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Key people at Tola Capital.
Tola Capital is a venture capital firm that strategically invests in enterprise software companies, with a significant focus on innovations driven by artificial intelligence. The firm partners with founders to build the next generation of business-enabling software, bringing a deep, operational perspective to the evolving landscape of software transformation, primarily across Seed to Series B stages.
The firm was co-founded in 2010 by Sheila Gulati and Stacey Giard, both former Microsoft managers with extensive operational backgrounds in software. Their insight stemmed from recognizing a generational opportunity to invest in the burgeoning wave of enterprise software, which they embarked upon with an entrepreneurial spirit to support early-stage ventures.
Tola Capital primarily serves founders and emerging enterprise software companies that are developing solutions to power businesses. Its vision centers on identifying and nurturing these early-stage companies to become leaders within their respective categories, guiding them as they leverage cutting-edge technologies like AI to reshape and transform various industries through advanced software capabilities.
Key people at Tola Capital.
# Tola Capital: Enterprise Software and AI-Powered Innovation
Tola Capital is a Seattle-based venture capital firm founded in 2010 that has established itself as a significant player in enterprise software investing, though it maintains a relatively low public profile.[1][2] The firm's mission centers on partnering with founders building the next generation of enterprise software enabled by artificial intelligence, cloud computing, and advanced data platforms.[1][2]
The firm's investment philosophy is grounded in selective, long-term partnerships with product-focused founders who demonstrate clear hypotheses about market opportunities.[2] Tola invests across multiple stages in early-stage enterprise software companies, with a particular emphasis on three key areas: high-quality, domain-specific datasets that enable tailored AI solutions; specialized tools that accelerate foundation model adoption; and applications that integrate frontier AI models into enterprise workflows to deliver measurable business value.[1] The firm operates with a team-based investment approach, leveraging collective experience and insights to identify opportunities and provide hands-on engagement to drive portfolio company growth.[2]
Tola Capital was founded in 2010 in Seattle by ex-operators with deep expertise in cloud computing opportunities.[1] The firm's founding team, led by Sheila Gulati (Founder and Managing Director), brought prior experience from major technology companies including Microsoft and Robertson Stephens, establishing credibility in the enterprise software space from inception.[5]
The firm's evolution reflects the broader transformation of enterprise software. Its early investments (2010-2015) focused on cloud computing and data infrastructure companies, with notable portfolio companies including APT, hybris, and OSIsoft.[1] By 2015, the firm had deployed its first dedicated fund, expanding into companies like Clipchamp, Convercent, Glia, Pulumi, and Robin—many of which would later achieve significant exits.[1] The 2020 period marked a strategic pivot toward AI-enabled enterprise solutions, with Fund II investments in companies like Klarity, Nooks, Simpplr, and VergeSense.[1] Most recently, Fund III (closed November 2023 at $230M) has focused on AI-native enterprise applications, with investments in Holistic AI, Reliant, Tana, and Tracera.[1][5]
Tola has demonstrated consistent ability to identify category-defining companies. The firm boasts 12 portfolio exits, with recent acquisitions including Zilla Security (acquired by CyberArk in February 2025), Phonic (acquired February 2023), and earlier high-profile exits such as Clipchamp (acquired by Microsoft) and Convercent (acquired by OneTrust).[1][5] This exit history reflects both market timing and the firm's ability to support companies through growth phases.
Unlike passive capital providers, Tola emphasizes direct engagement with portfolio companies, providing both capital and operational guidance to drive growth.[3] The firm's team includes partners with deep go-to-market and technology leadership experience, such as Vahé Torossian, who joined as Venture Partner to support portfolio companies.[2]
The firm operates on principles of patience, multiple perspectives, and experience.[1] Rather than pursuing broad sector exposure, Tola maintains a highly selective approach, focusing on companies with essential products for enterprise customers, solid existing customer bases, strong competitive positioning, and exceptional talent and culture.[3]
While headquartered in Seattle, Tola invests globally in enterprise software companies.[4] The firm's portfolio spans business services (27 companies), financial services (23%), life sciences and healthcare (21%), and consumer products and services (16%), providing diversification while maintaining focus on enterprise-grade solutions.[4]
Tola Capital sits at the intersection of two transformative forces reshaping enterprise software: the maturation of cloud computing and data infrastructure, and the emergence of artificial intelligence as a core business capability. The firm's evolution from cloud-focused investor (2010-2015) to AI-enabled enterprise software specialist (2020-present) reflects its ability to anticipate and capitalize on industry inflection points.
The timing of Tola's current focus is particularly significant. As enterprises grapple with integrating foundation models and large language models into workflows, there is acute demand for domain-specific AI solutions, infrastructure tools, and governance frameworks—precisely the categories Tola targets.[1] The firm's emphasis on "high-quality and fine-tuned datasets with unique to specific fields or verticals" positions it to capture value in an era where data quality and domain expertise are competitive moats.[1]
Beyond capital deployment, Tola influences the broader ecosystem through its network effects. The firm actively attracts talent and resources to its portfolio companies through its "Magnet" community initiative, and its partnerships with strategic investors like ServiceNow and Cisco amplify portfolio company reach and credibility.[2] As one of the largest venture funds in Seattle, Tola also shapes regional tech development and talent concentration.
Tola Capital is well-positioned to capitalize on the next wave of enterprise software transformation. The firm's 15-year track record of identifying category leaders, combined with its current focus on AI-native applications and domain-specific foundation models, aligns it with one of the most significant technology shifts of the decade.
Looking ahead, several trends will likely shape Tola's trajectory. First, the consolidation of AI infrastructure—as evidenced by the firm's investments in tools that accelerate foundation model adoption—will create opportunities for platforms that abstract complexity away from enterprise developers. Second, vertical-specific AI solutions will likely outperform horizontal approaches, playing directly to Tola's strength in domain expertise and data quality. Third, governance and compliance around AI systems will become increasingly critical, creating opportunities for companies addressing regulatory and risk management challenges.
The firm's emphasis on patience and long-term partnership suggests it will resist the temptation to chase short-term AI hype, instead focusing on sustainable business models that deliver genuine enterprise value. For founders and investors alike, Tola represents a rare combination: a capital provider with deep operating experience, a proven track record of exits, and a forward-looking thesis about where enterprise software is headed.
