Cobalt Capital Research
Investment Thesis
Cobalt Capital is a multi-stage venture capital firm based in Santa Monica, California, that partners with technology-enabled companies solving real-world problems. Its own words: it invests where "innovation and technical insight unlock new opportunities for growth, transformation, and lasting impact," and it describes a thesis-driven approach that favors teams who use technology not only to disrupt existing categories but to create new ones and improve how people live, work, and interact. The firm was founded in 2019 by Rick Hess, who earlier co-founded Evolution Media Capital, and the portfolio still carries the "Evolution Legacy" fund label alongside the newer "Cobalt" fund.
Sector Focus
The older portfolio is built around consumer, digital content, sports, gaming and crypto. The 2026 additions show a clear move toward hard technology.
- Consumer and media: Calm, MasterClass, The Athletic, Tune In, Epic!, Discord, Showroom, Premier Lacrosse League, One Football, Gametime, Fanduel
- Gaming: Scopely, Clutch, Mobcrush, Genvid
- Crypto and web3: MoonPay, Animoca Brands, Yuga Labs, Figment
- Infrastructure and software: Mux, Intellimize
- Connected fitness: Tonal
- Defense, autonomy and physical AI (newer): HavocAI, Parallel Systems (autonomous rail), BrightAI (physical AI and persistent observability)
The firm also publishes a public-markets "Cobalt Consumer Index" newsletter on Substack (2022 issues), which signals continuing interest in consumer technology valuations.
Stage Focus
Cobalt calls itself multi-stage and describes partnering with exceptional entrepreneurs "at the growth stage" and "early in their growth life cycle." Disclosed rounds are mostly Series A and later: HavocAI's $100M Series A (May 2026), Parallel Systems' $100M Series C (October 2026), Tonal's $250M Series E (2021) and Genvid's $110M Series C (2021). It reads as a growth-leaning venture investor, not a pre-seed or seed fund.
Check Size
Not disclosed on the website. The disclosed rounds are large ($100M+), but Cobalt's own check in each is not stated, so no check size range is submitted.
Lead Tendency
Mixed. Tectonic reported that HavocAI's Series A was led by Cobalt Capital, while the company's own press release lists Cobalt among new investors in the round alongside Boardman Bay Capital Management and others. In Parallel Systems' Series C, AVP led and Cobalt participated as a new investor. Genvid and Tonal show Cobalt as a participant.
Recent Activity
- May 2026: new investor in HavocAI's $100M Series A (all-domain collaborative autonomy). Dan Abrams, Managing Partner, was quoted in the announcement.
- October 2026: new investor in Parallel Systems' $100M Series C led by AVP (autonomous rail).
- Mid 2026: BrightAI (physical AI) added to the portfolio page.
- Funds: the firm manages Cobalt Capital Partners I and Cobalt Strategic Partners I (Santa Monica). The firm is still making new investments as of October 2026, so fund status is actively deploying.
Portfolio Highlights
Notable names include Discord, Calm, MasterClass, Scopely, The Athletic, Fanduel, MoonPay, Yuga Labs, Tonal and Mux. The portfolio page lists 26 companies, filterable by status (current or realized) and by fund (Evolution Legacy or Cobalt). The page does not state investment dates or stages per company.
Team
- Rick Hess, Founder and Managing Partner (previously co-founder of Evolution Media Capital; also associated with CNC Partners)
- Dan Abrams, Managing Partner (previously at Evolution Media)
- Ben Schick, Principal
- Kate Armstrong, Investor
- Ben Futoriansky, Investor
- James Moore, Chief Financial Officer
- Bailey Harrison, Chief of Staff
The cobalt.la website has no team page (the /team URL returns not found); names come from third-party profiles (FinalScout, StartupIntros, LinkedIn search snippets) and Dan Abrams's quote in the HavocAI release.
Decision Process
Not disclosed. Two named Managing Partners suggest a partnership model.
Founder Preferences
The firm says it seeks founders with deep insight into their domain, a clear vision for scale, and the capability to execute in complex, competitive environments, and teams combining technical excellence with bold perspectives.
Geographic Focus
Based in Santa Monica, California (100 Wilshire Blvd, Suite 1200). No stated geographic restriction; the portfolio includes US companies (Rhode Island, Atlanta-area rail, Los Angeles) and some international ones.
Contact
[email protected], 310.622.4500.
Gaps
No stated check size, fund size or AUM (a 13F filer named Cobalt Capital Management appears in search results but is a different firm and was not used). Per-company dates and stages are not on the site. Portfolio company domains were left null except for well-known companies.