Cowboy Capital, LLC

SEC exempt reporting adviser (venture capital exemption).

HQ: CA

Cowboy Capital, LLC seeds early-stage founders and gives hands-on help with recruiting, fundraising, go-to-market and strategy. Its team includes Founder & Managing Partner Aileen Lee, Partner Caroline Duffy, Principal Rohan Puranik, Principal Jonny Nirenberg, Board Partner Ted Wang and Executive-in-Residence Donna Boyer. Portfolio companies include Guild, Drata, Homebase, Basata, Vic.ai and Mutiny.

New fund likely raising soon

The firm's newest fund is 4 to 7 years past its first sale and no newer Form D has been filed.

01 · Says / Does

Tag	Says	Does	Historically (to 2020)
Stages	Pre-seed, Seed	Not enough dated deals	Seed, Series A, Series B
Sectors	AI applications, Devtools, Cybersecurity, Enterprise SaaS, Fintech, Consumer, Healthtech, HR and future of work	Not enough dated deals	Consumer, Ecommerce, Enterprise SaaS, Media, Data analytics
Regions	US	Not enough dated deals	CA

Says: what the firm's funds state. Does: from 0 dated deals in the last 24 months.

Historical focus (through 2020), derived from historical deal data.

Year	Deals	Top sectors
2011	1	Consumer
2012	5	Ecommerce, Consumer, Enterprise SaaS
2013	20	Ecommerce, Consumer, Media
2014	13	Consumer, Ecommerce, AI applications
2015	20	Consumer, Ecommerce, Enterprise SaaS
2016	14	Consumer, Ecommerce, Edtech
2017	14	AI applications, Consumer, Data analytics
2018	10	Enterprise SaaS, HR and future of work, Consumer
2019	12	Consumer, Enterprise SaaS, Fintech
2020	6	Enterprise SaaS, AI applications, Consumer

Stage mix over time

Pre-seed
Seed
Series A
Series B
Growth

Share of rounds by stage, per year. Striped years have fewer than 3 rounds.Historical focus (through 2020), derived from historical deal data.

Rounds by stage and year
Year	Pre-seed	Seed	Series A	Series B	Growth
2011	0	1	0	0	0
2012	0	5	0	0	0
2013	0	12	8	0	0
2014	0	4	8	1	0
2015	0	7	5	6	0
2016	0	5	6	1	1
2017	0	2	3	8	1
2018	0	3	0	3	2
2019	1	6	2	0	3
2020	0	4	0	0	0
2021	0	0	0	0	0
2022	0	0	0	0	0
2023	0	0	0	0	0
2024	0	0	0	0	0
2025	0	0	0	0	0
2026	0	0	0	0	0

02 · Fund history

Fund	Year	Size	Status
Cowboy Mustang Fund I, LLC Cowboy seeds early-stage founders, mostly before product, with hands-on help across recruiting, fundraising, go-to-market and strategy. Its investment focus includes AI-powered professional services and security for AI agents. Inferred from the firm's website	2021	$63.99M to $125M (Form D)	Late investment period
Cowboy Ventures Fund IV, LLC Cowboy seeds early-stage founders, mostly before product, with hands-on help across recruiting, fundraising, go-to-market and strategy. Its investment focus includes AI-powered professional services and security for AI agents. Inferred from the firm's website	2021	$76.29M to $134.51M (Form D and SEC adviser filing)	Late investment period

03 · People across funds

Aileen Lee, Managing Director of the Managing Member
Cowboy Mustang Fund I, LLC (Named on Form D); Cowboy Ventures Fund IV, LLC (Named on Form D)
Caroline Duffy, Partner
Cowboy Mustang Fund I, LLC (Team); Cowboy Ventures Fund IV, LLC (Team)
Donna Boyer, Executive-in-Residence (EIR)
Cowboy Mustang Fund I, LLC (Team); Cowboy Ventures Fund IV, LLC (Team)
Jonny Nirenberg, Principal
Cowboy Mustang Fund I, LLC (Team); Cowboy Ventures Fund IV, LLC (Team)
Rohan Puranik, Principal
Cowboy Mustang Fund I, LLC (Team); Cowboy Ventures Fund IV, LLC (Team)
Ted Wang, Board Partner
Cowboy Mustang Fund I, LLC (Team); Cowboy Ventures Fund IV, LLC (Team)
Ryan Stroub, Chief Financial Officer
On the team page, not linked to a fund
Shimali Puri, Executive Assistant and Office Manager
On the team page, not linked to a fund

04 · Recent deals

No dated deals found yet.

05 · Latest from the firm

Team changeCowboy Ventures | Welcoming Donna Boyer to Team Cowboy!Undated
Team changeCowboy Ventures | Welcoming Jonny Nirenberg to Team Cowboy!Undated

06 · Sources

Fund dates and sizes are from SEC Form D filings.

Last verified: Oct 28, 2026