F4 FundFund
TeamPortfolioRaiseChampionsEssays
Sign in
Investment ThesisInvestment TeamF4 Research BriefSelected PortfolioRecent UpdatesFrequent co-investorsSimilar Firms
Hot Fund

Andra Capital

andracapital.com · San Francisco, CA

“Democratize access to late-stage, pre-IPO venture capital by giving accredited private investors a curated syndicate position in category-leading technology companies already backed by tier-one VCs.”

Leads & Follows
Lead Tendency
$477M
AUM
01Investment Thesis

Democratize access to late-stage, pre-IPO venture capital by giving accredited private investors a curated syndicate position in category-leading technology companies already backed by tier-one VCs.

Exclusion Criteria

Not a primary/lead investor in most rounds; does not originate early-stage deals and has no visible mandate outside large, already-validated growth and late-stage technology companies.

02Investment Team
HH
Haydar Haba
Managing Partner
PT
Paul Tuan
Managing Partner
CC
Charles Carmel
Vice Chairman
KP
Kathy Park
Partner
RG
Roman Glukhovsky
Partner
AS
Ayman Shouekani
Venture Partner
03F4 Research Brief

Andra Capital Research

Investment Thesis

Andra Capital is a San Francisco-based growth and late-stage technology investment firm founded by Managing Partner Haydar Haba. The firm markets itself as an evergreen vehicle that gives accredited private investors curated access to pre-IPO and growth-stage technology companies already validated by tier-one venture firms, rather than sourcing and pricing early-stage rounds itself. Its stated process starts from a pipeline of 400+ pre-IPO companies and narrows to roughly 20 targets per cycle using five core principles: a repeatable thesis and screening process, disruptive companies with durable technology moats, valuation discipline, deep fundamental research, and portfolio-level sector and time diversification.

Stage Focus

Andra runs two parallel fund strategies rather than a single vehicle. The Growth-Stage fund is closed-end and targets fast-growing private technology companies entering hyper-growth, typically corresponding to Series C/D rounds, with a 5-8 year exit horizon. The Late-Stage fund is open-end and targets pre-IPO technology category leaders with sustainable unit economics seeking capital ahead of an exit event, with a 2-3 year exit horizon.

Check Size

Andra does not publish a specific per-company check-size range. Its SEC investment adviser record (CRD #314080) lists roughly $477M in assets under management as of 2026. Given confirmed participation in $480M-$1.4B rounds, individual position sizes are likely several million to tens of millions of dollars, but this could not be confirmed from primary sources and is not reported as a hard figure.

Lead Tendency

Evidence is mixed rather than purely follow-only. Andra co-led Lambda's $480M Series D (with SGW) in February 2025, but only participated (did not lead) in Skild AI's $1.4B Series C led by SoftBank Group in January 2026. This is consistent with a syndicate-access model that sometimes takes a co-lead position on rounds it originates access to, but defers to larger institutional leads (SoftBank, NVIDIA Ventures) on the largest late-stage rounds.

Recent Activity

Andra's most recently confirmed investments are Skild AI's $1.4B Series C (January 2026, valuing the robotics/AI company at over $14B, alongside SoftBank Group, NVIDIA Ventures, Macquarie Capital, and Jeff Bezos) and Lambda's $480M Series D (February 2025, co-led with SGW, to expand Lambda's AI cloud platform, alongside NVIDIA and Andrej Karpathy). The firm's SEC adviser status also changed in this window: it withdrew its Exempt Reporting Adviser filing on 2026-02-13 and registered as a full SEC investment adviser effective 2026-03-17, a routine graduation from exempt to full registration.

Portfolio Highlights

The firm's public "Notable Investments" grid features Palantir, Automation Anywhere, Carta, Tanium, Verbit, GrubMarket, SoFi, Convoy, Kraken, and Cybereason, plus the newly confirmed Skild AI and Lambda positions. Andra states a "complete list of investments is available upon request," so this is a partial, logo-driven sample rather than an exhaustive holdings list. No confirmed exits (IPO or acquisition of a portfolio company) were found in this pass.

Team

  • Haydar Haba, Managing Partner — 20+ years as a serial entrepreneur in internet and telecom, credited with building multiple billion-dollar-plus companies (IntelePeer, Telco 214, among others) prior to founding Andra.
  • Paul Tuan, Managing Partner — Over a decade in investment banking and private equity at BAML, Jefferies, US Bancorp, MVP Capital, and White Oak, with more than $10B in M&A, capital raises, bond, and private placement transaction experience.

Decision Process

With only two named Managing Partners on the public team page and no visible investment-committee structure, Andra appears to operate as a small partnership rather than a large multi-GP committee, though this is inferred from team-page structure rather than explicitly stated.

Founder Preferences

Andra's public materials do not describe founder personas directly, consistent with a late-stage/growth vehicle where the underlying company's own investor base and management team are already selected. Its stated diligence instead centers on category leadership, defensible technology moats, valuation discipline, and scalable unit economics at the company level, alongside "visionary management focused on growth."

Geographic Focus

Andra is headquartered in San Francisco, CA. Its confirmed portfolio and recent investments are overwhelmingly U.S., Silicon-Valley-centric technology companies (Palantir, Lambda, Skild AI, SoFi, Carta), with no explicit non-U.S. geographic mandate stated on the site in this pass.

Notable Risk Flags

A September 2026 InvestmentNews report describes a federal lawsuit by a California investor alleging a pre-IPO fund (with SpaceX, Stripe, Discord, Klarna, and Plaid positions) charged undisclosed markups and stonewalled account access; the article does not name the defendant fund, and no direct sourcing was found tying that specific suit to Andra Capital. This should be treated as an unconfirmed flag for manual follow-up rather than a fact about this firm.

04Selected Portfolio
Aerospace & Defense
Spacex
Crypto & Web3
Kraken
E-commerce & Marketplaces
GrubMarket
Enterprise Software
Palantir·Automation Anywhere·Carta·Tanium·Verbit·Lambda Labs
Fintech & Payments
SoFi
Logistics & Supply Chain
Convoy
Mobility & Transportation
lyft.com
Real Estate & PropTech
WeWork
Robotics & Automation
Skild
Security & Cybersecurity
Cybereason
Semiconductors & Hardware
Positron AI
Travel & Hospitality
Airbnb
Open the full portfolio→
05Recent Updates

Fresh signals from public announcements, essays, and portfolio activity.

See full activity (6) →
Co-led Positron AI's $875M Series C at a $5B valuation alongside NEA, Atreides Management, Valor Equity Partners, SemiAnalysis Capital, and Jim Clark.
INVESTMENT·prnewswire.com+1
SEP 10, 2026
Participated in Skild AI's ~$1.4B Series C led by SoftBank, valuing the robotics/embodied-AI company at over $14B.
INVESTMENT·businesswire.com+2
JAN 14, 2026
Reported (via Bloomberg/BankInfoSecurity) to be in talks alongside Liberty Strategic Capital and SoftBank Vision Fund to invest about $100M in Cybereason; deal closure not independently confirmed.
NEWS·bankinfosecurity.com
MAR 2025
Co-led Lambda's $480M Series D (with SGW) to expand its AI cloud platform.
INVESTMENT·businesswire.com+1
FEB 19, 2025
Andra Capital expanded its leadership team with Kathy Park joining as Partner.
TEAM CHANGE·prweb.com
DEC 2022
06Frequent co-investors
TP
Third Point Ventures
Both backed 4 of the same companies
SoFi, Palantir, lyft.com, Verbit
1V
137 Ventures
Both backed 3 of the same companies
Airbnb, Palantir, Spacex
AC
A* Capital
Both backed 3 of the same companies
Airbnb, Palantir, Spacex
B
BoxGroup
Both backed 3 of the same companies
Airbnb, Palantir, WeWork
CV
Craft Ventures
Both backed 3 of the same companies
Airbnb, Palantir, Spacex
Find the investors for your round→
07Similar Firms
DI
Dragoneer Investment Group
$50M – $500M · Series B · Growth
→
NC
Night Capital
$250K – $1M · Pre-Seed · Seed
→
TC
Thrive Capital
$500K – $50M · Pre-Seed · Seed
→
AV
ANIMO Ventures
$500K – $2.5M · Pre-Seed · Seed
→
A
Addition
$5M – $200M · Series B · Series C
→
Quick Reference
Stages
Series C · Growth
AUM
$477M
Decision
Partnership
Warm Intro
Not Required
Involvement
Passive
Location
San Francisco, CA
Sector Focus
Fintech & PaymentsConsumer Apps & SocialE-Commerce & MarketplacesRobotics & AutomationDeveloper Tools & InfrastructureSecurity & CybersecurityHealthcare & Digital Health
Models
FinTechConsumer SoftwareB2B And B2C MarketplacesDigital HealthB2C MarketplacesB2B MarketplacesEnterprise SaaS
Technology
Artificial IntelligenceData And AnalyticsCloud InfrastructureNetworkingCybersecurityAI/ML
See all Fintech & Payments investors →See all Consumer Apps & Social investors →See all E-commerce & Marketplaces investors →
Visit andracapital.com ↗

See how Andra Capital matches your startup

Get a personalized match report in minutes.

Get Your Match Report
Focus Areas
Fintech & PaymentsConsumer Apps & SocialE-Commerce & MarketplacesRobotics & AutomationDeveloper Tools & InfrastructureSecurity & CybersecurityHealthcare & Digital Health

See how Andra Capital matches your startup

Get a personalized match report in minutes.

Get Your Match Report
Is this your firm? Claim your profile
F4 Intelligence Report · Last Researched September 11, 2026F4 Research Engine