Jack Altman Raises $275M Early-Stage Fund in One Week

Altman Family Continues Venture Capital Success

The Altman brothers are demonstrating a significant talent for venture capital investment. This was particularly evident on Tuesday with Jack Altman, co-founder of Lattice, an HR software startup valued at $3 billion, and brother to Sam Altman, CEO of OpenAI.

Jack Altman recently revealed the establishment of a second fund for Alt Capital, his independently managed firm, totaling $275 million. Remarkably, the fund was secured within just one week, as reported to The Wall Street Journal.

Fund Growth and Investment Strategy

This new fund represents a substantial increase compared to his initial fund, which was $150 million and raised earlier in 2024. The first fund was deployed across approximately 20 early-stage companies.

Notable investments from the first fund include David AI, a graduate of Y Combinator specializing in datasets for speech models, and Owner.com, a restaurant software company that has achieved unicorn status.

Leveraging Connections and Experience

Jack Altman possesses strong industry connections and direct experience as a founder. He transitioned from the CEO position at Lattice in 2024, though he continues to serve as chairman.

His brother, Sam Altman, previously held the position of president at Y Combinator and remains an active angel investor. However, he is not a limited partner (LP) in this latest fund, according to the WSJ.

A Family Affair in Venture Capital

The Altman family’s involvement in venture capital extends beyond Jack and Sam. Their brother, Max Altman, is a co-founder of Saga Ventures, which successfully raised a $125 million fund in 2024.

Here's a summary of the Altman family's venture capital firms:

• Alt Capital: Founded by Jack Altman, recently raised $275 million.
• Saga Ventures: Co-founded by Max Altman, raised $125 million in 2024.

The family’s collective activity highlights a growing trend of entrepreneurial siblings making significant impacts within the venture capital landscape.