R2 (Risk & Return) Ventures
Technology Focus Areas (Top 4): FinTech, Enterprise SAAS, AI, E-Commerce
Series: Seed
Locations: Atlanta, GA
R Squared Risk and Return Ventures - History and Activities
National Resilience Through Strategic Investing
R Squared (Risk & Return) Ventures launched in 2020 with a focused mission: bolster "national resilience" through strategic technology investments. This U.S.-based early-stage venture firm operates at the intersection of national security, healthcare, and emerging technologies, backing innovations that can strengthen America's capabilities while generating strong returns.
Fund Evolution and Investment Approach
R Squared has steadily built its investment capacity through three sequential funds. The firm launched its first fund (Rsquared Fund I, LP) in 2020, followed by a second fund in 2021 with approximately $24.4 million in committed capital. In mid-2025, they filed for Fund III, showing consistent growth and investor confidence in their thesis.
While the firm keeps exact fund sizes and typical check amounts private, based on their investment activity, they likely write initial checks in the few-million-dollar range for early-stage companies. Their investment focus spans defense technologies, biotechnology, artificial intelligence, and critical infrastructure - all areas where innovation can significantly impact both commercial markets and national security.
Leadership with Deep Government and Tech Experience
R Squared's team brings together an impressive combination of venture capital expertise, military leadership, and technology innovation:
Jeff Eggers serves as Co-Founder and Managing Partner, bringing unique credentials as a former Special Assistant to President Obama for National Security and a 20-year Navy SEAL veteran. He's also co-authored the book "Leaders: Myth and Reality," demonstrating his thought leadership in both security and organizational effectiveness.
Bob Kerrey adds significant gravitas as Co-Founder and Senior Advisor. A former U.S. Senator and Navy SEAL who received the Medal of Honor, Kerrey brings decades of experience at the highest levels of government and military service.
Robert Nelsen rounds out the founding team as Co-Founder and Senior Advisor. As co-founder of ARCH Venture Partners, he brings deep venture capital experience with a particular track record in biotech and healthcare investments.
Josh Berglund serves as Managing Partner, combining U.S. Army Special Operations experience with venture investing expertise as a venture partner at Innovation Endeavors. His background in public contracting gives him unique insights into government procurement processes.
Andrew Chang operates as COO, bringing both military intelligence experience as a former Army counterintelligence officer and startup ecosystem knowledge as co-founder of gov-tech incubator Eastern Foundry.
The team includes additional venture partners like Chris Heinz (former head of PNC Bank's corporate VC arm) and Olivia Zetter (national security technologist with State Department and Defense Department experience, plus Arch Venture Partner credentials).
Quiet but Effective Portfolio Building
R Squared maintains a relatively modest public profile, preferring to let their portfolio companies' successes speak for their investment acumen. The firm's activities typically surface through portfolio company announcements rather than extensive self-promotion.
Their approach appears to be hands-on but low-key, focusing on supporting companies that are building critical technologies rather than seeking media attention for the fund itself. Co-founder Jeff Eggers occasionally speaks on security and leadership topics, drawing from his book and government experience, but the firm generally stays out of the venture capital spotlight.
Portfolio Success Stories
R Squared's investment portfolio demonstrates their thesis in action, with companies achieving significant milestones across multiple sectors:
Alto Neuroscience represents a major win, going public on the NYSE (ticker ANRO) in 2024. This mental health AI startup exemplifies R Squared's focus on technologies that can improve both individual outcomes and broader societal resilience.
Atlas Data Storage showcases their eye for transformative technologies, raising a massive $155 million seed round in 2025 with R Squared as an early investor. The company's DNA-based data storage approach could revolutionize how we think about information preservation and security.
BrightAI raised $51 million in a 2025 Series A (bringing total funding to $78 million) with R Squared participating. This AI-for-infrastructure company aligns perfectly with the national resilience thesis, helping strengthen critical systems through intelligent automation.
Strategic exits include Xtremity, a prosthetic socket manufacturer acquired by WillowWood in 2024, and Qntfy, a predictive analytics company acquired by behavioral health platform SonderMind in 2021. These acquisitions demonstrate R Squared's ability to identify companies that become attractive acquisition targets for larger players.
The National Resilience Investment Thesis
What sets R Squared apart is their clear focus on technologies that serve dual purposes: generating strong venture returns while strengthening America's capabilities. This isn't about picking between profit and patriotism - it's about recognizing that many of the most important technological challenges facing the country also represent significant commercial opportunities.
Their portfolio spans areas like mental health AI, advanced data storage, infrastructure automation, and medical devices - all sectors where innovation can simultaneously improve civilian life and enhance national capabilities. The team's combined government and venture experience allows them to identify opportunities at this intersection that others might miss.
Looking Forward
R Squared Risk and Return Ventures has quietly built a reputation for backing technologies that matter. With three funds raised over five years and a portfolio that includes both successful exits and high-growth companies, they've proven that the national resilience investment thesis can work in practice.
Their low-profile approach and experienced team suggest they'll continue focusing on substance over style, backing founders who are building solutions to America's most pressing challenges while generating the returns that venture capital requires. As the lines between commercial innovation and national security continue to blur, R Squared's positioning at this intersection looks increasingly prescient.
