Refactor Capital has raised a $50 million seed fund, according to a report on Axios.
The firm is run by former SV Angel partner David Lee and Zal Bilimoria, previously with Andreessen Horowitz.
The pair began raising the fund a year ago. It will invest in sectors such as healthcare, agriculture and financial services with an average check size of about $500,000, the report says. It hopes to do follow-ons without the need for special purpose vehicles.
The firm has 20 portfolio companies and expects between 40 and 50 companies in the fund.DON'T MISS IT! After two successful conferences on the East Coast, we’re bringing our LPs and fund managers to San Francisco for the first annual Emerging Manager Connect West on May 11. Don’t miss out on insightful panels and great networking! CLICK HERE for details.