peers

• Shield Capital: Early-stage venture firm investing in technology companies serving defense, intelligence, and critical infrastructure. Direct comparable given shared focus on startups targeting federal and national-security buyers.
• In-Q-Tel: The CIA's strategic venture arm, investing in commercial technologies that address national-security needs. Direct comparable to Dcode Capital — both bridge commercial tech startups into the intelligence and defense community, and Dcode's Managing Partner Rebecca Gevalt previously worked with In-Q-Tel.

Emerging players

• 8VC: Austin-based venture firm building a portfolio around government efficiency, defense tech, and infrastructure. Comparable as an emerging peer competing for federal-market-ready founders with a similar thesis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/dcodecapitalvc
• LinkedInlinkedin.com/company/dcode-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments7 records

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

Frequently asked questions about Dcode Capital