Jack Altman Secures $275 Million for Second Early-Stage Fund in Record Time
Jack Altman, co-founder of the HR software company Lattice and brother of OpenAI CEO Sam Altman, has swiftly raised $275 million for his venture firm Alt Capital. According to The Wall Street Journal, the fund was closed in just one week, a remarkable feat in today’s competitive fundraising environment.
Significant Growth from First Fund
Altman’s initial fund, raised in early 2024, totaled $150 million. The new $275 million fund nearly doubles that amount, reflecting increased investor confidence in Altman’s ability to identify promising early-stage startups. Alt Capital’s portfolio from the first fund includes approximately 20 companies, notably David AI, a Y Combinator graduate specializing in speech model data sets, and Owner.com, a unicorn in the restaurant software sector.
Experienced Founder with Strong Connections
Jack Altman stepped down as CEO of Lattice in 2024 but remains its chairman, leveraging his founder experience in his venture activities. While his brother Sam Altman, former president of Y Combinator and current CEO of OpenAI, remains an active angel investor, he is not a limited partner in this new fund. Another Altman sibling, Max Altman, co-founded Saga Ventures, which raised $125 million in 2024.
Jack Altman’s rapid fundraising success underscores the growing influence of founder-led venture firms and the value of deep industry networks in early-stage investing.
FinOracleAI — Market View
Jack Altman’s rapid closure of a $275 million early-stage fund signals strong investor confidence in his venture acumen and network. This sizable capital increase from his first fund suggests potential for increased deal flow and influence in the tech startup ecosystem. However, the fund’s performance will depend on successful deployment and portfolio company growth in a competitive market.
Impact: positive
