Operator Collective
About Operator Collective
Operator Collective is a venture fund and community of operators - proven enterprise leaders who are building, running, and growing today’s most successful tech companies. We invented the Collective Venture Model, mobilizing operators to literally invest in rising companies. Operators grow their connections and careers, and share their collectiveexpertise and substantial networks to supercharge customer, talent, and leadership growth.Our investment focus is in early-stage enterprise and b2b companies where our operators can help teams grow and scale. We look for founders from all backgrounds who are humble, lifelong learners and share our belief that culture, diversity, and operational excellence are keys to building truly great companies.
Operator Collective was founded by Mallun Yen, who is its founder and managing partner. Most sources date the firm to 2019. A TechCrunch piece says it started in 2018. Its first fund launched in December 2019 at $51M, with more than 100 operators as LPs. The firm's second fund, announced in October 2022, raised $92M+. TechCrunch reported that 152 operators backed it, along with a few institutions. SEC Form D filings also list Fund III vehicles, including offerings of $15M and $125M. The firm has not publicly announced a close or a total for them. Partners listed on third-party profiles include Dana Marohn Spiliotis and Haley Brannan. The firm does not publish which partner leads AI deals.
Operator Collective does not run a separate AI fund. It invests in early-stage B2B and enterprise companies, and AI shows up across that portfolio. Third-party profiles group its data and AI names with developer tools and vertical software. Recent examples are AI finance software (Numos), infrastructure for AI agents (Sapiom) and AI model infrastructure (Poetiq, Fireworks AI). Operator Collective often joins rounds led by others. General Catalyst led Numos's seed, and Accel led Sapiom's seed. Founders get access to the 200+ operator LPs for customer introductions, hiring and leadership advice, as the firm describes it.
The firm invests at pre-seed, seed and Series A, mainly in the United States. Check sizes are not published on the firm's own site. Third-party databases disagree. Two list initial checks of about $500K to $1.5M. Two others list a $3M to $20M range, which may include follow-ons. Treat these as unconfirmed and ask the firm directly.
- Numos: AI platform for enterprise finance teams. $4.25M seed led by General Catalyst, April 2026.
- Sapiom: access layer for AI agents to transact across paid APIs. $15.75M seed led by Accel, February 2026. A $35M Series A led by Dragonfly was reported in August 2026.
- Poetiq: AI company in which Operator Collective invested. $45.8M seed, January 2026.
- Clay: $55M tender offer, January 2026, per the Lounge deals desk. Operator Collective's role is not confirmed in the sources I found.
- Hex: data and analytics platform. Series A, October 2021.
- Faros AI and Fireworks AI: both appear in Operator Collective's investment records. Fireworks AI is reported to have raised a $1.5B Series D. Operator Collective's role in that round is not detailed.
- operatorcollective.com/blog-posts/fund-ii-the-sum-of-our-parts
- operatorcollective.com/blog-posts/techcrunch-operator-collective-was-e
- pulse2.com/operator-collective-45-million
- f4.fund/firms/operator-collective
- aum13f.com/firm/operator-collective-management-llc
- parsers.vc/fund/operatorcollective.com
- leadiq.com/c/operator-collective/5df1698a9ba577ddcc89fa5f
- pitchbook.com/profiles/fund/16953-40F
Investing activity
Operator Collective appears in 4 AI deals tracked by the AI Lounge deals desk, rounds totalling $117M. The rounds are mostly Seed, with a median round size of $16M and the largest at $46M. The most recent are Numos (Seed, $4.2M, Apr 2026), Sapiom (Seed, $15.8M, Feb 2026) and Poetiq (Seed, $45.8M, Jan 2026).
Operator Collective most often invests alongside General Catalyst, Accel, Plug and Play and Menlo Ventures, and the companies it backs on AI Lounge are mostly in AI and Sales / GTM automation.
Deals
Frequently asked questions about Operator Collective
Who founded Operator Collective?
Mallun Yen founded Operator Collective and serves as founder and managing partner. Most sources date the firm to 2019, and a TechCrunch article says it began in 2018.
How big are Operator Collective's funds?
Fund I launched in December 2019 at $51M. Fund II raised $92M+ in 2022. Form D filings show Fund III vehicles, but no close has been announced.
What stage does Operator Collective invest in?
It invests at pre-seed, seed and Series A in early-stage B2B and enterprise companies. Check sizes are not public. Third-party sources give conflicting ranges.
Does Operator Collective invest in AI startups?
Yes, within its enterprise focus. Recent examples are Numos, Sapiom and Poetiq in 2026. Earlier examples include Hex and Faros AI.
How does Operator Collective help portfolio companies?
Its 200+ operator LPs are senior tech executives. The firm says they help with customer introductions, hiring and leadership growth.
What AI companies has Operator Collective invested in?
Operator Collective's AI investments include Numos, Sapiom and Poetiq. The 4 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Operator Collective based?
Operator Collective is based in San Francisco, California, United States.
What stage does Operator Collective invest at?
In the rounds tracked on AI Lounge, Operator Collective has invested at Seed, with a median round of $16M.
Who does Operator Collective co-invest with?
Operator Collective's most frequent co-investors on AI Lounge are General Catalyst (1 deal), Accel (1 deal), Plug and Play (1 deal), Menlo Ventures (1 deal) and Baris Aksoy (1 deal).
How can founders reach Operator Collective?
Founders on AI Lounge can see Operator Collective'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 Operator Collective to their Investor Pipeline to track the conversation.