August Capital

David Marquardt and John Johnston co-founded August Capital. Both had worked at Technology Venture Investors: Marquardt was a TVI co-founder and Johnston became a general partner there in 1988.⁠[3][2]

August Capital and Benchmark Capital backed consumer review website Epinions, co-founded by Naval RavikantNaval RavikantNaval Ravikant is an entrepreneur and angel investor and a co-founder of AngelList. Early on he co-founded the review site Epinions; he and Babak Nivi later grew AngelList out of the startup-fundraising blog Venture Hacks, and he co-founded the cryptocurrency hedge fund MetaStable Capital and Spearhead, which backs founders to make angel investments. His views on startups and life were compiled into the book The Almanack of Naval Ravikant.Open the full entry, Nirav Tolia and others. Eric Jorgenson’s historical account distinguishes an $8 million seed round from $45 million raised cumulatively by 2003.⁠[4][5]

Epinions merged with comparison-shopping service DealTime, with the combined business developing under the Shopping.com brand. Former Epinions counsel and common shareholder Eric Goldman later wrote that common shareholders, including himself, were wiped out in the transaction, setting the background for subsequent litigation.⁠[5][6]

Former founders and employee shareholders brought claims over disclosures surrounding the merger, involving August Capital, Benchmark and associated directors. Goldman noted that Ravikant had previously worked at August Capital. Assertions of deception and loss were the plaintiffs’ allegations.⁠[6][5]

A settlement was reported in December 2005. Defense counsel Quinn Emanuel later described dismissal of most claims, removal of the case and resolution on confidential terms. Settlement did not establish all allegations as judicial findings.⁠[7][8]

In his February 11 announcement, David Hornik said August VII closed at $450 million on the last day of January, above its initial $400 million target. It combined previously separate early-stage and special-opportunity strategies in one fund, with five general partners investing and the two founders supporting existing holdings.⁠[9]

AxiosAxiosAxios is a US digital news media company founded in 2016 by former Politico executives Jim VandeHei, Mike Allen, and Roy Schwartz and launched in January 2017. It is known for short news items and industry newsletters in the “Smart Brevity” style, especially for its Washington political coverage, and publishes local news newsletters in cities across the United States through Axios Local. Since 2022 it has been owned by Cox Enterprises.Open the full entry reported that Fund VIII halted fundraising and returned commitments; Hornik said the firm would focus on existing investments.⁠[10]

Website terms effective on this date identify August Capital Master Management Company, LLC as the operator and services provider for entities and funds associated with August Capital and Lobby Capital. They explicitly describe separate legal entities, rather than one combined corporation.⁠[11]

UpGuard announced a $75 million Series C led by Springcoast Partners, naming August Capital, Square Peg Capital and Pelion Venture Partners as existing investors. The release did not establish whether August invested new money in the round or disclose any such amount.⁠[12]

The firm’s website describes an early-stage focus with selected later-stage opportunities and approximately $2 billion in aggregate capital commitments. This undated disclosure is not the size of one fund, immediately available cash or a net asset value measured on a specified reporting date.⁠[1]

The team page lists Buddy Arnheim, Eric Carlborg, Howard Hartenbaum, David Hornik, the two founders and partner emeritus Vivek Mehra. Marquardt’s early Microsoft investment belonged to his TVI career and should not automatically be attributed to the subsequently founded August Capital.⁠[13][3]

August Capital: Official website: https://www.augustcap.com/ (opens in a new window).⁠[14]

August Capital X: Official website: https://x.com/AugustCapital (opens in a new window).⁠[15]

August Capital LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Official website: https://www.linkedin.com/company/august-capital/ (opens in a new window).⁠[16]