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The Venture Codex

Sands Capital

1000 Wilson Blvd, Suite 3000, Arlington, VA, 22209, United States

Overview

Active long-term investor in innovative growth businesses.

Founded

1992

Deals ยท 12mo

13

Links

WebsiteLinkedIn

Stage focus

Series A
Series B

Geographic focus

United Kingdom
United States

Sector focus

Biotechnology
Enterprise Software
Financial Services
Venture Capital

Investment portfolio

158rounds
NAMEDATESIZE
Aventra
Oct 2026Participated
$18 MOther Equity
K2 Space
Jul 2026Participated
$500 MSeries D
Baseten
Jun 2026Led
$1.5 BSeries F
Ramp
Jun 2026Participated
$750 MSeries F
RevEng.AI
May 2026Participated
$15 MSeries A
Cnuic
Apr 2026Participated
$4 MSeed
Keebler Health
Apr 2026Participated
$16 MSeries A
Legora
Mar 2026Participated
$550 MSeries D
Anthropic
Feb 2026Participated
$30.0 BSeries G
Alamar Biosciences
Jan 2026Participated
$50 MOther Equity
PolyAI
Dec 2025Participated
$86 MSeries D
Impulse Dynamics
Dec 2025Participated
$158 MOther Equity
Aventra
Oct 2026Participated
$18 MOther Equity
K2 Space
Jul 2026Participated
$500 MSeries D
Baseten
Jun 2026Led
$1.5 BSeries F
Ramp
Jun 2026Participated
$750 MSeries F
RevEng.AI
May 2026Participated
$15 MSeries A
Cnuic
Apr 2026Participated
$4 MSeed
Keebler Health
Apr 2026Participated
$16 MSeries A
Legora
Mar 2026Participated
$550 MSeries D
Anthropic
Feb 2026Participated
$30.0 BSeries G
Alamar Biosciences
Jan 2026Participated
$50 MOther Equity
PolyAI
Dec 2025Participated
$86 MSeries D
Impulse Dynamics
Dec 2025Participated
$158 MOther Equity
158
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Insights

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Deal Distribution

Sands Capital: 158 funding rounds are recorded in the selected participation categories.All available history.
Sands Capital: 158 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed16
Series A1014
Series B820
Series C+1458
Other Equity423

Monthly Deal Activity

Sands Capital: 158 deals are recorded across 195 months.All available history.
Sands Capital: 158 deals are recorded across 195 months. All available history
MonthDeals
Aug '101
Sep '100
Oct '100
Nov '100
Dec '100
Jan '110
Feb '110
Mar '110
Apr '110
May '110
Jun '110
Jul '110
Aug '110
Sep '110
Oct '110
Nov '110
Dec '110
Jan '120
Feb '120
Mar '120
Apr '120
May '120
Jun '120
Jul '120
Aug '120
Sep '121
Oct '120
Nov '120
Dec '121
Jan '130
Feb '130
Mar '130
Apr '130
May '130
Jun '130
Jul '131
Aug '130
Sep '130
Oct '130
Nov '130
Dec '130
Jan '140
Feb '140
Mar '140
Apr '141
May '141
Jun '140
Jul '141
Aug '140
Sep '140
Oct '140
Nov '141
Dec '140
Jan '151
Feb '150
Mar '150
Apr '151
May '151
Jun '150
Jul '150
Aug '150
Sep '151
Oct '152
Nov '150
Dec '150
Jan '161
Feb '161
Mar '161
Apr '160
May '160
Jun '161
Jul '161
Aug '161
Sep '160
Oct '160
Nov '160
Dec '160
Jan '171
Feb '170
Mar '171
Apr '171
May '170
Jun '171
Jul '170
Aug '170
Sep '171
Oct '170
Nov '170
Dec '171
Jan '180
Feb '181
Mar '180
Apr '180
May '181
Jun '180
Jul '181
Aug '182
Sep '180
Oct '182
Nov '180
Dec '180
Jan '192
Feb '192
Mar '192
Apr '196
May '190
Jun '190
Jul '190
Aug '190
Sep '191
Oct '191
Nov '190
Dec '191
Jan '200
Feb '202
Mar '200
Apr '200
May '200
Jun '201
Jul '201
Aug '202
Sep '201
Oct '201
Nov '200
Dec '204
Jan '212
Feb '212
Mar '211
Apr '212
May '211
Jun '214
Jul '212
Aug '213
Sep '216
Oct '212
Nov '216
Dec '211
Jan '220
Feb '224
Mar '221
Apr '221
May '223
Jun '221
Jul '222
Aug '220
Sep '222
Oct '221
Nov '220
Dec '221
Jan '231
Feb '230
Mar '231
Apr '230
May '230
Jun '232
Jul '231
Aug '231
Sep '231
Oct '230
Nov '231
Dec '230
Jan '241
Feb '245
Mar '241
Apr '242
May '241
Jun '240
Jul '241
Aug '242
Sep '240
Oct '242
Nov '242
Dec '240
Jan '251
Feb '251
Mar '250
Apr '251
May '251
Jun '254
Jul '251
Aug '250
Sep '253
Oct '250
Nov '251
Dec '252
Jan '261
Feb '261
Mar '261
Apr '262
May '261
Jun '262
Jul '261
Aug '260
Sep '260
Oct '261

Sector Breakdown

Sands Capital: Health & Life Sciences is the largest displayed sector by deal count (67 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Sands Capital: Health & Life Sciences is the largest displayed sector by deal count (67 deals). All available history
SectorDeals
Health & Life Sciences67
Enterprise Software48
AI & Machine Learning36
Data, Analytics & IT20
Fintech19
Professional Services16
Networks, Cloud & Communication15
Cybersecurity & Privacy14
Media & Entertainment12
Space & Frontier Tech11
Hardware & Robotics11
Manufacturing11
E-Commerce & Retail8
Marketing & Advertising7
Gaming & eSports7
Travel & Hospitality6
Transportation & Logistics6
Social & Community Platforms6
Developer Tools6
Consumer & Lifestyle4
Food & Agriculture4
Government & Defense3
Clean Energy & Sustainability3
Real Estate & Construction2
AR/VR1
Crypto & Blockchain1

Deal Size Distribution

Sands Capital: 158 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Sands Capital: 158 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M5
$5M-$10M12
$10M-$25M37
$25M-$50M16
$50M-$100M30
$100M-$250M36
$250M-$500M12
$500M-$1B6
$1B+4

Deals By Geography

Sands Capital: United States has the largest recorded deal count among the displayed regions (124 deals).All available history.

Top 7 of 7 regions; European countries are grouped as Europe.

Sands Capital: United States has the largest recorded deal count among the displayed regions (124 deals). All available history
RegionDeals
United States124
Europe21
Australia4
India3
Canada3
Israel2
018011
Sands Capital: 20 co-investors are shown, with RA Capital Management sharing 16 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Sands Capital: 20 co-investors are shown, with RA Capital Management sharing 16 recorded deals. All available history
Co-investorShared deals
RA Capital Management16
T. Rowe Price Associates14
Northpond Ventures13
Accel11
Baillie Gifford11
BlackRock11
Fidelity Management & Research Company11
Founders Fund11
Coatue10
New Enterprise Associates10
Perceptive Advisors10
Eventide Asset Management9
Khosla Ventures9
General Catalyst8
Salesforce Ventures8
Soleus Capital8
Wellington Management8
Altimeter Capital7
ARCH Venture Partners7
D1 Capital Partners7

Investment Strategy

Sands Capital: Led accounts for 23% and participating for 77% of round participation.All available history.
Sands Capital: Led accounts for 23% and participating for 77% of round participation. All available history
CategoryDeals (count)Share (%)
Led3723%
Participating12177%
Sands Capital: Single-lead accounts for 54% and co-led for 46% of lead dynamics.All available history.
Sands Capital: Single-lead accounts for 54% and co-led for 46% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead2054%
Co-led1746%

Team

Christy Steele
Emerson F. Bluhm

Portfolio Manager and Senior Research Analyst

Eric C. Black

Research Analyst

Frank M. Sands, CFA

CEO, CIO

Joanne Hwang

Executive Assistant

Jonathan D. Farber

Research Associate

Jonathan Goodman

General Counsel

Kumar Gautam

Partner

Mark McGovern
Thomas H. Trentman

Portfolio Manager and Research Analyst