Night Capital

Night Capital is a boutique venture capital firm founded in 2018 by Kevin Carter, based in California. Carter began his investing career at Baseline Ventures in 2008 before joining Ron Conway at SV Angel in 2009, where he spent nearly a decade backing early-stage companies like Airbnb, Stripe, Coinbase, and Snap. The firm operates with a small, focused team, including Colt Sauers and Susan Hyland, prioritizing deep, long-term relationships with a limited number of founders over broad portfolio scale, with a philosophy centered on independent thinking, integrity, and long-term partnership. Night Capital invests across seed through growth stages, industry-agnostic, with a portfolio spanning fintech, consumer, AI, and enterprise software. Notable investments include Kalshi, Deel, Zip, Underdog, GitHub, Coinbase, Affirm, and Rippling, alongside earlier-career investments in Airbnb, Stripe, Snap, and Pinterest made during Carter's time at SV Angel. Now investing from its fourth fund, Night Capital has participated in over 1,400 investments across Carter's 17-year career, with more than 40 unicorn outcomes. The firm's approach emphasizes conviction investing well ahead of market consensus, often being among the first capital into a company's earliest rounds.