Also Capital

Also Capital is an early-stage venture capital firm headquartered in New York, founded and led as managing partner by Mike Annunziata, with Varda Space Industries Varda Space IndustriesVarda Space Industries is a space and microgravity life sciences company headquartered in El Segundo, California. It builds its own W-Series satellites and reentry capsules, processes pharmaceuticals and other materials in the microgravity of low Earth orbit and returns them to the ground in its capsules, and also provides a hypersonic reentry flight test platform for the U.S. military and NASA. The company was founded by Will Bruey and Delian Asparouhov; as of October 2026 it had raised $598 million in total.Open the full entry chief executive Will Bruey Will BrueyWill Bruey is an American aerospace engineer and entrepreneur. He worked on the Falcon rocket and Dragon spacecraft at SpaceX, then co-founded the in-orbit pharmaceutical processing and reentry capsule company Varda Space Industries with Delian Asparouhov and serves as its chief executive; he is also a co-founder of the early-stage venture firm Also Capital.Open the full entry as a co-founder. It makes concentrated investments in technical founders who choose “hard problems” and has invested in more than 30 companies since 2019, including Varda, Radiant Nuclear, Northwood Space and K2 Space.

Contents7 sections

Key facts

2019Begins Investing

Also Capital was founded by Mike Annunziata, its managing partner. Annunziata previously co-founded the Series B food technology company Farther Farms, and earlier was a senior investment analyst at the Cornell University Cornell UniversityCornell University is a private research university in Ithaca, New York, and a member of the Ivy League. It is New York State's federal land-grant university, a distinction unique within the Ivy League. Ezra Cornell and Andrew Dickson White founded the university in 1865, and it opened in 1868. In addition to its Ithaca campus, Cornell operates Weill Cornell Medicine and Cornell Tech in New York City and a medical college in Qatar. It enrolled 26,793 students in fall 2024. Its president is Michael I. Kotlikoff.Open the full entry Investment Office, beginning his direct investing career as a student investor at Dorm Room Fund; he holds a bachelor’s degree in industrial and labor relations from Cornell University and an MBA from Cornell’s SC Johnson Graduate School of Management, is a CFA charterholder, and serves on the board of Varda Space Industries. Varda chief executive Will Bruey is a co-founder of Also Capital and serves as a venture partner.⁠[1][1][1][1][1][2]

By Also Capital’s own count, it has invested in more than 30 companies since 2019, which have collectively raised more than $2 billion and have an aggregate enterprise value of more than $10 billion.⁠[1]

2020–2026Investing in Varda Space Industries

Also Capital participated in Varda Space Industries’ $9 million seed round in December 2020, its $187 million Series C in July 2025 and its $251 million Series D in September 2026; as of October 2026, its portfolio lists Varda as a company at the Series D stage.⁠[3][4][5][1]

January 2, 2025Registers as an SEC Exempt Reporting Adviser

Its management entity, Also Capital Management LLC, has been an exempt reporting adviser with the U.S. Securities and Exchange Commission since January 2, 2025 (file number 802-131890); its most recent Form ADV was filed on July 31, 2026, and its registered office is at 145 Sixth Avenue in New York. The company also operates the firm’s website.⁠[6][6][6][6][7]

Investment Philosophy and Approach

Also Capital’s core thesis is that founders who intentionally pick hard problems outperform, because picking hard problems attracts exceptional early talent and the most ambitious capital partners; it says its portfolio is united by founders building systems that “resist decay rather than amplify it.”⁠[1][1][1]

It deliberately keeps its investments concentrated: each fund backs roughly 15 formation-stage companies, investing early and focusing on helping them hire their first five key employees, make their first hard technical and commercial tradeoffs, and raise top-tier follow-on capital. It says that because it works with only a few companies each year and its team has personally hired hundreds of people, it can source talent for portfolio companies in a targeted way.⁠[1][1][1][8][8]

Portfolio and Team

As of October 2026, companies listed on Also Capital’s website include Varda Space (Series D), nuclear microreactor company Radiant Nuclear (Series D), Northwood Space (Series B), the acquired Mesh Optical, ShipIn Systems, Andrenam, as well as K2 Space (Series C), Fluidstack (Series A), AnySignal, Conductor and Neion, along with several undisclosed companies.⁠[1][1][1][1][1]

Besides Bruey, Also Capital’s venture partners include Colin Smith of the founding team at private space station developer Vast, Jamie Cox, co-founder and chief strategy officer of AI cloud platform Fluidstack, Daniela Perlein, co-founder of mobile mesh networking company goTenna, and Shaurya Luthra, co-founder of Northwood Space.⁠[1][1][1][1]

Related Organizations, Websites, and Public Accounts

Also Capital: Official website: https://www.alsocapital.com/ (opens in a new window).⁠[1]

Also Blog Posts (newsletter): https://www.alsoblogposts.com/ (opens in a new window)⁠[1][9]