Dragoneer
About Dragoneer
Growth investor; co-led Anthropic's $65B Series H.
Marc Stad founded Dragoneer in 2012 and remains Founder and Managing Partner. Forbes reports he started the firm with about $1 million in assets. He previously worked at McKinsey, TPG and the Investment Group of Santa Barbara. Forbes now puts the firm's assets under management at about $37 billion. Pat Robertson is listed as President and co-founder on one fund database. Dragoneer has raised seven funds. Fund VI was $3.8 billion in 2022. Fund VII closed at $4.3 billion in December 2025 and focuses on late-stage venture. The firm also runs a roughly $12 billion evergreen vehicle that can hold both private and public positions. Dragoneer has not published which partners lead its AI deals, so none are named here.
Dragoneer runs a concentrated model. Fund VII is expected to hold roughly 15 companies, which allows large ownership stakes in each. In AI it has concentrated capital in the largest model developers. It led OpenAI's $8.3 billion round in 2025 with a $2.8 billion check, reported by the New York Times and CNBC. Fortune and Yahoo Finance said that check made OpenAI roughly 10 percent of the firm's funds. Its AI record also includes early backing of Scale AI. Dragoneer joined Greenoaks and Tiger Global in leading Scale's 2021 round at a $7 billion valuation. On the Lounge deals desk it is listed as lead on rounds for Waymo, Helsing and Ramp (reported).
Dragoneer invests at growth and late stage, roughly Series C and later, in North America and Europe. One fund database lists a $50 million to $500M+ range for its typical check, but the firm does not publish a range itself. The OpenAI check of $2.8 billion shows it will write far larger single checks for category leaders. It is not a seed or early-stage investor, and founders at that stage are unlikely to be a fit.
- OpenAI: maker of ChatGPT. Dragoneer led the $8.3 billion round in 2025 with a $2.8 billion check.
- Anthropic: Claude developer. The Series H was led by Altimeter, Dragoneer, Greenoaks and Sequoia at a $965 billion post-money valuation.
- Scale AI: data infrastructure for AI. Dragoneer was an early investor and co-led the 2021 round at a $7 billion valuation.
- Waymo: autonomous driving. Led a $16 billion growth round in February 2026, per the Lounge deals desk.
- Helsing: defense AI. Led a $1.8 billion Series E in July 2026, per the Lounge deals desk.
- Ramp: finance automation. Reportedly led a $1.85 billion growth round in October 2026, per the Lounge deals desk.
- en.wikipedia.org/wiki/Dragoneer_Investment_Group
- forbes.com/sites/kirkogunrinde/2026/08/22/how-marc-stad-the-billionair
- forbes.com/profile/marc-stad
- everythingstartups.com/vc-funds/dragoneer-investment-group
- pitchbook.com/profiles/fund/19608-13F
- builtin.com/articles/anthropic-raises-65b-series-h-965b-valuation-2026
- cnbc.com/2025/08/01/openai-raise-chatgpt-users.html
- fortune.com/2025/08/01/openai-funding-oversubscribed-early-investors-n
Investing activity
Dragoneer appears in 4 AI deals tracked by the AI Lounge deals desk, rounds totalling $84.7B, and led 4 of them. The rounds are mostly Growth, Series E and Series H+, with a median round size of $16B and the largest at $65B. The most recent are Ramp (Growth round (reportedly), $1.85B, Oct 2026), Helsing (Series E, $1.8B, Jul 2026) and Anthropic (Series H, $65B, May 2026).
Dragoneer most often invests alongside Iconiq Capital, Sequoia Capital, Google and Thrive Capital, and the companies it backs on AI Lounge are mostly in AI finance automation, Advanced Materials and Foundation models.
Deals
Frequently asked questions about Dragoneer
Does Dragoneer invest in early-stage AI startups?
Not typically. Dragoneer is a growth and late-stage investor, and its AI deals in the sources are large rounds at established companies such as OpenAI, Anthropic and Scale AI.
How large are Dragoneer's checks in AI companies?
The firm publishes no check size range. One fund database lists $50 million to $500M+, and Dragoneer's reported $2.8 billion check in OpenAI's 2025 round shows it can go far above that.
How big is Dragoneer's latest fund?
Dragoneer closed its seventh fund at $4.3 billion in December 2025. It followed a $3.8 billion sixth fund in 2022, and the firm also runs an evergreen vehicle of about $12 billion.
Who founded Dragoneer and where is it based?
Marc Stad founded Dragoneer in 2012. The firm is headquartered in San Francisco.
Which AI companies has Dragoneer backed?
Public reporting and the Lounge deals desk show OpenAI, Anthropic, Scale AI, Waymo, Helsing and Ramp (reported). Dragoneer also holds stakes in Databricks and SpaceX.
What AI companies has Dragoneer invested in?
Dragoneer's AI investments include Ramp, Helsing, Anthropic and Waymo. The 4 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Dragoneer based?
Dragoneer is based in San Francisco, US.
What stage does Dragoneer invest at?
In the rounds tracked on AI Lounge, Dragoneer has invested at Growth, Series E and Series H+, with a median round of $16B. Dragoneer led 4 of those rounds.
Who does Dragoneer co-invest with?
Dragoneer's most frequent co-investors on AI Lounge are Iconiq Capital (2 deals), Sequoia Capital (2 deals), Google (2 deals), Thrive Capital (1 deal) and Founders Fund (1 deal).
How can founders reach Dragoneer?
Founders on AI Lounge can see Dragoneer's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Dragoneer to their Investor Pipeline to track the conversation.