Ollama Raises $65 Million Series B Led by Theory Ventures

Ollama raised a $65 million Series B funding round led by Theory Ventures, @techcrunch reported. The round follows a $15 million Series A led by Benchmark’s Peter Fenton, bringing total funding to $88 million. The company launched in 2023 and helps developers run open-weight AI models on their PCs.

It has 176,000 stars and nearly 17,000 forks on GitHub. Subscription tiers range from free to $100 per month for hosted models, with usage tracked by GPU time. Ollama is used by over 8.9 million developers every month and sits in 85 percent of the Fortune 500, CEO Jeff Morgan said.

The company has 14 employees. Morgan and co-founder Michael Chiang previously helped build Docker Desktop. Docker acquired their earlier startup Kitematic. Benchmark’s Peter Fenton led the Series A and joined the board.

Morgan said open models became easier to use for agentic tasks such as coding around January. Fenton said high inference costs push companies toward open-weight models while leaving room for both open and closed approaches.