Jack Altman, co-founder of the HR software company Lattice, has successfully raised a $275 million early-stage fund for his venture firm, Alt Capital. Remarkably, this fundraising endeavor was completed in just one week, underscoring Altman’s strong reputation and the confidence investors have in his vision.
Background on Jack Altman and Lattice
Jack Altman co-founded Lattice, a human resources software startup that has achieved a valuation of $3 billion. Lattice offers tools designed to enhance employee engagement, performance management, and career development, serving a diverse range of companies seeking to optimize their HR processes. In 2024, Altman transitioned from his role as CEO to become the chairman of Lattice, allowing him to focus on other ventures, including Alt Capital.
Alt Capital’s Inception and Growth
Alt Capital was established by Jack Altman as a solo-run venture firm aimed at investing in promising early-stage companies. The firm’s inaugural fund, raised in early 2024, amounted to $150 million. This initial fund was strategically allocated across approximately 20 startups, demonstrating Altman’s commitment to fostering innovation and supporting emerging businesses.
Notable Investments
Among the notable investments made by Alt Capital are:
– David AI: A Y Combinator alumnus specializing in curating data sets for speech models, contributing to advancements in artificial intelligence and machine learning.
– Owner.com: A unicorn-status company providing comprehensive software solutions for the restaurant industry, streamlining operations and enhancing customer engagement.
These investments reflect Altman’s strategic focus on technology-driven companies with the potential to disrupt and lead their respective industries.
The Fundraising Process
The rapid completion of the $275 million fundraising round is a testament to Altman’s extensive network and the trust he has cultivated within the investment community. While specific details about the limited partners (LPs) involved in this round have not been disclosed, it is noteworthy that Jack’s brother, Sam Altman—CEO of OpenAI and former president of Y Combinator—is not an LP in this new fund. This distinction highlights Jack Altman’s independent efforts and the unique value proposition of Alt Capital.
The Altman Family’s Venture Capital Endeavors
The Altman family’s involvement in venture capital extends beyond Jack and Sam. Their brother, Max Altman, co-founded Saga Ventures, which successfully raised a $125 million fund in 2024. This collective engagement in venture capital underscores the family’s deep-rooted commitment to fostering innovation and supporting the growth of emerging companies.
Implications for the Venture Capital Landscape
Jack Altman’s swift and substantial fundraising achievement signals a robust appetite among investors for early-stage opportunities, particularly those led by experienced founders with a proven track record. It also reflects a broader trend in the venture capital ecosystem, where rapid fundraising rounds are becoming more common, driven by the competitive pursuit of high-potential startups.
Conclusion
Jack Altman’s accomplishment in raising a $275 million early-stage fund in just one week is a remarkable feat that highlights his influence and the confidence investors place in his leadership. As Alt Capital deploys this capital, the venture community will be keenly observing the firm’s investment choices and the impact they have on the startup ecosystem.
