Key Takeaways
- • David Cheng joins Costanoa Ventures as General Partner, bringing a track record as the youngest partner in DCM's 30-year history and Forbes 30 Under 30 recognition in venture capital.
- • Cheng's early-stage investment portfolio includes billion-dollar exits: EvenUp ($2B+), Brigit (acquired by UPBD for ~$500M), and Weekend Health (acquired by WW), demonstrating consistent deal selection and founder support across multiple fund cycles.
- • Investment focus spans AI applications, fintech, and healthcare—sectors Costanoa identifies as centers of emerging company formation, positioning Cheng to lead capital deployment in high-growth technology verticals.
- • Cheng previously co-founded Coreline Ventures and will deploy concentrated investment strategy, making only a handful of investments per year while maintaining long-term founder partnerships throughout company lifecycles.
- • Costanoa's hiring decision emphasizes founder-centric philosophy: company founders and CEOs explicitly credit Cheng for sustained capital support, operational guidance, and reliability across multiple market cycles.
Summary
Costanoa Ventures has appointed David Cheng as General Partner, completing a strategic hire that underscores the San Mateo-based early-stage venture firm's commitment to founder-aligned investing. Cheng arrives with exceptional credentials: he became the youngest partner in DCM's 30-year operating history and earned Forbes 30 Under 30 recognition in venture capital. Most significantly, his portfolio demonstrates consistent ability to identify and nurture companies across multiple value inflection points.
Cheng's investment track record spans billion-dollar outcomes. He was the first investor in EvenUp, a legal technology platform now valued at $2B+, and backed Brigit, which achieved acquisition by fintech acquirer UPBD for approximately $500M. His portfolio also includes Weekend Health, which was acquired by wellness company WW. These outcomes reflect his early-stage selection capability rather than follow-on investment alone, as Cheng maintained active involvement with founders through extended growth phases. Brigit co-founder and CEO Zuben Mathews underscored this relational approach, stating: "You have not only been there for the last 7 years, providing capital, support, and guidance, but you've been there through thick and thin."
Cheng's investment strategy emphasizes concentrated deployment, planning to make only a handful of investments annually rather than pursuing broad portfolio construction. His focus spans three sectors: artificial intelligence applications, fintech, and healthcare—verticals Costanoa identifies as centers of active company formation. Prior to joining Costanoa, Cheng co-founded Coreline Ventures, deepening his track record as both operator and investor.
Costanoa's leadership explicitly highlighted founder alignment as the critical hiring criterion. Greg Sands, reflecting on Cheng's appointment, emphasized that the firm prioritizes "the best people, investing in the best people"—a distinction suggesting that Cheng's ability to function as a sustainable founder partner matters as much as his dealflow or fund returns. This philosophy reflects broader institutional investor emphasis on GP value-add beyond capital provision.
Cheng's investment track record spans billion-dollar outcomes. He was the first investor in EvenUp, a legal technology platform now valued at $2B+, and backed Brigit, which achieved acquisition by fintech acquirer UPBD for approximately $500M. His portfolio also includes Weekend Health, which was acquired by wellness company WW. These outcomes reflect his early-stage selection capability rather than follow-on investment alone, as Cheng maintained active involvement with founders through extended growth phases. Brigit co-founder and CEO Zuben Mathews underscored this relational approach, stating: "You have not only been there for the last 7 years, providing capital, support, and guidance, but you've been there through thick and thin."
Cheng's investment strategy emphasizes concentrated deployment, planning to make only a handful of investments annually rather than pursuing broad portfolio construction. His focus spans three sectors: artificial intelligence applications, fintech, and healthcare—verticals Costanoa identifies as centers of active company formation. Prior to joining Costanoa, Cheng co-founded Coreline Ventures, deepening his track record as both operator and investor.
Costanoa's leadership explicitly highlighted founder alignment as the critical hiring criterion. Greg Sands, reflecting on Cheng's appointment, emphasized that the firm prioritizes "the best people, investing in the best people"—a distinction suggesting that Cheng's ability to function as a sustainable founder partner matters as much as his dealflow or fund returns. This philosophy reflects broader institutional investor emphasis on GP value-add beyond capital provision.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.