General Partner
Dafina Toncheva joined USVP in 2012 and is a General Partner investing in emerging enterprise technologies, with a focus on Enterprise SaaS applications and security. She has led investments in and serves on the boards of several early-stage software companies, including Arkose Labs, Carrot Fertility, Luma Health, Surgical Safety Technologies, Percepto, and Zero Networks. Her prior board work includes Prevoty, a leader in application security acquired by Imperva, where USVP was the lead investor and largest shareholder. She also led the investment in Raken, a construction management software provider acquired by Sverica in 2025.
Before USVP, Dafina was a Principal at Tugboat Ventures and, prior to that, an investor at Venrock. At Venrock, she helped expand the firm’s enterprise portfolio, leading the first institutional round in Cloudflare (NYSE: NET) and investing in companies including Aria Systems, Matrixx Software, and Kenna Security (acquired by Cisco in 2021).
Earlier in her career, Dafina held development and product management roles at Microsoft, where she worked on authentication systems, digital signatures, and business workflow across MSN Live ID and Microsoft Office. She co-authored several patents in security and workflow technologies. Dafina earned an M.B.A. from the Stanford Graduate School of Business and graduated magna cum laude from Harvard University with a B.S. in Computer Science, concentrating on cryptography, efficient algorithms, and database systems.