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The Venture Codex

S28 Capital

333 Middlefield Rd Ste 110, Menlo Park, California, 94025, United States

Overview

S28 Capital is an early-stage venture fund with $170M under management. We're a team of founders and early startup employees. The investing team helped build companies such as PagerDuty and Playdom and also invested in companies such as Zoom and Coupang. Some of our investments include Plangrid, Mattermost, Rippling, Reflektive, Social Construct, and Perpetua.

Total investments
39
Lead investments
7
Investments · 12mo
0
Active investors
5

Sector focus

  • Venture Capital
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Investment portfolio

  • Lightup

    Participated · Series A · Aug 2023

    Lightup offers a data-quality solution that inspects data where it lives (Snowflake, Databricks, and similar stores) and leverages those systems' compute fabric to detect anomalies. The system leaves data in place, produces reports, and delivers findings to humans for final decisions; it intentionally does not have write access to customers' data. The company was launched in 2019 and spent a couple years building the product. Lightup traces to CEO Manu Bansal's prior work at Uhana (acquired by VMware in 2019). Today the startup has 20 employees and says it will hire more with the new funding, and it emphasizes a distributed, diverse workforce. According to Crunchbase data cited in the article, Lightup has now raised over $20 million.

  • Tenzo

    Led · Series A · May 2023

    Tenzo provides a PerformanceOps platform for hospitality operators that offers real-time visibility across sales, labour, inventory, and operations rather than relying on backward-looking reports. The company works with more than 250 customers and integrates with roughly 100 technology partners across the hospitality stack. Reported customer outcomes include a 15% increase in labour productivity, an 80% reduction in food waste, and 75% less time spent compiling reports. Over the past year Tenzo has added new brands, strengthened its presence in hotels, and pursued further expansion in the US. The business announced a $5M first close of a Series A extension led by Edge.vc and noted the appointment of Jane O’Riordan as Chair. The company framed the funding as supporting continued growth and international expansion.

  • Clerk

    Participated · Series A · Mar 2023

    Clerk builds developer tools for authentication, offering drop-in React components, APIs and admin dashboards that help apps authenticate users, detect malicious activity and manage user data. The company is primarily self-serve and prices based on monthly active users. Clerk claims about 1,300 paying customers and 16 million users under management for those customers. Management says it will expand its product beyond authentication into authorization to determine user permissions. Clerk plans a tight integration with Stripe Billing to map permissions to subscription plans as part of that authorization push. The company intends to grow headcount from 55 to 80 by the end of the year as it competes with rivals like Descope, Stytch and WorkOS. Clerk builds identity tooling purpose-built for front-end Jamstack and React developers. Rather than a traditional identity API, the company delivers prebuilt React components that let developers drop identity into applications in minutes. It offers a free plan plus three paid tiers—Hobby, Business and Enterprise—with differing features. The product has resonated with developers: Clerk grew 500% in five months and reports a million users under management. The company has 26 employees and is hiring roughly 15 more this year to scale engineering, sales and product. Founders Colin and Braden Sidoti are focused on capturing the front-end developer market as architectures shift toward componentized front ends. Clerk provides customizable, drop-in React components that let developers build sign-up/sign-in flows, user profiles, and security features without backend engineering. The product includes security essentials such as multi-factor authentication and active device management, and components like <UserProfile/> that handle 2FA and avatar upload. Although optimized for React frontends, Clerk’s auth solution is compatible with any backend or framework, aiding legacy applications transitioning to React. The company plans to expand its suite and create new tools to help B2B SaaS companies manage both user accounts and business accounts. Clerk’s longer-term vision is to bundle authentication, authorization, communications, billing and related services into cohesive React components. Notable users include Grafbase, Honeylove, and Blueground, and the company has been included in Netlify’s Jamstack Innovation Fund.

  • Coefficient

    Participated · Series A · Nov 2022

    Coefficient is a spreadsheet-focused data startup that layers live connectivity on top of Google Sheets, pulling data from CRMs, SQL databases and other SaaS systems. The product lets users create, share and automate live reports, set alerts and write data back to connected tools, and includes a template gallery for common business reports. Coefficient says tens of thousands of people are using the platform and lists customers including Zendesk, Spotify, Foursquare, Contentful and Miro. The company aims to expand its product offerings, add new SaaS integrations, and broaden its reporting automation features. Coefficient plans to use proceeds to scale global operations and continue building integrations and automation capabilities. The founders are Navneet Loiwal and Tommy Tsai; the team emphasizes making technical data products accessible to business users. The company has seen customers grow contracts despite layoffs, which leadership cites as validation of its value proposition. Coefficient provides a no-code spreadsheet platform that connects live to systems like Salesforce, HubSpot, Snowflake, Tableau and Looker, enabling two-way data connectivity from cloud systems. Users can build dashboards, collaborative workflows and internal apps from the spreadsheet without SQL or advanced tooling. The product targets business teams and is already used by customers including Uber, Spotify, Unity, Klaviyo, Miro and Contentful. Led by CEO Navneet Loiwal, the company emphasizes real-time, flexible reporting and workflow creation for non-technical users. Coefficient raised a $6.7M seed round to support its growth. The company plans to use the funds for research and development and to ramp up hiring across all functions.

  • Teleport

    Participated · Series C · May 2022

    Teleport is an identity-first access platform that proxies protocols like SSH, HTTPS and RDP to enable passwordless access to databases, Kubernetes clusters, internal web apps and servers. The company maintains an open-source Teleport Community Edition and offers a commercial, fully managed product with features such as role-based access control and enterprise integrations (GitHub, Okta, Google Apps, Microsoft AD). Teleport secures machine and user communications with certificate-based authentication and records detailed system logs of authentication attempts, file transfers and network activity. The company reports over 11,000 stars on GitHub and roughly 19 million downloads, and cites customers including DoorDash, Elastic, Nasdaq, Snowflake, Square, Samsung and IBM. Leadership says new capital will be used for product development and to expand the team from about 200 employees to roughly 300 by year-end, and to make its cloud offering globally available. Teleport positions itself as an alternative to legacy VPNs and secret-vault approaches, aiming to reduce credential-based attack surfaces while preserving developer productivity. Teleport provides an open-source Access Plane that enables engineers to securely access servers, applications, and databases across environments, offering Server Access, Kubernetes Access, and Application Access. The company released Teleport 7.0, adding identity-based, zero-trust access for MongoDB alongside MFA, centralized audit logs, and temporary privilege escalation. Teleport positions its product to reduce operational overhead versus VPNs and shared credentials and to centralize database access for MongoDB, MySQL, and PostgreSQL. The company reported a record-breaking quarter and says the Series B will accelerate its growth track to triple its revenue in 2021. Teleport cites enterprise customers such as Elastic, Samsung, NASDAQ, and IBM and emphasizes its remote-first culture. Its offerings are aimed at developers and security teams seeking simplified, auditable, identity-based access across all computing environments.

Team