Focus Area
Cloud
Next-generation cloud services, multi-cloud orchestration, serverless platforms, and cloud-native tooling that define how modern software is built and deployed.
$838B
Market Size by 2034
12.3% CAGR growth
$90.9B
Q1 2025 Spending
21% YoY growth
72%
Multi-Cloud Adoption
Businesses using 2+ providers
89%
Cloud-Native Adoption
Enterprises embracing containers
Our Investment Thesis
The cloud market is maturing but far from settled. Multi-cloud is now the default, serverless is eating traditional compute, and AI workloads are reshaping infrastructure requirements. This creates massive opportunities for companies that can abstract complexity and deliver better economics.
We believe the next wave of cloud innovation will come from companies that deeply understand specific workloads and can optimize for them in ways that general-purpose cloud providers cannot.
We're particularly interested in companies building cloud-native tools that make it easier to build, deploy, and operate modern applications, regardless of where they run.
By 2026, the shift toward cloud-native development will be complete: applications built using microservices, containers, and serverless frameworks from the start. We're investing in the companies enabling this transformation.
What We Look For
- Cloud-agnostic approach or clear multi-cloud value
- Strong unit economics with usage-based pricing
- Developer experience as a core competency
- Ability to reduce cloud costs or complexity
- Technical moat through deep infrastructure expertise
- Clear path to enterprise adoption
Market Insight
AI and analytics now drive 40% of incremental cloud spend
As organizations embed AI directly into applications and operations, cloud infrastructure is evolving rapidly. The hyperscalers hold 65% market share, but specialized solutions are capturing the fastest-growing workloads.
Key Trends Shaping the Market
The forces driving innovation and creating new opportunities in this space.
Multi-Cloud Governance
Boardroom decisions now weigh the strategic benefit of avoiding vendor lock-in against operational complexity. The average multicloud environment spans 12 different platforms and services.
Serverless Growth
Serverless revenue grew 30% in 2025, driven by event-driven architectures. The serverless market is projected to reach $157B by 2035.
Hybrid Cloud-Edge
36% of organizations have implemented hybrid cloud-edge models. Edge and hybrid markets are growing at approximately 28% CAGR.
AI Infrastructure Integration
Deeper integration of AI into cloud environments, allowing organizations to embed intelligence directly into applications and operations.
FinOps Maturation
Cloud costs are no longer predictable or linear. Ephemeral environments, GPU workloads, and AI inference can change spend dramatically in days.
Cloud-Native Security
CSPM, CWPP, and cloud-native identity management becoming essential as workloads distribute across multiple clouds and edges.
Where We See Opportunity
Specific segments and categories where we're actively seeking investments.
Multi-Cloud Management
Tools for managing infrastructure and applications across multiple cloud providers. Unified control planes and consistent operations.
Serverless Platforms
Next-generation serverless that goes beyond functions to full applications. Event-driven architectures and auto-scaling workloads.
Cost Optimization
FinOps tools that help organizations understand and optimize their cloud spend. Real-time visibility and automated optimization.
Cloud Security
Cloud-native security tools for CSPM, CWPP, and identity management. Protecting distributed, multi-cloud environments.
Container Platforms
Kubernetes distributions, management tools, and container-native infrastructure. Simplifying container operations at scale.
Cloud Migration
Tools and platforms that simplify migrating workloads to and between clouds. Modernization and optimization services.
Market Landscape
Notable companies and categories shaping this market.
Hyperscalers
AWS (32%), Microsoft Azure (24%), Google Cloud (12%)
Multi-Cloud
HashiCorp, Pulumi, Crossplane, Spacelift, env0
Serverless
Vercel, Netlify, Cloudflare Workers, AWS Lambda, Deno Deploy
FinOps
Vantage, CloudHealth, Apptio, Harness, Spot.io
Container Platforms
Red Hat OpenShift, Rancher, D2iQ, Mirantis, VMware Tanzu
Cloud Security
Wiz, Orca, Lacework, Aqua Security, Snyk
Building in Cloud?
We're actively investing in this space and would love to hear about what you're building.