Elephant Research
Note on sources
Elephant's own website (elephantvc.com) is a one-line stub: an elephant logo, the sentence "Elephant is a venture capital firm focused on investing in fast-growing, capital-efficient technology companies," and a row of logo variants. The names under those logos (Natasha Law, Eric Chase Anderson, Gordon Hull, Elsa Hansen, Deerdana, Partners & Spade) are the designers and illustrators who drew them, not investment team members, and they were deliberately not recorded as team. Everything below comes from third-party sources: SEC and Form ADV filings, a Boston Business Journal report on Fund V, press releases from portfolio companies, and investor databases. Treat database-sourced fields as medium confidence.
Investment Thesis
Elephant backs fast-growing, capital-efficient technology companies, primarily software. The firm is a generalist across enterprise software, cybersecurity, fintech, consumer internet and e-commerce tooling, and more recently vision AI and energy analytics. The recurring pattern in the portfolio is B2B software businesses that already have revenue and efficient growth, rather than pre-product bets. Founders are typically in the US, with some European companies (Didomi, DataDome, Keelvar, PVcase, Sipay).
Stage Focus
Mostly Series A and Series B, with a growing habit of large growth rounds in portfolio winners. Elephant led the $190M Series F of ThreatLocker in July 2026 and took part in the $196M Series B of Mosyle, so it clearly writes follow-on and growth checks. Earlier entries include Katalon's $27M Series A, KnowBe4's $8M Series A, Triple Whale's $27.7M Series A and Revelio Labs' $15M Series A. Pre-seed and seed are not the core of the strategy.
Check Size
Third-party sources give a wide range, roughly $1.5M to $45M, with a typical initial check in the low-to-mid single-digit millions to $15M and larger checks in follow-ons. Some aggregators list much smaller figures (down to $100K) which look like angel-style or scout figures and are not used here.
Lead Tendency
Both. Elephant is credited as lead on Ultralytics (Series A, September 2025), ThreatLocker (Series F, 2026), Triple Whale (Series A), Katalon (Series A), Revelio Labs (Series A), PayHOA (Series A), Welligence Energy Analytics, SecurEnds and Didomi. It participated in DataDome, Keelvar and Mosyle rounds.
Recent Activity and Fund Status
The firm closed Fund V at about $791.5M in August 2023, after a $600M Fund IV in 2021. In August 2026 an SEC filing showed Elephant Partners VI, L.P. targeting up to $700M, with no capital raised yet at the time of the report, so Elephant is between flagship funds while still deploying from Fund V. Form ADV (March 2026) reports about $3.56B of regulatory assets under management across 13 private funds and SPVs as of December 31, 2025. Recent deals include Ultralytics ($30M Series A, lead), Park Loyalty and Evertrust (Series A, Q4 2025), Pirros ($15M Series A) and ThreatLocker's $190M Series F.
Portfolio Highlights
KnowBe4 was the marquee exit: Elephant led the Series A and the company was taken private by Vista Equity Partners for $4.6B in 2022. Other names include ThreatLocker, Mosyle, Katalon, Triple Whale, Postscript, Revelio Labs, DataDome, Didomi, Keelvar, Cometeer, Tecovas, PayHOA, Welligence, Ultralytics, SecurEnds, Sipay and PVcase. Third-party profiles also cite Allbirds as an exit, which was not verified from a primary source.
Team
Jeremiah Daly and Andrew Hunt are the co-founders and managing members of the management company (per Form ADV). Hunt co-founded Warby Parker; Daly is a longtime investor who sat on the Malwarebytes board. Peter Fallon is a General Partner (New York based per LinkedIn, Brown University), and Jack Connolly is listed as a Partner.
Decision Process and Founder Preferences
Partnership model led by the two managing members with general partners sourcing and leading deals. Warm introductions are likely helpful but not confirmed. The firm favors capital-efficient founders with real traction and a clear path to profitable scale, and often supports follow-on rounds as companies grow.
Geographic Focus
Boston-headquartered. Invests across the US and selectively in Europe and Israel-adjacent markets. No explicit geographic restriction is published.
Gaps
No primary-source thesis page, portfolio page or team page exists on the firm's website. Check size and stage are inferred from deals and databases. Portfolio domains are mostly left null for the server to resolve.