Acrew Capital AUM 2026: $1.7B, Theresia Gouw's Fund History, and the Portfolio Behind It

Acrew Capital manages roughly $1.7 billion in assets under management as of October 2024 — the most recent figure the firm has disclosed — built from a $250 million debut fund in 2019 up through a $700 million capital raise five years later.

Theresia Gouw, Lauren Kolodny, Vishal Lugani, Asad Khaliq, and Mark Kraynak launched Acrew in December 2019 to back companies in data and security, fintech, and health. Six years in, the firm has backed cybersecurity names like At-Bay and Vanta, insurtech company Pie Insurance, and in August 2026 joined Wispr Flow's $2 billion Series B round. Here's the fund-by-fund history and what the AUM number is actually built on.

Acrew Capital AUM 2026: What the $1.7B Figure Is Built On

Acrew Capital's assets under management stood at approximately $1.7 billion as of October 2024, according to TechCrunch's reporting on the firm's five-year anniversary. That total followed a $700 million capital raise announced that October, split across two strategies the firm did not break out individually at the time: an early-stage strategy writing $1 million to $15 million checks into seed and Series A companies, and a discovery strategy writing $10 million to $20 million checks into Series B and C companies. Cooley, which advised Acrew on the raise, described it as "$700 million in new capital across a family of funds."

Acrew has not issued a more recent public AUM figure as of this writing, so the $1.7 billion total — now roughly two years old — is the most current number with a reputable source behind it. The firm's own site currently names two active vehicles: an Early Fund for seed-to-Series-A checks of $1-15 million, and an Inflection Fund for Series B-and-later growth checks of $10-50 million, slightly larger than the ranges described in 2024.

Acrew Capital Fund History

The milestones that built the $1.7 billion figure, as disclosed across three separate sources:

The $374M Fund III figure and the $1.7B total AUM figure are not additive — AUM includes markups on existing positions, follow-on vehicles, and funds not separately broken out in public reporting.

Who Runs Acrew Capital

Acrew launched in December 2019 as a "multigenerational and multidisciplinary" team, per TechCrunch's original coverage of its $250 million debut fund. The five founding partners — Theresia Gouw, Lauren Kolodny, Vishal Lugani, Asad Khaliq, and Mark Kraynak — were all still in the same roles as of the firm's October 2024 raise, five years later, an unusually stable partner roster for a venture firm's first half-decade.

Gouw is the most publicly known of the five. Per Acrew's own team page, she spent 15 years at Accel, eventually becoming its first female partner, before co-founding Aspect Ventures with Jennifer Fonstad in 2014 and then Acrew in 2019. Her earlier portfolio at Accel and Aspect included Forescout, Imperva, Trulia, and Hotel Tonight (later acquired by Airbnb) — three of those four companies either went public or were acquired, which is part of why Acrew's security-heavy thesis traces directly back to Gouw's pre-Acrew track record rather than being a new bet.

The firm's "team sport" framing — no single named-partner brand carrying the fund — is part of why Acrew gets less press coverage relative to its AUM than comparably sized single-GP-branded firms.

Acrew's Investment Thesis: Data & Security and Community Activated

Acrew's own site organizes its current thesis into two named areas: "Data & Security" and "Community Activated." That's a narrower, more specific framing than the "data and security, healthcare, or fintech" description TechCrunch used in its 2024 coverage of the firm's $700 million raise — a sign the firm's public positioning has sharpened somewhat since then, even without a formal rebrand announcement.

The continuity with Gouw's pre-Acrew career is notable here: Cato Networks, one of her investments from her Aspect Ventures days, also appears in Acrew's current portfolio — the kind of repeat-backing pattern that shows up when a firm's thesis is built around a partner's existing relationships and conviction in a specific category, rather than assembled fresh at launch.

Inside the Acrew Capital Portfolio

Acrew's disclosed portfolio is heaviest in cybersecurity and data-security names: At-Bay (last valued near $1.3 billion, per TechCrunch's 2024 reporting), Vanta, Cato Networks, Silverfort, Radiant Security, and Reclaim Security. On the insurtech and fintech side, the firm backed Pie Insurance, which PitchBook has estimated is worth close to $1 billion.

The firm's best-known exit is Divvy, the corporate-card and expense-management startup BILL (NYSE: BILL) acquired for $2.5 billion in May 2021. Acrew also saw video-call startup Superpeer acquired by Skillshare for an undisclosed amount.

The newest addition to the portfolio: Acrew was named among the new backers in Wispr Flow's $280 million Series B, reported by TechCrunch on August 17, 2026, which valued the AI voice-dictation startup at $2 billion and brought its total funding to $361 million. Menlo Ventures led the round, with Forerunner, Goodwater, Peak XV, Together Fund, and PLUS Capital also joining as new investors alongside existing backers Notable Capital, NEA, Neo Ventures, 8VC, and MVP Ventures.

Acrew Capital Portfolio Snapshot

A sample of the disclosed positions and exits behind Acrew's $1.7 billion AUM figure, by sector:

How we counted: companies Acrew's own site, TechCrunch, Cooley, and CB Insights have named as portfolio companies or exits; cybersecurity-and-data-security names make up roughly half of the disclosed list; as of October 2026.

How does Acrew Capital's sector focus line up with 2026 cybersecurity funding?

Acrew's heaviest concentration — security and data-security startups — sits inside a venture category that cooled somewhat in 2026 after a strong prior year. Security and privacy startups raised a combined $10.6 billion globally in the first half of 2026, per Crunchbase News, which is roughly in line with 2025's full-year pace of about $18 billion. Q2 2026 alone brought in $4.4 billion, down roughly 30% from both the prior quarter and the year-earlier quarter — a reminder that even a well-regarded sector focus doesn't insulate a fund's portfolio from a broader pullback in a specific category's deal flow.

That makes Acrew's five At-Bay-and-Vanta-era cybersecurity bets look well-timed in retrospect — most were made well before the 2026 slowdown — but it also means any new security checks the firm writes from here compete for a shrinking pool of large rounds, concentrated among fewer, better-capitalized late-stage security companies rather than spread broadly across early-stage deals.

Where the numbers get thin

Acrew does not publish its own AUM, fund-count, or portfolio-size figures on its website, so every number in this post traces back to a 2024 TechCrunch article, a single 2023 Form D filing, or third-party deal trackers like CB Insights and Pitchwise rather than an audited, company-issued disclosure. Those trackers' own counts of Acrew's total portfolio companies and unicorns (142 companies and 16 unicorns, per Pitchwise) are not independently dated to 2026 and should be read as directional rather than current. A clearer signal will likely only come if Acrew raises again or discloses a Form ADV update.