At a Glance
Humba Ventures is a venture capital firm based in San Francisco, CA, investing at pre-seed, seed and Series A in deeptech companies built on frontier science and engineering. It was spun out of Susa Ventures and closed its first fund, Humba I, L.P., at $7.5 million on a first sale of December 23, 2021, with Susa co-founders Chad Byers and Seth Berman named alongside Leo Polovets on the filing. Humba II, L.P. followed in February 2024 with a $40 million target, and Humba III, L.P. filed in July 2026.
The mandate is deliberately unfashionable. Humba has backed nuclear reactors, organoids and improved IVF, next-generation sawmills, drone swarms, surgical robots and industrial-scale batteries, categories it describes as hard tech and hard sectors where most seed capital will not go. Checks typically run $750,000 to $1.5 million, and the firm says that for every dollar it invests it helps bring in another two to three dollars from co-investors. Its stated seed-to-Series-A graduation rate is 60 percent against a 20 percent industry benchmark, and the team draws on lessons from more than 150 companies and ten-plus unicorns over twelve years of investing.
Most of the portfolio is in stealth. Publicly identifiable positions include Northwood Space, into which Humba syndicated a dedicated vehicle in early 2025, and The Renatural, an automated wig manufacturer. What distinguishes Humba is the combination of a very small, technically literate team, the Susa platform behind it, and a willingness to underwrite physical, capital-intensive businesses that do not resemble software at all.
“Early-stage deeptech fund backing founders in frontier science and engineering.”
Humba's fund record starts with Humba I, L.P., which filed a Form D in January 2022 reporting a $7,500,000 offering fully sold on a first sale of December 23, 2021. The filing names three executive officers, Leo Polovets plus Seth Berman and Chad Byers, the Susa Ventures co-founders, confirming Humba's origin as a Susa-affiliated deeptech vehicle rather than an independent first-time fund. Humba II, L.P. filed in February 2024 with a $40 million target, a more than fivefold step-up, with Polovets alone as the named executive officer. Humba III, L.P. filed in July 2026 as an indefinite-amount offering, with Humba Management III, LLC and Humba Ventures Management, LLC as the general partner and management entities. Between flagship vintages the firm syndicates single-company vehicles through Sydecar: Humba PB1 Oct 2024 raised $1,012,500 and Humba Northwood Space Jan 2025 raised $214,500, both fully sold. All three flagship funds file from San Francisco.
Humba Ventures primarily invests at the Pre-Seed, Seed, Series A stages. This means they focus on companies that are at the earliest idea or prototype phase.
Humba Ventures is headquartered in San Francisco, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
Humba Ventures focuses on investments in Deeptech. Their portfolio reflects deep expertise and networks within these sectors.
Humba Ventures's typical investment check size ranges from $250K to $2M. Actual amounts may vary based on the stage, sector, and specific opportunity.
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