Also Capital is an early-stage venture firm founded by Mike Annunziata and based in New York City, focused on backing engineering-led founders tackling hard technical problems before markets are well defined or consensus has formed. The firm operates with a concentrated, high-conviction approach, running a small portfolio where each investment receives deep, hands-on support from day one.
Also Capital invests at the intersection of compute, communication, and autonomy, the three converging forces it sees as defining the next generation of category-defining companies. Sector coverage spans aerospace and space, defense and dual-use technology, robotics, advanced manufacturing, communications infrastructure, mobility, energy and nuclear, and applied AI. The firm is drawn to founders with monopoly potential in niche markets or a durable technical advantage in large, fragmented ones.
Also Capital closed its second fund at $50M in February 2026, assembled in roughly ten weeks from an institutional LP base that includes endowments, foundations, funds of funds, and strategic individual investors. The fund builds on the concentrated strategy established in Fund I (a 2023 vintage with 14 core investments), expanding the firm's ability to write first checks and support portfolio companies through follow-on rounds.
All 14 Fund I companies have raised at least one follow-on round, generating over $260M in aggregate follow-on capital. Fund II grows the team and operational capacity to deepen founder support from pre-seed through scale, while maintaining the same high-conviction, low-volume model.
Leadership
Mike Annunziata is the Founder and Managing Partner of Also Capital. Before launching the firm, he co-founded Farther Farms, a deep-tech food technology company that reached Series B, giving him direct founder experience alongside his investment background. Earlier in his career, he was a Senior Investment Analyst at the Cornell University Investment Office and began as a student investor at Dorm Room Fund. He holds an MBA and a B.S. from Cornell University. Brandes joined Also Capital as its first full-time investment hire after starting as a scout in the summer of 2025.
Investment Strategy
Also Capital leads pre-seed rounds in engineering-led founders, typically writing first checks before categories are legible or institutional interest has formed. The strategy is deliberately concentrated, backing a small number of companies per fund to allow for genuine depth of engagement. Mike works closely with early-stage teams on strategy, hiring, and navigating complex organizational and technical tradeoffs. The firm also runs a scout program that surfaces founders from within technical communities. Also Capital's LP base includes partner-level investors from established and emerging VC firms, which creates a co-investment and signaling network that benefits portfolio companies when raising follow-on rounds.
Notable Investments
Also Capital's portfolio spans space, defense, nuclear, and communications infrastructure, with aggregate enterprise value exceeding $2B across more than 20 companies:
Other
Also Capital runs a Scout Program, which launched its inaugural summer cohort in 2024. The program is designed to surface pre-seed founders from within technical and engineering communities. The firm is transparent about its thesis and investment approach through Mike's Substack, "Also Blog Posts," where he shares how they think about diligence, conviction, and company building. Founders who want to understand the firm's worldview before reaching out will find that reading worthwhile.
Mike Annunziata — Founder & Managing Partner
United States
