Definition Capital Research
Investment Thesis
Definition (operating as Definition Capital, definitioncap.com) is a New York-based venture capital firm founded in October 2021 by Teddy Citrin and Weston Reynolds, two former Greycroft investors. The firm invests in category-defining software companies, with a stated approach of making only a handful of high-conviction investments each year rather than running a high-volume spray-and-pray strategy. Definition's public web presence is deliberately minimal (a single page listing only a logo, a New York address, and a contact email), consistent with a small, relationship-driven fund that sources primarily through its founders' networks rather than inbound marketing.
Sector Focus
Portfolio composition points to a concentration in enterprise software, AI infrastructure and applications, fintech, and identity/security infrastructure. Representative sectors: enterprise applications, enterprise infrastructure, vertical SaaS, AI industry applications, and fintech/payments. The firm has shown a clear and growing tilt toward AI-native companies (Cognition, Decagon, Modal Labs, Together AI, Radiant AI) alongside its earlier fintech and construction-tech bets (Adaptive, Ramp) and identity infrastructure (Footprint).
Stage Focus
Definition's Fund I ($80M, publicly announced February 2024) was positioned around Seed and Series A investing, with disclosed check sizes in the $250K-$5M range. In practice, the firm has increasingly followed its highest-conviction Series A companies into growth rounds (Series B, C, D) as those companies scale, particularly in the AI infrastructure and applications space. Tracxn data shows 8 Series A investments, alongside single investments each at Series B, C, and D.
Check Size
Based on third-party fund profile data, typical check size ranges from $250K to $5M at initial investment, with follow-on participation in later, much larger rounds (e.g., $250M+ Series D rounds) at lower relative ownership as a non-lead participant.
Lead Tendency
Across the investments with public detail (Cognition's $400M round, Decagon's $250M Series D, Ramp's $750M Series F, Modal Labs' growth rounds), Definition consistently appears as one of several participating investors rather than the round leader. This suggests the firm's growth-stage activity is largely opportunistic follow-on into portfolio companies and other high-profile AI names, while earlier-stage checks (Adaptive, Footprint) were written alongside other lead investors as well. Lead tendency is best characterized as "follows" with moderate confidence.
Recent Activity
Definition has been actively deploying through 2026:
- July 2026: Participated in Simile's Series B
- June 2026: Participated in Ramp's $750M Series F at a $44B valuation
- March 2026: Participated in Cape's Series C
- February 2026: Participated in Cogent's Series A
- January 2026: Participated in Decagon's $250M Series D, valuing the company at $4.5B
- September 2025: Participated in Cognition's $400M round at a $10.2B valuation
Tracxn shows a clear acceleration in deal cadence: 2 investments in 2023, 3 in 2024, 3 in 2025, and 5 so far in 2026.
Portfolio Highlights
Notable portfolio companies include three unicorns: Cognition (AI software engineering agent, ~$10.2B valuation), Decagon (AI customer experience/concierge platform, ~$4.5B valuation), and Modal Labs (serverless AI infrastructure, ~$4.65B valuation). Other portfolio companies include Ramp (spend management, $44B valuation), Together AI (AI infrastructure), Adaptive (AI-native construction finance platform), Footprint (KYC/identity verification infrastructure), Radiant AI (AI application control plane), Orchestra, Vooma (AI freight logistics), Cogent, Simile, TerraFirma, and Cape.
Team
- Teddy Citrin, Founder & General Partner - Founded Definition in 2021. Previously Board Partner at Greycroft (2015-2022) leading the firm's consumer practice, where he sourced and led/co-led deals including Bumble, Cometeer, and Frame (acquired by Adobe for $1.3B), plus direct-to-consumer healthcare investments with combined value exceeding $500M. Earlier roles: Product at eBay (2012-2015), Analyst at Starwood Capital Group (2011).
- Weston Reynolds, Founder & General Partner - Co-founded Definition in 2021. Previously an investor at Greycroft (2014-2021). Holds a BA in Political & Social Thought from the University of Virginia (Jefferson Scholar, Phi Beta Kappa) and an MBA from Stanford Graduate School of Business. Prior experience includes CFO at Verse Technologies (2018-2019).
Decision Process
A two-person General Partnership (Citrin and Reynolds), consistent with a small, high-conviction fund where both partners are directly involved in sourcing and diligence on every deal.
Founder Preferences
Definition backs founders building category-defining software companies, with a demonstrated preference for technical founder teams in AI infrastructure/applications and fintech infrastructure. Both partners' Greycroft backgrounds (consumer and general investing) suggest an emphasis on strong product instincts alongside technical depth.
Geographic Focus
Primarily United States-based companies (12 of 13 tracked portfolio companies per Tracxn), with the firm headquartered in New York and a team also noted with presence in Arlington, VA and San Francisco, CA.