base case capital
UnclaimedAt a Glance
- Check Size
- $100K – $5M
- Stage
- Pre-Seed, Seed, Series A, Series B+
- Sectors
- Enterprise, DevTools
- Founded
- 2021
- HQ
- San Francisco, CA
About base case capital
Base case capital is a venture capital firm led by partner Alana Goyal, with a broad investment focus across multiple sectors including aerospace & defense, consumer technology, fintech, and climate. The firm invests across various stages from pre-seed through Series B and later rounds, suggesting a flexible approach to backing companies at different points in their growth trajectories.
Limited public information is available about the firm's specific founding story, assets under management, or detailed investment thesis, indicating it may operate as a more private or boutique investment entity within the venture capital landscape.
Investment Thesis
“Base case capital invests in early-stage B2B software companies, focusing on tools and infrastructure for developers and enterprises.”
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
- Base Case has raised four vehicles in four years, all registered in San Francisco with Alana Goyal as sole executive officer.
- Base Case Capital I L.P. was formed in 2021, began selling that October and closed at $20.245 million across 92 investors, an unusually wide LP base for a debut fund of that size.
- Base Case Capital Venture Fund I, L.P. followed in 2022, closing at $21.27 million from 48 investors after a July first sale.
- Base Case Capital II L.P. was registered in October 2023 against a $50 million offering, and Base Case Capital III L.P. came to market in August 2025 with a $100 million offering, roughly five times the size of the first fund.
- Goyal's earliest filings appear under her prior surname, Anderson.
- The firm writes first checks and leads rounds of $1 million to $5 million without taking a board seat.
SEC Fund Filings
- Vehicles filed, last 24 months
- 1
- Latest filing
base case capital filed a Form D for 1 fund vehicle between Sep 30, 2024 and Sep 29, 2026.
| Fund vehicle | Source |
|---|---|
| Base Case Capital III L.P. | SEC Form D, filed |
A Form D is the notice a fund files with the SEC when it raises money in a private offering. Feeder funds, parallel funds and SPVs each file their own, so the count measures filing activity, not the number of flagship funds.
Source: SEC EDGAR Form D filings for pooled investment funds, original filings only (amendments excluded). Our filing data starts Jul 1, 2024. Vehicles are matched to base case capital by fund name and checked against the sponsor address and named principals on each filing; offering amounts are not shown. Each “SEC Form D” link opens an EDGAR full-text search for that vehicle’s exact name, where the filing itself is listed. See every new fund filing on the Form D Radar.
Team (1)
Related Articles (6)
Frequently Asked Questions
What stage does base case capital invest at?
base case capital primarily invests at the Pre-Seed, Seed, Series A, Series B+ stages. This means they focus on companies that are at the earliest idea or prototype phase.
Where is base case capital located?
base case capital is headquartered in San Francisco, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does base case capital focus on?
base case capital focuses on investments in Enterprise, DevTools. Their portfolio reflects deep expertise and networks within these sectors.
What is base case capital's typical check size?
base case capital's typical investment check size ranges from $100K to $5M. Actual amounts may vary based on the stage, sector, and specific opportunity.
Similar Firms
Fund Operations Resources
Running a fund like base case capital? Independent guides to the software and processes emerging managers use to operate.
Best Fund Administration Software
Independent breakdown of fund administration platforms by fund size.
LP Reporting Software
Tools for capital account statements and investor updates.
Portfolio Monitoring Tools
How GPs track company performance across the portfolio.
VC CRM Software
Deal-flow and relationship management for investors.
Related tools and reading
The operating system for private capital.
Archstone runs the back office for venture, PE, real estate, and credit funds — LP reporting, capital calls, portfolio tracking, and fund accounting, in one platform. Now in alpha.