Rajan Aggarwal
Partner
Rajan Aggarwal is a Partner at Toba Capital who invests at Seed and Series A in enterprise software, with deep concentration in cybersecurity, identity governance, and compliance/GRC, primarily in the US.
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- Full Name
- Rajan Aggarwal
- Title
- Partner
- Firm
- Toba Capital
- Firm Type
- Venture Capital (operates with an angel/early-stage investing posture)
- Investment Stage
- Seed and Series A
- Sector Focus
- Enterprise SaaS, cybersecurity, IT infrastructure, compliance/GRC; the broader firm also invests in Climate & Energy
- Geographic Focus
- Primarily United States (with select international, e.g. Israel-founded companies)
- Location
- Newport Beach / Orange County, California
Background
Rajan Aggarwal is a Partner at Toba Capital, a Southern California venture firm he joined in 2016. Toba Capital was founded in 2012 by Vinny Smith (former CEO/Chairman of Quest Software) and manages a portfolio reported at roughly $1.3 billion. The firm is notable for its impact-driven model, pledging a substantial share of its profits to charity, and it backs "businesses capable of long-term growth and teams with the potential to fundamentally shift markets for the common good." Aggarwal operates from the firm's Newport Beach base.
Before Toba, Aggarwal built a career in corporate development and investing tied to the enterprise-software world, including corporate development roles associated with Quest Software and Dell (Dell acquired Quest Software in 2012). Public profiles describe him as an investment professional with well over a decade of experience managing a global investment portfolio for a California-based, multi-billion-dollar family office — consistent with Toba Capital's structure as Vinny Smith's investment vehicle.
Aggarwal holds an MBA in Marketing and Finance from Indiana University's Kelley School of Business (Bloomington). At Toba he functions as an active board-level investor rather than a passive check-writer, taking director seats and working closely with founders of the firm's cybersecurity and SaaS portfolio companies.
Investment Thesis & Focus
- Invests primarily at Seed and Series A in enterprise software, with a clear concentration in cybersecurity, identity/compliance (GRC), and IT infrastructure.
- Reflects Toba Capital's stated aim to back "businesses capable of long-term growth and teams with the potential to fundamentally shift markets for the common good," pairing venture returns with the firm's charitable-giving mission.
- Takes a hands-on, board-seat approach — Aggarwal sits (or has sat) on the boards of numerous portfolio companies, signaling a concentrated, high-conviction rather than spray-and-pray style.
- Comfortable with Israeli-founded and cross-border enterprise security startups (e.g., Perimeter 81, Wallarm), a recurring pattern in his deals.
Notable Investments
- Perimeter 81 — SSE/ZTNA (zero-trust network access) security startup; Aggarwal served on the board (Jan 2020–Sep 2023). Acquired by Check Point Software in September 2023 for roughly $490–503 million — a marquee exit.
- Hyperproof — Compliance and risk-management (GRC) SaaS; raised a $40M round. Aggarwal holds a board seat.
- Wallarm — API and application security platform; board seat.
- Clear Skye — Identity governance and administration (IGA) built on ServiceNow; board seat.
- Dune Security — Enterprise user-risk / security-awareness startup; board seat.
- Funraise — Nonprofit fundraising software platform; board seat.
- Strivacity — Customer identity and access management (CIAM); associated board/investment role.
- Tab Commerce — B2B commerce/payments; board seat.
- Grow — Business intelligence / analytics; associated board role.
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