Operator Collective
UnclaimedAt a Glance
- Check Size
- $100K – $1M
- Stage
- Pre-Seed, Seed
- Sectors
- Enterprise, SaaS, AI
- Founded
- 2019
- HQ
- San Francisco, CA
About Operator Collective
Operator Collective was founded in 2019 by Mallun Yen as a unique community-driven venture fund that brings together over 150 senior technology operators as limited partners and advisors. The fund focuses on early-stage B2B companies, particularly those led by diverse founders who have historically been underrepresented in venture capital. What sets Operator Collective apart is its operator-centric model, where portfolio companies gain access to an extensive network of experienced executives from companies like Salesforce, Stripe, Uber, and other major tech firms.
The fund has invested in notable companies including data platform Census, workspace tool Notion, and automation platform Zapier. The firm's thesis centers on leveraging operational expertise to help founders navigate the challenges of building and scaling enterprise software companies, while also addressing diversity gaps in venture funding through intentional investment in underrepresented entrepreneurs.
Investment Thesis
“Combines capital with a powerful network of senior tech operators to back underrepresented founders building B2B technology companies.”
Sector Focus
Investment Stage
Notable Portfolio Companies
Key Team (1)
Mallun Yen
Founder & Managing Partner
Fund History
- Operator Collective's SEC filings show a fund family whose target size has roughly quadrupled since launch.
- Operator Collective Fund, LP, a partnership formed in 2018, noticed a $30 million target on May 3, 2019 with Mallun Yen as executive officer; a parallel vehicle, Operator Collective Fund - Q, LP, filed at the same $30 million in December 2019.
- Fund II came in September 2021 as a pair, Operator Collective Fund II, LP at $10 million and Fund II-Q, LP at $90 million, a combined $100 million target.
- Operator Collective Capital III, LP was noticed at $5.25 million in June 2024, followed in February 2025 by Fund III at $15 million and Fund III - Q at $125 million, a combined $140 million.
- In October 2025 the firm added the Operator Collective Activate Fund, LP at a $50 million target, a separate vehicle sitting alongside the main fund line.
- Yen is the only individual named across every filing, with the Partners entities serving as general partner.
SEC Fund Filings
- Vehicles filed, last 24 months
- 3
- Latest filing
Operator Collective filed a Form D for 3 fund vehicles between Sep 30, 2024 and Sep 29, 2026.
| Fund vehicle | Source |
|---|---|
| Operator Collective Activate Fund, L.P. | SEC Form D, filed |
| Operator Collective Fund III - Q, L.P. | SEC Form D, filed |
| Operator Collective Fund 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 Operator Collective 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.
Related Articles (3)
Frequently Asked Questions
What stage does Operator Collective invest at?
Operator Collective primarily invests at the Pre-Seed, Seed stages. This means they focus on companies that are at the earliest idea or prototype phase.
Where is Operator Collective located?
Operator Collective 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 Operator Collective focus on?
Operator Collective focuses on investments in Enterprise, SaaS, AI. Their portfolio reflects deep expertise and networks within these sectors.
What is Operator Collective's typical check size?
Operator Collective's typical investment check size ranges from $100K to $1M. Actual amounts may vary based on the stage, sector, and specific opportunity.
Similar Firms
Fund Operations Resources
Running a fund like Operator Collective? 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.