Forgepoint Capital Research
Investment Thesis
Forgepoint Capital backs transformative cybersecurity, artificial intelligence, and infrastructure software companies. Founded in 2015 and headquartered in San Mateo, California, the firm takes a thesis-driven, sector-focused approach built around a set of concentrated investment themes: securing AI and using AI for security, continuous trust and identity management, cybersecurity for the long tail of underserved buyers, proactive cybersecurity and risk management, securing infrastructure from cloud to edge, and trust in software supply chains. The team describes itself as specialists who understand market needs and take a disciplined approach to underwriting.
Sector Focus
Forgepoint concentrates almost exclusively on cybersecurity, with adjacent bets in AI infrastructure, cloud security, DevSecOps, identity, insurtech, fintech, and privacy. Recent portfolio additions show growing emphasis on AI agent security and AI-native security operations tooling (Capsule Security, Qevlar AI), alongside the firm's long-running core in identity, data security, and security operations.
Stage Focus
The firm invests from first check through exit, but its center of gravity is Series A and Series B, with selective growth-stage participation. Its European affiliate, Forgepoint Capital International, has been active in earlier seed rounds (e.g., Capsule Security's $7M seed).
Check Size
Typical checks range from roughly $5M to $50M depending on stage, with reserves for follow-on participation in existing portfolio companies.
Lead Tendency
Forgepoint both leads and co-leads rounds. It co-led Qevlar AI's $30M raise alongside Partech, and participated (without leading) in Capsule Security's seed alongside Lama Partners. Historically it has led rounds in core portfolio companies such as Huntress and Attivo Networks.
Recent Activity
Forgepoint has been actively deploying in 2026: it made roughly 5 new investments in 2026 (following about 10 in 2025). Recent activity includes:
- July 2026: New investment in Sherpa.ai, an $18M round for a Bilbao, Spain-based privacy-preserving and federated-learning AI platform.
- April 2026: Backed Capsule Security's $7M seed (AI agent runtime security), alongside Lama Partners, via Forgepoint Capital International.
- March 2026: Co-led (with Partech) a $30M round in Qevlar AI, a Paris-based agentic AI platform for security operations centers.
- May 2026: Portfolio company Symmetry Systems was acquired by Zscaler, combining zero-trust and data access-graph technology.
The firm's second fund closed on $450M (described at the time as the industry's largest dedicated cybersecurity fund), and it later formed Forgepoint Capital International with Banco Santander as an anchor investor to extend investing into Europe, Latin America, and Israel.
Portfolio Highlights
Forgepoint's portfolio spans roughly 75-94 companies (sources vary), including three unicorns (Cyberhaven, Huntress, Interos) and two IPOs (Cloudflare, Fortinet). Notable exits include Attivo Networks (to SentinelOne), BehavioSec (to LexisNexis), Area 1 Security (to Cloudflare), Appthority (to Symantec), AlienVault (to AT&T), and most recently Symmetry Systems (to Zscaler, May 2026). Active portfolio companies include Huntress (SMB cybersecurity), SPHERE (cyber hygiene), CyberCube (cyber risk assessment), Surefire Cyber (incident response), Bishop Fox (offensive security services), 1Kosmos (identity verification/MFA), Anitian (compliance automation), Qevlar AI, Capsule Security, and Sherpa.ai.
Team
- Alberto Yépez — Co-Founder and Managing Director
- Andrew McClure — Managing Director
- Ernie Bio — Managing Director
- Leo Casusol — Managing Director
- Damien Henault — Managing Director, Forgepoint Capital International (board member, Capsule Security)
- Jaime Goyarrola — Chief Financial Officer, Forgepoint Capital International
- Lisa Lee — Chief Financial Officer
- Reynaldo Kirton — Principal
- Kathryn Shih — Venture Partner
- Shane Shook — Venture Partner
- Jimmy Park — Vice President
- Casilda Angulo — Vice President
- Don Dixon — Co-Founder and Senior Advisor
Forgepoint also maintains a Global Advisory Council of 100+ industry leaders, including former government cybersecurity officials (e.g., former NSA and DHS leadership) and security-company executives, who advise on product strategy and provide connections.
Decision Process
Decisions run through a partnership of Managing Directors and Principals rather than a solo GP model. Managing Directors take board seats on portfolio companies (e.g., Damien Henault on Capsule Security's board) and stay closely involved operationally.
Founder Preferences
Forgepoint favors founders building differentiated technology in cybersecurity, identity, and AI-native security tooling, often with prior operating experience at established security vendors or government/intelligence backgrounds. Its investment themes explicitly target underserved buyers ("cybersecurity for the long tail") and infrastructure spanning cloud to edge.
Geographic Focus
Headquartered in San Mateo, CA, with an international office in London, UK. Forgepoint Capital International extends the firm's reach into Europe (Spain, France), Latin America, and Israel, reflected in recent deals in Bilbao (Sherpa.ai), Paris (Qevlar AI), and Tel Aviv (Capsule Security).