Venture capital firm
Sands Capital portfolio
sandscapital.comSands Capital is a venture capital firm based in Arlington, United States, founded in 1992. It has invested in 71 venture-backed companies across 96 funding rounds on VCMC, and led 25 of those rounds. 11 of them were in the last 12 months.
71
Venture-backed companies
in its portfolio on VCMC
96
Funding rounds
led 25
11
Last 12 months
rounds, Oct 2025 to Sep 2026
27
With a disclosed valuation
of 71 companies
$1.59T
Combined value of its private companies
the whole companies, not what Sands Capital owns
68 private companies Sands Capital has backed have a VCMC valuation; together they are worth $1.59T. That is the value of the whole companies, not what Sands Capital owns. Anthropic is 69% of the total. 3 companies it backed have since been acquired and are not included. How VCMC values companies.
Values cover private companies only; public companies are not included.
Portfolio
Sands Capital's most valuable portfolio companies
The 10 most valuable private companies Sands Capital has backed, by VCMC's valuation. Values cover private companies only; public companies are not included.
- 1 Anthropic Tech Companies, San Francisco $1.09T range $838.9B – $1.51T Joined at Series G, 2026
- 2 Databricks Tech Companies, San Francisco $193.6B range $165.2B – $240.4B Joined at Series H+, 2024
- 3 Anduril Aerospace and Defence, Costa Mesa $68.6B range $53.0B – $91.2B Led at Series F, 2024
- 4 Ramp Tech Companies, New York $60.1B range $52.2B – $75.9B Led at Series D, 2023
- 5 Rippling Tech Companies, San Francisco $23.4B range $15.5B – $26.9B Joined at Series G, 2025
- 6 Gusto Tech Companies, San Francisco $18.0B range $7.1B – $20.7B Joined at Series E, 2021
- 7 Baseten Software Development Services, San Francisco $14.7B range $11.3B – $21.5B Led at Series F, 2026
- 8 Base Power Utility companies, Austin $13.8B range $11.3B – $19.4B Joined at Series D, 2026
- 9 Solar Energy Company, London $13.8B range $11.3B – $19.4B Joined at Series D, 2026
- 10 Upgrade Loans & Financing, San Francisco $9.5B range $6.3B – $10.9B Joined at Series A, 2017
Portfolio
Full Sands Capital portfolio (71 companies)
71 companies. Load more shows the rest.
| # | Last round | History | Range | Trend | Grade | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anthropic Tech Companies · since Series G, 2026 | Series H May 2026 $65.00B | $1.09T | $838.9B – $1.51T | $1.31T (+20%) | $144.0B | 0% | 6,076 | growing | A | |
| 2 | Databricks Tech Companies · since Series H+, 2024 | Growth Equity Aug 2026 $5.00B | $193.6B | $165.2B – $240.4B | $209.0B (+8%) | $18.8B | 0% | 17,130 | growing | A | |
| 3 | Anduril Aerospace and Defence · led at Series F, 2024 | Series H May 2026 $5.00B | $68.6B | $53.0B – $91.2B | $79.3B (+16%) | $8.7B | 0% | 9,860 | growing | A | |
| 4 | Ramp Tech Companies · led at Series D, 2023 | Growth Equity Oct 2026 $1.85B | $60.1B | $52.2B – $75.9B | $66.0B (+10%) | $5.9B | 0% | 6,282 | growing | A | |
| 5 | Base Power Utility companies · since Series D, 2026 | Series D Aug 2026 $1.00B | $13.8B | $11.3B – $19.4B | $16.9B (+23%) | $1.9B | 0% | 486 | growing | A | |
| 6 | Baseten Software Development Services · led at Series F, 2026 | Series F Jun 2026 $1.50B | $14.7B | $11.3B – $21.5B | $18.7B (+27%) | $2.1B | 0% | 419 | growing | B | |
| 7 | Rippling Tech Companies · since Series G, 2025 | Series G May 2025 $450M | $23.4B | $15.5B – $26.9B | $23.4B (0%) | $2.6B | 0% | 7,815 | growing | A | |
| 8 | Snyk Tech Companies · led at Series E, 2021 | Series G Dec 2022 $197M | $4.7B | $1.6B – $12.0B | $3.8B (-19%) | $1.1B | 50% | 1,714 | up | D | |
| 9 | Legora Tech Companies · since Series D, 2026 | Series E Oct 2026 $550M | $8.8B | $7.7B – $13.2B | $11.4B (+30%) | $1.4B | 0% | 187 | up | A | |
| 10 | DataRobot Tech Companies · since Series E, 2019 | Series G Jul 2021 $300M | $2.6B | $460M – $8.0B | $2.3B (-11%) | $855M | 48% | 868 | flat | D | |
| 11 | K2 Space Aerospace and Defence · since Series D, 2026 | Series D Jul 2026 $500M | $7.2B | $5.9B – $10.2B | $8.8B (+22%) | $972M | 0% | 332 | growing | A | |
| 12 | OneTrust Tech Companies · since Growth, 2023 | Growth Equity Jul 2023 $150M | $3.8B | $1.0B – $5.3B | $3.4B (-13%) | $445M | 21% | – | flat | C | |
| 13 | Lyra Health Psychologists & Counseling Services · since Growth, 2021 | Series F Jan 2022 $235M | $6.6B | $974M – $9.9B | $6.3B (-4%) | $1.0B | 0% | 2,973 | up | D | |
| 14 | Upgrade Loans & Financing · since Series A, 2017 | Series G Oct 2025 $165M | $9.5B | $6.3B – $10.9B | $9.5B (0%) | $1.0B | 0% | 1,602 | flat | A | |
| 15 | Flock Safety Alarms, Surveillance & Security Systems · since Growth, 2026 | Growth Equity Jul 2026 $275M | $7.7B | $6.5B – $9.5B | $8.3B (+7%) | $743M | 0% | 1,434 | up | A | |
| 16 | bbinstant Groceries · since Series D, 2016 | Series F Mar 2019 $150M | $807M | $119M – $2.2B | $800M (-1%) | $197M | 59% | 23,034 | up | D | |
| 17 | Gusto Tech Companies · since Series E, 2021 | Series E Aug 2021 $175M | $18.0B | $7.1B – $20.7B | $18.0B (0%) | $2.0B | 0% | 8,228 | growing | B | |
| 18 | StockX Clothing Stores · since Series E, 2020 | Series E Dec 2020 $275M | $2.5B | $221M – $3.9B | $2.5B (0%) | $487M | 2% | 1,515 | flat | D | |
| 19 | Tech Companies · since Series C, 2021 | Series D Jun 2023 $69M | $330M | $119M – $1.6B | $216M (-35%) | $118M | 97% | 114 | down | D | |
| 20 | Tech Companies · led at Series B, 2025 | Series B Feb 2025 $28M | $297M | $99.3M – $422M | $297M (0%) | $32.7M | 0% | 72 | flat | C | |
| 21 | Tech Companies · led at Series A, 2022 | Other Jul 2024 $21M | $159M | $13.2M – $254M | $153M (-4%) | $26.7M | 0% | 76 | up | D | |
| 22 | Tech Companies · led at Series A, 2019 | Acquisition May 2025 $480M | $134M acquired 2025 | $22.0M – $348M | – | – | 42% | 150 | flat | D | |
| 23 | Translation Services · since Series A, 2022 | Series A Jun 2022 $20M | $18.3M | $8.71M – $60.5M | $14.7M (-20%) | $26.0M | 97% | 69 | shrinking | C | |
| 24 | Tech Companies · led at Seed, 2025 | Series A May 2026 $15M | $87.2M | $49.0M – $178M | $125M (+43%) | $19.1M | 0% | 28 | growing | C | |
| 25 | Tech Companies · led at Series A, 2021 | Series A Sep 2021 $15M | $30.8M | $4.74M – $270M | $28.7M (-7%) | $18.2M | 97% | 39 | down | D | |
| 26 | Tech Companies · since Series A, 2013 | Series A Jul 2013 $10M | $60.7M | $2.22M – $145M | $60.7M (0%) | $14.6M | 0% | 2 | unknown | D | |
| 27 | Medical Supply Manufacturers · since Series A, 2023 | Series A Jun 2023 $6.0M | $46.4M | $5.62M – $102M | $40.2M (-13%) | $10.3M | 19% | 15 | flat | D | |
| 28 | Solar Energy Company · since Series D, 2026 | Series D Aug 2026 $1.00B | $13.8B | $11.3B – $19.4B | $16.9B (+23%) | $2.0B | 0% | 21 | up | A | |
| 29 | Tech Companies · since Seed, 2012 | Acquisition Apr 2023 $4.90B | $5.3B acquired 2023 | $2.6B – $6.1B | – | – | 0% | 1,900 | up | B | |
| 30 | Pharmaceutical Products · since Series D, 2022 | Acquisition Dec 2023 $4.10B | $2.4B acquired 2023 | $1.2B – $3.4B | – | – | 0% | 96 | up | B | |
| 31 | Medical Supply Manufacturers · led at Growth, 2025 | Growth Equity Dec 2025 $158M | $1.9B | $1.2B – $2.7B | $1.8B (-4%) | $172M | 17% | 238 | flat | B | |
| 32 | Medical Supply Manufacturers · since Series D, 2021 | Series E Nov 2024 $60M | $473M | $261M – $1.1B | $298M (-37%) | $99.3M | 97% | 134 | shrinking | C | |
| 33 | Tech Companies · since Series F, 2021 | Series F Sep 2021 $159M | $3.5B | $268M – $4.7B | $3.3B (-6%) | $510M | 0% | 993 | flat | D | |
| 34 | Tech Companies · since Growth, 2025 | Growth Equity Mar 2025 $275M | $7.7B | $4.6B – $9.5B | $6.8B (-12%) | $927M | 30% | 30 | unknown | B | |
| 35 | Medical Supply Manufacturers · led at Series C, 2021 | Series D Jun 2025 $44M | $623M | $292M – $1.0B | $556M (-11%) | $78.2M | 37% | 188 | flat | C | |
| 36 | Pharmaceutical Products · since Series B, 2021 | Series C Aug 2025 $115M | $959M | $592M – $1.6B | $714M (-26%) | $142M | 97% | 51 | down | B | |
| 37 | Laboratory Equipment & Supplies · since Series C, 2021 | Series C Sep 2021 $200M | $471M | $181M – $3.4B | $393M (-17%) | $328M | 97% | 192 | down | D | |
| 38 | Tech Companies · since Series G, 2021 | Series G Jun 2021 $200M | $4.5B | $723M – $6.5B | $4.3B (-6%) | $717M | 5% | 1,524 | up | D | |
| 39 | Biotechnology · led at Series A, 2024 | Series B Sep 2025 $60M | $664M | $289M – $1.0B | $664M (0%) | $73.0M | 0% | 66 | up | C | |
| 40 | Medical Supply Manufacturers · led at Series C, 2023 | Series D Oct 2024 $100M | $1.3B | $451M – $2.1B | $888M (-30%) | $171M | 34% | 124 | flat | C | |
| 41 | Software Development Services · since Series A, 2019 | Series D Dec 2025 $86M | $956M | $652M – $1.1B | $995M (+4%) | $109M | 0% | 367 | up | A | |
| 42 | Tech Companies · since Series A, 2017 | Series E Aug 2021 $105M | $1.2B | $163M – $4.3B | $1.1B (-8%) | $518M | 32% | 19 | flat | D | |
| 43 | Pharmaceutical Products · led at Series D, 2022 | Series D Jul 2022 $50M | $93.1M | $43.4M – $320M | $70.2M (-25%) | $67.8M | 97% | 6 | shrinking | C | |
| 44 | Biotechnology · since Series D, 2021 | Series D Jan 2021 $120M | $4.1B | $562M – $14.9B | $3.9B (-5%) | $1.7B | 29% | 30 | flat | D | |
| 45 | Tech Companies · since Series D, 2021 | Series D Nov 2021 $54M | $409M | $30.3M – $785M | $385M (-6%) | $72.6M | 8% | 140 | flat | D | |
| 46 | Medical Laboratories · since Series B, 2022 | Series C Jan 2024 $55M | $619M | $230M – $957M | $455M (-26%) | $74.4M | 11% | 159 | up | C | |
| 47 | Electronical Components Manufacturing · since Series C, 2020 | Series D Feb 2024 $50M | $229M | $115M – $650M | $121M (-47%) | $68.1M | 97% | 32 | shrinking | C | |
| 48 | Medical Supply Manufacturers · led at Bridge, 2022 | Bridge Jan 2022 $22M | $438M | $32.7M – $943M | $431M (-2%) | $75.2M | 8% | 70 | flat | D | |
| 49 | Tech Companies · led at Series B, 2023 | Series C Apr 2025 $56M | $580M | $326M – $823M | $580M (0%) | $69.5M | 0% | 267 | growing | B | |
| 50 | Medical Supply Manufacturers · since Series C, 2021 | Series C Sep 2021 $50M | $180M | $26.1M – $852M | $158M (-12%) | $65.0M | 56% | 57 | flat | D |
Valuation: VCMC's valuation with its range, from a low to a high scenario; a company with no valuation shows a dash, one acquired after its last round its last value as a private company.
Activity
How Sands Capital invests: stages, industries and countries
Most of its rounds are Series C and later (56%). Its companies span 21 industries, most in Tech Companies, Medical Supply Manufacturers and Biotechnology, across 9 countries.
Rounds by stage
- Seed 5
- Series A 20
- Series B 16
- Series C and later 54
- Other venture 1
Investments by industry
- Tech Companies 35
- Medical Supply Manufacturers 9
- Biotechnology 4
- Pharmaceutical Products 4
- Aerospace and Defence 2
- Software Development Services 2
- Alarms, Surveillance & Security Systems 1
- Catering & Delivery 1
Investments by country
- United States 54
- United Kingdom 7
- Canada 2
- Germany 2
- India 2
- Ireland 1
Recent rounds
Sands Capital's latest investments
Sands Capital's most recent funding rounds, newest first. 11 rounds in the last 12 months.
- Legora Series E $550M 21 Oct 2026
- Ramp Growth, led $1.85B 15 Oct 2026
- Base Power Series D $1.00B 3 Aug 2026
- Series D $1.00B 3 Aug 2026
- K2 Space Series D $500M 30 Jul 2026
- Flock Safety Growth $275M 24 Jul 2026
- Baseten Series F, led $1.50B 22 Jun 2026
- Ramp Growth $750M 4 Jun 2026
- Series A $15M 27 May 2026
- Legora Series D $550M 10 Mar 2026
Co-investors
Sands Capital's top co-investors
The investors that most often join the same rounds as Sands Capital. Founders Fund leads, with 10 rounds together.
- Founders Fund 10 rounds together
- Coatue 9 rounds together
- General Catalyst 8 rounds together
- Khosla Ventures 8 rounds together
- Accel 7 rounds together
- Thrive Capital 7 rounds together
- Altimeter 7 rounds together
- Lightspeed Venture Partners 6 rounds together
- Ribbit 6 rounds together
- Andreessen Horowitz 6 rounds together
About
About Sands Capital
Sands Capital Management, LLC is an American investment management firm that provides long-term investment strategies, including growth equity, public equity, and venture and growth equity. The company operates globally, serving institutional and professional investors in more than 30 countries, and manages a portfolio of investment strategies focused on life sciences, technology, and early-stage technology businesses. Sands Capital also offers growth capital solutions to institutions and fund sponsors, and is certified for stewardship disclosure.
Description from Veridion's company data.
- Founded
- 1992
- Based in
- Arlington, United States
- Team
- 242 people, -0% in a year
- Type
- Venture capital firm
Focus markets
- Investment Management
- Life Sciences
- Technology
What Sands Capital offers
- Investment Management Services
- Growth Capital Solutions
- Public Equity Investment Management
- Venture and Growth Equity Investment Management
- Life Sciences Investment Management
- Technology Investment Management
- Early-Stage Technology Investment Management
- Innovation-Focused Investment Strategy Development
Questions
Sands Capital: frequently asked questions
How many companies has Sands Capital invested in?
71 venture-backed companies on VCMC, across 96 funding rounds.
What are Sands Capital's most valuable private companies?
Anthropic ($1.09T), Databricks ($193.6B), Anduril ($68.6B), by VCMC's valuation.
What was Sands Capital's latest investment?
Legora, a Series E round in Oct 2026 of $550M.
Which stages does Sands Capital invest in?
Sands Capital invests most often at Series C and later (54 rounds), followed by Series A (20) and Series B (16). It has also joined 5 seed and 1 other venture rounds.
What is Sands Capital's portfolio worth?
Its private companies with a VCMC valuation are worth $1.59T together. That is the sum of the companies' values, not what Sands Capital owns.
Who does Sands Capital invest alongside?
Founders Fund (10 rounds), Coatue (9 rounds), General Catalyst (8 rounds).