Illuminate Ventures
Emerging managerSEC exempt reporting adviser (venture capital exemption).
- Website
- HTTPS://WWW.ILLUMINATE.COM
- HQ
- CA
Illuminate Ventures is led by founder and Managing Partner Cindy Padnos. The firm focuses on finding, funding, and accelerating visionary founders building B2B and enterprise software companies, and it leads Series Seed rounds. Its portfolio includes BrightEdge Technologies, Xactly Corporation, Contentstack, and Coupang.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Seed | Not enough dated deals | Seed, Series A, Growth, Series B |
| Sectors | AI applications, Data analytics, Enterprise SaaS | Not enough dated deals | Enterprise SaaS, Data analytics, Media |
| Regions | Not stated | 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 |
|---|---|---|
| 2006 | 1 | Data analytics, Enterprise SaaS |
| 2007 | 1 | Data analytics, Enterprise SaaS |
| 2008 | 2 | Enterprise SaaS, Data analytics, Media |
| 2009 | 2 | Gaming, Media |
| 2010 | 2 | Enterprise SaaS, Data analytics, Media |
| 2011 | 1 | Data analytics |
| 2012 | 6 | Enterprise SaaS, Data analytics, AI applications |
| 2013 | 2 | Enterprise SaaS, Media |
| 2014 | 10 | Enterprise SaaS, Data analytics, Ecommerce |
| 2015 | 7 | Enterprise SaaS, Data analytics, AI applications |
| 2016 | 3 | Data analytics, Enterprise SaaS, Robotics |
| 2017 | 2 | Enterprise SaaS, Fintech, Media |
| 2018 | 2 | Enterprise SaaS, Data analytics, Media |
| 2019 | 5 | Enterprise SaaS, AI applications, Data analytics |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2010 | 0 | 0 | 0 | 1 | 1 |
| 2011 | 0 | 0 | 0 | 0 | 0 |
| 2012 | 0 | 3 | 2 | 0 | 1 |
| 2013 | 0 | 1 | 0 | 0 | 1 |
| 2014 | 0 | 3 | 2 | 1 | 1 |
| 2015 | 0 | 1 | 2 | 3 | 0 |
| 2016 | 0 | 1 | 1 | 0 | 0 |
| 2017 | 0 | 2 | 0 | 0 | 0 |
| 2018 | 0 | 1 | 0 | 0 | 0 |
| 2019 | 0 | 1 | 3 | 0 | 0 |
| 2020 | 0 | 0 | 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 |
|---|---|---|---|
| Illuminate Ventures Spotlight Fund II, L.P. Illuminate Ventures backs visionary founders building B2B/Enterprise software companies, leading Series Seed rounds. It focuses on platforms and applications that use data and AI to drive meaningful ROI, often backing founders with real customers and revenue before outside capital. Inferred from the firm's website | approx. 2023 | $20M (Form D) | Open, writing first checks |
| Illuminate Ventures III, L.P. Illuminate Ventures backs visionary founders building B2B/Enterprise software companies, leading Series Seed rounds. It focuses on platforms and applications that use data and AI to drive meaningful ROI, often backing founders with real customers and revenue before outside capital. Inferred from the firm's website | 2022 | $21.34M to $50M (Form D) | Late investment period |
03 · People across funds
- Cynthia Padnos, Managing Member of the General Partner
Illuminate Ventures Spotlight Fund II, L.P. (Named on Form D); Illuminate Ventures III, L.P. (Named on Form D)
- Jennifer Savage, Managing Member of the General Partner
Illuminate Ventures Spotlight Fund II, L.P. (Named on Form D); Illuminate Ventures III, L.P. (Named on Form D)
- Cindy Padnos, Managing Partner
Illuminate Ventures Spotlight Fund II, L.P. (Team); Illuminate Ventures III, L.P. (Team)
04 · Recent deals
No dated deals found yet.
05 · Latest from the firm
No news from the firm's website yet.
06 · Sources
- HTTPS://WWW.ILLUMINATE.COM
- https://share.hsforms.com/1oZ0TG3orSmGGDPMEBZZs0w4p4gq
- https://illuminate.com/
- https://illuminate.com/team/
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 28, 2026