Mana Ventures Research
Investment Thesis
Mana Ventures is a South San Francisco-based venture capital firm, founded in 2016 by Morgan Schwanke, that backs "technologies that redefine industries" and "founders that shape the future." The firm concentrates on deep tech and frontier AI: humanoid and industrial robotics, aerospace and defense, AI compute infrastructure and semiconductors, biotech and healthcare AI, and energy/advanced materials. Rather than positioning as a pure capital provider, Mana leans heavily on "The Collective," a large LP network of operators, founders, and specialists (including names like Arash Ferdowsi of Dropbox, Matt Mullenweg of WordPress, and Michael Antonov of Oculus) who provide recruiting help, strategic introductions, and follow-on fundraising support to portfolio companies. Ranked #17 on the Strebulaev-Jackson 2026 Emerging Managers list.
Stage Focus
Mana invests primarily at pre-seed and seed, occasionally following on into Series A and beyond for existing portfolio companies as they scale (e.g., continued exposure to K2 Space and Fluidstack through multiple growth rounds).
Check Size
Typical checks run small relative to the fund's disclosed range, roughly $10K-$250K, consistent with a syndicate-style, high-volume, angel-adjacent model rather than a traditional lead-check seed fund. The firm also runs an open AngelList syndicate ("Join Our Collective") for co-investment alongside its core fund.
Lead Tendency
Follows / co-invests. The small check sizes and syndicate structure indicate Mana rarely leads priced rounds; it more often participates alongside other seed and growth investors, then adds value through The Collective's network rather than board control.
Recent Activity
Mana has been highly active through 2026, with portfolio companies closing large rounds across defense, space, and AI infrastructure: Neros Technologies tripled its valuation to $2.5B on a $250M raise (Aug 2026), K2 Space raised $500M at a $6.8B valuation (Jul 2026) after a $250M raise at $3B just seven months earlier (Dec 2025), Fluidstack raised $830M at a $7.5B valuation (Jul 2026), Standard Bots raised $200M (Jun 2026), Skild AI raised $1.4B at a >$14B valuation (Jan 2026), and Figure AI raised $1B at a $39B valuation (Sep 2025). Fund status: actively deploying.
Portfolio Highlights
Mana's portfolio spans well over 100 companies, concentrated in three clusters:
- Robotics & autonomy: Figure AI, Skild AI, Apptronik, Standard Bots, Path Robotics, Reliable Robotics, Dyna, Serve Robotics, Kodiak, Flock Safety
- Space & defense: K2 Space, Ursa Major, Neros Technologies, OneBrief, Xona Space Systems, Hermeus, Lunar Outpost, Firestorm, Anello Photonics, Skydio
- AI compute & semiconductors: Fluidstack, Lambda Labs, Groq, Efficient Computer, Neurophos, TrueFoundry, Harness
- Health & biotech: Abridge (named #3 on Fast Company's Most Innovative AI Companies of 2026), Function Health, Paradromics, Terray Therapeutics, Genesis Therapeutics
- Energy & materials: Aalo, Terraform Industries, Phoenix Tailings
Notable outcomes/growth markers: Groq signed a major non-exclusive licensing deal with Nvidia (Dec 2025); Kodiak went public via a $2.5B SPAC merger (Sep 2025); Abridge doubled its valuation to $5.3B in four months (mid-2025).
Team
- Morgan Schwanke — General Partner & Founder. Former founder and angel investor in 300+ startups; prior roles in business development at Restream and product at Unity Technologies; founder/CEO of OnMyBlock (venture-backed real estate tech).
- Parker Hughes — Principal. Former founder and early-stage deep-tech investor; prior roles at ReGen Ventures and Soilworks Natural Capital; co-founder/CEO of BRÜZD.
- Jared Van Ryne — Associate. Former operator and investor; product experience at Zebra Technologies and investment banking at Goldman Sachs.
Decision Process
Small partnership (GP + Principal + Associate) led by founder Morgan Schwanke, who is the named point of contact for pitches ([email protected]). Warm intro preferred.
Founder Preferences
Mana gravitates toward technical, deep-tech founders tackling hard physical-world and infrastructure problems (robotics, space/defense hardware, semiconductors, biotech) as well as AI-native software founders building category-defining infrastructure — often repeat founders or operators from Unity, Dropbox, WordPress, and similar high-caliber technical backgrounds, reflecting the profile of Mana's own team and Collective network.
Geographic Focus
Primarily US-based, with a concentration in the SF Bay Area (South San Francisco HQ) but a portfolio that spans the broader US deep-tech and defense-tech ecosystem (Colorado, Texas, and other hardware/aerospace hubs).