Delta-v Capital Research
Investment Thesis
Delta-v Capital is a Denver, Colorado-based growth equity firm that partners with visionary leaders of technology companies to accelerate their next phase of growth. The firm was founded in 2009 (its own site nods to a much older "1969" reference, likely tied to the legacy of predecessor firm Centennial Ventures, whose team and track record Delta-v's partners carry forward) and has grown to roughly $0.4B in assets under management across 29+ direct investments and 64 M&A add-ons. Delta-v describes itself as run by "former operators and engineers" who bring sector expertise and hands-on operational support to entrepreneurs, rather than a generalist capital allocator. The firm is explicit that its edge is "who, not how" — it will structure the capital (primary growth equity, secondary liquidity, or M&A financing) around what the founder and cap table actually need, rather than forcing a single instrument.
Sector Focus
Delta-v organizes its thesis around four sector pillars: Infrastructure Software (architecting and securing the digital world), Cloud Services (enabling digital transformation within cloud ecosystems), CxO Software (driving business-unit productivity and efficiency), and Vertical Software (empowering underserved markets through modern software). In practice, the portfolio skews heavily toward cybersecurity and AI security (Arctic Wolf, Corelight, HiddenLayer, Nucleus Security, RapidFort, Claroty, Pentera, LogRhythm, Venafi, NSS Labs), with AI infrastructure now an active theme (You.com, an internally referenced "VerticalAI" initiative). Cloud services and digital infrastructure investments include OSF Digital, 2nd Watch, Cloud Sherpas, Zayo, EUNetworks, and ExteNet. CxO/enterprise software includes Expensify, Workfront, HireVue, Iterable, and Perceptyx. Vertical software spans sports operations (Teamworks), maritime intelligence (Pole Star), home services field management (Housecall Pro), SAP modernization services (The Silicon Partners/TSP), and fiber broadband infrastructure (Vero Networks).
Stage Focus
Delta-v is a growth-equity investor, not an early-stage or seed fund. Typical transactions are minority or structured growth investments, secondary purchases providing liquidity to founders/employees/early shareholders, or capital to fund M&A roll-ups. Round sizes in recent deals range from ~$42M (RapidFort Series A, Delta-v participating) up to $500M (Vero Networks minority growth financing, Delta-v as lead).
Check Size
Not explicitly published. Given a ~$0.4B AUM spread across 29 direct investments plus 64 add-ons, and the firm's demonstrated willingness to lead $100M+ rounds and anchor $500M financings (typically alongside co-investors/banks), estimated check sizes likely range from the high single digits of millions up to $75M+ per initial investment, with meaningful reserves for follow-ons and M&A support.
Lead Tendency
Delta-v frequently leads or co-leads. It led HiddenLayer's $100M Series B, led the growth investment in The Silicon Partners, and was lead investor in Vero's $500M minority growth financing (alongside Hamilton Lane and Braemont Capital). It also participates in syndicates it doesn't lead, such as You.com's $100M Series C (alongside Cox, Salesforce Ventures, and Georgian) and RapidFort's Series A (led by Blue Cloud Ventures and Forgepoint Capital).
Recent Activity
Delta-v has been highly active through 2025 and into 2026: HiddenLayer $100M Series B (Sept 2026, lead), Nucleus Security investment (Feb 2026), RapidFort $42M Series A participation (Feb 2026), Vero Networks $500M minority growth financing (Feb 2026, lead), Housecall Pro secondary/employee tender investment (Sept 2025), You.com $100M Series C (Sept 2025), and a growth investment leading The Silicon Partners' combination with Ameri100 to build a large SAP modernization specialist (May 2025). This cadence indicates an actively deploying fund with a clear present-day emphasis on AI security, software supply-chain security, and AI infrastructure, layered on the firm's long-running cybersecurity and cloud-services thesis.
Portfolio Highlights
Historical portfolio includes notable outcomes such as Zayo Group (fiber infrastructure, 2014 IPO — Delta-v's predecessor fund Centennial Ventures backed the Series A/B/C), Chegg (public), Tonal, BitPay, Fandom, and multiple cybersecurity names now widely recognized (Arctic Wolf, Claroty, Venafi, LogRhythm, Pentera). Active highlights include Corelight (network detection and response, Delta-v holds a secondary position), Pole Star (maritime intelligence/compliance SaaS), Teamworks ("Operating System for Sports"), Expensify (public expense-management platform), and the fast-growing AI security names HiddenLayer and Nucleus Security.
Team
- Dan Williams — Partner (MIT EECS, Wharton MBA; prior Cisco corporate development; focuses on cybersecurity, DevOps, vertical software)
- Colin Barclay — Partner
- Dave Schaller — Partner
- Garrett Marsilio — Partner
- Rand Lewis — Partner (co-founded Delta-v in 2009; longtime focus on secondary/minority liquidity structures)
- Connor Heard — Principal
- Kyle Rogers — Chief Operating Officer
- Alex Stensland — Vice President
- Kimberly Kit — Vice President
- Lizzy Wente — Director, Head of Investor Relations & Fundraising
- Stephenie Lauricella — Team Manager
- Cat Bode — Senior Manager, Investor Relations & Operations
- Wali Bacdayan — Venture Partner
- Kirk Moore — Lead Data Scientist
- Nikki Shah — Associate
- Ethan Epley — Associate
- Patrick Schmelzinger — Associate
- Davis Carter — Senior Finance Associate
- George Conway — Finance Associate
The firm also maintains a bench of operating advisors including former CEOs of Cloud Sherpas, Hosting.com, LogRhythm, and Socrata, plus the former CFO of Zayo Group and a former GM of Guidewire.
Decision Process
Delta-v operates as a multi-partner investment team (five named Partners plus a Principal and COO) rather than a solo-GP or pure investment-committee structure typical of larger institutions; deal leads (e.g., Rand Lewis on Vero, the Dan Williams/Connor Heard/Nikki Shah team on HiddenLayer and Nucleus) run point on sourcing and diligence with partnership sign-off. Delta-v is a signatory of ILPA and the CFA Institute, signaling institutional-grade governance practices for an LP base.
Founder Preferences
Delta-v explicitly favors experienced operators and repeat founders — the Vero investment traces a 20+ year relationship with Matt Erickson going back to Zayo, and Housecall Pro's CEO Mike Beaudoin (founder of HomeAdvisor) and CFO Will Johnson (from Iterable, another Delta-v company) reflect a preference for proven operators the firm has tracked or worked with before. The firm favors durable, essential, often un-sexy end markets (home services, maritime compliance, SAP consulting, fiber infrastructure) over purely discretionary consumer categories.
Geographic Focus
Headquartered in Denver, Colorado (with a Boulder-area presence), and a second office in Dallas, Texas anchoring the infrastructure/cybersecurity practice (per the HiddenLayer investment note). Portfolio companies are primarily U.S.-based, spanning Colorado, Texas, and other regions, with historical fiber/telecom investments (Zayo, EUNetworks) extending into Europe.