Tacora Capital is an Austin-based venture debt firm founded by Keri Findley and backed by a prominent group of investors including Peter Thiel, Marc Andreessen, and Joe Lonsdale. The firm provides non-dilutive financing to high-growth, venture-backed startups, offering an alternative to traditional equity fundraising. With a disciplined focus on underwriting and a growing presence in the venture debt ecosystem, Tacora is emerging as a significant player in late-stage startup financing.
Tacora lends primarily to startups operating in sectors such as finance, insurance, and artificial intelligence. The firm targets companies with strong growth trajectories and capital-intensive needs, often participating alongside or in lieu of equity rounds. Loan sizes typically range from $20 million to $30 million, aimed at companies that are venture-backed and require scalable infrastructure or working capital without diluting ownership.
In July 2025, Tacora Capital closed its second fund at $685 million, significantly surpassing its original target of $500 million due to high investor demand. This latest raise brings the firm’s total assets under management to approximately $1.4 billion.
The new fund is designed to expand Tacora’s lending activity across its core sectors and support its growing pipeline of startup borrowers. The capital will be used to offer larger and more frequent loans to startups facing infrastructure or growth bottlenecks, particularly in fintech, insurtech, and AI. Tacora’s first fund, closed at $350 million, delivered a reported net internal rate of return of 32%, according to a May 2025 letter to investors. The second fund includes backing from endowments, pension funds, and high-profile venture capitalists who have previously invested in Tacora-funded companies.
Leadership
Tacora Capital is led by founder and CEO Keri Findley, a former partner at hedge fund Third Point and a longtime associate of Peter Thiel. Findley has assembled a team of eight professionals, including veterans from Silicon Valley Bank, which she refers to as the “perfect training ground” for venture debt underwriting. Her experience and network have positioned Tacora as a credible and fast-scaling venture debt firm within the U.S. startup ecosystem.
Investment Strategy
Tacora’s strategy centers on providing venture debt to startups seeking growth capital while minimizing dilution.
The firm differentiates itself by focusing on mid- to late-stage companies with predictable revenue streams, strong investor backing, and clear paths to scalability. Loans are structured to accommodate high-burn or infrastructure-heavy business models, particularly in AI and fintech.
Tacora operates similarly to traditional venture lenders like Hercules Capital and TriplePoint Capital, while leveraging its own underwriting philosophy and founder-aligned deal structures. Its investment process emphasizes speed, operational discipline, and market-driven flexibility.
Notable Investments
Tacora does not publicly list individual companies it has financed; however, it has provided loans to startups backed by Andreessen Horowitz and Joe Lonsdale, who later joined the firm’s investor base.
These relationships suggest Tacora’s portfolio includes well-known, venture-backed startups across fintech, insurance, and AI.
Notable Exits
As of July 2025, Tacora Capital has not disclosed any portfolio exits. The firm remains focused on capital deployment and interest-based returns rather than equity upside.
