And who is funding his campaign?
By Roberta Millstein
With the increasingly regular appearance of glossy mailers from Eric Jones’s campaign seeking to replace Mike Thompson as the representative for Congressional District 4 (which includes Davis), I thought it might be helpful if I shared what I have learned about Jones’s background. I haven’t seen anything inaccurate per se in those mailers or in his ballot statement,[1] but what is there seems quite partial and thus misleading with respect to both his background and who is funding his campaign.
To be clear, I am not a reporter and have never pretended to be. What follows is all widely available information (I will footnote all of my sources) and I don’t think Jones is trying to hide any of it. But he’s not really mentioning it either, and I think it might be relevant for at least some voters.
Let’s start with Jones’s background because that sets the stage for his donations. Jones graduated with an economics degree from Yale University and worked at JP Morgan in 2012.[2] Shortly thereafter, he left JP Morgan for Dragoneer Investment Group; his LinkedIn page says that he was a “Dragoneer Investment Group Partner, Healthcare and Internet” for 12 yrs 7 mos, 2013 – Jul 2025. Not long after that, in September 2025, he declared his candidacy. His LinkedIn page also says that he is a Founder of the American Dream Institute, 2024 – present and a Principal of The Rachel and Eric Jones Foundation, 2021-present. The year 2021 is also the year he (partially) relocated from San Francisco to Napa, making him eligible to run in what is now (since Prop 50) District 4.[3] Jones has never held public office and still has a home in San Francisco’s Pacific Heights.[4]
According to the SF Chronicle, “Jones spent $1 million to start the [American Dream Institute]. To learn more about whether the stories he was hearing resonated with a wider audience, he commissioned polling that found many young, working-class voters still had doubts about whether they could afford a house… And their polling also found something that 80% of young conservative and 90% of young progressive respondents agreed on: Billionaires and corporations should pay more in taxes — a core progressive principle… [The institute] is recruiting online influencers and paying them for the anonymized data showing what their audiences are listening and responding to. Then they plan to synthesize that data and see how American Dream’s core messages can relate to what’s being discussed online by younger people. Then they will pitch those messages back to the influencers in the hope that they share it with their audiences.”[5]
As for his 12+ years as a venture capitalist with Dragoneer Investment Group, that has clearly set the stage for his run for the House. Quoting Phil Barber of The Press Democrat: “Jones’ campaign is largely financed by people working in venture capital — the industry in which he used to work — along with tech, private equity and hedge funds.”[6] Jones contrasts those individual donations with the PAC donations that Mike Thompson receives and Jones refuses, but Thompson’s “supporters have been questioning the challenger’s reliance on money flooding in from outside the sprawling district.”[7] As of the writing of Barber’s article, “The average payment to Eric Jones’ campaign in 2025 was more than $3,300. The average contribution made to Thompson’s campaign was about $465. More than 240 people donated $7,000, the maximum individual contribution per cycle. For Thompson, only 43 people gave that amount.”[8] In particular, “At least eight current Dragoneer executives contributed $7,000 each to Jones’ campaign, as did two of their spouses.”[9]
Moreover: “Some donors are kind enough when filing campaign donations to list their occupation as “venture capitalist.” It’s [sic] can be harder to parse, but a Press Democrat analysis revealed at least 60 people working in venture capital who gave to Jones’ campaign. Three of the top 10 firms in Time Magazine’s 2025 ranking — Accel, Andreessen Horowitz and Kleiner Perkins — are represented by individuals on the candidate’s financial disclosures. A slightly smaller pool of tech executives donated to the challenger — including some affiliated with familiar brands such as Cisco, Meta and Apple, but also people working in things like “decision intelligence” and “AI connectivity.”” [10] (You can view the official FEC filings of donations to his campaign here. Click on the “Occupation” or “Employer” tabs).
Does it matter that Jones dramatically de-emphasizes his time as a venture capitalist and yet most of his money comes from venture capitalism — while heavily criticizing Thompson for taking PAC money? And while claiming to be a progressive even though he has no political track record? Does it matter that he has lived in the district for only a short time while clearly still retaining strong ties to San Francisco? Does it matter that his American Dream Institute has sought to perfect and promulgate (through seemingly spontaneous “influencers”) the messages that people want to hear?
I leave each reader to answer these questions for themselves.
[1] Calling himself a “Businessman/Nonprofit Executive,” here is how Jones describes himself on his ballot statement:
“As a father to two young children, I’m proud (and lucky) to call Napa home. Growing up, my mother worked two jobs as a nurse to keep food on the table. My father was a disabled veteran and my brother enlisted at 19 years old. In tough times, my family relied on food stamps and Medicaid to get by. As a first-generation college graduate, I worked my way through school. Nothing was handed to me.
In my career, I’ve grown healthcare businesses that have created thousands of jobs in Northern California. We’ve placed doctors, nurses, and therapists in high-need communities. Through my nonprofit, we support young and working-class voices, uplifting the American Dream. I’ve never forgotten where I came from.”
[2] https://www.sonomanews.com/2026/02/03/sonoma-valley-democrats-to-host-feb-9-forum-for-mike-thompson-eric-jones-and-trevor-merrell/
[3] https://insurancenewsnet.com/oarticle/corporate-pacs-vs-silicon-valley-sharply-different-fundraising-paths-for-democratic-rivals-mike-thompson-eric-jones-in-4th-district-race-for-congress
[4] https://www.sfchronicle.com/politics/joegarofoli/article/eric-jones-mike-thompson-house-21033293.php
[5] https://www.sfchronicle.com/politics/joegarofoli/article/american-dream-institute-democrat-20824926.php
[6] https://insurancenewsnet.com/oarticle/corporate-pacs-vs-silicon-valley-sharply-different-fundraising-paths-for-democratic-rivals-mike-thompson-eric-jones-in-4th-district-race-for-congress
[7] https://insurancenewsnet.com/oarticle/corporate-pacs-vs-silicon-valley-sharply-different-fundraising-paths-for-democratic-rivals-mike-thompson-eric-jones-in-4th-district-race-for-congress
[8] https://insurancenewsnet.com/oarticle/corporate-pacs-vs-silicon-valley-sharply-different-fundraising-paths-for-democratic-rivals-mike-thompson-eric-jones-in-4th-district-race-for-congress
[9] https://insurancenewsnet.com/oarticle/corporate-pacs-vs-silicon-valley-sharply-different-fundraising-paths-for-democratic-rivals-mike-thompson-eric-jones-in-4th-district-race-for-congress
[10] https://insurancenewsnet.com/oarticle/corporate-pacs-vs-silicon-valley-sharply-different-fundraising-paths-for-democratic-rivals-mike-thompson-eric-jones-in-4th-district-race-for-congress
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