Andra Capital Research
Investment Thesis
Andra Capital is a San Francisco-based growth and late-stage investment firm founded in 2016 by Managing Partner Haydar Haba. The firm's stated mission is to "democratize venture capital for alternative investments" by giving accredited and qualified private investors access to a curated portfolio of pre-IPO technology companies that would otherwise be reserved for institutional LPs and tier-one venture funds. Andra positions itself less as a primary sourcing shop and more as a vehicle that gains access to competitive, oversubscribed late-stage rounds through its deal-sourcing network and syndicate relationships, then packages that access for its own investor base via a Reg D 506(c) offering open to qualified purchasers in the U.S. and permitted international investors.
Stage Focus
Andra runs two complementary vehicles rather than a single fund. The Late-Stage strategy is an open-end fund targeting pre-IPO technology companies within roughly two to three years of an exit event. The Growth-Stage strategy is a closed-end fund focused on disruptive, fast-growing private technology companies, particularly at Series C and Series D+, with a longer five-to-eight-year exit horizon. Both strategies target companies that are already category leaders: businesses backed by tier-one VCs, valued at over $1 billion, ranked top three in their industry vertical, and led by growth-focused management teams.
Check Size
Andra does not publish a specific check-size range on its site or in public filings reviewed. Given its fund size (SEC adviser data lists Andra Capital LLC as managing roughly $477M in assets) and its stated focus on late-stage, pre-IPO names, individual position sizes are likely to run from the high six figures to several million dollars per underlying company, but this could not be confirmed from primary sources and should be treated as unconfirmed.
Lead Tendency
Andra explicitly follows rather than leads. Its stated process is to select from a pipeline of 400+ pre-IPO companies already backed by tier-one venture firms, rather than originate and price rounds itself. This is a secondary/syndicate-access model more than a traditional lead-investor model.
Recent Activity
Andra participated in SkildAI's $1.4B round (reported mid-January 2026) alongside SoftBank, NVentures, Sequoia Capital, Samsung, and other strategics — one of its more visible recent AI/robotics bets. In March 2025, Bloomberg reporting (via BankInfoSecurity) named Andra Capital as one of several parties in talks to inject roughly $100M into embattled cybersecurity vendor Cybereason alongside Liberty Strategic Capital and the SoftBank Vision Fund; it is not confirmed from public sources whether that specific financing closed. Andra's historical fund-formation activity dates to at least 2018, when it closed over $500M for a late-stage technology growth vehicle.
Portfolio Highlights
Andra's site highlights "Notable Investments" logos including Palantir, Automation Anywhere, Carta, Tanium, Verbit, GrubMarket, SoFi, Convoy, Kraken, and Cybereason. Earlier press coverage (2018) also ties Andra to late-stage positions in Lyft, WeWork, Airbnb, and SpaceX. Andra does not publish a complete portfolio list on its public site ("Complete list of investments is available upon request"), so this should be treated as a partial, logo-driven sample rather than an exhaustive holdings list.
Team
- Haydar Haba, Managing Partner (Chairman & CEO) — Serial entrepreneur with 20+ years in internet and telecom, credited with building multiple billion-dollar-plus companies (IntelePeer, Telco 214, and others) prior to founding Andra in 2016.
- Paul Tuan, Managing Partner — More than a decade in investment banking and private equity at BAML, Jefferies, US Bancorp, MVP Capital, and White Oak, with over $10B in M&A, capital raises, bond, and private placement transaction experience.
Decision Process
With only two named Managing Partners publicly listed and no visible investment-committee structure, Andra appears to operate as a small partnership rather than a large multi-GP committee process, though this is inferred from team-page structure rather than explicitly stated.
Founder Preferences
Andra's public materials do not speak to founder personas directly (unsurprising for a late-stage, syndicate-access vehicle where the underlying company's own investors and management are already selected); its stated diligence instead centers on category leadership, defensible technology moats, valuation discipline, and scalable unit economics at the company level.
Geographic Focus
Andra is headquartered in San Francisco and its public target-company examples (Palantir, SpaceX, Lyft, Airbnb, WeWork, SoFi, Kraken) are overwhelmingly U.S., Silicon-Valley-centric late-stage technology names, with no explicit non-U.S. geographic mandate stated on the site.
Notable Risk Flags
Andra Capital's SEC Investment Adviser record (CRD #314080) shows it withdrew its Exempt Reporting Adviser (ERA) filing on 2/13/2026 and registered as a full SEC investment adviser effective 3/17/2026 — a routine graduation from exempt to full registration rather than a negative signal on its own. Separately, a September 2026 InvestmentNews report describes a federal lawsuit by a California investor alleging a pre-IPO fund (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 flagged for manual follow-up rather than treated as confirmed.